Can I retire at age 64 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%18.5%
1 years$80,927$80,207$79,503$78,817$78,147$75,464
2 years$40,063$39,317$38,594$37,893$37,213$34,537
3 years$26,443$25,694$24,973$24,278$23,609$21,025
4 years$19,635$18,888$18,174$17,491$16,838$14,365
5 years$15,551$14,808$14,104$13,435$12,800$10,445
6 years$12,829$12,092$11,398$10,744$10,128$7,892
7 years$10,886$10,155$9,472$8,833$8,237$6,120
8 years$9,429$8,705$8,033$7,410$6,833$4,834
9 years$8,296$7,579$6,919$6,312$5,755$3,870
10 years$7,391$6,680$6,032$5,441$4,903$3,130
11 years$6,650$5,947$5,310$4,735$4,217$2,552
12 years$6,034$5,338$4,713$4,153$3,654$2,094
13 years$5,513$4,824$4,211$3,667$3,187$1,727
14 years$5,066$4,385$3,783$3,255$2,793$1,430
15 years$4,680$4,006$3,416$2,903$2,460$1,187
16 years$4,342$3,675$3,097$2,599$2,174$989
17 years$4,044$3,385$2,818$2,335$1,927$825
18 years$3,779$3,128$2,572$2,105$1,714$690
19 years$3,543$2,899$2,355$1,902$1,528$578
20 years$3,331$2,693$2,161$1,722$1,364$485
21 years$3,139$2,509$1,988$1,563$1,221$407
22 years$2,964$2,342$1,832$1,421$1,094$342
23 years$2,806$2,190$1,692$1,294$982$287
24 years$2,660$2,052$1,565$1,181$883$242
25 years$2,527$1,926$1,449$1,078$795$203
26 years$2,403$1,810$1,344$986$716$171
27 years$2,290$1,703$1,248$902$645$144
28 years$2,184$1,605$1,160$827$582$121
29 years$2,086$1,514$1,080$758$526$102
30 years$1,995$1,430$1,006$696$475$86
31 years$1,910$1,352$938$639$430$73
32 years$1,830$1,279$875$587$389$61
33 years$1,755$1,211$817$540$352$52
34 years$1,685$1,148$763$497$318$44
35 years$1,619$1,089$713$457$288$37
36 years$1,556$1,034$667$421$261$31
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$19
40 years$1,340$844$514$304$177$16
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$6
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 64 starting with $980,000, adding $2,036 every year, while hoping to spend $54,229 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: 68/17/15 Blend
63$980,000$980,000$980,000$980,000
64$1,082,060$1,030,120$1,014,930$1,151,720
65$1,134,731$1,022,897$991,231$1,191,173
66$1,190,957$1,013,502$964,921$1,227,703
67$1,251,043$1,001,772$935,854$1,266,286
68$1,315,324$987,533$903,880$1,307,120
69$1,384,167$970,602$868,839$1,350,422
70$1,457,974$950,784$830,568$1,396,433
71$1,537,187$927,873$788,892$1,445,421
72$1,622,291$901,649$743,630$1,497,682
73$1,713,817$871,882$694,594$1,553,545
74$1,812,350$838,328$641,586$1,613,372
75$1,918,530$800,726$584,400$1,677,567
76$2,033,062$758,804$522,819$1,746,576
77$2,156,719$712,270$456,619$1,820,890
78$2,290,353$660,820$385,564$1,901,058
79$2,434,898$604,129$309,409$1,987,683
80$2,591,380$541,854$227,897$2,081,435
81$2,760,929$473,633$140,760$2,183,053
82$2,944,787$399,084$47,719$2,293,358
83$3,144,319$317,803$0$2,413,255
84$3,361,027$229,363$0$2,552,001
85$3,596,563$133,313$0$2,711,136
86$3,852,744$29,177$0$2,884,293
87$4,131,570$0$0$3,072,879
88$4,435,239$0$0$3,294,078
89$4,766,174$0$0$3,541,138
90$5,127,038$0$0$3,810,596
91$5,520,764$0$0$4,104,649
92$5,950,580$0$0$4,425,715
93$6,420,037$0$0$4,776,455
94$6,933,047$0$0$5,159,799
95$7,493,917$0$0$5,578,973
96$8,107,387$0$0$6,037,528
97$8,778,678$0$0$6,539,375
98$9,513,537$0$0$7,088,819
99$10,318,293$0$0$7,690,604
100$11,199,918$0$0$8,349,951