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%13.7%
1 years$80,927$80,207$79,503$78,817$78,147$76,947
2 years$40,063$39,317$38,594$37,893$37,213$36,007
3 years$26,443$25,694$24,973$24,278$23,609$22,435
4 years$19,635$18,888$18,174$17,491$16,838$15,705
5 years$15,551$14,808$14,104$13,435$12,800$11,710
6 years$12,829$12,092$11,398$10,744$10,128$9,083
7 years$10,886$10,155$9,472$8,833$8,237$7,238
8 years$9,429$8,705$8,033$7,410$6,833$5,879
9 years$8,296$7,579$6,919$6,312$5,755$4,845
10 years$7,391$6,680$6,032$5,441$4,903$4,038
11 years$6,650$5,947$5,310$4,735$4,217$3,395
12 years$6,034$5,338$4,713$4,153$3,654$2,874
13 years$5,513$4,824$4,211$3,667$3,187$2,447
14 years$5,066$4,385$3,783$3,255$2,793$2,094
15 years$4,680$4,006$3,416$2,903$2,460$1,799
16 years$4,342$3,675$3,097$2,599$2,174$1,550
17 years$4,044$3,385$2,818$2,335$1,927$1,339
18 years$3,779$3,128$2,572$2,105$1,714$1,160
19 years$3,543$2,899$2,355$1,902$1,528$1,007
20 years$3,331$2,693$2,161$1,722$1,364$876
21 years$3,139$2,509$1,988$1,563$1,221$763
22 years$2,964$2,342$1,832$1,421$1,094$665
23 years$2,806$2,190$1,692$1,294$982$580
24 years$2,660$2,052$1,565$1,181$883$507
25 years$2,527$1,926$1,449$1,078$795$443
26 years$2,403$1,810$1,344$986$716$388
27 years$2,290$1,703$1,248$902$645$340
28 years$2,184$1,605$1,160$827$582$298
29 years$2,086$1,514$1,080$758$526$261
30 years$1,995$1,430$1,006$696$475$229
31 years$1,910$1,352$938$639$430$201
32 years$1,830$1,279$875$587$389$176
33 years$1,755$1,211$817$540$352$155
34 years$1,685$1,148$763$497$318$136
35 years$1,619$1,089$713$457$288$119
36 years$1,556$1,034$667$421$261$105
37 years$1,498$982$625$388$237$92
38 years$1,442$933$585$358$215$81
39 years$1,390$887$548$330$195$71
40 years$1,340$844$514$304$177$62
41 years$1,293$803$482$281$160$55
42 years$1,248$765$452$259$145$48
43 years$1,205$729$424$239$132$42
44 years$1,164$695$398$221$120$37
45 years$1,126$663$374$204$109$33
46 years$1,089$632$351$188$99$29
47 years$1,054$603$330$174$90$25
48 years$1,020$576$310$161$81$22
49 years$988$550$291$149$74$20
50 years$957$525$274$137$67$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 47 starting with $980,000, adding $2,868 every year, while hoping to spend $58,878 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: 51/36/13 Blend
46$980,000$980,000$980,000$980,000
47$1,082,918$1,030,978$1,015,788$1,134,218
48$1,130,730$1,018,851$987,172$1,157,520
49$1,181,446$1,004,155$955,623$1,176,381
50$1,235,299$986,704$920,981$1,195,553
51$1,292,545$966,298$883,080$1,215,084
52$1,353,464$942,727$841,743$1,235,027
53$1,418,364$915,767$796,788$1,255,446
54$1,487,579$885,181$748,022$1,276,414
55$1,561,477$850,720$695,245$1,298,018
56$1,640,460$812,118$638,249$1,320,354
57$1,724,971$769,096$576,814$1,343,537
58$1,815,493$721,357$510,713$1,367,696
59$1,912,558$668,588$439,706$1,392,980
60$2,016,748$610,457$363,545$1,419,557
61$2,128,701$546,615$281,969$1,447,620
62$2,249,121$476,692$194,708$1,477,387
63$2,378,778$400,295$101,477$1,509,105
64$2,518,517$317,014$1,980$1,543,056
65$2,669,268$226,410$0$1,579,554
66$2,832,053$128,023$0$1,633,411
67$3,007,993$21,367$0$1,691,807
68$3,198,321$0$0$1,754,966
69$3,404,394$0$0$1,860,712
70$3,627,702$0$0$1,984,557
71$3,869,882$0$0$2,118,958
72$4,132,738$0$0$2,264,924
73$4,418,251$0$0$2,423,569
74$4,728,602$0$0$2,596,115
75$5,066,188$0$0$2,783,910
76$5,433,650$0$0$2,988,434
77$5,833,890$0$0$3,211,317
78$6,270,103$0$0$3,454,353
79$6,745,807$0$0$3,719,517
80$7,264,872$0$0$4,008,981
81$7,831,557$0$0$4,325,138
82$8,450,553$0$0$4,670,621
83$9,127,022$0$0$5,048,329
84$9,866,647$0$0$5,461,454
85$10,675,688$0$0$5,913,512
86$11,561,034$0$0$6,408,371
87$12,530,273$0$0$6,950,294
88$13,591,760$0$0$7,543,974
89$14,754,695$0$0$8,194,579
90$16,029,212$0$0$8,907,800
91$17,426,471$0$0$9,689,908
92$18,958,761$0$0$10,547,806
93$20,639,621$0$0$11,489,100
94$22,483,961$0$0$12,522,166
95$24,508,205$0$0$13,656,232
96$26,730,445$0$0$14,901,463
97$29,170,609$0$0$16,269,054
98$31,850,650$0$0$17,771,340
99$34,794,752$0$0$19,421,909
100$38,029,555$0$0$21,235,730