How to use this calculator
- Enter starting portfolio, end-period withdrawal, ordered period returns (%).
- Choose a display currency, then select Calculate. Results also update after a brief pause while you edit.
- Read the result with the assumptions below. Export details or save a second scenario to compare your choices.
Formula and method
Assumptions and limitations
User-supplied returns are scenarios, not simulations or forecasts. Withdrawal is fixed nominal and at period end; no tax or fees.
Worked example
For the sample inputs shown above, variable return withdrawal path produces a first result of approximately 700. The assumptions below explain what this result represents.
What the result means
Inspect how the order of returns affects an investment withdrawal plan.
Common questions
How is the calculation performed?
Each period: grow opening balance by the entered return, then withdraw at most the available balance.
What does the model leave out?
User-supplied returns are scenarios, not simulations or forecasts. Withdrawal is fixed nominal and at period end; no tax or fees.
Methodology and transparency
Calculation specification reviewed on 2026-10-14. Mathematical implementation is tested against independent reference fixtures. This does not imply review by a licensed financial professional. Read the testing and precision policy.