Can I retire at age 71 with 1,050,000?

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 $1,050,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$86,708$85,936$85,182$84,447$83,728$81,937
2 years$42,925$42,125$41,351$40,599$39,871$38,075
3 years$28,332$27,529$26,757$26,012$25,296$23,551
4 years$21,037$20,237$19,472$18,740$18,041$16,362
5 years$16,662$15,866$15,111$14,394$13,715$12,105
6 years$13,745$12,956$12,212$11,511$10,852$9,313
7 years$11,663$10,880$10,148$9,464$8,825$7,358
8 years$10,102$9,326$8,606$7,939$7,322$5,926
9 years$8,889$8,120$7,413$6,762$6,166$4,840
10 years$7,919$7,158$6,463$5,829$5,254$3,996
11 years$7,125$6,372$5,690$5,073$4,518$3,328
12 years$6,465$5,719$5,049$4,450$3,915$2,791
13 years$5,906$5,168$4,511$3,929$3,414$2,353
14 years$5,428$4,698$4,053$3,487$2,993$1,993
15 years$5,014$4,292$3,660$3,110$2,635$1,694
16 years$4,652$3,938$3,318$2,785$2,329$1,445
17 years$4,333$3,626$3,019$2,502$2,065$1,235
18 years$4,049$3,351$2,756$2,255$1,836$1,058
19 years$3,796$3,106$2,523$2,037$1,637$908
20 years$3,569$2,886$2,316$1,845$1,462$781
21 years$3,363$2,688$2,130$1,675$1,308$672
22 years$3,176$2,509$1,963$1,523$1,173$580
23 years$3,006$2,347$1,813$1,387$1,053$500
24 years$2,850$2,199$1,676$1,265$946$432
25 years$2,707$2,063$1,553$1,155$851$373
26 years$2,575$1,939$1,440$1,056$767$323
27 years$2,453$1,825$1,337$967$691$279
28 years$2,340$1,720$1,243$886$624$242
29 years$2,235$1,622$1,157$812$563$209
30 years$2,137$1,532$1,077$745$509$181
31 years$2,046$1,448$1,004$685$460$157
32 years$1,961$1,371$937$629$416$136
33 years$1,880$1,298$875$579$377$118
34 years$1,805$1,230$818$532$341$102
35 years$1,734$1,167$764$490$309$89
36 years$1,668$1,107$715$451$280$77
37 years$1,605$1,052$669$416$254$67
38 years$1,545$1,000$627$383$230$58
39 years$1,489$951$587$353$209$50
40 years$1,436$904$550$326$189$44
41 years$1,385$861$516$301$172$38
42 years$1,337$820$484$278$156$33
43 years$1,291$781$454$256$141$28
44 years$1,248$745$426$237$128$25
45 years$1,206$710$400$218$116$21
46 years$1,167$677$376$202$106$19
47 years$1,129$646$353$186$96$16
48 years$1,093$617$332$172$87$14
49 years$1,058$589$312$159$79$12
50 years$1,025$563$293$147$72$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $1,050,000, adding $2,834 every year, while hoping to spend $34,548 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: 41/50/9 Blend
70$1,050,000$1,050,000$1,050,000$1,050,000
71$1,160,023$1,104,373$1,088,098$1,204,372
72$1,241,587$1,121,729$1,087,791$1,253,050
73$1,330,312$1,138,777$1,086,315$1,302,023
74$1,426,893$1,155,466$1,083,596$1,354,243
75$1,532,093$1,171,740$1,079,553$1,410,020
76$1,646,752$1,187,542$1,074,104$1,469,694
77$1,771,796$1,202,807$1,067,162$1,533,643
78$1,908,243$1,217,467$1,058,635$1,602,283
79$2,057,212$1,231,452$1,048,428$1,676,072
80$2,219,937$1,244,683$1,036,440$1,755,519
81$2,397,777$1,257,078$1,022,566$1,841,184
82$2,592,225$1,268,550$1,006,697$1,933,687
83$2,804,928$1,279,005$988,718$2,033,711
84$3,037,698$1,288,344$968,507$2,142,012
85$3,292,531$1,296,460$945,940$2,259,425
86$3,571,624$1,303,241$920,883$2,386,871
87$3,877,396$1,308,567$893,200$2,525,368
88$4,212,514$1,312,310$862,746$2,676,039
89$4,579,912$1,314,335$829,369$2,840,126
90$4,982,823$1,314,497$792,913$3,018,999
91$5,424,807$1,312,643$753,211$3,214,172
92$5,909,786$1,308,612$710,093$3,427,315
93$6,442,080$1,302,229$663,376$3,660,272
94$7,026,447$1,293,313$612,874$3,915,081
95$7,668,128$1,281,670$558,390$4,193,989
96$8,372,898$1,267,093$499,717$4,499,479
97$9,147,118$1,249,364$436,641$4,834,290
98$9,997,793$1,228,252$368,938$5,201,446
99$10,932,644$1,203,512$296,373$5,604,285
100$11,960,174$1,174,885$218,703$6,046,490