Can I retire at age 68 with 1,040,000?

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 $1,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$85,882$85,117$84,371$83,642$82,931$81,356
2 years$42,516$41,724$40,957$40,213$39,491$37,911
3 years$28,062$27,267$26,502$25,765$25,055$23,518
4 years$20,837$20,044$19,286$18,562$17,869$16,388
5 years$16,503$15,715$14,967$14,257$13,584$12,162
6 years$13,615$12,832$12,096$11,402$10,748$9,388
7 years$11,552$10,777$10,052$9,374$8,741$7,443
8 years$10,006$9,238$8,524$7,864$7,252$6,014
9 years$8,804$8,043$7,342$6,698$6,107$4,930
10 years$7,843$7,089$6,401$5,774$5,204$4,086
11 years$7,058$6,311$5,635$5,025$4,475$3,416
12 years$6,403$5,665$5,001$4,408$3,878$2,875
13 years$5,850$5,119$4,468$3,891$3,382$2,434
14 years$5,376$4,653$4,015$3,454$2,964$2,070
15 years$4,966$4,251$3,625$3,081$2,610$1,767
16 years$4,608$3,900$3,286$2,758$2,307$1,513
17 years$4,292$3,592$2,991$2,478$2,045$1,299
18 years$4,011$3,319$2,730$2,233$1,819$1,118
19 years$3,760$3,076$2,499$2,018$1,621$964
20 years$3,535$2,858$2,294$1,828$1,448$833
21 years$3,331$2,662$2,110$1,659$1,296$720
22 years$3,146$2,485$1,944$1,508$1,161$624
23 years$2,977$2,324$1,795$1,374$1,043$541
24 years$2,823$2,178$1,660$1,253$937$469
25 years$2,681$2,044$1,538$1,144$843$407
26 years$2,551$1,921$1,426$1,046$760$354
27 years$2,430$1,808$1,324$958$685$308
28 years$2,318$1,703$1,231$877$618$267
29 years$2,214$1,607$1,146$805$558$233
30 years$2,117$1,518$1,067$738$504$203
31 years$2,027$1,435$995$678$456$176
32 years$1,942$1,357$928$623$412$154
33 years$1,862$1,286$867$573$373$134
34 years$1,788$1,218$810$527$338$117
35 years$1,718$1,156$757$485$306$102
36 years$1,652$1,097$708$447$277$89
37 years$1,589$1,042$663$412$251$77
38 years$1,530$990$621$380$228$67
39 years$1,475$941$582$350$207$59
40 years$1,422$896$545$323$187$51
41 years$1,372$853$511$298$170$45
42 years$1,324$812$480$275$154$39
43 years$1,279$774$450$254$140$34
44 years$1,236$738$422$234$127$30
45 years$1,195$703$397$216$115$26
46 years$1,155$671$372$200$105$23
47 years$1,118$640$350$185$95$20
48 years$1,082$611$329$171$86$17
49 years$1,048$584$309$158$78$15
50 years$1,015$558$291$146$71$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 68 starting with $1,040,000, adding $4,994 every year, while hoping to spend $53,453 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: 52/18/30 Blend
67$1,040,000$1,040,000$1,040,000$1,040,000
68$1,151,231$1,096,111$1,079,991$1,201,150
69$1,211,783$1,092,947$1,059,297$1,233,296
70$1,276,720$1,087,837$1,036,119$1,262,484
71$1,346,433$1,080,627$1,010,316$1,293,204
72$1,421,349$1,071,159$981,742$1,325,624
73$1,501,942$1,059,260$950,245$1,359,936
74$1,588,726$1,044,751$915,665$1,396,351
75$1,682,271$1,027,438$877,834$1,435,108
76$1,783,199$1,007,119$836,578$1,476,471
77$1,892,196$983,578$791,714$1,520,735
78$2,010,014$956,588$743,051$1,568,231
79$2,137,482$925,907$690,389$1,619,324
80$2,275,508$891,280$633,521$1,674,424
81$2,425,094$852,436$572,227$1,733,985
82$2,587,337$809,089$506,281$1,798,513
83$2,763,449$760,938$435,444$1,868,570
84$2,954,758$707,661$359,469$1,944,781
85$3,162,728$648,921$278,096$2,027,840
86$3,388,968$584,360$191,054$2,118,518
87$3,635,249$513,601$98,061$2,217,673
88$3,903,521$436,243$0$2,326,252
89$4,195,926$351,865$0$2,445,689
90$4,514,826$260,022$0$2,610,296
91$4,862,817$160,242$0$2,790,050
92$5,242,759$52,028$0$2,986,495
93$5,657,799$0$0$3,201,334
94$6,111,402$0$0$3,449,351
95$6,607,382$0$0$3,731,907
96$7,149,940$0$0$4,041,101
97$7,743,699$0$0$4,379,582
98$8,393,753$0$0$4,750,266
99$9,105,708$0$0$5,156,364
100$9,885,741$0$0$5,601,415