Can I retire at age 66 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$80,102$79,388$78,692$78,013$77,349$76,541
2 years$39,654$38,916$38,200$37,506$36,833$36,019
3 years$26,174$25,432$24,718$24,030$23,368$22,574
4 years$19,435$18,695$17,988$17,313$16,666$15,898
5 years$15,392$14,657$13,960$13,298$12,670$11,929
6 years$12,698$11,969$11,282$10,634$10,025$9,314
7 years$10,775$10,051$9,375$8,743$8,153$7,471
8 years$9,333$8,616$7,951$7,334$6,764$6,110
9 years$8,212$7,502$6,848$6,247$5,696$5,072
10 years$7,315$6,612$5,970$5,385$4,853$4,257
11 years$6,583$5,887$5,256$4,687$4,174$3,606
12 years$5,972$5,283$4,665$4,111$3,617$3,077
13 years$5,456$4,775$4,168$3,629$3,154$2,640
14 years$5,015$4,340$3,745$3,222$2,765$2,277
15 years$4,632$3,965$3,381$2,873$2,434$1,972
16 years$4,297$3,638$3,065$2,573$2,152$1,714
17 years$4,003$3,350$2,789$2,311$1,908$1,494
18 years$3,741$3,096$2,546$2,083$1,696$1,305
19 years$3,507$2,869$2,331$1,882$1,512$1,143
20 years$3,297$2,666$2,139$1,705$1,350$1,002
21 years$3,107$2,483$1,968$1,547$1,209$881
22 years$2,934$2,318$1,814$1,407$1,083$775
23 years$2,777$2,168$1,674$1,281$972$683
24 years$2,633$2,031$1,549$1,168$874$602
25 years$2,501$1,906$1,434$1,067$786$531
26 years$2,379$1,792$1,330$976$708$470
27 years$2,266$1,686$1,235$893$639$415
28 years$2,162$1,589$1,148$818$576$367
29 years$2,065$1,499$1,069$750$520$325
30 years$1,975$1,415$995$689$470$288
31 years$1,890$1,338$928$632$425$255
32 years$1,811$1,266$866$581$385$226
33 years$1,737$1,199$808$535$348$200
34 years$1,668$1,136$755$492$315$178
35 years$1,602$1,078$706$453$285$158
36 years$1,541$1,023$661$417$259$140
37 years$1,482$972$618$384$234$124
38 years$1,427$923$579$354$212$110
39 years$1,375$878$542$326$193$98
40 years$1,326$835$508$301$175$87
41 years$1,279$795$477$278$159$77
42 years$1,235$757$447$256$144$68
43 years$1,193$722$420$237$131$61
44 years$1,152$688$394$219$119$54
45 years$1,114$656$370$202$108$48
46 years$1,078$626$347$186$98$43
47 years$1,043$597$326$172$89$38
48 years$1,009$570$307$159$81$34
49 years$978$544$288$147$73$30
50 years$947$520$271$136$66$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $970,000, adding $6,049 every year, while hoping to spend $27,044 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: 28/46/26 Blend
65$970,000$970,000$970,000$970,000
66$1,075,180$1,023,770$1,008,735$1,096,451
67$1,156,073$1,045,160$1,013,753$1,135,176
68$1,244,312$1,066,691$1,018,032$1,173,997
69$1,340,616$1,088,343$1,021,520$1,215,153
70$1,445,778$1,110,092$1,024,161$1,258,864
71$1,560,672$1,131,911$1,025,895$1,305,370
72$1,686,259$1,153,774$1,026,661$1,354,938
73$1,823,598$1,175,649$1,026,395$1,407,863
74$1,973,854$1,197,504$1,025,028$1,464,469
75$2,138,309$1,219,304$1,022,488$1,525,118
76$2,318,377$1,241,011$1,018,702$1,590,207
77$2,515,614$1,262,583$1,013,591$1,660,174
78$2,731,734$1,283,976$1,007,073$1,735,505
79$2,968,622$1,305,142$999,062$1,816,736
80$3,228,358$1,326,031$989,467$1,904,460
81$3,513,230$1,346,586$978,194$1,999,331
82$3,825,761$1,366,750$965,144$2,102,072
83$4,168,726$1,386,458$950,214$2,213,482
84$4,545,184$1,405,643$933,295$2,334,443
85$4,958,506$1,424,232$914,273$2,465,928
86$5,412,403$1,442,149$893,030$2,609,014
87$5,910,963$1,459,309$869,442$2,764,890
88$6,458,691$1,475,625$843,378$2,934,867
89$7,060,549$1,491,002$814,702$3,120,394
90$7,722,002$1,505,339$783,273$3,323,073
91$8,449,075$1,518,528$748,940$3,544,668
92$9,248,401$1,530,456$711,550$3,787,130
93$10,127,289$1,541,001$670,939$4,052,614
94$11,093,795$1,550,032$626,937$4,343,494
95$12,156,790$1,557,411$579,367$4,662,395
96$13,326,050$1,562,992$528,044$5,012,213
97$14,612,347$1,566,618$472,773$5,396,144
98$16,027,548$1,568,124$413,353$5,817,716
99$17,584,728$1,567,333$349,571$6,280,821
100$19,298,296$1,564,058$281,207$6,789,755