Can I retire at age 47 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$85,056$84,299$83,560$82,838$82,134$80,640
2 years$42,107$41,323$40,563$39,826$39,111$37,612
3 years$27,793$27,005$26,247$25,517$24,814$23,355
4 years$20,637$19,852$19,101$18,384$17,697$16,291
5 years$16,344$15,564$14,823$14,120$13,453$12,103
6 years$13,484$12,709$11,979$11,292$10,645$9,353
7 years$11,441$10,673$9,955$9,284$8,657$7,423
8 years$9,910$9,149$8,443$7,788$7,182$6,005
9 years$8,720$7,966$7,272$6,634$6,048$4,929
10 years$7,768$7,021$6,339$5,718$5,154$4,090
11 years$6,990$6,251$5,581$4,977$4,432$3,423
12 years$6,342$5,610$4,953$4,365$3,841$2,885
13 years$5,794$5,070$4,425$3,854$3,349$2,446
14 years$5,325$4,609$3,976$3,421$2,936$2,083
15 years$4,918$4,210$3,590$3,051$2,585$1,780
16 years$4,563$3,863$3,255$2,732$2,285$1,527
17 years$4,250$3,557$2,962$2,454$2,026$1,313
18 years$3,972$3,287$2,704$2,212$1,801$1,131
19 years$3,724$3,046$2,475$1,999$1,605$977
20 years$3,501$2,831$2,272$1,810$1,434$845
21 years$3,299$2,637$2,089$1,643$1,283$732
22 years$3,116$2,461$1,926$1,494$1,150$635
23 years$2,949$2,302$1,778$1,360$1,033$551
24 years$2,796$2,157$1,644$1,241$928$479
25 years$2,655$2,024$1,523$1,133$835$416
26 years$2,526$1,902$1,413$1,036$752$362
27 years$2,407$1,790$1,312$948$678$316
28 years$2,296$1,687$1,219$869$612$275
29 years$2,193$1,592$1,135$797$553$240
30 years$2,097$1,503$1,057$731$499$209
31 years$2,007$1,421$985$672$451$182
32 years$1,923$1,344$919$617$408$159
33 years$1,845$1,273$858$568$370$139
34 years$1,771$1,207$802$522$335$121
35 years$1,701$1,145$750$481$303$106
36 years$1,636$1,086$701$443$275$92
37 years$1,574$1,032$657$408$249$81
38 years$1,516$981$615$376$226$70
39 years$1,461$932$576$347$205$61
40 years$1,408$887$540$320$186$54
41 years$1,359$844$506$295$168$47
42 years$1,311$804$475$272$153$41
43 years$1,266$766$446$251$139$36
44 years$1,224$730$418$232$126$31
45 years$1,183$697$393$214$114$27
46 years$1,144$664$369$198$104$24
47 years$1,107$634$347$183$94$21
48 years$1,072$605$326$169$86$18
49 years$1,038$578$306$156$78$16
50 years$1,006$552$288$144$71$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $1,030,000, adding $2,109 every year, while hoping to spend $38,839 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: 68/21/11 Blend
46$1,030,000$1,030,000$1,030,000$1,030,000
47$1,137,235$1,082,645$1,066,680$1,211,779
48$1,211,909$1,094,371$1,061,090$1,273,309
49$1,292,898$1,105,369$1,054,010$1,335,725
50$1,380,804$1,115,563$1,045,351$1,402,972
51$1,476,293$1,124,872$1,035,016$1,475,518
52$1,580,092$1,133,208$1,022,907$1,553,880
53$1,693,005$1,140,479$1,008,918$1,638,627
54$1,815,915$1,146,586$992,940$1,730,386
55$1,949,795$1,151,425$974,860$1,829,851
56$2,095,712$1,154,883$954,556$1,937,784
57$2,254,845$1,156,842$931,904$2,055,028
58$2,428,489$1,157,177$906,772$2,182,509
59$2,618,069$1,155,753$879,023$2,321,253
60$2,825,155$1,152,428$848,514$2,472,386
61$3,051,476$1,147,052$815,094$2,637,156
62$3,298,933$1,139,464$778,606$2,816,933
63$3,569,621$1,129,495$738,886$3,013,232
64$3,865,847$1,116,965$695,763$3,227,721
65$4,190,149$1,101,682$649,058$3,462,243
66$4,545,325$1,083,445$598,582$3,718,825
67$4,934,454$1,062,040$544,140$3,999,708
68$5,360,928$1,037,239$485,528$4,307,359
69$5,828,482$1,008,803$422,532$4,644,501
70$6,341,229$976,477$354,929$5,014,135
71$6,903,701$939,991$282,486$5,419,570
72$7,520,889$899,060$204,960$5,864,457
73$8,198,289$853,384$122,096$6,352,820
74$8,941,959$802,644$33,630$6,889,097
75$9,758,566$746,501$0$7,478,180
76$10,655,461$684,601$0$8,132,598
77$11,640,736$616,565$0$8,855,842
78$12,723,310$541,995$0$9,650,556
79$13,913,006$460,471$0$10,524,007
80$15,220,646$371,548$0$11,484,208
81$16,658,154$274,755$0$12,539,990
82$18,238,665$169,598$0$13,701,087
83$19,976,652$55,551$0$14,978,227
84$21,888,059$0$0$16,383,239
85$23,990,454$0$0$17,944,856
86$26,303,192$0$0$19,676,902
87$28,847,599$0$0$21,582,519
88$31,647,173$0$0$23,679,314
89$34,727,802$0$0$25,986,686
90$38,118,014$0$0$28,526,011
91$41,849,237$0$0$31,320,841
92$45,956,106$0$0$34,397,126
93$50,476,781$0$0$37,783,462
94$55,453,309$0$0$41,511,355
95$60,932,021$0$0$45,615,524
96$66,963,969$0$0$50,134,224
97$73,605,409$0$0$55,109,607
98$80,918,325$0$0$60,588,122
99$88,971,021$0$0$66,620,953
100$97,838,762$0$0$73,264,496