Can I retire at age 61 with 958,000?

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 $958,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$79,111$78,406$77,719$77,048$76,392$75,943
2 years$39,164$38,434$37,727$37,042$36,377$35,924
3 years$25,850$25,117$24,412$23,733$23,079$22,636
4 years$19,194$18,464$17,766$17,098$16,460$16,030
5 years$15,202$14,476$13,787$13,133$12,513$12,098
6 years$12,541$11,821$11,142$10,503$9,901$9,501
7 years$10,641$9,927$9,259$8,635$8,052$7,668
8 years$9,217$8,509$7,852$7,244$6,680$6,311
9 years$8,110$7,409$6,763$6,170$5,626$5,272
10 years$7,225$6,531$5,896$5,319$4,793$4,455
11 years$6,501$5,814$5,191$4,629$4,122$3,799
12 years$5,898$5,218$4,607$4,060$3,572$3,264
13 years$5,389$4,716$4,116$3,584$3,115$2,821
14 years$4,952$4,286$3,698$3,182$2,731$2,450
15 years$4,575$3,916$3,339$2,838$2,404$2,138
16 years$4,244$3,593$3,027$2,541$2,125$1,872
17 years$3,953$3,309$2,755$2,283$1,884$1,644
18 years$3,695$3,057$2,515$2,057$1,675$1,447
19 years$3,464$2,833$2,302$1,859$1,493$1,277
20 years$3,256$2,633$2,113$1,684$1,334$1,130
21 years$3,068$2,453$1,943$1,528$1,194$1,001
22 years$2,898$2,289$1,791$1,389$1,070$888
23 years$2,743$2,141$1,654$1,265$960$789
24 years$2,600$2,006$1,529$1,154$863$701
25 years$2,470$1,883$1,417$1,054$777$624
26 years$2,350$1,769$1,314$964$700$556
27 years$2,238$1,665$1,220$882$631$496
28 years$2,135$1,569$1,134$808$569$443
29 years$2,039$1,480$1,055$741$514$395
30 years$1,950$1,398$983$680$464$353
31 years$1,867$1,322$916$625$420$316
32 years$1,789$1,250$855$574$380$282
33 years$1,716$1,184$798$528$344$253
34 years$1,647$1,122$746$486$311$226
35 years$1,582$1,065$697$447$282$203
36 years$1,522$1,010$652$412$255$181
37 years$1,464$960$611$379$231$162
38 years$1,410$912$572$350$210$146
39 years$1,358$867$536$322$190$130
40 years$1,310$825$502$297$173$117
41 years$1,264$785$471$274$157$105
42 years$1,220$748$442$253$142$94
43 years$1,178$713$414$234$129$84
44 years$1,138$679$389$216$117$76
45 years$1,100$648$365$199$106$68
46 years$1,064$618$343$184$96$61
47 years$1,030$590$322$170$88$55
48 years$997$563$303$157$80$49
49 years$965$538$285$145$72$44
50 years$935$514$268$134$66$39

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $958,000, adding $4,363 every year, while hoping to spend $40,071 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: 60/26/14 Blend
60$958,000$958,000$958,000$958,000
61$1,060,216$1,009,442$994,593$1,119,884
62$1,125,723$1,016,270$985,277$1,167,418
63$1,196,569$1,022,089$974,306$1,214,366
64$1,273,255$1,026,808$961,581$1,264,626
65$1,356,335$1,030,329$947,002$1,318,521
66$1,446,414$1,032,548$930,460$1,376,410
67$1,544,162$1,033,356$911,843$1,438,687
68$1,650,311$1,032,636$891,035$1,505,789
69$1,765,670$1,030,262$867,912$1,578,198
70$1,891,127$1,026,103$842,345$1,656,448
71$2,027,659$1,020,020$814,201$1,741,127
72$2,176,342$1,011,863$783,339$1,832,886
73$2,338,360$1,001,474$749,611$1,932,442
74$2,515,014$988,688$712,865$2,040,590
75$2,707,738$973,327$672,939$2,158,206
76$2,918,111$955,203$629,665$2,286,258
77$3,147,868$934,118$582,869$2,425,815
78$3,398,922$909,861$532,366$2,578,057
79$3,673,377$882,209$477,966$2,744,287
80$3,973,551$850,927$419,467$2,925,946
81$4,301,997$815,766$356,663$3,124,621
82$4,661,522$776,460$289,333$3,342,067
83$5,055,222$732,731$217,250$3,580,222
84$5,486,503$684,284$140,176$3,841,222
85$5,959,118$630,805$57,864$4,127,429
86$6,477,199$571,966$0$4,441,446
87$7,045,297$507,416$0$4,790,628
88$7,668,425$436,787$0$5,183,184
89$8,352,104$359,689$0$5,614,006
90$9,102,416$275,710$0$6,087,003
91$9,926,059$184,417$0$6,606,484
92$10,830,412$85,348$0$7,177,205
93$11,823,603$0$0$7,804,405
94$12,914,588$0$0$8,500,156
95$14,113,230$0$0$9,291,470
96$15,430,396$0$0$10,161,114
97$16,878,058$0$0$11,117,002
98$18,469,405$0$0$12,167,854
99$20,218,967$0$0$13,323,275
100$22,142,754$0$0$14,593,849