Retirement Income Calculator
Calculate a level withdrawal per period from an entered starting balance, fixed annual return and term. The result includes total withdrawn and a period table ending at zero balance.
Arithmetic on entered numbers only. Rates are entered, never fetched. This fixed-return model excludes fees, inflation, contributions and changing returns.
Free to use, with no sign up. Calculations run in your browser; entries are not uploaded.
Result
Formula: B = starting balance; f = periods per year (12, 4 or 1); n = years × f; i = annualReturnPercent / (100 × f). Level withdrawal W = B × i / [1 − (1 + i)^(−n)]. At 0%, W = B / n. Period return = previous balance × i; new balance = previous balance + rounded return − actual withdrawal. Total withdrawn = starting balance + total modeled return.
Primary source: OpenStax Principles of Finance: annuities, the present value of an ordinary annuity rearranged for the end-of-period withdrawal. Money uses exact integer cents; formula withdrawals and each period's return round to the nearest cent, with half cents rounded upward.
Worked example: With $1,200, 0% and 1 year of monthly withdrawals, n = 1 × 12 = 12 and W = 1,200 / 12 = $100.00. The first balance is $1,100.00, the final balance is $0.00 and total withdrawn is $1,200.00. With $100 at 10% for 2 annual periods, W = 100 × 0.1 × 1.1² / (1.1² − 1) = $57.62. Period one adds $10.00, leaving $52.38 after withdrawal. Period two adds $5.24 and withdraws $57.62; total withdrawn is $115.24.
Period table
Model bounds: starting balance $0.01–$100,000,000 with at most two decimal places; entered annual return 0–100% with at most six decimal places; 1–30 whole years. The table includes all periods, at most 360 rows. Equal periods use the selected frequency. Withdrawals happen after the period's return; the final withdrawal clears rounding residue.
How to use this tool
Enter a starting balance in USD, a fixed nominal annual return percentage and 1–30 whole years. Choose monthly, quarterly or annual withdrawals, then select Calculate. The first withdrawal occurs at the end of the first period.
Frequently asked questions
What does the entered return mean?
The fixed nominal annual return is divided by 12 for monthly periods, 4 for quarterly periods or 1 for annual periods. It applies to the remaining balance before each withdrawal. You enter the rate; it is never fetched. It is an arithmetic assumption, not a prediction.
What happens at a zero return?
The level withdrawal is the starting balance divided by the number of periods, rounded to cents. The table uses exact integer cents, with no modeled return. The final withdrawal clears any remaining cents, so total withdrawn equals the starting balance exactly.
Why can the final withdrawal differ?
The formula withdrawal and each period's return round half up to cents. Each withdrawal is capped at the available balance, and the final period clears any residue. A formula withdrawal below half a cent rounds to zero; any remaining cents are withdrawn in the final period. All entered periods appear, including zero rows if rounding clears the balance early.