Can I retire at age 59 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.4%
1 years$84,231$83,480$82,748$82,034$81,336$78,264
2 years$41,698$40,922$40,169$39,439$38,732$35,672
3 years$27,523$26,743$25,992$25,269$24,573$21,622
4 years$20,436$19,659$18,916$18,205$17,526$14,706
5 years$16,186$15,413$14,679$13,983$13,323$10,642
6 years$13,353$12,586$11,863$11,182$10,542$8,002
7 years$11,330$10,569$9,858$9,194$8,573$6,173
8 years$9,814$9,060$8,361$7,712$7,112$4,850
9 years$8,635$7,888$7,201$6,569$5,990$3,861
10 years$7,692$6,953$6,278$5,663$5,103$3,106
11 years$6,922$6,190$5,527$4,928$4,389$2,517
12 years$6,280$5,556$4,905$4,323$3,804$2,053
13 years$5,738$5,021$4,382$3,816$3,317$1,682
14 years$5,273$4,564$3,938$3,388$2,907$1,384
15 years$4,871$4,169$3,555$3,021$2,560$1,142
16 years$4,519$3,825$3,223$2,705$2,262$945
17 years$4,209$3,523$2,933$2,431$2,006$784
18 years$3,934$3,255$2,677$2,190$1,784$651
19 years$3,688$3,017$2,451$1,979$1,590$541
20 years$3,467$2,803$2,249$1,793$1,420$451
21 years$3,267$2,611$2,069$1,627$1,271$376
22 years$3,085$2,438$1,907$1,479$1,139$313
23 years$2,920$2,280$1,761$1,347$1,023$262
24 years$2,769$2,136$1,628$1,229$919$219
25 years$2,630$2,005$1,508$1,122$827$183
26 years$2,502$1,884$1,399$1,026$745$153
27 years$2,383$1,773$1,299$939$672$128
28 years$2,273$1,671$1,208$860$606$107
29 years$2,171$1,576$1,124$789$547$89
30 years$2,076$1,488$1,047$724$494$75
31 years$1,988$1,407$976$665$447$63
32 years$1,905$1,331$910$611$404$52
33 years$1,827$1,261$850$562$366$44
34 years$1,754$1,195$794$517$331$37
35 years$1,685$1,133$743$476$300$31
36 years$1,620$1,076$695$438$272$26
37 years$1,559$1,022$650$404$246$22
38 years$1,501$971$609$372$223$18
39 years$1,446$923$570$343$203$15
40 years$1,395$879$535$317$184$13
41 years$1,345$836$501$292$167$11
42 years$1,299$796$470$270$151$9
43 years$1,254$759$441$249$137$7
44 years$1,212$723$414$230$125$6
45 years$1,172$690$389$212$113$5
46 years$1,133$658$365$196$103$4
47 years$1,097$628$343$181$93$4
48 years$1,061$599$323$167$85$3
49 years$1,028$572$303$155$77$3
50 years$996$547$285$143$70$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $1,020,000, adding $3,235 every year, while hoping to spend $52,603 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: 69/9/22 Blend
58$1,020,000$1,020,000$1,020,000$1,020,000
59$1,127,377$1,073,317$1,057,507$1,198,738
60$1,186,400$1,069,940$1,036,964$1,243,501
61$1,249,681$1,064,635$1,013,970$1,286,034
62$1,317,597$1,057,251$988,388$1,331,312
63$1,390,566$1,047,630$960,072$1,379,603
64$1,469,042$1,035,602$928,873$1,431,205
65$1,553,527$1,020,990$894,632$1,486,445
66$1,644,570$1,003,602$857,186$1,545,686
67$1,742,777$983,238$816,362$1,609,330
68$1,848,809$959,687$771,980$1,677,820
69$1,963,398$932,722$723,852$1,751,648
70$2,087,344$902,104$671,780$1,831,356
71$2,221,529$867,583$615,560$1,917,542
72$2,366,920$828,890$554,977$2,010,871
73$2,524,584$785,743$489,806$2,112,074
74$2,695,690$737,844$419,814$2,221,961
75$2,881,528$684,876$344,755$2,341,425
76$3,083,514$626,505$264,375$2,471,455
77$3,303,207$562,378$178,406$2,613,142
78$3,542,321$492,122$86,569$2,767,691
79$3,802,744$415,342$0$2,936,435
80$4,086,552$331,622$0$3,123,529
81$4,396,031$240,521$0$3,349,773
82$4,733,694$141,575$0$3,596,693
83$5,102,311$34,292$0$3,866,347
84$5,504,929$0$0$4,161,003
85$5,944,903$0$0$4,491,264
86$6,425,926$0$0$4,856,107
87$6,952,064$0$0$5,255,226
88$7,527,796$0$0$5,692,025
89$8,158,051$0$0$6,170,251
90$8,848,258$0$0$6,694,033
91$9,604,395$0$0$7,267,913
92$10,433,048$0$0$7,896,899
93$11,341,467$0$0$8,586,503
94$12,337,638$0$0$9,342,796
95$13,430,358$0$0$10,172,466
96$14,629,316$0$0$11,082,879
97$15,945,182$0$0$12,082,147
98$17,389,713$0$0$13,179,209
99$18,975,857$0$0$14,383,908
100$20,717,878$0$0$15,707,089