Can I retire at age 61 with 710,000?

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 $710,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$58,631$58,109$57,599$57,102$56,616$56,307
2 years$29,025$28,485$27,961$27,453$26,960$26,648
3 years$19,158$18,615$18,093$17,589$17,105$16,799
4 years$14,225$13,684$13,167$12,672$12,199$11,903
5 years$11,266$10,728$10,218$9,733$9,274$8,987
6 years$9,295$8,761$8,258$7,784$7,338$7,062
7 years$7,887$7,357$6,862$6,400$5,968$5,703
8 years$6,831$6,306$5,820$5,368$4,951$4,696
9 years$6,011$5,491$5,012$4,573$4,169$3,925
10 years$5,355$4,840$4,370$3,942$3,552$3,319
11 years$4,818$4,309$3,847$3,430$3,055$2,832
12 years$4,372$3,867$3,414$3,009$2,648$2,434
13 years$3,994$3,495$3,050$2,656$2,309$2,105
14 years$3,670$3,177$2,741$2,358$2,024$1,830
15 years$3,390$2,902$2,475$2,103$1,782$1,598
16 years$3,146$2,663$2,244$1,883$1,575$1,400
17 years$2,930$2,452$2,042$1,692$1,396$1,230
18 years$2,738$2,266$1,864$1,525$1,242$1,084
19 years$2,567$2,100$1,706$1,378$1,107$957
20 years$2,413$1,951$1,566$1,248$989$847
21 years$2,274$1,818$1,440$1,132$885$751
22 years$2,148$1,697$1,327$1,030$793$667
23 years$2,033$1,587$1,226$938$712$593
24 years$1,927$1,487$1,133$855$640$528
25 years$1,830$1,395$1,050$781$576$470
26 years$1,741$1,311$974$714$519$419
27 years$1,659$1,234$904$654$468$374
28 years$1,582$1,163$841$599$422$334
29 years$1,511$1,097$782$549$381$299
30 years$1,445$1,036$729$504$344$267
31 years$1,383$979$679$463$311$239
32 years$1,326$927$634$425$281$214
33 years$1,272$878$592$391$255$192
34 years$1,221$832$553$360$231$172
35 years$1,173$789$517$331$209$154
36 years$1,128$749$484$305$189$138
37 years$1,085$711$453$281$172$124
38 years$1,045$676$424$259$156$111
39 years$1,007$643$397$239$141$99
40 years$971$612$372$220$128$89
41 years$936$582$349$203$116$80
42 years$904$554$327$188$105$72
43 years$873$528$307$173$96$64
44 years$844$503$288$160$87$58
45 years$816$480$271$148$79$52
46 years$789$458$254$136$72$47
47 years$763$437$239$126$65$42
48 years$739$417$225$117$59$38
49 years$716$398$211$108$54$34
50 years$693$381$198$100$49$30

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $710,000, adding $5,656 every year, while hoping to spend $23,532 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: 71/14/15 Blend
60$710,000$710,000$710,000$710,000
61$788,254$750,624$739,619$841,150
62$843,618$762,367$739,359$888,755
63$903,841$773,896$738,300$937,470
64$969,392$785,177$736,393$990,188
65$1,040,791$796,172$733,583$1,047,302
66$1,118,607$806,839$729,814$1,109,242
67$1,203,467$817,136$725,025$1,176,483
68$1,296,062$827,017$719,154$1,249,550
69$1,397,152$836,433$712,137$1,329,020
70$1,507,573$845,329$703,905$1,415,528
71$1,628,246$853,651$694,387$1,509,777
72$1,760,185$861,338$683,506$1,612,539
73$1,904,506$868,326$671,186$1,724,666
74$2,062,439$874,547$657,344$1,847,097
75$2,235,336$879,928$641,894$1,980,867
76$2,424,689$884,393$624,746$2,127,117
77$2,632,138$887,860$605,806$2,287,105
78$2,859,491$890,240$584,976$2,462,217
79$3,108,739$891,441$562,152$2,653,981
80$3,382,074$891,365$537,227$2,864,081
81$3,681,911$889,907$510,090$3,094,374
82$4,010,909$886,956$480,621$3,346,907
83$4,371,998$882,394$448,699$3,623,935
84$4,768,406$876,095$414,194$3,927,946
85$5,203,687$867,927$376,973$4,261,681
86$5,681,757$857,750$336,896$4,628,161
87$6,206,931$845,414$293,816$5,030,716
88$6,783,959$830,760$247,580$5,473,019
89$7,418,078$813,622$198,029$5,959,117
90$8,115,054$793,823$144,996$6,493,470
91$8,881,243$771,173$88,306$7,080,995
92$9,723,645$745,475$27,779$7,727,113
93$10,649,971$716,518$0$8,437,798
94$11,668,720$684,080$0$9,225,527
95$12,789,254$647,924$0$10,096,794
96$14,021,887$607,802$0$11,055,184
97$15,377,985$563,449$0$12,109,548
98$16,870,070$514,589$0$13,269,644
99$18,511,938$460,925$0$14,546,224
100$20,318,793$402,147$0$15,951,135