Can I retire at age 63 with 1,240,000?

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 $1,240,000?

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$102,398$101,486$100,596$99,727$98,879$96,646
2 years$50,692$49,748$48,833$47,946$47,085$44,847
3 years$33,459$32,511$31,598$30,719$29,873$27,700
4 years$24,844$23,899$22,995$22,132$21,306$19,215
5 years$19,677$18,737$17,845$16,999$16,196$14,193
6 years$16,233$15,300$14,422$13,594$12,815$10,902
7 years$13,774$12,849$11,985$11,177$10,422$8,599
8 years$11,930$11,014$10,164$9,376$8,646$6,913
9 years$10,497$9,590$8,754$7,986$7,282$5,636
10 years$9,352$8,453$7,632$6,884$6,204$4,645
11 years$8,415$7,525$6,719$5,991$5,336$3,861
12 years$7,635$6,754$5,963$5,255$4,624$3,231
13 years$6,975$6,104$5,328$4,640$4,032$2,719
14 years$6,410$5,548$4,787$4,118$3,535$2,298
15 years$5,921$5,068$4,322$3,673$3,112$1,949
16 years$5,494$4,650$3,918$3,289$2,750$1,659
17 years$5,117$4,283$3,566$2,955$2,439$1,415
18 years$4,782$3,957$3,255$2,663$2,168$1,210
19 years$4,483$3,668$2,980$2,406$1,933$1,036
20 years$4,214$3,408$2,735$2,179$1,726$889
21 years$3,971$3,174$2,515$1,978$1,545$764
22 years$3,751$2,963$2,318$1,798$1,385$657
23 years$3,550$2,771$2,141$1,638$1,243$565
24 years$3,366$2,597$1,980$1,494$1,117$487
25 years$3,197$2,437$1,834$1,364$1,005$420
26 years$3,041$2,290$1,701$1,247$906$362
27 years$2,897$2,155$1,579$1,142$817$312
28 years$2,764$2,031$1,468$1,046$737$270
29 years$2,640$1,916$1,366$959$665$233
30 years$2,524$1,810$1,272$880$601$201
31 years$2,416$1,711$1,186$809$543$174
32 years$2,315$1,619$1,107$743$492$150
33 years$2,221$1,533$1,033$683$445$130
34 years$2,132$1,453$966$629$403$112
35 years$2,048$1,378$903$579$365$97
36 years$1,969$1,308$844$533$331$84
37 years$1,895$1,242$790$491$300$73
38 years$1,825$1,180$740$453$272$63
39 years$1,758$1,123$693$417$246$54
40 years$1,695$1,068$650$385$223$47
41 years$1,635$1,017$609$355$203$41
42 years$1,579$968$572$328$184$35
43 years$1,525$922$536$303$167$31
44 years$1,473$879$504$279$152$26
45 years$1,424$839$473$258$138$23
46 years$1,378$800$444$238$125$20
47 years$1,333$763$417$220$113$17
48 years$1,290$729$392$203$103$15
49 years$1,250$696$369$188$94$13
50 years$1,211$665$346$174$85$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $1,240,000, adding $6,562 every year, while hoping to spend $30,388 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: 63/25/12 Blend
62$1,240,000$1,240,000$1,240,000$1,240,000
63$1,373,249$1,307,529$1,288,309$1,455,522
64$1,480,987$1,339,265$1,299,134$1,543,135
65$1,598,697$1,371,538$1,309,304$1,634,663
66$1,727,363$1,404,342$1,318,764$1,733,851
67$1,868,068$1,437,669$1,327,458$1,841,443
68$2,022,008$1,471,512$1,335,325$1,958,258
69$2,190,497$1,505,860$1,342,302$2,085,199
70$2,374,982$1,540,702$1,348,324$2,223,260
71$2,577,058$1,576,024$1,353,320$2,373,535
72$2,798,481$1,611,811$1,357,219$2,537,230
73$3,041,183$1,648,047$1,359,943$2,715,674
74$3,307,294$1,684,712$1,361,412$2,910,331
75$3,599,160$1,721,785$1,361,541$3,122,812
76$3,919,364$1,759,242$1,360,242$3,354,894
77$4,270,751$1,797,057$1,357,422$3,608,534
78$4,656,455$1,835,200$1,352,983$3,885,888
79$5,079,928$1,873,640$1,346,823$4,189,332
80$5,544,974$1,912,341$1,338,835$4,521,484
81$6,055,782$1,951,267$1,328,906$4,885,229
82$6,616,967$1,990,374$1,316,920$5,283,746
83$7,233,613$2,029,617$1,302,752$5,720,536
84$7,911,320$2,068,948$1,286,273$6,199,460
85$8,656,260$2,108,311$1,267,348$6,724,771
86$9,475,231$2,147,651$1,245,836$7,301,155
87$10,375,721$2,186,902$1,221,589$7,933,778
88$11,365,983$2,225,999$1,194,450$8,628,332
89$12,455,108$2,264,867$1,164,259$9,391,090
90$13,653,112$2,303,429$1,130,845$10,228,963
91$14,971,031$2,341,599$1,094,030$11,149,569
92$16,421,025$2,379,286$1,053,629$12,161,305
93$18,016,492$2,416,393$1,009,447$13,273,420
94$19,772,192$2,452,814$961,282$14,496,113
95$21,704,391$2,488,438$908,920$15,840,618
96$23,831,011$2,523,143$852,141$17,319,319
97$26,171,799$2,556,801$790,712$18,945,864
98$28,748,512$2,589,275$724,391$20,735,292
99$31,585,127$2,620,416$652,925$22,704,179
100$34,708,061$2,650,067$576,049$24,870,792