Can I retire at age 71 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$85,056$84,299$83,560$82,838$82,134$78,906
2 years$42,107$41,323$40,563$39,826$39,111$35,899
3 years$27,793$27,005$26,247$25,517$24,814$21,718
4 years$20,637$19,852$19,101$18,384$17,697$14,742
5 years$16,344$15,564$14,823$14,120$13,453$10,645
6 years$13,484$12,709$11,979$11,292$10,645$7,986
7 years$11,441$10,673$9,955$9,284$8,657$6,147
8 years$9,910$9,149$8,443$7,788$7,182$4,818
9 years$8,720$7,966$7,272$6,634$6,048$3,827
10 years$7,768$7,021$6,339$5,718$5,154$3,070
11 years$6,990$6,251$5,581$4,977$4,432$2,482
12 years$6,342$5,610$4,953$4,365$3,841$2,019
13 years$5,794$5,070$4,425$3,854$3,349$1,650
14 years$5,325$4,609$3,976$3,421$2,936$1,354
15 years$4,918$4,210$3,590$3,051$2,585$1,114
16 years$4,563$3,863$3,255$2,732$2,285$919
17 years$4,250$3,557$2,962$2,454$2,026$760
18 years$3,972$3,287$2,704$2,212$1,801$629
19 years$3,724$3,046$2,475$1,999$1,605$522
20 years$3,501$2,831$2,272$1,810$1,434$433
21 years$3,299$2,637$2,089$1,643$1,283$360
22 years$3,116$2,461$1,926$1,494$1,150$299
23 years$2,949$2,302$1,778$1,360$1,033$249
24 years$2,796$2,157$1,644$1,241$928$207
25 years$2,655$2,024$1,523$1,133$835$173
26 years$2,526$1,902$1,413$1,036$752$144
27 years$2,407$1,790$1,312$948$678$120
28 years$2,296$1,687$1,219$869$612$100
29 years$2,193$1,592$1,135$797$553$83
30 years$2,097$1,503$1,057$731$499$70
31 years$2,007$1,421$985$672$451$58
32 years$1,923$1,344$919$617$408$48
33 years$1,845$1,273$858$568$370$40
34 years$1,771$1,207$802$522$335$34
35 years$1,701$1,145$750$481$303$28
36 years$1,636$1,086$701$443$275$23
37 years$1,574$1,032$657$408$249$20
38 years$1,516$981$615$376$226$16
39 years$1,461$932$576$347$205$14
40 years$1,408$887$540$320$186$11
41 years$1,359$844$506$295$168$9
42 years$1,311$804$475$272$153$8
43 years$1,266$766$446$251$139$7
44 years$1,224$730$418$232$126$6
45 years$1,183$697$393$214$114$5
46 years$1,144$664$369$198$104$4
47 years$1,107$634$347$183$94$3
48 years$1,072$605$326$169$86$3
49 years$1,038$578$306$156$78$2
50 years$1,006$552$288$144$71$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $1,030,000, adding $4,744 every year, while hoping to spend $52,202 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: 60/31/9 Blend
70$1,030,000$1,030,000$1,030,000$1,030,000
71$1,139,953$1,085,363$1,069,398$1,205,768
72$1,200,686$1,083,004$1,049,681$1,248,122
73$1,265,864$1,078,779$1,027,553$1,287,924
74$1,335,885$1,072,542$1,002,879$1,330,043
75$1,411,187$1,064,138$975,517$1,374,702
76$1,492,250$1,053,403$945,319$1,422,153
77$1,579,600$1,040,160$912,127$1,472,673
78$1,673,817$1,024,226$875,781$1,526,569
79$1,775,537$1,005,403$836,110$1,584,182
80$1,885,458$983,484$792,937$1,645,891
81$2,004,349$958,249$746,074$1,712,115
82$2,133,054$929,465$695,329$1,783,318
83$2,272,501$896,884$640,498$1,860,014
84$2,423,710$860,246$581,369$1,942,775
85$2,587,805$819,274$517,721$2,032,233
86$2,766,019$773,676$449,323$2,129,085
87$2,959,710$723,143$375,932$2,234,109
88$3,170,371$667,348$297,296$2,348,161
89$3,399,646$605,945$213,153$2,472,192
90$3,649,343$538,570$123,227$2,607,252
91$3,921,451$464,835$27,230$2,754,506
92$4,218,160$384,333$0$2,915,241
93$4,541,881$296,634$0$3,098,104
94$4,895,265$201,281$0$3,300,708
95$5,281,233$97,795$0$3,522,211
96$5,702,999$0$0$3,764,571
97$6,164,103$0$0$4,034,845
98$6,668,440$0$0$4,367,025
99$7,220,300$0$0$4,730,588
100$7,824,409$0$0$5,128,655