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%11.3%
1 years$80,927$80,207$79,503$78,817$78,147$77,719
2 years$40,063$39,317$38,594$37,893$37,213$36,781
3 years$26,443$25,694$24,973$24,278$23,609$23,188
4 years$19,635$18,888$18,174$17,491$16,838$16,429
5 years$15,551$14,808$14,104$13,435$12,800$12,405
6 years$12,829$12,092$11,398$10,744$10,128$9,748
7 years$10,886$10,155$9,472$8,833$8,237$7,871
8 years$9,429$8,705$8,033$7,410$6,833$6,482
9 years$8,296$7,579$6,919$6,312$5,755$5,418
10 years$7,391$6,680$6,032$5,441$4,903$4,581
11 years$6,650$5,947$5,310$4,735$4,217$3,909
12 years$6,034$5,338$4,713$4,153$3,654$3,360
13 years$5,513$4,824$4,211$3,667$3,187$2,906
14 years$5,066$4,385$3,783$3,255$2,793$2,526
15 years$4,680$4,006$3,416$2,903$2,460$2,205
16 years$4,342$3,675$3,097$2,599$2,174$1,932
17 years$4,044$3,385$2,818$2,335$1,927$1,698
18 years$3,779$3,128$2,572$2,105$1,714$1,496
19 years$3,543$2,899$2,355$1,902$1,528$1,322
20 years$3,331$2,693$2,161$1,722$1,364$1,169
21 years$3,139$2,509$1,988$1,563$1,221$1,037
22 years$2,964$2,342$1,832$1,421$1,094$920
23 years$2,806$2,190$1,692$1,294$982$818
24 years$2,660$2,052$1,565$1,181$883$728
25 years$2,527$1,926$1,449$1,078$795$649
26 years$2,403$1,810$1,344$986$716$579
27 years$2,290$1,703$1,248$902$645$516
28 years$2,184$1,605$1,160$827$582$461
29 years$2,086$1,514$1,080$758$526$412
30 years$1,995$1,430$1,006$696$475$369
31 years$1,910$1,352$938$639$430$330
32 years$1,830$1,279$875$587$389$295
33 years$1,755$1,211$817$540$352$264
34 years$1,685$1,148$763$497$318$237
35 years$1,619$1,089$713$457$288$212
36 years$1,556$1,034$667$421$261$190
37 years$1,498$982$625$388$237$170
38 years$1,442$933$585$358$215$153
39 years$1,390$887$548$330$195$137
40 years$1,340$844$514$304$177$123
41 years$1,293$803$482$281$160$110
42 years$1,248$765$452$259$145$99
43 years$1,205$729$424$239$132$89
44 years$1,164$695$398$221$120$80
45 years$1,126$663$374$204$109$72
46 years$1,089$632$351$188$99$64
47 years$1,054$603$330$174$90$58
48 years$1,020$576$310$161$81$52
49 years$988$550$291$149$74$47
50 years$957$525$274$137$67$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $980,000, adding $2,483 every year, while hoping to spend $21,072 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: 77/14/9 Blend
62$980,000$980,000$980,000$980,000
63$1,082,521$1,030,581$1,015,391$1,164,134
64$1,170,518$1,058,659$1,026,986$1,246,213
65$1,266,784$1,087,407$1,038,264$1,333,232
66$1,372,141$1,116,835$1,049,190$1,428,034
67$1,487,493$1,146,953$1,059,732$1,531,385
68$1,613,835$1,177,772$1,069,851$1,644,128
69$1,752,265$1,209,301$1,079,510$1,767,190
70$1,903,990$1,241,551$1,088,667$1,901,596
71$2,070,341$1,274,531$1,097,281$2,048,471
72$2,252,781$1,308,248$1,105,306$2,209,055
73$2,452,926$1,342,713$1,112,694$2,384,714
74$2,672,551$1,377,933$1,119,397$2,576,954
75$2,913,615$1,413,916$1,125,360$2,787,431
76$3,178,275$1,450,669$1,130,531$3,017,971
77$3,468,905$1,488,198$1,134,850$3,270,586
78$3,788,122$1,526,508$1,138,256$3,547,491
79$4,138,809$1,565,606$1,140,686$3,851,128
80$4,524,142$1,605,495$1,142,074$4,184,184
81$4,947,619$1,646,178$1,142,347$4,549,624
82$5,413,094$1,687,659$1,141,434$4,950,711
83$5,924,813$1,729,938$1,139,255$5,391,040
84$6,487,454$1,773,015$1,135,730$5,874,575
85$7,106,171$1,816,890$1,130,774$6,405,680
86$7,786,643$1,861,560$1,124,298$6,989,165
87$8,535,126$1,907,021$1,116,207$7,630,330
88$9,358,513$1,953,269$1,106,404$8,335,014
89$10,264,398$2,000,297$1,094,786$9,109,652
90$11,261,151$2,048,095$1,081,245$9,961,332
91$12,357,990$2,096,654$1,065,668$10,897,866
92$13,565,075$2,145,960$1,047,939$11,927,862
93$14,893,600$2,195,999$1,027,932$13,060,806
94$16,355,898$2,246,754$1,005,519$14,307,147
95$17,965,561$2,298,206$980,564$15,678,403
96$19,737,561$2,350,331$952,926$17,187,264
97$21,688,400$2,403,105$922,457$18,847,714
98$23,836,260$2,456,500$889,002$20,675,162
99$26,201,174$2,510,484$852,399$22,686,589
100$28,805,218$2,565,022$812,479$24,900,706