Can I retire at age 61 with 983,000?

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 $983,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$81,175$80,452$79,747$79,058$78,386$76,615
2 years$40,186$39,437$38,712$38,009$37,327$35,552
3 years$26,524$25,773$25,049$24,353$23,682$21,959
4 years$19,695$18,946$18,229$17,545$16,890$15,232
5 years$15,599$14,854$14,147$13,476$12,839$11,251
6 years$12,868$12,129$11,433$10,777$10,159$8,643
7 years$10,919$10,186$9,501$8,860$8,262$6,817
8 years$9,458$8,731$8,057$7,433$6,854$5,480
9 years$8,322$7,602$6,940$6,331$5,772$4,468
10 years$7,413$6,701$6,050$5,457$4,918$3,682
11 years$6,671$5,965$5,327$4,750$4,230$3,061
12 years$6,052$5,354$4,727$4,166$3,666$2,561
13 years$5,530$4,839$4,223$3,678$3,196$2,155
14 years$5,082$4,398$3,795$3,265$2,802$1,822
15 years$4,694$4,018$3,426$2,912$2,467$1,545
16 years$4,355$3,686$3,106$2,607$2,180$1,315
17 years$4,056$3,395$2,827$2,342$1,933$1,122
18 years$3,791$3,137$2,580$2,111$1,719$959
19 years$3,554$2,907$2,362$1,907$1,532$822
20 years$3,341$2,702$2,168$1,728$1,369$705
21 years$3,148$2,517$1,994$1,568$1,225$605
22 years$2,974$2,349$1,838$1,426$1,098$521
23 years$2,814$2,197$1,697$1,298$985$448
24 years$2,668$2,059$1,569$1,184$886$386
25 years$2,534$1,932$1,454$1,081$797$333
26 years$2,411$1,816$1,348$989$718$287
27 years$2,297$1,709$1,252$905$647$248
28 years$2,191$1,610$1,164$829$584$214
29 years$2,093$1,519$1,083$760$527$185
30 years$2,001$1,434$1,009$698$477$160
31 years$1,915$1,356$940$641$431$138
32 years$1,835$1,283$877$589$390$119
33 years$1,760$1,215$819$542$353$103
34 years$1,690$1,152$765$498$319$89
35 years$1,624$1,092$716$459$289$77
36 years$1,561$1,037$669$423$262$67
37 years$1,502$985$627$389$238$58
38 years$1,447$936$587$359$215$50
39 years$1,394$890$550$331$195$43
40 years$1,344$847$515$305$177$37
41 years$1,297$806$483$282$161$32
42 years$1,252$768$453$260$146$28
43 years$1,209$731$425$240$132$24
44 years$1,168$697$399$221$120$21
45 years$1,129$665$375$205$109$18
46 years$1,092$634$352$189$99$16
47 years$1,057$605$331$175$90$14
48 years$1,023$578$311$161$82$12
49 years$991$552$292$149$74$10
50 years$960$527$275$138$67$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $983,000, adding $3,331 every year, while hoping to spend $33,028 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: 31/42/27 Blend
60$983,000$983,000$983,000$983,000
61$1,086,702$1,034,603$1,019,366$1,111,303
62$1,162,404$1,050,157$1,018,374$1,146,103
63$1,244,721$1,065,366$1,016,241$1,180,397
64$1,334,292$1,080,179$1,012,894$1,216,659
65$1,431,822$1,094,539$1,008,258$1,255,083
66$1,538,084$1,108,389$1,002,252$1,295,884
67$1,653,933$1,121,664$994,791$1,339,304
68$1,780,305$1,134,296$985,788$1,385,608
69$1,918,234$1,146,215$975,150$1,435,091
70$2,068,856$1,157,342$962,780$1,488,081
71$2,233,423$1,167,595$948,576$1,544,942
72$2,413,313$1,176,888$932,434$1,606,075
73$2,610,042$1,185,126$914,242$1,671,927
74$2,825,280$1,192,211$893,883$1,742,993
75$3,060,867$1,198,038$871,236$1,819,820
76$3,318,826$1,202,493$846,173$1,903,015
77$3,601,389$1,205,457$818,562$1,993,250
78$3,911,010$1,206,804$788,264$2,091,269
79$4,250,395$1,206,399$755,132$2,197,898
80$4,622,521$1,204,099$719,015$2,314,047
81$5,030,670$1,199,751$679,754$2,440,726
82$5,478,454$1,193,195$637,182$2,579,052
83$5,969,854$1,184,259$591,125$2,730,261
84$6,509,254$1,172,763$541,402$2,895,721
85$7,101,482$1,158,513$487,824$3,076,943
86$7,751,859$1,141,305$430,191$3,275,600
87$8,466,244$1,120,924$368,298$3,493,540
88$9,251,093$1,097,141$301,928$3,732,809
89$10,113,516$1,069,714$230,854$3,995,665
90$11,061,350$1,038,384$154,843$4,284,607
91$12,103,225$1,002,882$73,647$4,602,395
92$13,248,649$962,919$0$4,952,079
93$14,508,101$918,191$0$5,340,776
94$15,893,121$868,377$0$5,791,349
95$17,416,427$813,135$0$6,286,751
96$19,092,029$752,105$0$6,831,612
97$20,935,366$684,908$0$7,431,034
98$22,963,445$611,141$0$8,090,652
99$25,195,008$530,378$0$8,816,680
100$27,650,702$442,170$0$9,615,972