Can I retire at age 47 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$80,927$80,207$79,503$78,817$78,147$76,042
2 years$40,063$39,317$38,594$37,893$37,213$35,107
3 years$26,443$25,694$24,973$24,278$23,609$21,569
4 years$19,635$18,888$18,174$17,491$16,838$14,879
5 years$15,551$14,808$14,104$13,435$12,800$10,927
6 years$12,829$12,092$11,398$10,744$10,128$8,343
7 years$10,886$10,155$9,472$8,833$8,237$6,540
8 years$9,429$8,705$8,033$7,410$6,833$5,224
9 years$8,296$7,579$6,919$6,312$5,755$4,231
10 years$7,391$6,680$6,032$5,441$4,903$3,463
11 years$6,650$5,947$5,310$4,735$4,217$2,858
12 years$6,034$5,338$4,713$4,153$3,654$2,375
13 years$5,513$4,824$4,211$3,667$3,187$1,984
14 years$5,066$4,385$3,783$3,255$2,793$1,664
15 years$4,680$4,006$3,416$2,903$2,460$1,401
16 years$4,342$3,675$3,097$2,599$2,174$1,183
17 years$4,044$3,385$2,818$2,335$1,927$1,001
18 years$3,779$3,128$2,572$2,105$1,714$849
19 years$3,543$2,899$2,355$1,902$1,528$721
20 years$3,331$2,693$2,161$1,722$1,364$613
21 years$3,139$2,509$1,988$1,563$1,221$523
22 years$2,964$2,342$1,832$1,421$1,094$446
23 years$2,806$2,190$1,692$1,294$982$380
24 years$2,660$2,052$1,565$1,181$883$325
25 years$2,527$1,926$1,449$1,078$795$277
26 years$2,403$1,810$1,344$986$716$237
27 years$2,290$1,703$1,248$902$645$203
28 years$2,184$1,605$1,160$827$582$174
29 years$2,086$1,514$1,080$758$526$149
30 years$1,995$1,430$1,006$696$475$127
31 years$1,910$1,352$938$639$430$109
32 years$1,830$1,279$875$587$389$93
33 years$1,755$1,211$817$540$352$80
34 years$1,685$1,148$763$497$318$69
35 years$1,619$1,089$713$457$288$59
36 years$1,556$1,034$667$421$261$50
37 years$1,498$982$625$388$237$43
38 years$1,442$933$585$358$215$37
39 years$1,390$887$548$330$195$32
40 years$1,340$844$514$304$177$27
41 years$1,293$803$482$281$160$23
42 years$1,248$765$452$259$145$20
43 years$1,205$729$424$239$132$17
44 years$1,164$695$398$221$120$15
45 years$1,126$663$374$204$109$13
46 years$1,089$632$351$188$99$11
47 years$1,054$603$330$174$90$9
48 years$1,020$576$310$161$81$8
49 years$988$550$291$149$74$7
50 years$957$525$274$137$67$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $980,000, adding $2,355 every year, while hoping to spend $35,983 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: 32/40/28 Blend
46$980,000$980,000$980,000$980,000
47$1,082,389$1,030,449$1,015,259$1,107,716
48$1,154,507$1,042,656$1,010,985$1,139,542
49$1,232,775$1,054,254$1,005,361$1,170,456
50$1,317,783$1,065,177$998,305$1,203,051
51$1,410,178$1,075,352$989,730$1,237,500
52$1,510,674$1,084,702$979,543$1,273,996
53$1,620,055$1,093,144$967,650$1,312,753
54$1,739,184$1,100,592$953,950$1,354,010
55$1,869,013$1,106,953$938,339$1,398,034
56$2,010,585$1,112,127$920,706$1,445,118
57$2,165,052$1,116,008$900,938$1,495,593
58$2,333,680$1,118,486$878,912$1,549,822
59$2,517,864$1,119,440$854,504$1,608,211
60$2,719,138$1,118,745$827,582$1,671,211
61$2,939,193$1,116,266$798,009$1,739,321
62$3,179,888$1,111,860$765,640$1,813,095
63$3,443,273$1,105,377$730,324$1,893,150
64$3,731,602$1,096,656$691,906$1,980,168
65$4,047,360$1,085,527$650,219$2,074,906
66$4,393,282$1,071,809$605,093$2,178,203
67$4,772,381$1,055,312$556,347$2,290,990
68$5,187,973$1,035,832$503,795$2,414,297
69$5,643,714$1,013,155$447,239$2,549,266
70$6,143,627$987,054$386,476$2,697,162
71$6,692,145$957,287$321,291$2,859,385
72$7,294,151$923,601$251,461$3,037,486
73$7,955,023$885,726$176,753$3,233,181
74$8,680,685$843,376$96,924$3,448,369
75$9,477,663$796,250$11,720$3,685,152
76$10,353,147$744,029$0$3,945,853
77$11,315,056$686,375$0$4,256,709
78$12,372,116$622,931$0$4,602,175
79$13,533,937$553,320$0$4,981,974
80$14,811,110$477,145$0$5,399,675
81$16,215,302$393,983$0$5,859,213
82$17,759,365$303,390$0$6,364,934
83$19,457,460$204,896$0$6,921,634
84$21,325,190$98,006$0$7,534,606
85$23,379,746$0$0$8,209,691
86$25,640,067$0$0$8,961,173
87$28,127,021$0$0$9,835,636
88$30,863,603$0$0$10,798,047
89$33,875,146$0$0$11,857,338
90$37,189,565$0$0$13,023,350
91$40,837,618$0$0$14,306,928
92$44,853,196$0$0$15,720,019
93$49,273,643$0$0$17,275,789
94$54,140,106$0$0$18,988,746
95$59,497,926$0$0$20,874,876
96$65,397,062$0$0$22,951,794
97$71,892,566$0$0$25,238,909
98$79,045,100$0$0$27,757,610
99$86,921,506$0$0$30,531,465
100$95,595,440$0$0$33,586,444