How Long Will My Savings Last?

Calculator / Guides

How long will $500,000 last in retirement?

If you start at 62 and take $2,000 a month from savings, $500,000 lasts to about age 94. At $3,000 a month it runs out around age 80.

The answer depends most on how much you take out each month. The table below shows four savings amounts side by side.

How long savings last, starting at 62

Savings at 62Take out $1,500/moTake out $2,000/moTake out $2,500/moTake out $3,000/moTake out $4,000/mo
$250,000age 80age 74age 71age 69age 67
$500,000past 100age 94age 85age 80age 74
$750,000past 100past 100past 100age 94age 83
$1,000,000past 100past 100past 100past 100age 94

Monthly amounts are what you take from savings in the first year, raised 3% a year for inflation. Savings grow about 6% a year (a balanced mix of stocks and bonds). No taxes or fees. Worked out with the same math as our calculator.

Social Security changes the picture

The table assumes your savings pay for everything. Most people also get Social Security, which covers part of their spending and means less comes out of savings each month. Someone spending $4,000 a month with a $2,000 Social Security check only needs $2,000 a month from savings.

Your own numbers matter more than any table. Enter your savings, spending and Social Security in the calculator to see your answer, your chance of lasting to 90, and what would help most.

Try your numbers

Three ways to make $500,000 last longer

  • Spend a little less. Cutting $250 a month adds years when savings are tight.
  • Wait to start Social Security. Each year you wait past 62 raises your check for life, up to age 70.
  • Work one more year. Your savings get another year to grow, and you need them for one less year.

Related guides