Can I retire at age 61 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%17.6%
1 years$84,231$83,480$82,748$82,034$81,336$78,827
2 years$41,698$40,922$40,169$39,439$38,732$36,226
3 years$27,523$26,743$25,992$25,269$24,573$22,149
4 years$20,436$19,659$18,916$18,205$17,526$15,202
5 years$16,186$15,413$14,679$13,983$13,323$11,106
6 years$13,353$12,586$11,863$11,182$10,542$8,433
7 years$11,330$10,569$9,858$9,194$8,573$6,573
8 years$9,814$9,060$8,361$7,712$7,112$5,219
9 years$8,635$7,888$7,201$6,569$5,990$4,202
10 years$7,692$6,953$6,278$5,663$5,103$3,418
11 years$6,922$6,190$5,527$4,928$4,389$2,803
12 years$6,280$5,556$4,905$4,323$3,804$2,314
13 years$5,738$5,021$4,382$3,816$3,317$1,919
14 years$5,273$4,564$3,938$3,388$2,907$1,599
15 years$4,871$4,169$3,555$3,021$2,560$1,337
16 years$4,519$3,825$3,223$2,705$2,262$1,120
17 years$4,209$3,523$2,933$2,431$2,006$941
18 years$3,934$3,255$2,677$2,190$1,784$792
19 years$3,688$3,017$2,451$1,979$1,590$668
20 years$3,467$2,803$2,249$1,793$1,420$564
21 years$3,267$2,611$2,069$1,627$1,271$477
22 years$3,085$2,438$1,907$1,479$1,139$403
23 years$2,920$2,280$1,761$1,347$1,023$341
24 years$2,769$2,136$1,628$1,229$919$289
25 years$2,630$2,005$1,508$1,122$827$245
26 years$2,502$1,884$1,399$1,026$745$208
27 years$2,383$1,773$1,299$939$672$176
28 years$2,273$1,671$1,208$860$606$150
29 years$2,171$1,576$1,124$789$547$127
30 years$2,076$1,488$1,047$724$494$108
31 years$1,988$1,407$976$665$447$92
32 years$1,905$1,331$910$611$404$78
33 years$1,827$1,261$850$562$366$66
34 years$1,754$1,195$794$517$331$56
35 years$1,685$1,133$743$476$300$48
36 years$1,620$1,076$695$438$272$41
37 years$1,559$1,022$650$404$246$35
38 years$1,501$971$609$372$223$29
39 years$1,446$923$570$343$203$25
40 years$1,395$879$535$317$184$21
41 years$1,345$836$501$292$167$18
42 years$1,299$796$470$270$151$15
43 years$1,254$759$441$249$137$13
44 years$1,212$723$414$230$125$11
45 years$1,172$690$389$212$113$9
46 years$1,133$658$365$196$103$8
47 years$1,097$628$343$181$93$7
48 years$1,061$599$323$167$85$6
49 years$1,028$572$303$155$77$5
50 years$996$547$285$143$70$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $1,020,000, adding $3,795 every year, while hoping to spend $46,111 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: 48/38/14 Blend
60$1,020,000$1,020,000$1,020,000$1,020,000
61$1,127,955$1,073,895$1,058,085$1,177,530
62$1,193,944$1,077,454$1,044,469$1,215,713
63$1,265,119$1,079,642$1,028,851$1,252,086
64$1,341,960$1,080,343$1,011,116$1,290,560
65$1,424,994$1,079,434$991,143$1,331,349
66$1,514,802$1,076,784$968,805$1,374,688
67$1,612,020$1,072,255$943,968$1,420,840
68$1,717,351$1,065,700$916,495$1,470,098
69$1,831,563$1,056,962$886,240$1,522,785
70$1,955,504$1,045,875$853,051$1,579,262
71$2,090,107$1,032,265$816,770$1,639,930
72$2,236,397$1,015,944$777,231$1,705,233
73$2,395,501$996,717$734,259$1,775,662
74$2,568,659$974,373$687,674$1,851,766
75$2,757,237$948,692$637,286$1,934,152
76$2,962,738$919,441$582,898$2,023,490
77$3,186,814$886,370$524,301$2,120,529
78$3,431,284$849,218$461,281$2,226,094
79$3,698,153$807,707$393,611$2,341,102
80$3,989,623$761,543$321,056$2,466,567
81$4,308,123$710,417$243,369$2,603,616
82$4,656,323$653,999$160,294$2,753,492
83$5,037,167$591,944$71,563$2,917,575
84$5,453,892$523,883$0$3,097,393
85$5,910,066$449,430$0$3,298,089
86$6,409,615$368,175$0$3,529,713
87$6,956,865$279,685$0$3,783,677
88$7,556,580$183,503$0$4,062,318
89$8,214,003$79,147$0$4,368,220
90$8,934,913$0$0$4,704,234
91$9,725,674$0$0$5,087,684
92$10,593,292$0$0$5,544,831
93$11,545,490$0$0$6,046,659
94$12,590,769$0$0$6,597,666
95$13,738,498$0$0$7,202,805
96$14,998,994$0$0$7,867,531
97$16,383,625$0$0$8,597,856
98$17,904,912$0$0$9,400,400
99$19,576,650$0$0$10,282,460
100$21,414,037$0$0$11,252,070