Can I retire at age 61 with 947,000?

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 $947,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$78,202$77,506$76,826$76,163$75,515$73,719
2 years$38,714$37,993$37,294$36,617$35,960$34,161
3 years$25,553$24,829$24,132$23,461$22,814$21,069
4 years$18,974$18,252$17,562$16,902$16,271$14,593
5 years$15,027$14,310$13,629$12,982$12,369$10,762
6 years$12,397$11,685$11,014$10,382$9,787$8,253
7 years$10,519$9,813$9,153$8,536$7,960$6,499
8 years$9,111$8,412$7,762$7,160$6,603$5,215
9 years$8,017$7,324$6,686$6,099$5,561$4,244
10 years$7,142$6,456$5,829$5,257$4,738$3,492
11 years$6,427$5,747$5,131$4,576$4,075$2,897
12 years$5,831$5,158$4,554$4,013$3,531$2,419
13 years$5,327$4,661$4,069$3,543$3,079$2,032
14 years$4,896$4,237$3,656$3,145$2,699$1,714
15 years$4,522$3,871$3,301$2,805$2,377$1,451
16 years$4,196$3,551$2,993$2,512$2,101$1,232
17 years$3,908$3,271$2,723$2,257$1,863$1,049
18 years$3,652$3,022$2,486$2,034$1,656$895
19 years$3,424$2,801$2,276$1,838$1,476$765
20 years$3,219$2,603$2,088$1,664$1,318$654
21 years$3,033$2,424$1,921$1,510$1,180$561
22 years$2,865$2,263$1,771$1,373$1,058$481
23 years$2,711$2,117$1,635$1,251$949$413
24 years$2,571$1,983$1,512$1,141$853$355
25 years$2,442$1,861$1,400$1,042$768$305
26 years$2,323$1,749$1,299$953$692$263
27 years$2,213$1,646$1,206$872$624$226
28 years$2,111$1,551$1,121$799$563$195
29 years$2,016$1,463$1,043$733$508$168
30 years$1,928$1,382$972$672$459$145
31 years$1,845$1,306$906$617$415$125
32 years$1,768$1,236$845$567$375$108
33 years$1,696$1,171$789$522$340$93
34 years$1,628$1,109$737$480$308$80
35 years$1,564$1,052$689$442$279$69
36 years$1,504$999$645$407$252$60
37 years$1,447$949$604$375$229$51
38 years$1,394$902$565$346$207$44
39 years$1,343$857$530$319$188$38
40 years$1,295$816$496$294$171$33
41 years$1,249$776$465$271$155$29
42 years$1,206$739$437$250$140$25
43 years$1,164$705$410$231$127$21
44 years$1,125$672$385$213$116$18
45 years$1,088$640$361$197$105$16
46 years$1,052$611$339$182$95$14
47 years$1,018$583$319$168$87$12
48 years$985$557$299$155$79$10
49 years$954$531$281$144$71$9
50 years$925$508$265$133$65$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $947,000, adding $6,495 every year, while hoping to spend $31,860 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: 61/23/16 Blend
60$947,000$947,000$947,000$947,000
61$1,050,294$1,000,103$985,424$1,109,745
62$1,123,525$1,015,209$984,537$1,165,671
63$1,203,158$1,029,987$982,552$1,222,524
64$1,289,812$1,044,389$979,400$1,283,814
65$1,384,168$1,058,360$975,006$1,349,977
66$1,486,977$1,071,843$969,292$1,421,488
67$1,599,064$1,084,778$962,178$1,498,874
68$1,721,337$1,097,101$953,579$1,582,718
69$1,854,795$1,108,741$943,406$1,673,659
70$2,000,539$1,119,624$931,566$1,772,403
71$2,159,781$1,129,672$917,960$1,879,731
72$2,333,853$1,138,801$902,486$1,996,502
73$2,524,225$1,146,921$885,039$2,123,662
74$2,732,513$1,153,938$865,504$2,262,259
75$2,960,498$1,159,748$843,767$2,413,444
76$3,210,138$1,164,246$819,702$2,578,489
77$3,483,593$1,167,315$793,184$2,758,796
78$3,783,241$1,168,834$764,076$2,955,913
79$4,111,698$1,168,674$732,240$3,171,544
80$4,471,850$1,166,697$697,528$3,407,570
81$4,866,870$1,162,757$659,787$3,666,066
82$5,300,258$1,156,699$618,856$3,949,320
83$5,775,865$1,148,359$574,569$4,259,854
84$6,297,937$1,137,561$526,751$4,600,450
85$6,871,147$1,124,123$475,218$4,974,176
86$7,500,645$1,107,846$419,779$5,384,415
87$8,192,105$1,088,524$360,235$5,834,897
88$8,951,775$1,065,937$296,378$6,329,736
89$9,786,539$1,039,851$227,990$6,873,468
90$10,703,983$1,010,020$154,844$7,471,094
91$11,712,461$976,183$76,703$8,128,128
92$12,821,179$938,063$0$8,850,652
93$14,040,278$895,368$0$9,646,511
94$15,380,933$847,787$0$10,536,005
95$16,855,454$794,995$0$11,514,221
96$18,477,405$736,644$0$12,590,193
97$20,261,729$672,369$0$13,773,879
98$22,224,893$601,782$0$15,076,253
99$24,385,039$524,476$0$16,509,412
100$26,762,155$440,017$0$18,086,689