Can I retire at age 47 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.2%
1 years$80,102$79,388$78,692$78,013$77,349$75,084
2 years$39,654$38,916$38,200$37,506$36,833$34,569
3 years$26,174$25,432$24,718$24,030$23,368$21,177
4 years$19,435$18,695$17,988$17,313$16,666$14,564
5 years$15,392$14,657$13,960$13,298$12,670$10,662
6 years$12,698$11,969$11,282$10,634$10,025$8,114
7 years$10,775$10,051$9,375$8,743$8,153$6,339
8 years$9,333$8,616$7,951$7,334$6,764$5,045
9 years$8,212$7,502$6,848$6,247$5,696$4,071
10 years$7,315$6,612$5,970$5,385$4,853$3,320
11 years$6,583$5,887$5,256$4,687$4,174$2,730
12 years$5,972$5,283$4,665$4,111$3,617$2,259
13 years$5,456$4,775$4,168$3,629$3,154$1,879
14 years$5,015$4,340$3,745$3,222$2,765$1,570
15 years$4,632$3,965$3,381$2,873$2,434$1,316
16 years$4,297$3,638$3,065$2,573$2,152$1,106
17 years$4,003$3,350$2,789$2,311$1,908$932
18 years$3,741$3,096$2,546$2,083$1,696$787
19 years$3,507$2,869$2,331$1,882$1,512$666
20 years$3,297$2,666$2,139$1,705$1,350$564
21 years$3,107$2,483$1,968$1,547$1,209$478
22 years$2,934$2,318$1,814$1,407$1,083$406
23 years$2,777$2,168$1,674$1,281$972$344
24 years$2,633$2,031$1,549$1,168$874$293
25 years$2,501$1,906$1,434$1,067$786$249
26 years$2,379$1,792$1,330$976$708$212
27 years$2,266$1,686$1,235$893$639$180
28 years$2,162$1,589$1,148$818$576$154
29 years$2,065$1,499$1,069$750$520$131
30 years$1,975$1,415$995$689$470$111
31 years$1,890$1,338$928$632$425$95
32 years$1,811$1,266$866$581$385$81
33 years$1,737$1,199$808$535$348$69
34 years$1,668$1,136$755$492$315$59
35 years$1,602$1,078$706$453$285$50
36 years$1,541$1,023$661$417$259$43
37 years$1,482$972$618$384$234$36
38 years$1,427$923$579$354$212$31
39 years$1,375$878$542$326$193$27
40 years$1,326$835$508$301$175$23
41 years$1,279$795$477$278$159$19
42 years$1,235$757$447$256$144$16
43 years$1,193$722$420$237$131$14
44 years$1,152$688$394$219$119$12
45 years$1,114$656$370$202$108$10
46 years$1,078$626$347$186$98$9
47 years$1,043$597$326$172$89$7
48 years$1,009$570$307$159$81$6
49 years$978$544$288$147$73$5
50 years$947$520$271$136$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $970,000, adding $2,762 every year, while hoping to spend $53,687 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: 38/32/30 Blend
46$970,000$970,000$970,000$970,000
47$1,071,789$1,020,379$1,005,344$1,102,866
48$1,123,989$1,013,255$981,900$1,118,933
49$1,179,714$1,003,983$955,872$1,131,202
50$1,239,267$992,400$927,116$1,143,456
51$1,302,980$978,335$895,482$1,155,730
52$1,371,216$961,606$860,813$1,168,068
53$1,444,376$942,020$822,946$1,180,521
54$1,522,897$919,374$781,709$1,193,150
55$1,607,259$893,450$736,924$1,206,030
56$1,697,991$864,021$688,402$1,219,246
57$1,795,672$830,844$635,949$1,232,899
58$1,900,937$793,662$579,360$1,247,107
59$2,014,486$752,204$518,422$1,262,004
60$2,137,086$706,184$452,911$1,277,748
61$2,269,580$655,299$382,595$1,294,517
62$2,412,896$599,227$307,231$1,312,516
63$2,568,052$537,630$226,564$1,331,981
64$2,736,169$470,150$140,330$1,353,178
65$2,918,478$396,407$48,251$1,376,410
66$3,116,335$316,003$0$1,402,020
67$3,331,228$228,514$0$1,446,407
68$3,564,797$133,495$0$1,511,523
69$3,818,844$30,474$0$1,582,504
70$4,095,352$0$0$1,660,012
71$4,396,504$0$0$1,773,323
72$4,724,702$0$0$1,908,625
73$5,082,589$0$0$2,056,292
74$5,473,072$0$0$2,217,540
75$5,899,355$0$0$2,393,707
76$6,364,962$0$0$2,586,269
77$6,873,772$0$0$2,796,846
78$7,430,058$0$0$3,027,225
79$8,038,523$0$0$3,279,374
80$8,704,345$0$0$3,555,458
81$9,433,227$0$0$3,857,863
82$10,231,447$0$0$4,189,216
83$11,105,921$0$0$4,552,408
84$12,064,263$0$0$4,950,627
85$13,114,861$0$0$5,387,381
86$14,266,951$0$0$5,866,535
87$15,530,707$0$0$6,392,347
88$16,917,334$0$0$6,969,505
89$18,439,177$0$0$7,603,176
90$20,109,829$0$0$8,299,049
91$21,944,269$0$0$9,063,391
92$23,958,994$0$0$9,903,108
93$26,172,178$0$0$10,825,807
94$28,603,841$0$0$11,839,868
95$31,276,040$0$0$12,954,522
96$34,213,073$0$0$14,179,942
97$37,441,711$0$0$15,527,332
98$40,991,445$0$0$17,009,038
99$44,894,769$0$0$18,638,663
100$49,187,480$0$0$20,431,192