Can I retire at age 64 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$84,231$83,480$82,748$82,034$81,336$80,688
2 years$41,698$40,922$40,169$39,439$38,732$38,079
3 years$27,523$26,743$25,992$25,269$24,573$23,935
4 years$20,436$19,659$18,916$18,205$17,526$16,908
5 years$16,186$15,413$14,679$13,983$13,323$12,726
6 years$13,353$12,586$11,863$11,182$10,542$9,968
7 years$11,330$10,569$9,858$9,194$8,573$8,022
8 years$9,814$9,060$8,361$7,712$7,112$6,584
9 years$8,635$7,888$7,201$6,569$5,990$5,484
10 years$7,692$6,953$6,278$5,663$5,103$4,620
11 years$6,922$6,190$5,527$4,928$4,389$3,928
12 years$6,280$5,556$4,905$4,323$3,804$3,364
13 years$5,738$5,021$4,382$3,816$3,317$2,898
14 years$5,273$4,564$3,938$3,388$2,907$2,509
15 years$4,871$4,169$3,555$3,021$2,560$2,182
16 years$4,519$3,825$3,223$2,705$2,262$1,904
17 years$4,209$3,523$2,933$2,431$2,006$1,666
18 years$3,934$3,255$2,677$2,190$1,784$1,462
19 years$3,688$3,017$2,451$1,979$1,590$1,286
20 years$3,467$2,803$2,249$1,793$1,420$1,133
21 years$3,267$2,611$2,069$1,627$1,271$1,000
22 years$3,085$2,438$1,907$1,479$1,139$884
23 years$2,920$2,280$1,761$1,347$1,023$782
24 years$2,769$2,136$1,628$1,229$919$693
25 years$2,630$2,005$1,508$1,122$827$615
26 years$2,502$1,884$1,399$1,026$745$545
27 years$2,383$1,773$1,299$939$672$485
28 years$2,273$1,671$1,208$860$606$431
29 years$2,171$1,576$1,124$789$547$383
30 years$2,076$1,488$1,047$724$494$341
31 years$1,988$1,407$976$665$447$303
32 years$1,905$1,331$910$611$404$270
33 years$1,827$1,261$850$562$366$241
34 years$1,754$1,195$794$517$331$215
35 years$1,685$1,133$743$476$300$191
36 years$1,620$1,076$695$438$272$171
37 years$1,559$1,022$650$404$246$152
38 years$1,501$971$609$372$223$136
39 years$1,446$923$570$343$203$121
40 years$1,395$879$535$317$184$108
41 years$1,345$836$501$292$167$97
42 years$1,299$796$470$270$151$86
43 years$1,254$759$441$249$137$77
44 years$1,212$723$414$230$125$69
45 years$1,172$690$389$212$113$61
46 years$1,133$658$365$196$103$55
47 years$1,097$628$343$181$93$49
48 years$1,061$599$323$167$85$44
49 years$1,028$572$303$155$77$39
50 years$996$547$285$143$70$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $1,020,000, adding $2,561 every year, while hoping to spend $31,730 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: 34/46/20 Blend
63$1,020,000$1,020,000$1,020,000$1,020,000
64$1,126,682$1,072,622$1,056,812$1,158,002
65$1,207,843$1,091,420$1,058,454$1,200,149
66$1,296,219$1,110,075$1,059,089$1,242,463
67$1,392,512$1,128,548$1,058,647$1,287,435
68$1,497,496$1,146,795$1,057,060$1,335,319
69$1,612,021$1,164,768$1,054,252$1,386,396
70$1,737,024$1,182,418$1,050,145$1,440,977
71$1,873,535$1,199,691$1,044,660$1,499,406
72$2,022,689$1,216,530$1,037,710$1,562,061
73$2,185,736$1,232,872$1,029,206$1,629,364
74$2,364,051$1,248,653$1,019,054$1,701,778
75$2,559,147$1,263,800$1,007,155$1,779,817
76$2,772,694$1,278,240$993,409$1,864,048
77$3,006,526$1,291,891$977,706$1,955,097
78$3,262,667$1,304,669$959,933$2,053,659
79$3,543,342$1,316,481$939,974$2,160,498
80$3,851,004$1,327,230$917,705$2,276,462
81$4,188,355$1,336,812$892,996$2,402,485
82$4,558,369$1,345,117$865,713$2,539,602
83$4,964,322$1,352,028$835,714$2,688,953
84$5,409,824$1,357,418$802,852$2,851,801
85$5,898,850$1,361,156$766,971$3,029,539
86$6,435,779$1,363,099$727,911$3,223,706
87$7,025,435$1,363,098$685,503$3,436,002
88$7,673,133$1,360,993$639,571$3,668,306
89$8,384,725$1,356,614$589,929$3,922,690
90$9,166,661$1,349,782$536,386$4,201,445
91$10,026,045$1,340,306$478,739$4,507,099
92$10,970,705$1,327,984$416,780$4,842,443
93$12,009,263$1,312,602$350,288$5,210,561
94$13,151,220$1,293,931$279,035$5,614,853
95$14,407,042$1,271,731$202,780$6,059,078
96$15,788,261$1,245,747$121,275$6,547,380
97$17,307,584$1,215,709$34,257$7,084,336
98$18,979,008$1,181,329$0$7,674,997
99$20,817,958$1,142,306$0$8,337,444
100$22,841,429$1,098,317$0$9,073,936