Can I retire at age 63 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$80,102$79,388$78,692$78,013$77,349$75,571
2 years$39,654$38,916$38,200$37,506$36,833$35,052
3 years$26,174$25,432$24,718$24,030$23,368$21,639
4 years$19,435$18,695$17,988$17,313$16,666$15,003
5 years$15,392$14,657$13,960$13,298$12,670$11,076
6 years$12,698$11,969$11,282$10,634$10,025$8,503
7 years$10,775$10,051$9,375$8,743$8,153$6,703
8 years$9,333$8,616$7,951$7,334$6,764$5,385
9 years$8,212$7,502$6,848$6,247$5,696$4,388
10 years$7,315$6,612$5,970$5,385$4,853$3,614
11 years$6,583$5,887$5,256$4,687$4,174$3,002
12 years$5,972$5,283$4,665$4,111$3,617$2,511
13 years$5,456$4,775$4,168$3,629$3,154$2,111
14 years$5,015$4,340$3,745$3,222$2,765$1,783
15 years$4,632$3,965$3,381$2,873$2,434$1,512
16 years$4,297$3,638$3,065$2,573$2,152$1,286
17 years$4,003$3,350$2,789$2,311$1,908$1,096
18 years$3,741$3,096$2,546$2,083$1,696$936
19 years$3,507$2,869$2,331$1,882$1,512$801
20 years$3,297$2,666$2,139$1,705$1,350$687
21 years$3,107$2,483$1,968$1,547$1,209$590
22 years$2,934$2,318$1,814$1,407$1,083$507
23 years$2,777$2,168$1,674$1,281$972$436
24 years$2,633$2,031$1,549$1,168$874$375
25 years$2,501$1,906$1,434$1,067$786$323
26 years$2,379$1,792$1,330$976$708$278
27 years$2,266$1,686$1,235$893$639$240
28 years$2,162$1,589$1,148$818$576$207
29 years$2,065$1,499$1,069$750$520$179
30 years$1,975$1,415$995$689$470$154
31 years$1,890$1,338$928$632$425$133
32 years$1,811$1,266$866$581$385$115
33 years$1,737$1,199$808$535$348$99
34 years$1,668$1,136$755$492$315$86
35 years$1,602$1,078$706$453$285$74
36 years$1,541$1,023$661$417$259$64
37 years$1,482$972$618$384$234$55
38 years$1,427$923$579$354$212$48
39 years$1,375$878$542$326$193$41
40 years$1,326$835$508$301$175$36
41 years$1,279$795$477$278$159$31
42 years$1,235$757$447$256$144$27
43 years$1,193$722$420$237$131$23
44 years$1,152$688$394$219$119$20
45 years$1,114$656$370$202$108$17
46 years$1,078$626$347$186$98$15
47 years$1,043$597$326$172$89$13
48 years$1,009$570$307$159$81$11
49 years$978$544$288$147$73$10
50 years$947$520$271$136$66$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $970,000, adding $3,649 every year, while hoping to spend $27,604 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: 87/7/6 Blend
62$970,000$970,000$970,000$970,000
63$1,072,704$1,021,294$1,006,259$1,165,481
64$1,152,749$1,041,967$1,010,598$1,247,132
65$1,240,034$1,062,728$1,014,158$1,332,648
66$1,335,268$1,083,551$1,016,882$1,425,740
67$1,439,231$1,104,411$1,018,713$1,527,151
68$1,552,783$1,125,278$1,019,590$1,637,700
69$1,676,869$1,146,119$1,019,450$1,758,287
70$1,812,533$1,166,902$1,018,224$1,889,905
71$1,960,919$1,187,588$1,015,843$2,033,645
72$2,123,292$1,208,139$1,012,232$2,190,712
73$2,301,040$1,228,510$1,007,315$2,362,429
74$2,495,696$1,248,657$1,001,010$2,550,257
75$2,708,946$1,268,530$993,232$2,755,804
76$2,942,645$1,288,075$983,892$2,980,840
77$3,198,840$1,307,235$972,898$3,227,315
78$3,479,782$1,325,950$960,150$3,497,380
79$3,787,952$1,344,154$945,547$3,793,400
80$4,126,082$1,361,776$928,981$4,117,984
81$4,497,181$1,378,742$910,341$4,474,005
82$4,904,565$1,394,972$889,510$4,864,628
83$5,351,886$1,410,381$866,363$5,293,341
84$5,843,165$1,424,877$840,773$5,763,985
85$6,382,835$1,438,362$812,606$6,280,793
86$6,975,776$1,450,734$781,721$6,848,430
87$7,627,368$1,461,882$747,970$7,472,035
88$8,343,533$1,471,688$711,201$8,157,269
89$9,130,800$1,480,028$671,253$8,910,372
90$9,996,359$1,486,766$627,957$9,738,217
91$10,948,133$1,491,763$581,139$10,648,380
92$11,994,850$1,494,868$530,615$11,649,206
93$13,146,128$1,495,919$476,194$12,749,892
94$14,412,562$1,494,748$417,675$13,960,573
95$15,805,826$1,491,174$354,851$15,292,414
96$17,338,784$1,485,005$287,501$16,757,720
97$19,025,607$1,476,038$215,400$18,370,051
98$20,881,912$1,464,056$138,309$20,144,347
99$22,924,904$1,448,832$55,980$22,097,072
100$25,173,542$1,430,123$0$24,246,369