Can I retire at age 61 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$81,588$80,861$80,152$79,460$78,785$76,942
2 years$40,390$39,638$38,909$38,202$37,516$35,671
3 years$26,659$25,904$25,177$24,476$23,802$22,011
4 years$19,795$19,042$18,322$17,634$16,976$15,253
5 years$15,678$14,929$14,219$13,545$12,905$11,255
6 years$12,934$12,191$11,491$10,832$10,211$8,636
7 years$10,975$10,238$9,549$8,905$8,304$6,804
8 years$9,506$8,776$8,098$7,470$6,889$5,463
9 years$8,364$7,641$6,975$6,363$5,802$4,449
10 years$7,451$6,735$6,081$5,485$4,943$3,662
11 years$6,705$5,996$5,354$4,774$4,251$3,040
12 years$6,083$5,382$4,751$4,187$3,684$2,541
13 years$5,558$4,863$4,245$3,697$3,213$2,135
14 years$5,108$4,421$3,814$3,281$2,816$1,802
15 years$4,718$4,038$3,444$2,926$2,480$1,527
16 years$4,377$3,705$3,122$2,620$2,192$1,297
17 years$4,077$3,412$2,841$2,354$1,943$1,105
18 years$3,810$3,153$2,593$2,122$1,728$943
19 years$3,572$2,922$2,374$1,917$1,540$807
20 years$3,358$2,715$2,179$1,736$1,376$691
21 years$3,164$2,529$2,004$1,576$1,231$593
22 years$2,989$2,361$1,847$1,433$1,103$509
23 years$2,829$2,208$1,706$1,305$990$437
24 years$2,682$2,069$1,577$1,190$890$376
25 years$2,547$1,942$1,461$1,087$801$324
26 years$2,423$1,825$1,355$994$722$279
27 years$2,308$1,717$1,258$910$651$240
28 years$2,202$1,618$1,170$833$587$207
29 years$2,103$1,527$1,088$764$530$179
30 years$2,011$1,442$1,014$701$479$154
31 years$1,925$1,363$945$644$433$133
32 years$1,845$1,290$882$592$392$115
33 years$1,769$1,221$823$544$354$99
34 years$1,699$1,158$769$501$321$85
35 years$1,632$1,098$719$461$291$74
36 years$1,569$1,042$673$425$263$64
37 years$1,510$990$630$391$239$55
38 years$1,454$941$590$361$216$48
39 years$1,401$894$553$333$196$41
40 years$1,351$851$518$307$178$35
41 years$1,303$810$486$283$161$31
42 years$1,258$771$456$261$147$26
43 years$1,215$735$427$241$133$23
44 years$1,174$701$401$223$121$20
45 years$1,135$668$377$206$110$17
46 years$1,098$637$354$190$100$15
47 years$1,062$608$332$175$90$13
48 years$1,028$581$312$162$82$11
49 years$996$554$294$150$75$10
50 years$965$530$276$138$68$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $988,000, adding $5,407 every year, while hoping to spend $51,288 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: 68/11/21 Blend
60$988,000$988,000$988,000$988,000
61$1,094,353$1,041,989$1,026,675$1,162,668
62$1,151,407$1,038,477$1,006,499$1,205,557
63$1,212,562$1,033,073$983,928$1,246,002
64$1,278,181$1,025,632$958,827$1,289,013
65$1,348,665$1,015,997$931,057$1,334,841
66$1,424,451$1,004,003$900,470$1,383,764
67$1,506,021$989,475$866,912$1,436,089
68$1,593,904$972,229$830,222$1,492,157
69$1,688,681$952,066$790,233$1,552,342
70$1,790,989$928,780$746,769$1,617,063
71$1,901,530$902,151$699,646$1,686,777
72$2,021,074$871,943$648,671$1,761,995
73$2,150,466$837,912$593,645$1,843,279
74$2,290,640$799,795$534,358$1,931,252
75$2,442,616$757,317$470,590$2,026,600
76$2,607,522$710,184$402,114$2,130,083
77$2,786,595$658,089$328,690$2,242,544
78$2,981,196$600,703$250,069$2,364,908
79$3,192,823$537,683$165,992$2,498,204
80$3,423,123$468,661$76,185$2,643,565
81$3,673,910$393,254$0$2,802,243
82$3,947,179$311,053$0$2,980,026
83$4,245,124$221,628$0$3,192,544
84$4,570,163$124,525$0$3,424,464
85$4,924,956$19,262$0$3,677,725
86$5,312,429$0$0$3,954,461
87$5,735,805$0$0$4,268,485
88$6,198,634$0$0$4,614,374
89$6,704,821$0$0$4,992,726
90$7,258,668$0$0$5,406,761
91$7,864,912$0$0$5,860,029
92$8,528,766$0$0$6,356,436
93$9,255,975$0$0$6,900,285
94$10,052,863$0$0$7,496,314
95$10,926,397$0$0$8,149,743
96$11,884,248$0$0$8,866,319
97$12,934,865$0$0$9,652,373
98$14,087,555$0$0$10,514,877
99$15,352,570$0$0$11,461,513
100$16,741,201$0$0$12,500,740