Retirement Savings Drawdown Calculator — How Long Will My Money Last?
Enter your savings, your monthly spending and your pension to see how long your money will last in retirement.
How it works
- The annual return is divided by 12 to get a monthly return. At 3% that is 0.25% a month.
- Each month the investment return is added to the balance, your spending is subtracted, and your pension is added.
- This repeats month by month until the balance reaches 0 or below. That month is when your savings run out.
- If the investment return plus your pension is more than your spending from the very first month, the balance never shrinks, so the result is "lasts for life" (up to 100 years are calculated).
Worked examples (retiring at 65)
| Case | Savings run out at | How long it lasts |
|---|---|---|
| Base case | Age 94.7 | 29 years 8 months |
| No investment return (0%) | Age 84.7 | 19 years 8 months |
| Spending cut to $3,300 a month | Age 101.7 | 36 years 8 months |
| No pension | Age 76.3 | 11 years 3 months |
| Savings of $450,000 | Age 101.3 | 36 years 3 months |
The base case is savings of $400,000, spending of $3,500 a month, a pension of $1,800 a month and an annual return of 3%. Each row changes one thing so you can see how much it matters. The numbers in the table come from the same function as the calculator on this page.
What to keep in mind when you read the result
- Inflation is not included. If your spending rises 2 to 3% a year, your savings will really run out sooner than the table shows. To be conservative, enter the return minus inflation (for example a 4% return and 2% inflation: enter 2%).
- The return is not guaranteed. Stocks and funds go up and down from year to year. Losses in the first few years of retirement shrink your savings faster even if the average return is the same, so try several returns and think in ranges.
- Check when your pension starts. This calculation assumes you receive it from the first month of retirement. If it starts several years later, the result with the pension set to 0 is closer for the years in between.
- Take big one-off expenses out separately. If you already know about a large cost — a wedding, a home repair, a medical bill — subtract it from your savings before you enter them.
- Taxes and health insurance are not included. If your pension or investment income is large, taxes and premiums come out every month just like living costs.
When to use it
Use it to answer "if I retire on what I have saved, how long will it last?" or "how many years would I gain by spending 500 less a month?" Change one input at a time to compare which of spending, pension and return matters most.
Frequently asked questions
How do I account for inflation?
The calculator does not add inflation separately. Enter the return minus the inflation you expect (the real return) to get a result that takes it into account.
Can I enter a negative return?
Yes, anything from -50% to 30%. Use it to see what a run of losing years would do.
Does "lasts for life" really mean it never shrinks?
If the first month's investment return plus your pension is at least your spending, the balance does not shrink, so it is shown as "lasts for life". That assumes the return and your spending stay as entered.
Are the amounts I enter saved?
No. The calculation happens only in your browser; nothing is sent to a server or stored.
More free tools
Add it to your home screen and it opens like an app — after the first visit it works offline too. What you type never leaves your device.