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

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.1%
1 years$87,534$86,754$85,993$85,251$84,526$83,435
2 years$43,334$42,527$41,744$40,986$40,250$39,153
3 years$28,602$27,792$27,011$26,260$25,537$24,467
4 years$21,238$20,430$19,657$18,919$18,213$17,179
5 years$16,820$16,017$15,255$14,532$13,845$12,850
6 years$13,876$13,079$12,328$11,621$10,955$10,000
7 years$11,774$10,984$10,245$9,554$8,909$7,994
8 years$10,199$9,415$8,688$8,015$7,391$6,516
9 years$8,974$8,198$7,483$6,827$6,225$5,389
10 years$7,994$7,226$6,524$5,885$5,304$4,508
11 years$7,193$6,433$5,744$5,122$4,561$3,804
12 years$6,526$5,774$5,097$4,492$3,953$3,233
13 years$5,963$5,218$4,554$3,966$3,447$2,764
14 years$5,480$4,743$4,092$3,521$3,021$2,374
15 years$5,062$4,333$3,695$3,140$2,660$2,048
16 years$4,696$3,975$3,350$2,811$2,351$1,772
17 years$4,374$3,661$3,048$2,526$2,085$1,538
18 years$4,088$3,383$2,782$2,276$1,854$1,338
19 years$3,832$3,135$2,547$2,057$1,652$1,166
20 years$3,603$2,913$2,338$1,863$1,476$1,019
21 years$3,395$2,714$2,150$1,691$1,321$891
22 years$3,206$2,533$1,982$1,537$1,184$781
23 years$3,035$2,369$1,830$1,400$1,063$684
24 years$2,877$2,220$1,692$1,277$955$601
25 years$2,733$2,083$1,567$1,166$859$528
26 years$2,600$1,958$1,454$1,066$774$464
27 years$2,477$1,843$1,350$976$698$408
28 years$2,363$1,736$1,255$894$630$360
29 years$2,256$1,638$1,168$820$569$317
30 years$2,158$1,547$1,088$753$514$279
31 years$2,065$1,462$1,014$691$465$246
32 years$1,979$1,384$946$635$420$217
33 years$1,898$1,310$883$584$380$191
34 years$1,822$1,242$825$537$344$169
35 years$1,751$1,178$772$495$312$149
36 years$1,684$1,118$722$456$283$132
37 years$1,620$1,062$676$420$256$116
38 years$1,560$1,009$633$387$232$103
39 years$1,503$960$593$357$211$91
40 years$1,449$913$556$329$191$80
41 years$1,398$869$521$304$173$71
42 years$1,350$828$489$280$157$62
43 years$1,303$789$459$259$143$55
44 years$1,259$752$430$239$130$49
45 years$1,218$717$404$221$118$43
46 years$1,178$684$380$204$107$38
47 years$1,140$653$357$188$97$34
48 years$1,103$623$335$174$88$30
49 years$1,068$595$315$161$80$26
50 years$1,035$568$296$149$73$23

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 $5,386 every year, while hoping to spend $32,793 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: 87/7/6 Blend
46$1,060,000$1,060,000$1,060,000$1,060,000
47$1,173,676$1,117,496$1,101,066$1,275,061
48$1,258,499$1,137,361$1,103,060$1,361,777
49$1,350,875$1,157,102$1,104,022$1,451,954
50$1,451,540$1,176,675$1,103,882$1,550,001
51$1,561,304$1,196,039$1,102,569$1,656,686
52$1,681,057$1,215,145$1,100,005$1,772,856
53$1,811,780$1,233,942$1,096,111$1,899,442
54$1,954,554$1,252,378$1,090,803$2,037,470
55$2,110,567$1,270,393$1,083,993$2,188,072
56$2,281,128$1,287,925$1,075,590$2,352,490
57$2,467,678$1,304,908$1,065,496$2,532,096
58$2,671,802$1,321,270$1,053,612$2,728,400
59$2,895,249$1,336,935$1,039,831$2,943,064
60$3,139,941$1,351,821$1,024,042$3,177,920
61$3,407,997$1,365,842$1,006,129$3,434,985
62$3,701,750$1,378,906$985,972$3,716,481
63$4,023,769$1,390,913$963,442$4,024,858
64$4,376,883$1,401,758$938,408$4,362,812
65$4,764,211$1,411,329$910,730$4,733,315
66$5,189,183$1,419,507$880,262$5,139,640
67$5,655,582$1,426,166$846,853$5,585,393
68$6,167,573$1,431,169$810,344$6,074,549
69$6,729,742$1,434,373$770,568$6,611,485
70$7,347,145$1,435,627$727,351$7,201,024
71$8,025,349$1,434,767$680,512$7,848,482
72$8,770,486$1,431,623$629,861$8,559,715
73$9,589,314$1,426,010$575,199$9,341,174
74$10,489,276$1,417,736$516,320$10,199,969
75$11,478,572$1,406,596$453,007$11,143,935
76$12,566,237$1,392,369$385,033$12,181,702
77$13,762,225$1,374,827$312,164$13,322,784
78$15,077,501$1,353,724$234,151$14,577,659
79$16,524,150$1,328,799$150,738$15,957,879
80$18,115,481$1,299,779$61,656$17,476,168
81$19,866,164$1,266,371$0$19,146,550
82$21,792,357$1,228,268$0$20,986,618
83$23,911,868$1,185,143$0$23,015,612
84$26,244,314$1,136,651$0$25,248,366
85$28,811,313$1,082,426$0$27,705,577
86$31,636,683$1,022,081$0$30,410,052
87$34,746,669$955,208$0$33,386,925
88$38,170,190$881,374$0$36,663,888
89$41,939,110$800,121$0$40,271,459
90$46,088,540$710,968$0$44,243,263
91$50,657,168$613,403$0$48,616,355
92$55,687,626$506,886$0$53,431,569
93$61,226,889$390,848$0$58,733,899
94$67,326,719$264,687$0$64,572,929
95$74,044,154$127,766$0$71,003,296
96$81,442,045$0$0$78,085,209
97$89,589,652$0$0$85,886,603
98$98,563,291$0$0$94,489,782
99$108,447,059$0$0$103,965,532
100$119,333,626$0$0$114,402,698