Can I retire at age 47 with 1,020,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$84,231$83,480$82,748$82,034$81,336$78,140
2 years$41,698$40,922$40,169$39,439$38,732$35,550
3 years$27,523$26,743$25,992$25,269$24,573$21,507
4 years$20,436$19,659$18,916$18,205$17,526$14,599
5 years$16,186$15,413$14,679$13,983$13,323$10,542
6 years$13,353$12,586$11,863$11,182$10,542$7,909
7 years$11,330$10,569$9,858$9,194$8,573$6,087
8 years$9,814$9,060$8,361$7,712$7,112$4,771
9 years$8,635$7,888$7,201$6,569$5,990$3,789
10 years$7,692$6,953$6,278$5,663$5,103$3,040
11 years$6,922$6,190$5,527$4,928$4,389$2,458
12 years$6,280$5,556$4,905$4,323$3,804$1,999
13 years$5,738$5,021$4,382$3,816$3,317$1,634
14 years$5,273$4,564$3,938$3,388$2,907$1,340
15 years$4,871$4,169$3,555$3,021$2,560$1,103
16 years$4,519$3,825$3,223$2,705$2,262$910
17 years$4,209$3,523$2,933$2,431$2,006$752
18 years$3,934$3,255$2,677$2,190$1,784$623
19 years$3,688$3,017$2,451$1,979$1,590$517
20 years$3,467$2,803$2,249$1,793$1,420$429
21 years$3,267$2,611$2,069$1,627$1,271$356
22 years$3,085$2,438$1,907$1,479$1,139$296
23 years$2,920$2,280$1,761$1,347$1,023$247
24 years$2,769$2,136$1,628$1,229$919$205
25 years$2,630$2,005$1,508$1,122$827$171
26 years$2,502$1,884$1,399$1,026$745$142
27 years$2,383$1,773$1,299$939$672$119
28 years$2,273$1,671$1,208$860$606$99
29 years$2,171$1,576$1,124$789$547$83
30 years$2,076$1,488$1,047$724$494$69
31 years$1,988$1,407$976$665$447$57
32 years$1,905$1,331$910$611$404$48
33 years$1,827$1,261$850$562$366$40
34 years$1,754$1,195$794$517$331$33
35 years$1,685$1,133$743$476$300$28
36 years$1,620$1,076$695$438$272$23
37 years$1,559$1,022$650$404$246$19
38 years$1,501$971$609$372$223$16
39 years$1,446$923$570$343$203$13
40 years$1,395$879$535$317$184$11
41 years$1,345$836$501$292$167$9
42 years$1,299$796$470$270$151$8
43 years$1,254$759$441$249$137$7
44 years$1,212$723$414$230$125$5
45 years$1,172$690$389$212$113$5
46 years$1,133$658$365$196$103$4
47 years$1,097$628$343$181$93$3
48 years$1,061$599$323$167$85$3
49 years$1,028$572$303$155$77$2
50 years$996$547$285$143$70$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $1,020,000, adding $2,841 every year, while hoping to spend $39,035 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 48/25/27 Blend
46$1,020,000$1,020,000$1,020,000$1,020,000
47$1,126,970$1,072,910$1,057,100$1,172,266
48$1,200,389$1,083,950$1,050,980$1,215,412
49$1,279,987$1,094,223$1,043,347$1,258,172
50$1,366,355$1,103,649$1,034,108$1,303,846
51$1,460,140$1,112,145$1,023,168$1,352,728
52$1,562,056$1,119,621$1,010,426$1,405,143
53$1,672,886$1,125,983$995,775$1,461,452
54$1,793,493$1,131,129$979,107$1,522,054
55$1,924,826$1,134,951$960,303$1,587,390
56$2,067,930$1,137,335$939,245$1,657,949
57$2,223,953$1,138,159$915,804$1,734,272
58$2,394,161$1,137,293$889,848$1,816,957
59$2,579,947$1,134,602$861,239$1,906,667
60$2,782,842$1,129,938$829,832$2,004,132
61$3,004,534$1,123,147$795,474$2,110,164
62$3,246,882$1,114,066$758,007$2,225,657
63$3,511,929$1,102,521$717,265$2,351,601
64$3,801,927$1,088,326$673,075$2,489,092
65$4,119,357$1,071,287$625,256$2,639,338
66$4,466,947$1,051,196$573,618$2,803,677
67$4,847,706$1,027,835$517,965$2,983,588
68$5,264,943$1,000,970$458,088$3,180,702
69$5,722,306$970,357$393,773$3,396,824
70$6,223,811$935,734$324,794$3,633,948
71$6,773,881$896,826$250,915$3,894,276
72$7,377,388$853,342$171,892$4,180,240
73$8,039,699$804,973$87,468$4,494,527
74$8,766,725$751,393$0$4,840,102
75$9,564,977$692,257$0$5,221,001
76$10,441,629$627,201$0$5,667,022
77$11,404,581$555,840$0$6,157,020
78$12,462,538$477,766$0$6,695,491
79$13,625,089$392,550$0$7,287,393
80$14,902,799$299,736$0$7,938,196
81$16,307,306$198,844$0$8,653,928
82$17,851,432$89,368$0$9,441,239
83$19,549,304$0$0$10,307,459
84$21,416,484$0$0$11,268,713
85$23,470,122$0$0$12,353,123
86$25,729,108$0$0$13,546,095
87$28,214,260$0$0$14,858,638
88$30,948,512$0$0$16,302,883
89$33,957,135$0$0$17,892,193
90$37,267,971$0$0$19,641,295
91$40,911,699$0$0$21,566,414
92$44,922,122$0$0$23,685,429
93$49,336,489$0$0$26,018,040
94$54,195,838$0$0$28,585,953
95$59,545,392$0$0$31,413,087
96$65,434,980$0$0$34,525,796
97$71,919,510$0$0$37,953,122
98$79,059,481$0$0$41,727,065
99$86,921,561$0$0$45,882,885
100$95,579,211$0$0$50,459,438