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

Use the below retirement simulation to view the chances of a successful retirement.
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%17.5%
1 years$84,231$83,480$82,748$82,034$81,336$78,859
2 years$41,698$40,922$40,169$39,439$38,732$36,257
3 years$27,523$26,743$25,992$25,269$24,573$22,179
4 years$20,436$19,659$18,916$18,205$17,526$15,230
5 years$16,186$15,413$14,679$13,983$13,323$11,132
6 years$13,353$12,586$11,863$11,182$10,542$8,458
7 years$11,330$10,569$9,858$9,194$8,573$6,596
8 years$9,814$9,060$8,361$7,712$7,112$5,241
9 years$8,635$7,888$7,201$6,569$5,990$4,221
10 years$7,692$6,953$6,278$5,663$5,103$3,436
11 years$6,922$6,190$5,527$4,928$4,389$2,820
12 years$6,280$5,556$4,905$4,323$3,804$2,329
13 years$5,738$5,021$4,382$3,816$3,317$1,933
14 years$5,273$4,564$3,938$3,388$2,907$1,612
15 years$4,871$4,169$3,555$3,021$2,560$1,348
16 years$4,519$3,825$3,223$2,705$2,262$1,131
17 years$4,209$3,523$2,933$2,431$2,006$951
18 years$3,934$3,255$2,677$2,190$1,784$801
19 years$3,688$3,017$2,451$1,979$1,590$676
20 years$3,467$2,803$2,249$1,793$1,420$571
21 years$3,267$2,611$2,069$1,627$1,271$483
22 years$3,085$2,438$1,907$1,479$1,139$409
23 years$2,920$2,280$1,761$1,347$1,023$347
24 years$2,769$2,136$1,628$1,229$919$294
25 years$2,630$2,005$1,508$1,122$827$249
26 years$2,502$1,884$1,399$1,026$745$212
27 years$2,383$1,773$1,299$939$672$180
28 years$2,273$1,671$1,208$860$606$153
29 years$2,171$1,576$1,124$789$547$130
30 years$2,076$1,488$1,047$724$494$110
31 years$1,988$1,407$976$665$447$94
32 years$1,905$1,331$910$611$404$80
33 years$1,827$1,261$850$562$366$68
34 years$1,754$1,195$794$517$331$58
35 years$1,685$1,133$743$476$300$49
36 years$1,620$1,076$695$438$272$42
37 years$1,559$1,022$650$404$246$35
38 years$1,501$971$609$372$223$30
39 years$1,446$923$570$343$203$26
40 years$1,395$879$535$317$184$22
41 years$1,345$836$501$292$167$19
42 years$1,299$796$470$270$151$16
43 years$1,254$759$441$249$137$13
44 years$1,212$723$414$230$125$11
45 years$1,172$690$389$212$113$10
46 years$1,133$658$365$196$103$8
47 years$1,097$628$343$181$93$7
48 years$1,061$599$323$167$85$6
49 years$1,028$572$303$155$77$5
50 years$996$547$285$143$70$4

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 $3,037 every year, while hoping to spend $25,832 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: 45/43/12 Blend
46$1,020,000$1,020,000$1,020,000$1,020,000
47$1,127,173$1,073,113$1,057,303$1,173,918
48$1,214,659$1,098,210$1,065,237$1,231,781
49$1,310,204$1,123,672$1,072,572$1,291,618
50$1,414,601$1,149,488$1,079,259$1,355,926
51$1,528,725$1,175,647$1,085,249$1,425,128
52$1,653,539$1,202,139$1,090,490$1,499,690
53$1,790,105$1,228,948$1,094,926$1,580,126
54$1,939,589$1,256,060$1,098,500$1,667,000
55$2,103,278$1,283,458$1,101,150$1,760,934
56$2,282,588$1,311,123$1,102,814$1,862,615
57$2,479,077$1,339,033$1,103,423$1,972,798
58$2,694,464$1,367,167$1,102,909$2,092,316
59$2,930,639$1,395,498$1,101,197$2,222,086
60$3,189,687$1,424,000$1,098,209$2,363,120
61$3,473,902$1,452,643$1,093,866$2,516,533
62$3,785,810$1,481,393$1,088,081$2,683,551
63$4,128,197$1,510,215$1,080,766$2,865,529
64$4,504,129$1,539,071$1,071,827$3,063,959
65$4,916,984$1,567,919$1,061,167$3,280,485
66$5,370,483$1,596,714$1,048,683$3,516,920
67$5,868,726$1,625,407$1,034,267$3,775,260
68$6,416,229$1,653,945$1,017,808$4,057,709
69$7,017,967$1,682,271$999,188$4,366,693
70$7,679,422$1,710,325$978,283$4,704,888
71$8,406,633$1,738,040$954,965$5,075,243
72$9,206,252$1,765,347$929,099$5,481,009
73$10,085,610$1,792,169$900,544$5,925,770
74$11,052,782$1,818,425$869,152$6,413,474
75$12,116,667$1,844,029$834,770$6,948,478
76$13,287,068$1,868,888$797,236$7,535,579
77$14,574,787$1,892,901$756,381$8,180,070
78$15,991,724$1,915,963$712,029$8,887,783
79$17,550,995$1,937,959$663,997$9,665,146
80$19,267,046$1,958,769$612,090$10,519,245
81$21,155,799$1,978,263$556,109$11,457,894
82$23,234,795$1,996,303$495,844$12,489,702
83$25,523,364$2,012,741$431,074$13,624,162
84$28,042,803$2,027,422$361,572$14,871,736
85$30,816,581$2,040,177$287,096$16,243,958
86$33,870,557$2,050,830$207,398$17,753,539
87$37,233,224$2,059,192$122,217$19,414,493
88$40,935,982$2,065,061$31,280$21,242,266
89$45,013,428$2,068,225$0$23,253,884
90$49,503,685$2,068,455$0$25,476,533
91$54,448,763$2,065,512$0$27,927,301
92$59,894,954$2,059,139$0$30,625,019
93$65,893,268$2,049,066$0$33,594,859
94$72,499,914$2,035,003$0$36,864,566
95$79,776,833$2,016,645$0$40,464,718
96$87,792,277$1,993,668$0$44,429,016
97$96,621,461$1,965,729$0$48,794,602
98$106,347,264$1,932,464$0$53,602,413
99$117,061,017$1,893,487$0$58,897,565
100$128,863,362$1,848,389$0$64,729,782