Can I retire at age 63 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$80,184$79,470$78,773$78,093$77,429$75,465
2 years$39,695$38,956$38,239$37,545$36,871$34,905
3 years$26,201$25,458$24,743$24,055$23,392$21,486
4 years$19,455$18,714$18,007$17,330$16,684$14,852
5 years$15,408$14,672$13,974$13,311$12,683$10,930
6 years$12,711$11,981$11,293$10,645$10,035$8,364
7 years$10,786$10,062$9,385$8,752$8,161$6,571
8 years$9,342$8,625$7,959$7,342$6,771$5,261
9 years$8,220$7,509$6,855$6,254$5,702$4,271
10 years$7,323$6,619$5,976$5,391$4,858$3,505
11 years$6,589$5,893$5,261$4,692$4,178$2,900
12 years$5,979$5,289$4,669$4,115$3,621$2,416
13 years$5,462$4,780$4,172$3,633$3,157$2,023
14 years$5,020$4,345$3,748$3,225$2,768$1,702
15 years$4,637$3,969$3,384$2,876$2,437$1,437
16 years$4,302$3,641$3,068$2,575$2,154$1,217
17 years$4,007$3,354$2,792$2,314$1,910$1,033
18 years$3,745$3,099$2,549$2,085$1,698$878
19 years$3,511$2,872$2,333$1,884$1,513$748
20 years$3,300$2,669$2,141$1,707$1,352$639
21 years$3,110$2,486$1,970$1,549$1,210$546
22 years$2,937$2,320$1,815$1,408$1,084$467
23 years$2,780$2,170$1,676$1,282$973$399
24 years$2,636$2,033$1,550$1,170$875$342
25 years$2,503$1,908$1,436$1,068$787$293
26 years$2,381$1,793$1,332$977$709$252
27 years$2,269$1,688$1,237$894$639$216
28 years$2,164$1,590$1,150$819$577$185
29 years$2,067$1,500$1,070$751$521$159
30 years$1,977$1,417$996$689$471$137
31 years$1,892$1,339$929$633$426$117
32 years$1,813$1,267$867$582$385$101
33 years$1,739$1,200$809$535$348$87
34 years$1,669$1,138$756$492$315$75
35 years$1,604$1,079$707$453$286$64
36 years$1,542$1,024$661$417$259$55
37 years$1,484$973$619$385$235$47
38 years$1,429$924$580$354$213$41
39 years$1,377$879$543$327$193$35
40 years$1,328$836$509$301$175$30
41 years$1,281$796$477$278$159$26
42 years$1,236$758$448$257$144$22
43 years$1,194$722$420$237$131$19
44 years$1,154$689$394$219$119$17
45 years$1,115$657$370$202$108$14
46 years$1,079$626$348$187$98$12
47 years$1,044$598$327$172$89$11
48 years$1,010$571$307$159$81$9
49 years$979$545$289$147$73$8
50 years$948$521$271$136$67$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $971,000, adding $2,852 every year, while hoping to spend $53,284 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: 65/26/9 Blend
62$971,000$971,000$971,000$971,000
63$1,072,984$1,021,521$1,006,470$1,140,563
64$1,125,734$1,014,882$983,493$1,179,294
65$1,182,080$1,006,131$957,961$1,215,039
66$1,242,330$995,110$929,731$1,252,716
67$1,306,826$981,648$898,655$1,292,508
68$1,375,940$965,567$864,578$1,334,620
69$1,450,083$946,677$827,338$1,379,278
70$1,529,702$924,775$786,765$1,426,733
71$1,615,292$899,649$742,681$1,477,264
72$1,707,392$871,072$694,902$1,531,180
73$1,806,599$838,807$643,233$1,588,823
74$1,913,563$802,600$587,473$1,650,574
75$2,029,003$762,184$527,410$1,716,853
76$2,153,706$717,275$462,822$1,788,128
77$2,288,537$667,575$393,480$1,864,915
78$2,434,448$612,767$319,142$1,947,788
79$2,592,485$552,516$239,557$2,037,381
80$2,763,799$486,469$154,462$2,134,397
81$2,949,653$414,253$63,583$2,239,616
82$3,151,439$335,472$0$2,353,899
83$3,370,686$249,710$0$2,481,408
84$3,609,076$156,527$0$2,626,717
85$3,868,462$55,457$0$2,784,913
86$4,150,880$0$0$2,957,320
87$4,458,571$0$0$3,160,851
88$4,794,003$0$0$3,400,086
89$5,159,889$0$0$3,661,104
90$5,559,217$0$0$3,946,043
91$5,995,277$0$0$4,257,258
92$6,471,690$0$0$4,597,342
93$6,992,441$0$0$4,969,148
94$7,561,918$0$0$5,375,820
95$8,184,954$0$0$5,820,816
96$8,866,869$0$0$6,307,946
97$9,613,522$0$0$6,841,407
98$10,431,363$0$0$7,425,816
99$11,327,497$0$0$8,066,263
100$12,309,750$0$0$8,768,351