Can I retire at age 71 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$102,398$101,486$100,596$99,727$98,879$95,220
2 years$50,692$49,748$48,833$47,946$47,085$43,440
3 years$33,459$32,511$31,598$30,719$29,873$26,356
4 years$24,844$23,899$22,995$22,132$21,306$17,944
5 years$19,677$18,737$17,845$16,999$16,196$12,999
6 years$16,233$15,300$14,422$13,594$12,815$9,784
7 years$13,774$12,849$11,985$11,177$10,422$7,557
8 years$11,930$11,014$10,164$9,376$8,646$5,944
9 years$10,497$9,590$8,754$7,986$7,282$4,738
10 years$9,352$8,453$7,632$6,884$6,204$3,816
11 years$8,415$7,525$6,719$5,991$5,336$3,097
12 years$7,635$6,754$5,963$5,255$4,624$2,529
13 years$6,975$6,104$5,328$4,640$4,032$2,076
14 years$6,410$5,548$4,787$4,118$3,535$1,710
15 years$5,921$5,068$4,322$3,673$3,112$1,413
16 years$5,494$4,650$3,918$3,289$2,750$1,171
17 years$5,117$4,283$3,566$2,955$2,439$972
18 years$4,782$3,957$3,255$2,663$2,168$809
19 years$4,483$3,668$2,980$2,406$1,933$674
20 years$4,214$3,408$2,735$2,179$1,726$562
21 years$3,971$3,174$2,515$1,978$1,545$469
22 years$3,751$2,963$2,318$1,798$1,385$392
23 years$3,550$2,771$2,141$1,638$1,243$328
24 years$3,366$2,597$1,980$1,494$1,117$274
25 years$3,197$2,437$1,834$1,364$1,005$229
26 years$3,041$2,290$1,701$1,247$906$192
27 years$2,897$2,155$1,579$1,142$817$161
28 years$2,764$2,031$1,468$1,046$737$135
29 years$2,640$1,916$1,366$959$665$113
30 years$2,524$1,810$1,272$880$601$95
31 years$2,416$1,711$1,186$809$543$79
32 years$2,315$1,619$1,107$743$492$66
33 years$2,221$1,533$1,033$683$445$56
34 years$2,132$1,453$966$629$403$47
35 years$2,048$1,378$903$579$365$39
36 years$1,969$1,308$844$533$331$33
37 years$1,895$1,242$790$491$300$28
38 years$1,825$1,180$740$453$272$23
39 years$1,758$1,123$693$417$246$19
40 years$1,695$1,068$650$385$223$16
41 years$1,635$1,017$609$355$203$14
42 years$1,579$968$572$328$184$11
43 years$1,525$922$536$303$167$10
44 years$1,473$879$504$279$152$8
45 years$1,424$839$473$258$138$7
46 years$1,378$800$444$238$125$6
47 years$1,333$763$417$220$113$5
48 years$1,290$729$392$203$103$4
49 years$1,250$696$369$188$94$3
50 years$1,211$665$346$174$85$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $1,240,000, adding $5,993 every year, while hoping to spend $22,716 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: 62/8/30 Blend
70$1,240,000$1,240,000$1,240,000$1,240,000
71$1,372,662$1,306,942$1,287,722$1,446,317
72$1,488,504$1,346,812$1,306,691$1,537,035
73$1,615,400$1,387,875$1,325,534$1,633,083
74$1,754,454$1,430,165$1,344,223$1,737,495
75$1,906,882$1,473,716$1,362,728$1,851,095
76$2,074,023$1,518,566$1,381,018$1,974,790
77$2,257,349$1,564,752$1,399,058$2,109,582
78$2,458,486$1,612,312$1,416,813$2,256,572
79$2,679,221$1,661,286$1,434,247$2,416,973
80$2,921,526$1,711,713$1,451,318$2,592,123
81$3,187,570$1,763,635$1,467,985$2,783,495
82$3,479,744$1,817,095$1,484,205$2,992,713
83$3,800,681$1,872,136$1,499,929$3,221,565
84$4,153,284$1,928,804$1,515,110$3,472,022
85$4,540,747$1,987,143$1,529,694$3,746,255
86$4,966,592$2,047,202$1,543,628$4,046,658
87$5,434,698$2,109,029$1,556,853$4,375,866
88$5,949,338$2,172,672$1,569,308$4,736,785
89$6,515,221$2,238,184$1,580,931$5,132,617
90$7,137,534$2,305,615$1,591,653$5,566,889
91$7,821,993$2,375,021$1,601,403$6,043,489
92$8,574,894$2,446,454$1,610,108$6,566,701
93$9,403,175$2,519,973$1,617,689$7,141,245
94$10,314,481$2,595,633$1,624,063$7,772,324
95$11,317,233$2,673,495$1,629,145$8,465,671
96$12,420,713$2,753,618$1,632,843$9,227,603
97$13,635,145$2,836,064$1,635,062$10,065,082
98$14,971,795$2,920,897$1,635,703$10,985,780
99$16,443,079$3,008,182$1,634,659$11,998,153
100$18,062,675$3,097,985$1,631,822$13,111,519