Can I retire at age 61 with 982,000?

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 $982,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.6%
1 years$81,093$80,370$79,666$78,978$78,306$77,456
2 years$40,145$39,397$38,673$37,970$37,289$36,433
3 years$26,497$25,747$25,024$24,328$23,657$22,822
4 years$19,675$18,926$18,211$17,527$16,873$16,065
5 years$15,583$14,839$14,132$13,462$12,826$12,048
6 years$12,855$12,117$11,421$10,766$10,149$9,401
7 years$10,908$10,176$9,491$8,851$8,254$7,537
8 years$9,448$8,722$8,049$7,425$6,847$6,161
9 years$8,313$7,594$6,933$6,325$5,767$5,111
10 years$7,406$6,694$6,044$5,452$4,913$4,287
11 years$6,664$5,959$5,321$4,745$4,226$3,629
12 years$6,046$5,349$4,722$4,162$3,662$3,094
13 years$5,524$4,834$4,219$3,674$3,193$2,654
14 years$5,077$4,394$3,791$3,262$2,799$2,287
15 years$4,689$4,014$3,423$2,909$2,465$1,979
16 years$4,351$3,683$3,103$2,604$2,178$1,719
17 years$4,052$3,392$2,824$2,340$1,931$1,497
18 years$3,787$3,134$2,578$2,109$1,717$1,307
19 years$3,550$2,904$2,360$1,906$1,531$1,144
20 years$3,338$2,699$2,166$1,726$1,367$1,003
21 years$3,145$2,514$1,992$1,566$1,223$880
22 years$2,971$2,347$1,836$1,424$1,097$774
23 years$2,811$2,195$1,695$1,297$984$681
24 years$2,666$2,056$1,568$1,183$885$600
25 years$2,532$1,930$1,452$1,080$796$530
26 years$2,408$1,814$1,347$988$717$467
27 years$2,294$1,707$1,251$904$647$413
28 years$2,189$1,608$1,163$828$583$365
29 years$2,090$1,517$1,082$760$527$323
30 years$1,999$1,433$1,008$697$476$286
31 years$1,913$1,355$939$640$430$253
32 years$1,834$1,282$877$588$389$224
33 years$1,759$1,214$818$541$352$198
34 years$1,688$1,150$765$498$319$176
35 years$1,622$1,091$715$458$289$156
36 years$1,560$1,036$669$422$262$138
37 years$1,501$984$626$389$237$122
38 years$1,445$935$586$358$215$109
39 years$1,392$889$549$331$195$96
40 years$1,343$846$515$305$177$85
41 years$1,295$805$483$281$161$76
42 years$1,250$767$453$260$146$67
43 years$1,207$731$425$240$132$60
44 years$1,167$696$399$221$120$53
45 years$1,128$664$374$204$109$47
46 years$1,091$633$352$189$99$42
47 years$1,056$605$330$174$90$37
48 years$1,022$577$311$161$82$33
49 years$990$551$292$149$74$29
50 years$959$526$274$138$67$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $982,000, adding $5,872 every year, while hoping to spend $48,408 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: 70/17/13 Blend
60$982,000$982,000$982,000$982,000
61$1,088,221$1,036,175$1,020,954$1,160,896
62$1,147,714$1,035,442$1,003,650$1,209,173
63$1,211,652$1,033,050$984,144$1,255,585
64$1,280,439$1,028,868$962,311$1,305,108
65$1,354,516$1,022,755$938,021$1,358,042
66$1,434,368$1,014,561$911,136$1,414,717
67$1,520,528$1,004,129$881,514$1,475,495
68$1,613,582$991,292$849,005$1,540,779
69$1,714,174$975,871$813,452$1,611,013
70$1,823,009$957,678$774,693$1,686,687
71$1,940,867$936,515$732,556$1,768,341
72$2,068,601$912,171$686,862$1,856,576
73$2,207,152$884,421$637,426$1,952,049
74$2,357,553$853,029$584,051$2,055,491
75$2,520,941$817,745$526,534$2,167,707
76$2,698,567$778,303$464,662$2,289,585
77$2,891,805$734,425$398,214$2,422,107
78$3,102,171$685,813$326,955$2,566,357
79$3,331,329$632,155$250,645$2,723,532
80$3,581,112$573,118$169,029$2,894,953
81$3,853,538$508,353$81,844$3,082,077
82$4,150,826$437,490$0$3,286,515
83$4,475,422$360,138$0$3,511,597
84$4,830,013$275,884$0$3,769,948
85$5,217,564$184,291$0$4,052,409
86$5,641,333$84,899$0$4,361,414
87$6,104,912$0$0$4,699,645
88$6,612,253$0$0$5,074,321
89$7,167,709$0$0$5,501,969
90$7,776,073$0$0$5,970,404
91$8,442,624$0$0$6,483,697
92$9,173,175$0$0$7,046,333
93$9,974,128$0$0$7,663,248
94$10,852,535$0$0$8,339,881
95$11,816,163$0$0$9,082,222
96$12,873,565$0$0$9,896,871
97$14,034,166$0$0$10,791,093
98$15,308,344$0$0$11,772,896
99$16,707,533$0$0$12,851,098
100$18,244,328$0$0$14,035,413