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Safe withdrawal rate

Take a percentage of your portfolio in the first year, then the same amount every year after, adjusted for inflation. This runs that plan through every start year the historical record contains and reports how often it lasted.

The answer

97.1%

Taking $40,000 in the first year and holding that spending steady in today's money, 68 of the historical start years were sampled and 66 lasted the full 30 years. The worst was a plan begun in 1966, which ran out in year 28.

In 97.1% of 68 sampled sequences, under this model and these assumptions, the plan funded its floor spending every year for 30 years. ±2.0 points is sampling error alone.

What the money does

10th–90th percentile25th–75th percentileMedianage 65age 79age 94
10th–90th25th–75thmedianpeak of the range: $3.5M

What this calculator assumed, because you weren't asked

  • No tax and no fees — the classic studies model neither, and this exists to be comparable with them.
  • One portfolio, rebalanced every year to the split you chose.
  • No pension, no salary, no lumpy spending. Withdrawals are the only cashflow.
  • Spending is held constant in real terms even when the portfolio falls — no policy cuts it back.

United States, 1928–2024 (97 years) · Damodaran (NYU Stern), Annual Returns on Stock, T.Bonds and T.Bills: 1928–current · retrieved 2026-08-08

This is one country's record, and it belongs to the most successful equity market of the twentieth century. Anyone whose future resembles it will be fine; that is not the same as a promise.

This is a modelling tool, not financial advice. It never names an investment and takes no money from anyone who sells one.

Your actual situation has more than four numbers in it

A pension that starts at 67, a mortgage that ends in 2034, a partner who stops working two years after you, a year of university fees, tax. The full app takes all of it, keeps every figure on your own device, and tells you which change moves the answer most.