Can I retire at age 71 with 1,230,000?

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 $1,230,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$101,572$100,667$99,785$98,923$98,082$96,102
2 years$50,283$49,347$48,439$47,559$46,706$44,719
3 years$33,189$32,249$31,343$30,472$29,632$27,701
4 years$24,644$23,706$22,810$21,953$21,134$19,274
5 years$19,518$18,586$17,701$16,862$16,066$14,282
6 years$16,102$15,177$14,305$13,485$12,712$11,006
7 years$13,663$12,745$11,888$11,087$10,338$8,711
8 years$11,834$10,925$10,082$9,300$8,577$7,027
9 years$10,413$9,512$8,683$7,922$7,223$5,750
10 years$9,276$8,385$7,570$6,829$6,154$4,756
11 years$8,347$7,464$6,665$5,943$5,293$3,969
12 years$7,573$6,700$5,915$5,213$4,587$3,334
13 years$6,919$6,055$5,285$4,602$4,000$2,817
14 years$6,359$5,503$4,748$4,085$3,506$2,390
15 years$5,873$5,027$4,287$3,643$3,087$2,036
16 years$5,449$4,613$3,887$3,262$2,728$1,740
17 years$5,076$4,248$3,537$2,931$2,419$1,491
18 years$4,744$3,925$3,229$2,641$2,151$1,280
19 years$4,447$3,638$2,956$2,387$1,917$1,102
20 years$4,180$3,381$2,713$2,162$1,712$949
21 years$3,939$3,149$2,495$1,962$1,532$819
22 years$3,721$2,939$2,300$1,784$1,374$708
23 years$3,521$2,749$2,123$1,625$1,233$612
24 years$3,339$2,576$1,964$1,482$1,108$530
25 years$3,171$2,417$1,819$1,353$997$459
26 years$3,017$2,272$1,687$1,237$898$398
27 years$2,874$2,138$1,566$1,132$810$345
28 years$2,741$2,015$1,456$1,038$731$299
29 years$2,618$1,901$1,355$951$660$260
30 years$2,504$1,795$1,262$873$596$225
31 years$2,397$1,697$1,177$802$539$196
32 years$2,297$1,606$1,098$737$488$170
33 years$2,203$1,520$1,025$678$441$148
34 years$2,115$1,441$958$624$400$129
35 years$2,032$1,367$895$574$362$112
36 years$1,954$1,297$838$529$328$97
37 years$1,880$1,232$784$487$297$84
38 years$1,810$1,171$734$449$269$73
39 years$1,744$1,113$688$414$244$64
40 years$1,682$1,059$645$382$222$56
41 years$1,622$1,008$605$352$201$48
42 years$1,566$960$567$325$182$42
43 years$1,512$915$532$300$166$37
44 years$1,461$872$500$277$150$32
45 years$1,413$832$469$256$136$28
46 years$1,366$793$441$236$124$24
47 years$1,322$757$414$218$112$21
48 years$1,280$723$389$202$102$18
49 years$1,240$690$366$187$93$16
50 years$1,201$659$344$172$84$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $1,230,000, adding $2,895 every year, while hoping to spend $55,027 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: 51/36/13 Blend
70$1,230,000$1,230,000$1,230,000$1,230,000
71$1,358,446$1,293,256$1,274,191$1,422,832
72$1,438,459$1,298,077$1,258,328$1,472,045
73$1,524,790$1,301,291$1,240,090$1,519,464
74$1,618,023$1,302,759$1,219,338$1,569,770
75$1,718,804$1,302,337$1,195,928$1,623,252
76$1,827,841$1,299,870$1,169,711$1,680,229
77$1,945,912$1,295,195$1,140,527$1,741,054
78$2,073,872$1,288,136$1,108,212$1,806,123
79$2,212,663$1,278,511$1,072,592$1,875,870
80$2,363,318$1,266,122$1,033,488$1,950,779
81$2,526,978$1,250,763$990,711$2,031,386
82$2,704,892$1,232,212$944,062$2,118,285
83$2,898,438$1,210,239$893,336$2,212,134
84$3,109,133$1,184,594$838,316$2,313,664
85$3,338,642$1,155,017$778,778$2,423,682
86$3,588,801$1,121,230$714,485$2,543,084
87$3,861,630$1,082,941$645,190$2,672,860
88$4,159,350$1,039,839$570,638$2,814,108
89$4,484,408$991,596$490,559$2,968,044
90$4,839,498$937,864$404,673$3,136,013
91$5,227,583$878,276$312,686$3,319,501
92$5,651,929$812,444$214,294$3,520,158
93$6,116,129$739,957$109,176$3,739,804
94$6,624,140$660,380$0$3,980,455
95$7,180,319$573,256$0$4,244,758
96$7,789,465$478,099$0$4,550,947
97$8,456,861$374,396$0$4,886,641
98$9,188,327$261,608$0$5,254,905
99$9,990,272$139,162$0$5,659,124
100$10,869,754$6,456$0$6,103,038