Can I retire at age 47 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$102,398$101,486$100,596$99,727$98,879$96,764
2 years$50,692$49,748$48,833$47,946$47,085$44,965
3 years$33,459$32,511$31,598$30,719$29,873$27,813
4 years$24,844$23,899$22,995$22,132$21,306$19,322
5 years$19,677$18,737$17,845$16,999$16,196$14,295
6 years$16,233$15,300$14,422$13,594$12,815$10,998
7 years$13,774$12,849$11,985$11,177$10,422$8,690
8 years$11,930$11,014$10,164$9,376$8,646$6,998
9 years$10,497$9,590$8,754$7,986$7,282$5,716
10 years$9,352$8,453$7,632$6,884$6,204$4,719
11 years$8,415$7,525$6,719$5,991$5,336$3,930
12 years$7,635$6,754$5,963$5,255$4,624$3,296
13 years$6,975$6,104$5,328$4,640$4,032$2,779
14 years$6,410$5,548$4,787$4,118$3,535$2,353
15 years$5,921$5,068$4,322$3,673$3,112$2,001
16 years$5,494$4,650$3,918$3,289$2,750$1,706
17 years$5,117$4,283$3,566$2,955$2,439$1,459
18 years$4,782$3,957$3,255$2,663$2,168$1,250
19 years$4,483$3,668$2,980$2,406$1,933$1,073
20 years$4,214$3,408$2,735$2,179$1,726$922
21 years$3,971$3,174$2,515$1,978$1,545$794
22 years$3,751$2,963$2,318$1,798$1,385$684
23 years$3,550$2,771$2,141$1,638$1,243$591
24 years$3,366$2,597$1,980$1,494$1,117$510
25 years$3,197$2,437$1,834$1,364$1,005$441
26 years$3,041$2,290$1,701$1,247$906$381
27 years$2,897$2,155$1,579$1,142$817$330
28 years$2,764$2,031$1,468$1,046$737$285
29 years$2,640$1,916$1,366$959$665$247
30 years$2,524$1,810$1,272$880$601$214
31 years$2,416$1,711$1,186$809$543$185
32 years$2,315$1,619$1,107$743$492$161
33 years$2,221$1,533$1,033$683$445$139
34 years$2,132$1,453$966$629$403$121
35 years$2,048$1,378$903$579$365$105
36 years$1,969$1,308$844$533$331$91
37 years$1,895$1,242$790$491$300$79
38 years$1,825$1,180$740$453$272$68
39 years$1,758$1,123$693$417$246$59
40 years$1,695$1,068$650$385$223$51
41 years$1,635$1,017$609$355$203$45
42 years$1,579$968$572$328$184$39
43 years$1,525$922$536$303$167$34
44 years$1,473$879$504$279$152$29
45 years$1,424$839$473$258$138$25
46 years$1,378$800$444$238$125$22
47 years$1,333$763$417$220$113$19
48 years$1,290$729$392$203$103$17
49 years$1,250$696$369$188$94$14
50 years$1,211$665$346$174$85$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $1,240,000, adding $4,192 every year, while hoping to spend $35,428 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: 77/6/17 Blend
46$1,240,000$1,240,000$1,240,000$1,240,000
47$1,370,804$1,305,084$1,285,864$1,470,867
48$1,472,931$1,331,338$1,291,245$1,563,787
49$1,584,287$1,357,691$1,295,620$1,660,808
50$1,705,777$1,384,111$1,298,916$1,766,246
51$1,838,396$1,410,561$1,301,059$1,880,929
52$1,983,239$1,437,005$1,301,970$2,005,772
53$2,141,511$1,463,400$1,301,568$2,141,780
54$2,314,540$1,489,702$1,299,766$2,290,062
55$2,503,788$1,515,863$1,296,473$2,451,840
56$2,710,865$1,541,830$1,291,595$2,628,458
57$2,937,541$1,567,547$1,285,031$2,821,400
58$3,185,768$1,592,955$1,276,678$3,032,299
59$3,457,696$1,617,989$1,266,426$3,262,956
60$3,755,690$1,642,580$1,254,160$3,515,354
61$4,082,356$1,666,653$1,239,761$3,791,679
62$4,440,566$1,690,128$1,223,102$4,094,340
63$4,833,480$1,712,920$1,204,052$4,425,991
64$5,264,580$1,734,939$1,182,473$4,789,556
65$5,737,702$1,756,086$1,158,221$5,188,259
66$6,257,071$1,776,257$1,131,145$5,625,652
67$6,827,341$1,795,342$1,101,087$6,105,650
68$7,453,637$1,813,222$1,067,881$6,632,565
69$8,141,608$1,829,770$1,031,355$7,211,153
70$8,897,475$1,844,851$991,328$7,846,651
71$9,728,091$1,858,322$947,610$8,544,833
72$10,641,006$1,870,029$900,005$9,312,063
73$11,644,539$1,879,811$848,306$10,155,351
74$12,747,854$1,887,494$792,296$11,082,426
75$13,961,048$1,892,894$731,751$12,101,803
76$15,295,245$1,895,816$666,434$13,222,870
77$16,762,699$1,896,051$596,100$14,455,968
78$18,376,916$1,893,378$520,490$15,812,497
79$20,152,772$1,887,564$439,337$17,305,020
80$22,106,659$1,878,360$352,360$18,947,382
81$24,256,640$1,865,501$259,265$20,754,840
82$26,622,614$1,848,707$159,747$22,744,210
83$29,226,509$1,827,683$53,488$24,934,024
84$32,092,486$1,802,112$0$27,344,704
85$35,247,166$1,771,662$0$30,009,627
86$38,719,883$1,735,979$0$32,953,789
87$42,542,958$1,694,689$0$36,194,881
88$46,752,007$1,647,396$0$39,763,098
89$51,386,273$1,593,680$0$43,691,714
90$56,489,000$1,533,097$0$48,017,393
91$62,107,836$1,465,177$0$52,780,539
92$68,295,288$1,389,423$0$58,025,673
93$75,109,212$1,305,310$0$63,801,855
94$82,613,363$1,212,281$0$70,163,147
95$90,877,991$1,109,748$0$77,169,124
96$99,980,511$997,091$0$84,885,434
97$110,006,226$873,651$0$93,384,419
98$121,049,137$738,736$0$102,745,799
99$133,212,827$591,611$0$113,057,420
100$146,611,438$431,503$0$124,416,089