Can I retire at age 61 with 1,020,000?

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 $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%16.3%
1 years$84,231$83,480$82,748$82,034$81,336$79,241
2 years$41,698$40,922$40,169$39,439$38,732$36,635
3 years$27,523$26,743$25,992$25,269$24,573$22,540
4 years$20,436$19,659$18,916$18,205$17,526$15,572
5 years$16,186$15,413$14,679$13,983$13,323$11,454
6 years$13,353$12,586$11,863$11,182$10,542$8,760
7 years$11,330$10,569$9,858$9,194$8,573$6,879
8 years$9,814$9,060$8,361$7,712$7,112$5,504
9 years$8,635$7,888$7,201$6,569$5,990$4,466
10 years$7,692$6,953$6,278$5,663$5,103$3,662
11 years$6,922$6,190$5,527$4,928$4,389$3,029
12 years$6,280$5,556$4,905$4,323$3,804$2,521
13 years$5,738$5,021$4,382$3,816$3,317$2,110
14 years$5,273$4,564$3,938$3,388$2,907$1,774
15 years$4,871$4,169$3,555$3,021$2,560$1,496
16 years$4,519$3,825$3,223$2,705$2,262$1,266
17 years$4,209$3,523$2,933$2,431$2,006$1,074
18 years$3,934$3,255$2,677$2,190$1,784$913
19 years$3,688$3,017$2,451$1,979$1,590$777
20 years$3,467$2,803$2,249$1,793$1,420$663
21 years$3,267$2,611$2,069$1,627$1,271$566
22 years$3,085$2,438$1,907$1,479$1,139$483
23 years$2,920$2,280$1,761$1,347$1,023$414
24 years$2,769$2,136$1,628$1,229$919$354
25 years$2,630$2,005$1,508$1,122$827$303
26 years$2,502$1,884$1,399$1,026$745$260
27 years$2,383$1,773$1,299$939$672$223
28 years$2,273$1,671$1,208$860$606$191
29 years$2,171$1,576$1,124$789$547$164
30 years$2,076$1,488$1,047$724$494$141
31 years$1,988$1,407$976$665$447$121
32 years$1,905$1,331$910$611$404$104
33 years$1,827$1,261$850$562$366$89
34 years$1,754$1,195$794$517$331$77
35 years$1,685$1,133$743$476$300$66
36 years$1,620$1,076$695$438$272$57
37 years$1,559$1,022$650$404$246$49
38 years$1,501$971$609$372$223$42
39 years$1,446$923$570$343$203$36
40 years$1,395$879$535$317$184$31
41 years$1,345$836$501$292$167$27
42 years$1,299$796$470$270$151$23
43 years$1,254$759$441$249$137$20
44 years$1,212$723$414$230$125$17
45 years$1,172$690$389$212$113$14
46 years$1,133$658$365$196$103$12
47 years$1,097$628$343$181$93$11
48 years$1,061$599$323$167$85$9
49 years$1,028$572$303$155$77$8
50 years$996$547$285$143$70$7

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 $2,007 every year, while hoping to spend $55,460 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: 25/48/27 Blend
60$1,020,000$1,020,000$1,020,000$1,020,000
61$1,126,110$1,072,050$1,056,240$1,144,660
62$1,181,964$1,065,572$1,032,615$1,153,740
63$1,241,657$1,056,917$1,006,340$1,158,604
64$1,305,521$1,045,921$977,267$1,162,660
65$1,373,921$1,032,408$945,243$1,165,879
66$1,447,258$1,016,193$910,106$1,168,233
67$1,525,971$997,079$871,687$1,169,696
68$1,610,543$974,858$829,811$1,170,247
69$1,701,501$949,310$784,293$1,169,870
70$1,799,428$920,200$734,940$1,168,554
71$1,904,962$887,281$681,552$1,166,294
72$2,018,802$850,292$623,919$1,163,093
73$2,141,720$808,956$561,820$1,158,962
74$2,274,560$762,980$495,026$1,153,923
75$2,418,253$712,055$423,297$1,148,009
76$2,573,822$655,852$346,384$1,141,269
77$2,742,389$594,025$264,025$1,133,763
78$2,925,189$526,210$175,947$1,125,572
79$3,123,583$452,018$81,866$1,116,797
80$3,339,063$371,042$0$1,107,560
81$3,573,274$282,850$0$1,103,351
82$3,828,024$186,985$0$1,124,524
83$4,105,301$82,966$0$1,147,775
84$4,407,296$0$0$1,173,450
85$4,736,417$0$0$1,217,636
86$5,095,315$0$0$1,313,764
87$5,486,908$0$0$1,418,813
88$5,914,407$0$0$1,533,665
89$6,381,347$0$0$1,659,291
90$6,891,622$0$0$1,796,760
91$7,449,514$0$0$1,947,250
92$8,059,743$0$0$2,112,058
93$8,727,502$0$0$2,292,611
94$9,458,510$0$0$2,490,482
95$10,259,067$0$0$2,707,402
96$11,136,108$0$0$2,945,279
97$12,097,271$0$0$3,206,214
98$13,150,970$0$0$3,492,520
99$14,306,468$0$0$3,806,747
100$15,573,972$0$0$4,151,702