The balance between spending and growth
Every year, your balance grows by your investment return and shrinks by your withdrawal. Whichever force is larger determines the direction — a withdrawal rate below your return can let a portfolio grow indefinitely even while funding retirement, while a withdrawal rate above it guarantees the balance eventually reaches zero, just a question of when.
Planning your own number
Try lowering the withdrawal or raising the assumed return to see how much longer the money lasts — small changes compound over decades. To work out your target balance in the first place, see the FIRE Calculator.
Frequently asked questions
How long will my retirement savings last?
It depends on your starting balance, how much you withdraw each year, and the return your investments earn while you draw them down. This calculator simulates year by year and tells you exactly how many years the money lasts at your inputs.
What if my withdrawal is less than my investment return?
If your annual return consistently exceeds your withdrawal, the balance can actually grow over time rather than deplete — in that case the money can last indefinitely, which the calculator will flag.
Does this adjust withdrawals for inflation?
No — this holds your annual withdrawal amount constant in today's dollars for simplicity. In reality most retirees increase withdrawals with inflation each year, which would deplete a portfolio somewhat faster than shown here.
Is a fixed return realistic?
It is a simplification — real markets fluctuate year to year, and a bad sequence of early losses can deplete a portfolio faster than a steady average return would suggest ("sequence of returns risk"). Use this for planning, and build in a margin of safety rather than withdrawing the maximum this shows.
Last updated: June 2026