Can I retire at age 64 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$87,534$86,754$85,993$85,251$84,526$83,818
2 years$43,334$42,527$41,744$40,986$40,250$39,537
3 years$28,602$27,792$27,011$26,260$25,537$24,839
4 years$21,238$20,430$19,657$18,919$18,213$17,538
5 years$16,820$16,017$15,255$14,532$13,845$13,194
6 years$13,876$13,079$12,328$11,621$10,955$10,328
7 years$11,774$10,984$10,245$9,554$8,909$8,308
8 years$10,199$9,415$8,688$8,015$7,391$6,815
9 years$8,974$8,198$7,483$6,827$6,225$5,673
10 years$7,994$7,226$6,524$5,885$5,304$4,776
11 years$7,193$6,433$5,744$5,122$4,561$4,058
12 years$6,526$5,774$5,097$4,492$3,953$3,473
13 years$5,963$5,218$4,554$3,966$3,447$2,990
14 years$5,480$4,743$4,092$3,521$3,021$2,588
15 years$5,062$4,333$3,695$3,140$2,660$2,248
16 years$4,696$3,975$3,350$2,811$2,351$1,960
17 years$4,374$3,661$3,048$2,526$2,085$1,715
18 years$4,088$3,383$2,782$2,276$1,854$1,503
19 years$3,832$3,135$2,547$2,057$1,652$1,321
20 years$3,603$2,913$2,338$1,863$1,476$1,163
21 years$3,395$2,714$2,150$1,691$1,321$1,026
22 years$3,206$2,533$1,982$1,537$1,184$906
23 years$3,035$2,369$1,830$1,400$1,063$801
24 years$2,877$2,220$1,692$1,277$955$709
25 years$2,733$2,083$1,567$1,166$859$629
26 years$2,600$1,958$1,454$1,066$774$558
27 years$2,477$1,843$1,350$976$698$495
28 years$2,363$1,736$1,255$894$630$440
29 years$2,256$1,638$1,168$820$569$391
30 years$2,158$1,547$1,088$753$514$347
31 years$2,065$1,462$1,014$691$465$309
32 years$1,979$1,384$946$635$420$275
33 years$1,898$1,310$883$584$380$245
34 years$1,822$1,242$825$537$344$218
35 years$1,751$1,178$772$495$312$194
36 years$1,684$1,118$722$456$283$173
37 years$1,620$1,062$676$420$256$154
38 years$1,560$1,009$633$387$232$137
39 years$1,503$960$593$357$211$123
40 years$1,449$913$556$329$191$109
41 years$1,398$869$521$304$173$97
42 years$1,350$828$489$280$157$87
43 years$1,303$789$459$259$143$78
44 years$1,259$752$430$239$130$69
45 years$1,218$717$404$221$118$62
46 years$1,178$684$380$204$107$55
47 years$1,140$653$357$188$97$49
48 years$1,103$623$335$174$88$44
49 years$1,068$595$315$161$80$39
50 years$1,035$568$296$149$73$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $1,060,000, adding $6,653 every year, while hoping to spend $55,150 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: 46/41/13 Blend
63$1,060,000$1,060,000$1,060,000$1,060,000
64$1,174,983$1,118,803$1,102,373$1,224,427
65$1,236,152$1,114,945$1,080,623$1,255,531
66$1,301,712$1,109,049$1,056,296$1,283,093
67$1,372,052$1,100,959$1,029,248$1,311,772
68$1,447,600$1,090,505$999,327$1,341,693
69$1,528,826$1,077,510$966,375$1,372,997
70$1,616,244$1,061,786$930,226$1,405,841
71$1,710,421$1,043,133$890,708$1,440,403
72$1,811,977$1,021,340$847,640$1,476,883
73$1,921,595$996,182$800,833$1,515,506
74$2,040,025$967,422$750,088$1,556,522
75$2,168,092$934,810$695,200$1,600,216
76$2,306,701$898,080$635,953$1,646,902
77$2,456,848$856,949$572,121$1,696,934
78$2,619,629$811,122$503,469$1,750,708
79$2,796,246$760,282$429,751$1,808,667
80$2,988,026$704,098$350,710$1,871,303
81$3,196,423$642,218$266,078$1,939,169
82$3,423,041$574,270$175,574$2,012,880
83$3,669,643$499,860$78,907$2,093,120
84$3,938,167$418,574$0$2,180,654
85$4,230,750$329,973$0$2,279,697
86$4,549,738$233,594$0$2,399,730
87$4,897,718$128,947$0$2,530,897
88$5,277,535$15,515$0$2,674,418
89$5,692,321$0$0$2,831,645
90$6,145,525$0$0$3,052,464
91$6,640,941$0$0$3,301,622
92$7,182,751$0$0$3,574,235
93$7,775,554$0$0$3,872,633
94$8,424,418$0$0$4,199,383
95$9,134,924$0$0$4,557,312
96$9,913,213$0$0$4,949,532
97$10,766,054$0$0$5,379,470
98$11,700,899$0$0$5,850,903
99$12,725,953$0$0$6,367,987
100$13,850,257$0$0$6,935,303