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%13.1%
1 years$80,102$79,388$78,692$78,013$77,349$76,351
2 years$39,654$38,916$38,200$37,506$36,833$35,829
3 years$26,174$25,432$24,718$24,030$23,368$22,389
4 years$19,435$18,695$17,988$17,313$16,666$15,720
5 years$15,392$14,657$13,960$13,298$12,670$11,759
6 years$12,698$11,969$11,282$10,634$10,025$9,151
7 years$10,775$10,051$9,375$8,743$8,153$7,316
8 years$9,333$8,616$7,951$7,334$6,764$5,963
9 years$8,212$7,502$6,848$6,247$5,696$4,932
10 years$7,315$6,612$5,970$5,385$4,853$4,125
11 years$6,583$5,887$5,256$4,687$4,174$3,481
12 years$5,972$5,283$4,665$4,111$3,617$2,958
13 years$5,456$4,775$4,168$3,629$3,154$2,529
14 years$5,015$4,340$3,745$3,222$2,765$2,173
15 years$4,632$3,965$3,381$2,873$2,434$1,874
16 years$4,297$3,638$3,065$2,573$2,152$1,622
17 years$4,003$3,350$2,789$2,311$1,908$1,407
18 years$3,741$3,096$2,546$2,083$1,696$1,224
19 years$3,507$2,869$2,331$1,882$1,512$1,067
20 years$3,297$2,666$2,139$1,705$1,350$932
21 years$3,107$2,483$1,968$1,547$1,209$815
22 years$2,934$2,318$1,814$1,407$1,083$714
23 years$2,777$2,168$1,674$1,281$972$626
24 years$2,633$2,031$1,549$1,168$874$550
25 years$2,501$1,906$1,434$1,067$786$483
26 years$2,379$1,792$1,330$976$708$425
27 years$2,266$1,686$1,235$893$639$374
28 years$2,162$1,589$1,148$818$576$329
29 years$2,065$1,499$1,069$750$520$290
30 years$1,975$1,415$995$689$470$255
31 years$1,890$1,338$928$632$425$225
32 years$1,811$1,266$866$581$385$199
33 years$1,737$1,199$808$535$348$175
34 years$1,668$1,136$755$492$315$155
35 years$1,602$1,078$706$453$285$136
36 years$1,541$1,023$661$417$259$120
37 years$1,482$972$618$384$234$106
38 years$1,427$923$579$354$212$94
39 years$1,375$878$542$326$193$83
40 years$1,326$835$508$301$175$73
41 years$1,279$795$477$278$159$65
42 years$1,235$757$447$256$144$57
43 years$1,193$722$420$237$131$51
44 years$1,152$688$394$219$119$45
45 years$1,114$656$370$202$108$39
46 years$1,078$626$347$186$98$35
47 years$1,043$597$326$172$89$31
48 years$1,009$570$307$159$81$27
49 years$978$544$288$147$73$24
50 years$947$520$271$136$66$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $970,000, adding $3,909 every year, while hoping to spend $24,700 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: 83/7/10 Blend
65$970,000$970,000$970,000$970,000
66$1,072,972$1,021,562$1,006,527$1,160,074
67$1,156,135$1,045,338$1,013,965$1,241,426
68$1,246,952$1,069,451$1,020,825$1,327,048
69$1,346,179$1,093,892$1,027,060$1,420,324
70$1,454,646$1,118,649$1,032,623$1,522,008
71$1,573,268$1,143,712$1,037,464$1,632,930
72$1,703,052$1,169,064$1,041,530$1,754,007
73$1,845,108$1,194,693$1,044,766$1,886,244
74$2,000,656$1,220,580$1,047,113$2,030,752
75$2,171,042$1,246,707$1,048,510$2,188,754
76$2,357,746$1,273,054$1,048,893$2,361,596
77$2,562,399$1,299,597$1,048,194$2,550,761
78$2,786,798$1,326,311$1,046,343$2,757,884
79$3,032,922$1,353,171$1,043,265$2,984,764
80$3,302,949$1,380,145$1,038,884$3,233,384
81$3,599,280$1,407,202$1,033,116$3,505,930
82$3,924,558$1,434,307$1,025,878$3,804,809
83$4,281,697$1,461,422$1,017,079$4,132,672
84$4,673,904$1,488,506$1,006,625$4,492,441
85$5,104,714$1,515,514$994,418$4,887,335
86$5,578,020$1,542,399$980,356$5,320,902
87$6,098,110$1,569,109$964,331$5,797,049
88$6,669,711$1,595,589$946,229$6,320,084
89$7,298,027$1,621,778$925,933$6,894,750
90$7,988,793$1,647,613$903,319$7,526,276
91$8,748,328$1,673,024$878,259$8,220,423
92$9,583,593$1,697,937$850,616$8,983,538
93$10,502,257$1,722,274$820,249$9,822,616
94$11,512,771$1,745,950$787,011$10,745,366
95$12,624,445$1,768,872$750,748$11,760,280
96$13,847,537$1,790,945$711,296$12,876,717
97$15,193,349$1,812,065$668,488$14,104,990
98$16,674,335$1,832,121$622,147$15,456,464
99$18,304,217$1,850,994$572,088$16,943,662
100$20,098,113$1,868,559$518,119$18,580,383