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%12%
1 years$102,398$101,486$100,596$99,727$98,879$98,051
2 years$50,692$49,748$48,833$47,946$47,085$46,250
3 years$33,459$32,511$31,598$30,719$29,873$29,057
4 years$24,844$23,899$22,995$22,132$21,306$20,516
5 years$19,677$18,737$17,845$16,999$16,196$15,434
6 years$16,233$15,300$14,422$13,594$12,815$12,082
7 years$13,774$12,849$11,985$11,177$10,422$9,719
8 years$11,930$11,014$10,164$9,376$8,646$7,972
9 years$10,497$9,590$8,754$7,986$7,282$6,636
10 years$9,352$8,453$7,632$6,884$6,204$5,587
11 years$8,415$7,525$6,719$5,991$5,336$4,747
12 years$7,635$6,754$5,963$5,255$4,624$4,063
13 years$6,975$6,104$5,328$4,640$4,032$3,498
14 years$6,410$5,548$4,787$4,118$3,535$3,027
15 years$5,921$5,068$4,322$3,673$3,112$2,630
16 years$5,494$4,650$3,918$3,289$2,750$2,293
17 years$5,117$4,283$3,566$2,955$2,439$2,006
18 years$4,782$3,957$3,255$2,663$2,168$1,759
19 years$4,483$3,668$2,980$2,406$1,933$1,546
20 years$4,214$3,408$2,735$2,179$1,726$1,361
21 years$3,971$3,174$2,515$1,978$1,545$1,200
22 years$3,751$2,963$2,318$1,798$1,385$1,060
23 years$3,550$2,771$2,141$1,638$1,243$937
24 years$3,366$2,597$1,980$1,494$1,117$830
25 years$3,197$2,437$1,834$1,364$1,005$735
26 years$3,041$2,290$1,701$1,247$906$652
27 years$2,897$2,155$1,579$1,142$817$579
28 years$2,764$2,031$1,468$1,046$737$514
29 years$2,640$1,916$1,366$959$665$457
30 years$2,524$1,810$1,272$880$601$406
31 years$2,416$1,711$1,186$809$543$361
32 years$2,315$1,619$1,107$743$492$322
33 years$2,221$1,533$1,033$683$445$286
34 years$2,132$1,453$966$629$403$255
35 years$2,048$1,378$903$579$365$227
36 years$1,969$1,308$844$533$331$202
37 years$1,895$1,242$790$491$300$180
38 years$1,825$1,180$740$453$272$161
39 years$1,758$1,123$693$417$246$143
40 years$1,695$1,068$650$385$223$128
41 years$1,635$1,017$609$355$203$114
42 years$1,579$968$572$328$184$102
43 years$1,525$922$536$303$167$91
44 years$1,473$879$504$279$152$81
45 years$1,424$839$473$258$138$72
46 years$1,378$800$444$238$125$64
47 years$1,333$763$417$220$113$57
48 years$1,290$729$392$203$103$51
49 years$1,250$696$369$188$94$46
50 years$1,211$665$346$174$85$41

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 $4,358 every year, while hoping to spend $46,846 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: 37/46/17 Blend
62$1,240,000$1,240,000$1,240,000$1,240,000
63$1,370,975$1,305,255$1,286,035$1,414,493
64$1,460,971$1,319,369$1,279,274$1,460,395
65$1,558,576$1,332,604$1,270,715$1,505,179
66$1,664,518$1,344,868$1,260,251$1,552,562
67$1,779,594$1,356,063$1,247,766$1,602,802
68$1,904,686$1,366,083$1,233,139$1,656,185
69$2,040,759$1,374,816$1,216,244$1,713,031
70$2,188,879$1,382,144$1,196,950$1,773,693
71$2,350,215$1,387,940$1,175,119$1,838,562
72$2,526,057$1,392,069$1,150,605$1,908,074
73$2,717,823$1,394,389$1,123,258$1,982,711
74$2,927,073$1,394,746$1,092,920$2,063,010
75$3,155,525$1,392,980$1,059,424$2,149,563
76$3,405,072$1,388,918$1,022,597$2,243,029
77$3,677,794$1,382,380$982,259$2,344,137
78$3,975,984$1,373,172$938,220$2,453,695
79$4,302,165$1,361,088$890,281$2,572,599
80$4,659,117$1,345,913$838,237$2,701,841
81$5,049,900$1,327,415$781,870$2,842,519
82$5,477,882$1,305,351$720,955$2,995,850
83$5,946,774$1,279,461$655,255$3,163,182
84$6,460,663$1,249,473$584,524$3,346,004
85$7,024,049$1,215,095$508,504$3,545,967
86$7,641,889$1,176,022$426,926$3,764,896
87$8,319,642$1,131,928$339,509$4,004,812
88$9,063,322$1,082,469$245,959$4,267,949
89$9,879,552$1,027,281$145,970$4,556,780
90$10,775,629$965,980$39,222$4,874,036
91$11,759,589$898,159$0$5,222,740
92$12,840,285$823,387$0$5,619,782
93$14,027,471$741,209$0$6,063,781
94$15,331,890$651,146$0$6,551,762
95$16,765,379$552,688$0$7,088,306
96$18,340,978$445,300$0$7,678,471
97$20,073,051$328,413$0$8,327,840
98$21,977,427$201,430$0$9,042,576
99$24,071,543$63,718$0$9,829,484
100$26,374,609$0$0$10,696,076