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

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 $1,050,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$86,708$85,936$85,182$84,447$83,728$82,206
2 years$42,925$42,125$41,351$40,599$39,871$38,342
3 years$28,332$27,529$26,757$26,012$25,296$23,809
4 years$21,037$20,237$19,472$18,740$18,041$16,608
5 years$16,662$15,866$15,111$14,394$13,715$12,338
6 years$13,745$12,956$12,212$11,511$10,852$9,534
7 years$11,663$10,880$10,148$9,464$8,825$7,567
8 years$10,102$9,326$8,606$7,939$7,322$6,122
9 years$8,889$8,120$7,413$6,762$6,166$5,024
10 years$7,919$7,158$6,463$5,829$5,254$4,169
11 years$7,125$6,372$5,690$5,073$4,518$3,490
12 years$6,465$5,719$5,049$4,450$3,915$2,941
13 years$5,906$5,168$4,511$3,929$3,414$2,493
14 years$5,428$4,698$4,053$3,487$2,993$2,123
15 years$5,014$4,292$3,660$3,110$2,635$1,815
16 years$4,652$3,938$3,318$2,785$2,329$1,556
17 years$4,333$3,626$3,019$2,502$2,065$1,338
18 years$4,049$3,351$2,756$2,255$1,836$1,153
19 years$3,796$3,106$2,523$2,037$1,637$996
20 years$3,569$2,886$2,316$1,845$1,462$862
21 years$3,363$2,688$2,130$1,675$1,308$746
22 years$3,176$2,509$1,963$1,523$1,173$647
23 years$3,006$2,347$1,813$1,387$1,053$562
24 years$2,850$2,199$1,676$1,265$946$488
25 years$2,707$2,063$1,553$1,155$851$425
26 years$2,575$1,939$1,440$1,056$767$369
27 years$2,453$1,825$1,337$967$691$322
28 years$2,340$1,720$1,243$886$624$280
29 years$2,235$1,622$1,157$812$563$244
30 years$2,137$1,532$1,077$745$509$213
31 years$2,046$1,448$1,004$685$460$186
32 years$1,961$1,371$937$629$416$162
33 years$1,880$1,298$875$579$377$141
34 years$1,805$1,230$818$532$341$123
35 years$1,734$1,167$764$490$309$108
36 years$1,668$1,107$715$451$280$94
37 years$1,605$1,052$669$416$254$82
38 years$1,545$1,000$627$383$230$72
39 years$1,489$951$587$353$209$63
40 years$1,436$904$550$326$189$55
41 years$1,385$861$516$301$172$48
42 years$1,337$820$484$278$156$42
43 years$1,291$781$454$256$141$36
44 years$1,248$745$426$237$128$32
45 years$1,206$710$400$218$116$28
46 years$1,167$677$376$202$106$24
47 years$1,129$646$353$186$96$21
48 years$1,093$617$332$172$87$19
49 years$1,058$589$312$159$79$16
50 years$1,025$563$293$147$72$14

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 $3,749 every year, while hoping to spend $30,972 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: 49/44/7 Blend
70$1,050,000$1,050,000$1,050,000$1,050,000
71$1,160,967$1,105,317$1,089,042$1,215,570
72$1,246,432$1,126,524$1,092,571$1,274,483
73$1,339,576$1,147,731$1,095,180$1,334,833
74$1,441,150$1,168,907$1,096,806$1,399,652
75$1,551,980$1,190,017$1,097,382$1,469,364
76$1,672,975$1,211,021$1,096,837$1,544,439
77$1,805,137$1,231,879$1,095,100$1,625,392
78$1,949,567$1,252,547$1,092,092$1,712,793
79$2,107,479$1,272,978$1,087,733$1,807,269
80$2,280,208$1,293,120$1,081,938$1,909,512
81$2,469,225$1,312,919$1,074,618$2,020,285
82$2,676,149$1,332,315$1,065,682$2,140,427
83$2,902,764$1,351,246$1,055,030$2,270,867
84$3,151,034$1,369,645$1,042,561$2,412,625
85$3,423,121$1,387,440$1,028,169$2,566,830
86$3,721,408$1,404,553$1,011,741$2,734,724
87$4,048,517$1,420,901$993,160$2,917,677
88$4,407,338$1,436,398$972,303$3,117,199
89$4,801,055$1,450,950$949,043$3,334,958
90$5,233,171$1,464,455$923,245$3,572,789
91$5,707,550$1,476,809$894,769$3,832,720
92$6,228,444$1,487,896$863,467$4,116,983
93$6,800,538$1,497,596$829,187$4,428,043
94$7,428,996$1,505,781$791,767$4,768,615
95$8,119,502$1,512,313$751,040$5,141,695
96$8,878,322$1,517,047$706,831$5,550,585
97$9,712,356$1,519,827$658,955$5,998,928
98$10,629,207$1,520,490$607,221$6,490,740
99$11,637,253$1,518,861$551,429$7,030,447
100$12,745,721$1,514,753$491,370$7,622,934