Can I retire at age 63 with 970,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%
1 years$80,102$79,388$78,692$78,013$77,349$75,756
2 years$39,654$38,916$38,200$37,506$36,833$35,236
3 years$26,174$25,432$24,718$24,030$23,368$21,816
4 years$19,435$18,695$17,988$17,313$16,666$15,171
5 years$15,392$14,657$13,960$13,298$12,670$11,236
6 years$12,698$11,969$11,282$10,634$10,025$8,654
7 years$10,775$10,051$9,375$8,743$8,153$6,845
8 years$9,333$8,616$7,951$7,334$6,764$5,519
9 years$8,212$7,502$6,848$6,247$5,696$4,513
10 years$7,315$6,612$5,970$5,385$4,853$3,731
11 years$6,583$5,887$5,256$4,687$4,174$3,111
12 years$5,972$5,283$4,665$4,111$3,617$2,612
13 years$5,456$4,775$4,168$3,629$3,154$2,205
14 years$5,015$4,340$3,745$3,222$2,765$1,870
15 years$4,632$3,965$3,381$2,873$2,434$1,592
16 years$4,297$3,638$3,065$2,573$2,152$1,360
17 years$4,003$3,350$2,789$2,311$1,908$1,164
18 years$3,741$3,096$2,546$2,083$1,696$999
19 years$3,507$2,869$2,331$1,882$1,512$859
20 years$3,297$2,666$2,139$1,705$1,350$739
21 years$3,107$2,483$1,968$1,547$1,209$638
22 years$2,934$2,318$1,814$1,407$1,083$550
23 years$2,777$2,168$1,674$1,281$972$476
24 years$2,633$2,031$1,549$1,168$874$411
25 years$2,501$1,906$1,434$1,067$786$356
26 years$2,379$1,792$1,330$976$708$308
27 years$2,266$1,686$1,235$893$639$267
28 years$2,162$1,589$1,148$818$576$232
29 years$2,065$1,499$1,069$750$520$201
30 years$1,975$1,415$995$689$470$174
31 years$1,890$1,338$928$632$425$151
32 years$1,811$1,266$866$581$385$131
33 years$1,737$1,199$808$535$348$114
34 years$1,668$1,136$755$492$315$99
35 years$1,602$1,078$706$453$285$86
36 years$1,541$1,023$661$417$259$75
37 years$1,482$972$618$384$234$65
38 years$1,427$923$579$354$212$56
39 years$1,375$878$542$326$193$49
40 years$1,326$835$508$301$175$43
41 years$1,279$795$477$278$159$37
42 years$1,235$757$447$256$144$32
43 years$1,193$722$420$237$131$28
44 years$1,152$688$394$219$119$24
45 years$1,114$656$370$202$108$21
46 years$1,078$626$347$186$98$18
47 years$1,043$597$326$172$89$16
48 years$1,009$570$307$159$81$14
49 years$978$544$288$147$73$12
50 years$947$520$271$136$66$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $970,000, adding $2,935 every year, while hoping to spend $29,857 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: 46/32/22 Blend
62$970,000$970,000$970,000$970,000
63$1,071,967$1,020,557$1,005,522$1,114,396
64$1,149,541$1,038,797$1,007,440$1,162,713
65$1,234,025$1,056,930$1,008,421$1,211,920
66$1,326,095$1,074,919$1,008,402$1,264,699
67$1,426,492$1,092,725$1,007,319$1,321,397
68$1,536,031$1,110,305$1,005,100$1,382,398
69$1,655,609$1,127,613$1,001,675$1,448,125
70$1,786,217$1,144,602$996,966$1,519,046
71$1,928,941$1,161,217$990,894$1,595,677
72$2,084,979$1,177,403$983,376$1,678,587
73$2,255,651$1,193,100$974,323$1,768,405
74$2,442,409$1,208,243$963,644$1,865,823
75$2,646,851$1,222,763$951,243$1,971,609
76$2,870,739$1,236,588$937,018$2,086,608
77$3,116,011$1,249,638$920,866$2,211,751
78$3,384,804$1,261,830$902,674$2,348,068
79$3,679,469$1,273,074$882,329$2,496,696
80$4,002,596$1,283,276$859,708$2,658,889
81$4,357,039$1,292,335$834,686$2,836,030
82$4,745,939$1,300,141$807,130$3,029,645
83$5,172,759$1,306,582$776,903$3,241,419
84$5,641,310$1,311,534$743,859$3,473,213
85$6,155,792$1,314,868$707,847$3,727,076
86$6,720,833$1,316,446$668,709$4,005,271
87$7,341,527$1,316,122$626,281$4,310,297
88$8,023,491$1,313,740$580,389$4,644,906
89$8,772,908$1,309,134$530,854$5,012,139
90$9,596,593$1,302,130$477,485$5,415,348
91$10,502,053$1,292,542$420,088$5,858,232
92$11,497,557$1,280,172$358,457$6,344,869
93$12,592,219$1,264,811$292,375$6,879,761
94$13,796,076$1,246,237$221,621$7,467,870
95$15,120,189$1,224,216$145,958$8,114,671
96$16,576,745$1,198,499$65,144$8,826,204
97$18,179,169$1,168,822$0$9,609,128
98$19,942,256$1,134,906$0$10,475,741
99$21,882,306$1,096,456$0$11,445,831
100$24,017,277$1,053,159$0$12,513,091