Can I retire at age 61 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$80,102$79,388$78,692$78,013$77,349$76,797
2 years$39,654$38,916$38,200$37,506$36,833$36,276
3 years$26,174$25,432$24,718$24,030$23,368$22,824
4 years$19,435$18,695$17,988$17,313$16,666$16,139
5 years$15,392$14,657$13,960$13,298$12,670$12,161
6 years$12,698$11,969$11,282$10,634$10,025$9,535
7 years$10,775$10,051$9,375$8,743$8,153$7,683
8 years$9,333$8,616$7,951$7,334$6,764$6,313
9 years$8,212$7,502$6,848$6,247$5,696$5,264
10 years$7,315$6,612$5,970$5,385$4,853$4,440
11 years$6,583$5,887$5,256$4,687$4,174$3,779
12 years$5,972$5,283$4,665$4,111$3,617$3,241
13 years$5,456$4,775$4,168$3,629$3,154$2,796
14 years$5,015$4,340$3,745$3,222$2,765$2,424
15 years$4,632$3,965$3,381$2,873$2,434$2,110
16 years$4,297$3,638$3,065$2,573$2,152$1,844
17 years$4,003$3,350$2,789$2,311$1,908$1,616
18 years$3,741$3,096$2,546$2,083$1,696$1,420
19 years$3,507$2,869$2,331$1,882$1,512$1,251
20 years$3,297$2,666$2,139$1,705$1,350$1,104
21 years$3,107$2,483$1,968$1,547$1,209$975
22 years$2,934$2,318$1,814$1,407$1,083$863
23 years$2,777$2,168$1,674$1,281$972$765
24 years$2,633$2,031$1,549$1,168$874$679
25 years$2,501$1,906$1,434$1,067$786$603
26 years$2,379$1,792$1,330$976$708$536
27 years$2,266$1,686$1,235$893$639$477
28 years$2,162$1,589$1,148$818$576$425
29 years$2,065$1,499$1,069$750$520$378
30 years$1,975$1,415$995$689$470$337
31 years$1,890$1,338$928$632$425$301
32 years$1,811$1,266$866$581$385$268
33 years$1,737$1,199$808$535$348$239
34 years$1,668$1,136$755$492$315$214
35 years$1,602$1,078$706$453$285$191
36 years$1,541$1,023$661$417$259$171
37 years$1,482$972$618$384$234$152
38 years$1,427$923$579$354$212$136
39 years$1,375$878$542$326$193$122
40 years$1,326$835$508$301$175$109
41 years$1,279$795$477$278$159$97
42 years$1,235$757$447$256$144$87
43 years$1,193$722$420$237$131$78
44 years$1,152$688$394$219$119$70
45 years$1,114$656$370$202$108$62
46 years$1,078$626$347$186$98$56
47 years$1,043$597$326$172$89$50
48 years$1,009$570$307$159$81$45
49 years$978$544$288$147$73$40
50 years$947$520$271$136$66$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $970,000, adding $5,048 every year, while hoping to spend $24,373 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: 56/20/24 Blend
60$970,000$970,000$970,000$970,000
61$1,074,147$1,022,737$1,007,702$1,127,008
62$1,157,777$1,046,918$1,015,527$1,187,966
63$1,249,121$1,071,468$1,022,798$1,251,351
64$1,348,939$1,096,378$1,029,470$1,319,895
65$1,458,070$1,121,639$1,035,495$1,394,102
66$1,577,435$1,147,241$1,040,827$1,474,525
67$1,708,051$1,173,173$1,045,412$1,561,778
68$1,851,035$1,199,422$1,049,196$1,656,534
69$2,007,620$1,225,974$1,052,124$1,759,536
70$2,179,162$1,252,811$1,054,135$1,871,603
71$2,367,154$1,279,916$1,055,166$1,993,638
72$2,573,242$1,307,270$1,055,152$2,126,635
73$2,799,237$1,334,850$1,054,023$2,271,691
74$3,047,134$1,362,633$1,051,708$2,430,013
75$3,319,131$1,390,591$1,048,130$2,602,935
76$3,617,649$1,418,697$1,043,209$2,791,925
77$3,945,356$1,446,920$1,036,863$2,998,600
78$4,305,187$1,475,224$1,029,003$3,224,746
79$4,700,380$1,503,574$1,019,538$3,472,328
80$5,134,498$1,531,928$1,008,372$3,743,514
81$5,611,469$1,560,245$995,405$4,040,694
82$6,135,618$1,588,476$980,530$4,366,500
83$6,711,712$1,616,572$963,639$4,723,838
84$7,345,000$1,644,478$944,614$5,115,906
85$8,041,268$1,672,135$923,336$5,546,233
86$8,806,888$1,699,480$899,679$6,018,706
87$9,648,881$1,726,445$873,509$6,537,612
88$10,574,984$1,752,958$844,689$7,107,675
89$11,593,720$1,778,941$813,073$7,734,104
90$12,714,480$1,804,309$778,512$8,422,639
91$13,947,611$1,828,974$740,845$9,179,606
92$15,304,513$1,852,840$699,909$10,011,981
93$16,797,747$1,875,803$655,531$10,927,451
94$18,441,156$1,897,755$607,529$11,934,491
95$20,249,988$1,918,579$555,715$13,042,439
96$22,241,047$1,938,151$499,893$14,261,592
97$24,432,850$1,956,336$439,855$15,603,297
98$26,845,798$1,972,994$375,387$17,080,061
99$29,502,372$1,987,973$306,265$18,705,671
100$32,427,343$2,001,113$232,254$20,495,321