Home / How long will my money last
How long will my money last calculator
Years your savings last at a fixed withdrawal, and what two bad years at the start do to it.
Taking $40,000 a year from $1,000,000 (4%) with a steady 3% return after inflation, the money lasts 44.1 years. If the first two years fall 20% and 10%, it lasts 23.9 years. Put in your own numbers to see yours.
Your money lasts
44.1 years
$40,000 a year, 4% of $1,000,000, with 3% a year after inflation.
If the first two years fall 20% and 10% and later years earn the same: 23.9 years.
| After | Age | Steady return | Two bad years first |
|---|---|---|---|
| Today | 45 | $1,000,000 | $1,000,000 |
| 10 years | 55 | $871,605 | $463,624 |
| 20 years | 65 | $699,052 | $150,759 |
| 30 years | 75 | $467,155 | $0 |
| 40 years | 85 | $155,506 | $0 |
How the calculator works
Each year starts with the withdrawal, and what is left grows at the return after inflation. With a steady return the number of years has a closed formula:
Years = ln(W(1 + r) ÷ (W(1 + r) − P × r)) ÷ ln(1 + r)
P is the portfolio, W the yearly withdrawal and r the real return. When W(1 + r) is no more than P × r, the return pays for the withdrawal and the money lasts indefinitely. With the example values, $40,000 a year from $1,000,000 at 3% lasts 44.1 years.
Why the bad-start test matters
Real returns vary, and losses early in retirement do the most damage, because each withdrawal sells a bigger share of a smaller portfolio. The test assumes the first two years fall 20% and 10% and every later year earns your steady return; with the example values the money lasts 23.9 years instead of 44.1 years. It is a stress test, not a forecast. For two retirees with the same average return in opposite order, see the 4% rule explained.
How long $1,000,000 lasts
The full table by withdrawal from $30,000 to $100,000 and return from 0% to 6% is in how long will $1 million last in retirement. For a retirement of a given length, Morningstar's latest safe starting rates are 3.9% for 30 years and 2.9% for 50 years.
These results come from the numbers you enter and a steady return, not from market history or a forecast. Taxes, fees and changes in spending are not included. See the disclaimer.
Assumptions and limits
- The withdrawal stays the same in today's dollars every year, taken at the start of the year.
- The return is the same every year, except in the bad-start test.
- Taxes and fees are not included; a 1% fee lowers the return by about one point.
- Social Security, pensions and part-time income are not included. Income that starts later lowers what the portfolio pays from then on.
Questions people ask
How long will $600,000 last in retirement?
It depends on the withdrawal and the return. At a steady 3% after inflation, taking $24,000 a year (4%) lasts 44.1 years and $36,000 (6%) lasts 22.5 years. With two bad years at the start, $24,000 a year lasts 23.9 years.
Related
How long will $1 million last: the full table. The 4% rule explained: safe starting rates by retirement length. FIRE calculator: the portfolio your spending needs.
Sources
- William P. Bengen, "Determining Withdrawal Rates Using Historical Data", Journal of Financial Planning, October 1994.
- Philip L. Cooley, Carl M. Hubbard and Daniel T. Walz, "Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable", AAII Journal, February 1998 (the Trinity study).
- Amy C. Arnott, "How Much Can You Safely Withdraw If You Retire Early?", Morningstar, September 15, 2026 (data as of September 30, 2025).
Last reviewed by Asier Fernández, editor, on . Educational information only, not financial advice. How we calculate