Can I retire at age 61 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$80,927$80,207$79,503$78,817$78,147$76,072
2 years$40,063$39,317$38,594$37,893$37,213$35,137
3 years$26,443$25,694$24,973$24,278$23,609$21,598
4 years$19,635$18,888$18,174$17,491$16,838$14,906
5 years$15,551$14,808$14,104$13,435$12,800$10,953
6 years$12,829$12,092$11,398$10,744$10,128$8,367
7 years$10,886$10,155$9,472$8,833$8,237$6,563
8 years$9,429$8,705$8,033$7,410$6,833$5,245
9 years$8,296$7,579$6,919$6,312$5,755$4,250
10 years$7,391$6,680$6,032$5,441$4,903$3,482
11 years$6,650$5,947$5,310$4,735$4,217$2,875
12 years$6,034$5,338$4,713$4,153$3,654$2,391
13 years$5,513$4,824$4,211$3,667$3,187$1,998
14 years$5,066$4,385$3,783$3,255$2,793$1,677
15 years$4,680$4,006$3,416$2,903$2,460$1,413
16 years$4,342$3,675$3,097$2,599$2,174$1,194
17 years$4,044$3,385$2,818$2,335$1,927$1,011
18 years$3,779$3,128$2,572$2,105$1,714$858
19 years$3,543$2,899$2,355$1,902$1,528$730
20 years$3,331$2,693$2,161$1,722$1,364$621
21 years$3,139$2,509$1,988$1,563$1,221$529
22 years$2,964$2,342$1,832$1,421$1,094$452
23 years$2,806$2,190$1,692$1,294$982$386
24 years$2,660$2,052$1,565$1,181$883$330
25 years$2,527$1,926$1,449$1,078$795$282
26 years$2,403$1,810$1,344$986$716$241
27 years$2,290$1,703$1,248$902$645$207
28 years$2,184$1,605$1,160$827$582$177
29 years$2,086$1,514$1,080$758$526$152
30 years$1,995$1,430$1,006$696$475$130
31 years$1,910$1,352$938$639$430$111
32 years$1,830$1,279$875$587$389$95
33 years$1,755$1,211$817$540$352$82
34 years$1,685$1,148$763$497$318$70
35 years$1,619$1,089$713$457$288$60
36 years$1,556$1,034$667$421$261$52
37 years$1,498$982$625$388$237$44
38 years$1,442$933$585$358$215$38
39 years$1,390$887$548$330$195$33
40 years$1,340$844$514$304$177$28
41 years$1,293$803$482$281$160$24
42 years$1,248$765$452$259$145$21
43 years$1,205$729$424$239$132$18
44 years$1,164$695$398$221$120$15
45 years$1,126$663$374$204$109$13
46 years$1,089$632$351$188$99$11
47 years$1,054$603$330$174$90$10
48 years$1,020$576$310$161$81$8
49 years$988$550$291$149$74$7
50 years$957$525$274$137$67$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $980,000, adding $2,256 every year, while hoping to spend $42,473 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: 45/33/22 Blend
60$980,000$980,000$980,000$980,000
61$1,082,287$1,030,347$1,015,157$1,124,036
62$1,147,489$1,035,643$1,003,974$1,158,960
63$1,217,919$1,039,775$990,993$1,192,464
64$1,294,064$1,042,641$976,108$1,227,934
65$1,376,461$1,044,133$959,210$1,265,574
66$1,465,700$1,044,136$940,184$1,305,611
67$1,562,430$1,042,528$918,909$1,348,298
68$1,667,365$1,039,178$895,259$1,393,913
69$1,781,288$1,033,949$869,102$1,442,769
70$1,905,062$1,026,696$840,300$1,495,212
71$2,039,637$1,017,263$808,708$1,551,626
72$2,186,057$1,005,486$774,177$1,612,438
73$2,345,470$991,190$736,548$1,678,122
74$2,519,142$974,192$695,656$1,749,203
75$2,708,462$954,295$651,328$1,826,264
76$2,914,963$931,294$603,385$1,909,952
77$3,140,330$904,967$551,639$2,000,985
78$3,386,417$875,084$495,892$2,100,157
79$3,655,267$841,398$435,940$2,208,350
80$3,949,128$803,651$371,568$2,326,540
81$4,270,474$761,565$302,551$2,455,807
82$4,622,033$714,852$228,656$2,597,351
83$5,006,803$663,202$149,639$2,752,496
84$5,428,089$606,291$65,244$2,922,712
85$5,889,530$543,776$0$3,109,623
86$6,395,133$475,292$0$3,320,854
87$6,949,311$400,455$0$3,569,292
88$7,556,924$318,861$0$3,841,874
89$8,223,325$230,081$0$4,141,105
90$8,954,411$133,661$0$4,469,754
91$9,756,675$29,124$0$4,830,873
92$10,637,271$0$0$5,227,836
93$11,604,078$0$0$5,694,880
94$12,665,776$0$0$6,219,500
95$13,831,927$0$0$6,795,858
96$15,113,064$0$0$7,429,177
97$16,520,791$0$0$8,125,209
98$18,067,891$0$0$8,890,291
99$19,768,448$0$0$9,731,405
100$21,637,977$0$0$10,656,244