Can I retire at age 71 with 2,980,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$246,086$243,894$241,755$239,668$237,629$234,855
2 years$121,825$119,556$117,357$115,225$113,157$110,364
3 years$80,410$78,131$75,938$73,826$71,791$69,067
4 years$59,706$57,435$55,263$53,187$51,202$48,568
5 years$47,287$45,029$42,886$40,853$38,923$36,386
6 years$39,011$36,770$34,659$32,670$30,799$28,361
7 years$33,101$30,879$28,801$26,860$25,047$22,712
8 years$28,671$26,469$24,426$22,532$20,779$18,545
9 years$25,228$23,046$21,038$19,193$17,499$15,365
10 years$22,474$20,314$18,341$16,544$14,910$12,874
11 years$20,223$18,084$16,148$14,398$12,823$10,885
12 years$18,348$16,232$14,331$12,629$11,112$9,269
13 years$16,763$14,669$12,803$11,150$9,690$7,939
14 years$15,405$13,333$11,504$9,898$8,494$6,833
15 years$14,230$12,180$10,386$8,827$7,479$5,906
16 years$13,203$11,175$9,417$7,903$6,610$5,121
17 years$12,297$10,292$8,569$7,101$5,861$4,454
18 years$11,493$9,510$7,822$6,400$5,211$3,883
19 years$10,774$8,814$7,161$5,783$4,645$3,393
20 years$10,128$8,190$6,572$5,237$4,149$2,970
21 years$9,544$7,629$6,045$4,753$3,713$2,604
22 years$9,014$7,121$5,571$4,322$3,328$2,286
23 years$8,531$6,661$5,144$3,936$2,987$2,009
24 years$8,089$6,240$4,757$3,590$2,685$1,768
25 years$7,683$5,856$4,406$3,278$2,416$1,557
26 years$7,309$5,504$4,087$2,998$2,176$1,372
27 years$6,963$5,180$3,795$2,744$1,962$1,210
28 years$6,642$4,881$3,528$2,514$1,771$1,068
29 years$6,344$4,605$3,283$2,305$1,599$943
30 years$6,066$4,349$3,058$2,116$1,445$833
31 years$5,807$4,111$2,851$1,943$1,306$736
32 years$5,564$3,890$2,660$1,786$1,181$651
33 years$5,337$3,684$2,484$1,642$1,069$575
34 years$5,123$3,491$2,320$1,511$968$509
35 years$4,922$3,311$2,169$1,391$877$450
36 years$4,733$3,143$2,029$1,281$794$399
37 years$4,554$2,985$1,900$1,180$720$353
38 years$4,385$2,837$1,779$1,088$653$312
39 years$4,226$2,698$1,667$1,003$592$277
40 years$4,074$2,567$1,562$925$537$245
41 years$3,930$2,443$1,465$854$487$217
42 years$3,794$2,327$1,374$788$442$192
43 years$3,664$2,217$1,289$727$401$170
44 years$3,541$2,113$1,210$671$364$151
45 years$3,423$2,015$1,136$620$331$134
46 years$3,311$1,922$1,067$573$300$118
47 years$3,204$1,835$1,003$529$273$105
48 years$3,101$1,751$942$489$247$93
49 years$3,003$1,672$886$452$225$82
50 years$2,910$1,598$833$418$204$73

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $2,980,000, adding $5,934 every year, while hoping to spend $41,686 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 66/5/29 Blend
70$2,980,000$2,980,000$2,980,000$2,980,000
71$3,290,081$3,132,141$3,085,951$3,481,642
72$3,581,316$3,241,262$3,144,977$3,720,889
73$3,900,859$3,354,333$3,204,583$3,977,206
74$4,251,555$3,471,504$3,264,744$4,256,565
75$4,636,535$3,592,929$3,325,435$4,561,246
76$5,059,250$3,718,771$3,386,625$4,893,757
77$5,523,500$3,849,197$3,448,284$5,256,861
78$6,033,472$3,984,383$3,510,376$5,653,605
79$6,593,778$4,124,510$3,572,866$6,087,339
80$7,209,500$4,269,767$3,635,713$6,561,759
81$7,886,234$4,420,351$3,698,875$7,080,932
82$8,630,149$4,576,467$3,762,306$7,649,343
83$9,448,038$4,738,328$3,825,957$8,271,928
84$10,347,386$4,906,154$3,889,775$8,954,128
85$11,336,441$5,080,177$3,953,704$9,701,936
86$12,424,288$5,260,636$4,017,683$10,521,956
87$13,620,939$5,447,781$4,081,649$11,421,463
88$14,937,424$5,641,871$4,145,533$12,408,472
89$16,385,895$5,843,177$4,209,263$13,491,816
90$17,979,743$6,051,979$4,272,760$14,681,225
91$19,733,722$6,268,572$4,335,943$15,987,420
92$21,664,089$6,493,258$4,398,724$17,422,215
93$23,788,755$6,726,357$4,461,010$18,998,628
94$26,127,457$6,968,197$4,522,703$20,731,000
95$28,701,942$7,219,124$4,583,698$22,635,137
96$31,536,174$7,479,495$4,643,886$24,728,453
97$34,656,556$7,749,682$4,703,148$27,030,136
98$38,092,184$8,030,076$4,761,363$29,561,333
99$41,875,116$8,321,079$4,818,398$32,345,341
100$46,040,680$8,623,114$4,874,116$35,407,837