Can I retire at age 47 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$87,534$86,754$85,993$85,251$84,526$82,550
2 years$43,334$42,527$41,744$40,986$40,250$38,271
3 years$28,602$27,792$27,011$26,260$25,537$23,615
4 years$21,238$20,430$19,657$18,919$18,213$16,364
5 years$16,820$16,017$15,255$14,532$13,845$12,075
6 years$13,876$13,079$12,328$11,621$10,955$9,265
7 years$11,774$10,984$10,245$9,554$8,909$7,300
8 years$10,199$9,415$8,688$8,015$7,391$5,861
9 years$8,974$8,198$7,483$6,827$6,225$4,773
10 years$7,994$7,226$6,524$5,885$5,304$3,929
11 years$7,193$6,433$5,744$5,122$4,561$3,262
12 years$6,526$5,774$5,097$4,492$3,953$2,726
13 years$5,963$5,218$4,554$3,966$3,447$2,291
14 years$5,480$4,743$4,092$3,521$3,021$1,933
15 years$5,062$4,333$3,695$3,140$2,660$1,638
16 years$4,696$3,975$3,350$2,811$2,351$1,392
17 years$4,374$3,661$3,048$2,526$2,085$1,186
18 years$4,088$3,383$2,782$2,276$1,854$1,012
19 years$3,832$3,135$2,547$2,057$1,652$866
20 years$3,603$2,913$2,338$1,863$1,476$741
21 years$3,395$2,714$2,150$1,691$1,321$636
22 years$3,206$2,533$1,982$1,537$1,184$546
23 years$3,035$2,369$1,830$1,400$1,063$469
24 years$2,877$2,220$1,692$1,277$955$404
25 years$2,733$2,083$1,567$1,166$859$347
26 years$2,600$1,958$1,454$1,066$774$299
27 years$2,477$1,843$1,350$976$698$258
28 years$2,363$1,736$1,255$894$630$222
29 years$2,256$1,638$1,168$820$569$192
30 years$2,158$1,547$1,088$753$514$165
31 years$2,065$1,462$1,014$691$465$143
32 years$1,979$1,384$946$635$420$123
33 years$1,898$1,310$883$584$380$106
34 years$1,822$1,242$825$537$344$92
35 years$1,751$1,178$772$495$312$79
36 years$1,684$1,118$722$456$283$68
37 years$1,620$1,062$676$420$256$59
38 years$1,560$1,009$633$387$232$51
39 years$1,503$960$593$357$211$44
40 years$1,449$913$556$329$191$38
41 years$1,398$869$521$304$173$33
42 years$1,350$828$489$280$157$28
43 years$1,303$789$459$259$143$25
44 years$1,259$752$430$239$130$21
45 years$1,218$717$404$221$118$18
46 years$1,178$684$380$204$107$16
47 years$1,140$653$357$188$97$14
48 years$1,103$623$335$174$88$12
49 years$1,068$595$315$161$80$10
50 years$1,035$568$296$149$73$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $1,060,000, adding $6,228 every year, while hoping to spend $54,038 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: 45/48/7 Blend
46$1,060,000$1,060,000$1,060,000$1,060,000
47$1,174,544$1,118,364$1,101,934$1,224,834
48$1,236,852$1,115,668$1,081,353$1,257,473
49$1,303,703$1,111,029$1,058,271$1,286,748
50$1,375,506$1,104,294$1,032,548$1,317,237
51$1,452,705$1,095,302$1,004,036$1,349,068
52$1,535,791$1,083,881$972,581$1,382,387
53$1,625,301$1,069,851$938,022$1,417,358
54$1,721,827$1,053,019$900,191$1,454,164
55$1,826,016$1,033,180$858,910$1,493,013
56$1,938,583$1,010,118$813,996$1,534,135
57$2,060,310$983,606$765,257$1,577,790
58$2,192,059$953,400$712,491$1,624,270
59$2,334,777$919,245$655,487$1,673,899
60$2,489,504$880,868$594,026$1,727,041
61$2,657,386$837,983$527,879$1,784,104
62$2,839,682$790,286$456,805$1,845,540
63$3,037,776$737,456$380,554$1,911,858
64$3,253,191$679,154$298,865$1,983,624
65$3,487,604$615,020$211,464$2,061,467
66$3,742,859$544,675$118,067$2,146,091
67$4,020,984$467,718$18,376$2,238,279
68$4,324,213$383,725$0$2,338,903
69$4,655,004$292,249$0$2,455,506
70$5,016,062$192,817$0$2,584,486
71$5,410,365$84,929$0$2,725,696
72$5,841,191$0$0$2,880,493
73$6,312,148$0$0$3,067,260
74$6,827,210$0$0$3,320,697
75$7,390,752$0$0$3,598,113
76$8,007,591$0$0$3,901,894
77$8,683,032$0$0$4,234,669
78$9,422,915$0$0$4,599,333
79$10,233,675$0$0$4,999,074
80$11,122,395$0$0$5,437,402
81$12,096,878$0$0$5,918,186
82$13,165,719$0$0$6,445,683
83$14,338,383$0$0$7,024,586
84$15,625,296$0$0$7,660,063
85$17,037,942$0$0$8,357,806
86$18,588,973$0$0$9,124,086
87$20,292,323$0$0$9,965,810
88$22,163,344$0$0$10,890,589
89$24,218,947$0$0$11,906,806
90$26,477,763$0$0$13,023,697
91$28,960,315$0$0$14,251,436
92$31,689,214$0$0$15,601,232
93$34,689,373$0$0$17,085,437
94$37,988,234$0$0$18,717,657
95$41,616,037$0$0$20,512,882
96$45,606,096$0$0$22,487,630
97$49,995,115$0$0$24,660,098
98$54,823,535$0$0$27,050,339
99$60,135,916$0$0$29,680,444
100$65,981,351$0$0$32,574,755