Can I retire at age 63 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$80,927$80,207$79,503$78,817$78,147$75,434
2 years$40,063$39,317$38,594$37,893$37,213$34,508
3 years$26,443$25,694$24,973$24,278$23,609$20,997
4 years$19,635$18,888$18,174$17,491$16,838$14,339
5 years$15,551$14,808$14,104$13,435$12,800$10,420
6 years$12,829$12,092$11,398$10,744$10,128$7,869
7 years$10,886$10,155$9,472$8,833$8,237$6,099
8 years$9,429$8,705$8,033$7,410$6,833$4,814
9 years$8,296$7,579$6,919$6,312$5,755$3,852
10 years$7,391$6,680$6,032$5,441$4,903$3,114
11 years$6,650$5,947$5,310$4,735$4,217$2,537
12 years$6,034$5,338$4,713$4,153$3,654$2,080
13 years$5,513$4,824$4,211$3,667$3,187$1,714
14 years$5,066$4,385$3,783$3,255$2,793$1,418
15 years$4,680$4,006$3,416$2,903$2,460$1,177
16 years$4,342$3,675$3,097$2,599$2,174$980
17 years$4,044$3,385$2,818$2,335$1,927$817
18 years$3,779$3,128$2,572$2,105$1,714$683
19 years$3,543$2,899$2,355$1,902$1,528$571
20 years$3,331$2,693$2,161$1,722$1,364$479
21 years$3,139$2,509$1,988$1,563$1,221$401
22 years$2,964$2,342$1,832$1,421$1,094$337
23 years$2,806$2,190$1,692$1,294$982$283
24 years$2,660$2,052$1,565$1,181$883$238
25 years$2,527$1,926$1,449$1,078$795$200
26 years$2,403$1,810$1,344$986$716$168
27 years$2,290$1,703$1,248$902$645$142
28 years$2,184$1,605$1,160$827$582$119
29 years$2,086$1,514$1,080$758$526$100
30 years$1,995$1,430$1,006$696$475$85
31 years$1,910$1,352$938$639$430$71
32 years$1,830$1,279$875$587$389$60
33 years$1,755$1,211$817$540$352$51
34 years$1,685$1,148$763$497$318$43
35 years$1,619$1,089$713$457$288$36
36 years$1,556$1,034$667$421$261$30
37 years$1,498$982$625$388$237$26
38 years$1,442$933$585$358$215$22
39 years$1,390$887$548$330$195$18
40 years$1,340$844$514$304$177$15
41 years$1,293$803$482$281$160$13
42 years$1,248$765$452$259$145$11
43 years$1,205$729$424$239$132$9
44 years$1,164$695$398$221$120$8
45 years$1,126$663$374$204$109$7
46 years$1,089$632$351$188$99$5
47 years$1,054$603$330$174$90$5
48 years$1,020$576$310$161$81$4
49 years$988$550$291$149$74$3
50 years$957$525$274$137$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $980,000, adding $6,408 every year, while hoping to spend $23,092 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: 39/38/23 Blend
62$980,000$980,000$980,000$980,000
63$1,086,570$1,034,630$1,019,440$1,121,299
64$1,172,830$1,060,757$1,029,021$1,173,126
65$1,267,115$1,087,390$1,038,150$1,226,485
66$1,370,219$1,114,531$1,046,786$1,283,721
67$1,483,016$1,142,177$1,054,888$1,345,200
68$1,606,469$1,170,329$1,062,412$1,411,324
69$1,741,638$1,198,984$1,069,312$1,482,537
70$1,889,690$1,228,139$1,075,539$1,559,329
71$2,051,911$1,257,791$1,081,042$1,642,238
72$2,229,717$1,287,934$1,085,768$1,731,858
73$2,424,668$1,318,563$1,089,661$1,828,844
74$2,638,480$1,349,669$1,092,661$1,933,917
75$2,873,046$1,381,243$1,094,706$2,047,871
76$3,130,450$1,413,277$1,095,731$2,171,582
77$3,412,985$1,445,757$1,095,668$2,306,017
78$3,723,180$1,478,670$1,094,444$2,452,238
79$4,063,821$1,512,001$1,091,984$2,611,419
80$4,437,975$1,545,733$1,088,210$2,784,854
81$4,849,021$1,579,847$1,083,037$2,973,966
82$5,300,683$1,614,321$1,076,381$3,180,328
83$5,797,062$1,649,132$1,068,148$3,405,670
84$6,342,676$1,684,253$1,058,245$3,651,903
85$6,942,504$1,719,656$1,046,571$3,921,129
86$7,602,029$1,755,310$1,033,022$4,215,669
87$8,327,295$1,791,179$1,017,487$4,538,081
88$9,124,959$1,827,226$999,852$4,891,183
89$10,002,355$1,863,411$979,998$5,278,082
90$10,967,566$1,899,688$957,798$5,702,205
91$12,029,494$1,936,009$933,120$6,167,328
92$13,197,951$1,972,322$905,828$6,677,613
93$14,483,746$2,008,570$875,778$7,237,649
94$15,898,789$2,044,691$842,818$7,852,497
95$17,456,205$2,080,620$806,791$8,527,731
96$19,170,453$2,116,286$767,534$9,269,499
97$21,057,466$2,151,611$724,873$10,084,579
98$23,134,801$2,186,513$678,630$10,980,438
99$25,421,802$2,220,904$628,616$11,965,313
100$27,939,786$2,254,688$574,634$13,048,279