Can I retire at age 64 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$81,588$80,861$80,152$79,460$78,785$77,005
2 years$40,390$39,638$38,909$38,202$37,516$35,733
3 years$26,659$25,904$25,177$24,476$23,802$22,071
4 years$19,795$19,042$18,322$17,634$16,976$15,310
5 years$15,678$14,929$14,219$13,545$12,905$11,309
6 years$12,934$12,191$11,491$10,832$10,211$8,687
7 years$10,975$10,238$9,549$8,905$8,304$6,852
8 years$9,506$8,776$8,098$7,470$6,889$5,508
9 years$8,364$7,641$6,975$6,363$5,802$4,491
10 years$7,451$6,735$6,081$5,485$4,943$3,701
11 years$6,705$5,996$5,354$4,774$4,251$3,076
12 years$6,083$5,382$4,751$4,187$3,684$2,574
13 years$5,558$4,863$4,245$3,697$3,213$2,166
14 years$5,108$4,421$3,814$3,281$2,816$1,831
15 years$4,718$4,038$3,444$2,926$2,480$1,553
16 years$4,377$3,705$3,122$2,620$2,192$1,322
17 years$4,077$3,412$2,841$2,354$1,943$1,128
18 years$3,810$3,153$2,593$2,122$1,728$964
19 years$3,572$2,922$2,374$1,917$1,540$826
20 years$3,358$2,715$2,179$1,736$1,376$708
21 years$3,164$2,529$2,004$1,576$1,231$608
22 years$2,989$2,361$1,847$1,433$1,103$523
23 years$2,829$2,208$1,706$1,305$990$450
24 years$2,682$2,069$1,577$1,190$890$388
25 years$2,547$1,942$1,461$1,087$801$334
26 years$2,423$1,825$1,355$994$722$288
27 years$2,308$1,717$1,258$910$651$249
28 years$2,202$1,618$1,170$833$587$215
29 years$2,103$1,527$1,088$764$530$186
30 years$2,011$1,442$1,014$701$479$160
31 years$1,925$1,363$945$644$433$139
32 years$1,845$1,290$882$592$392$120
33 years$1,769$1,221$823$544$354$104
34 years$1,699$1,158$769$501$321$90
35 years$1,632$1,098$719$461$291$77
36 years$1,569$1,042$673$425$263$67
37 years$1,510$990$630$391$239$58
38 years$1,454$941$590$361$216$50
39 years$1,401$894$553$333$196$43
40 years$1,351$851$518$307$178$38
41 years$1,303$810$486$283$161$33
42 years$1,258$771$456$261$147$28
43 years$1,215$735$427$241$133$24
44 years$1,174$701$401$223$121$21
45 years$1,135$668$377$206$110$18
46 years$1,098$637$354$190$100$16
47 years$1,062$608$332$175$90$14
48 years$1,028$581$312$162$82$12
49 years$996$554$294$150$75$10
50 years$965$530$276$138$68$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $988,000, adding $6,673 every year, while hoping to spend $53,030 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: 44/32/24 Blend
63$988,000$988,000$988,000$988,000
64$1,095,659$1,043,295$1,027,981$1,135,985
65$1,150,993$1,037,993$1,005,995$1,159,925
66$1,210,193$1,030,654$981,495$1,180,211
67$1,273,599$1,021,122$954,341$1,201,146
68$1,341,581$1,009,232$924,386$1,222,817
69$1,414,546$994,808$891,477$1,245,326
70$1,492,942$977,666$855,454$1,268,787
71$1,577,258$957,608$816,148$1,293,330
72$1,668,034$934,426$773,385$1,319,104
73$1,765,861$907,901$726,980$1,346,276
74$1,871,389$877,797$676,744$1,375,034
75$1,985,330$843,869$622,475$1,405,594
76$2,108,470$805,855$563,964$1,438,195
77$2,241,671$763,478$500,993$1,473,108
78$2,385,879$716,447$433,334$1,510,639
79$2,542,136$664,450$360,748$1,551,129
80$2,711,588$607,162$282,988$1,594,963
81$2,895,494$544,237$199,791$1,642,571
82$3,095,239$475,309$110,889$1,694,434
83$3,312,347$399,993$15,997$1,751,093
84$3,548,493$317,880$0$1,813,149
85$3,805,523$228,539$0$1,903,112
86$4,085,465$131,516$0$2,005,688
87$4,390,552$26,330$0$2,117,698
88$4,723,241$0$0$2,240,162
89$5,086,237$0$0$2,405,032
90$5,482,518$0$0$2,595,253
91$5,915,360$0$0$2,803,142
92$6,388,372$0$0$3,030,445
93$6,905,524$0$0$3,279,087
94$7,471,190$0$0$3,551,185
95$8,090,185$0$0$3,849,073
96$8,767,811$0$0$4,175,319
97$9,509,907$0$0$4,532,751
98$10,322,901$0$0$4,924,486
99$11,213,875$0$0$5,353,953
100$12,190,626$0$0$5,824,932