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%11.6%
1 years$84,231$83,480$82,748$82,034$81,336$80,790
2 years$41,698$40,922$40,169$39,439$38,732$38,180
3 years$27,523$26,743$25,992$25,269$24,573$24,034
4 years$20,436$19,659$18,916$18,205$17,526$17,003
5 years$16,186$15,413$14,679$13,983$13,323$12,819
6 years$13,353$12,586$11,863$11,182$10,542$10,056
7 years$11,330$10,569$9,858$9,194$8,573$8,107
8 years$9,814$9,060$8,361$7,712$7,112$6,665
9 years$8,635$7,888$7,201$6,569$5,990$5,561
10 years$7,692$6,953$6,278$5,663$5,103$4,694
11 years$6,922$6,190$5,527$4,928$4,389$3,998
12 years$6,280$5,556$4,905$4,323$3,804$3,430
13 years$5,738$5,021$4,382$3,816$3,317$2,961
14 years$5,273$4,564$3,938$3,388$2,907$2,569
15 years$4,871$4,169$3,555$3,021$2,560$2,238
16 years$4,519$3,825$3,223$2,705$2,262$1,957
17 years$4,209$3,523$2,933$2,431$2,006$1,716
18 years$3,934$3,255$2,677$2,190$1,784$1,509
19 years$3,688$3,017$2,451$1,979$1,590$1,330
20 years$3,467$2,803$2,249$1,793$1,420$1,174
21 years$3,267$2,611$2,069$1,627$1,271$1,039
22 years$3,085$2,438$1,907$1,479$1,139$920
23 years$2,920$2,280$1,761$1,347$1,023$816
24 years$2,769$2,136$1,628$1,229$919$725
25 years$2,630$2,005$1,508$1,122$827$644
26 years$2,502$1,884$1,399$1,026$745$573
27 years$2,383$1,773$1,299$939$672$510
28 years$2,273$1,671$1,208$860$606$455
29 years$2,171$1,576$1,124$789$547$405
30 years$2,076$1,488$1,047$724$494$362
31 years$1,988$1,407$976$665$447$323
32 years$1,905$1,331$910$611$404$288
33 years$1,827$1,261$850$562$366$257
34 years$1,754$1,195$794$517$331$230
35 years$1,685$1,133$743$476$300$206
36 years$1,620$1,076$695$438$272$184
37 years$1,559$1,022$650$404$246$164
38 years$1,501$971$609$372$223$147
39 years$1,446$923$570$343$203$132
40 years$1,395$879$535$317$184$118
41 years$1,345$836$501$292$167$105
42 years$1,299$796$470$270$151$94
43 years$1,254$759$441$249$137$84
44 years$1,212$723$414$230$125$76
45 years$1,172$690$389$212$113$68
46 years$1,133$658$365$196$103$61
47 years$1,097$628$343$181$93$54
48 years$1,061$599$323$167$85$49
49 years$1,028$572$303$155$77$43
50 years$996$547$285$143$70$39

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 $4,675 every year, while hoping to spend $50,656 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: 42/32/26 Blend
46$1,020,000$1,020,000$1,020,000$1,020,000
47$1,128,862$1,074,802$1,058,992$1,167,510
48$1,190,109$1,073,570$1,040,571$1,194,441
49$1,255,904$1,070,580$1,019,835$1,218,432
50$1,326,660$1,065,691$996,653$1,243,428
51$1,402,826$1,058,757$970,887$1,269,552
52$1,484,898$1,049,620$942,396$1,296,940
53$1,573,419$1,038,113$911,028$1,325,749
54$1,668,987$1,024,060$876,626$1,356,153
55$1,772,258$1,007,272$839,027$1,388,350
56$1,883,953$987,553$798,059$1,422,561
57$2,004,865$964,692$753,543$1,459,034
58$2,135,865$938,467$705,291$1,498,048
59$2,277,913$908,641$653,107$1,539,915
60$2,432,061$874,965$596,788$1,584,984
61$2,599,469$837,177$536,118$1,633,645
62$2,781,412$794,995$470,875$1,686,335
63$2,979,293$748,126$400,826$1,743,543
64$3,194,653$696,257$325,726$1,805,810
65$3,429,192$639,058$245,322$1,873,746
66$3,684,777$576,179$159,348$1,948,025
67$3,963,465$507,253$67,527$2,029,402
68$4,267,519$431,888$0$2,118,715
69$4,599,429$349,674$0$2,225,350
70$4,961,937$260,175$0$2,362,434
71$5,358,063$162,931$0$2,512,457
72$5,791,128$57,458$0$2,676,794
73$6,264,792$0$0$2,856,965
74$6,783,084$0$0$3,074,638
75$7,350,439$0$0$3,335,190
76$7,971,741$0$0$3,620,647
77$8,652,371$0$0$3,933,496
78$9,398,251$0$0$4,276,477
79$10,215,906$0$0$4,652,609
80$11,112,522$0$0$5,065,213
81$12,096,012$0$0$5,517,951
82$13,175,093$0$0$6,014,855
83$14,359,368$0$0$6,560,367
84$15,659,411$0$0$7,159,379
85$17,086,874$0$0$7,817,280
86$18,654,589$0$0$8,540,008
87$20,376,694$0$0$9,334,104
88$22,268,763$0$0$10,206,772
89$24,347,952$0$0$11,165,951
90$26,633,164$0$0$12,220,386
91$29,145,222$0$0$13,379,712
92$31,907,067$0$0$14,654,544
93$34,943,975$0$0$16,056,576
94$38,283,793$0$0$17,598,695
95$41,957,201$0$0$19,295,098
96$45,998,003$0$0$21,161,425
97$50,443,444$0$0$23,214,912
98$55,334,560$0$0$25,474,547
99$60,716,566$0$0$27,961,255
100$66,639,278$0$0$30,698,088