Can I retire at age 71 with 623,000?

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 $623,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$51,447$50,988$50,541$50,105$49,679$49,283
2 years$25,469$24,994$24,535$24,089$23,657$23,258
3 years$16,810$16,334$15,876$15,434$15,009$14,619
4 years$12,482$12,007$11,553$11,119$10,704$10,327
5 years$9,886$9,414$8,966$8,541$8,137$7,773
6 years$8,156$7,687$7,246$6,830$6,439$6,088
7 years$6,920$6,456$6,021$5,615$5,236$4,900
8 years$5,994$5,534$5,106$4,711$4,344$4,022
9 years$5,274$4,818$4,398$4,012$3,658$3,350
10 years$4,698$4,247$3,834$3,459$3,117$2,822
11 years$4,228$3,781$3,376$3,010$2,681$2,399
12 years$3,836$3,393$2,996$2,640$2,323$2,055
13 years$3,504$3,067$2,677$2,331$2,026$1,770
14 years$3,221$2,787$2,405$2,069$1,776$1,533
15 years$2,975$2,546$2,171$1,845$1,564$1,333
16 years$2,760$2,336$1,969$1,652$1,382$1,163
17 years$2,571$2,152$1,791$1,485$1,225$1,018
18 years$2,403$1,988$1,635$1,338$1,089$893
19 years$2,252$1,843$1,497$1,209$971$785
20 years$2,117$1,712$1,374$1,095$867$692
21 years$1,995$1,595$1,264$994$776$611
22 years$1,885$1,489$1,165$903$696$540
23 years$1,784$1,392$1,075$823$625$478
24 years$1,691$1,305$995$750$561$423
25 years$1,606$1,224$921$685$505$375
26 years$1,528$1,151$854$627$455$333
27 years$1,456$1,083$793$574$410$296
28 years$1,389$1,020$738$526$370$263
29 years$1,326$963$686$482$334$234
30 years$1,268$909$639$442$302$208
31 years$1,214$859$596$406$273$185
32 years$1,163$813$556$373$247$165
33 years$1,116$770$519$343$224$147
34 years$1,071$730$485$316$202$131
35 years$1,029$692$454$291$183$117
36 years$989$657$424$268$166$104
37 years$952$624$397$247$151$93
38 years$917$593$372$227$136$83
39 years$883$564$348$210$124$74
40 years$852$537$327$193$112$66
41 years$822$511$306$178$102$59
42 years$793$486$287$165$92$53
43 years$766$463$270$152$84$47
44 years$740$442$253$140$76$42
45 years$716$421$238$130$69$37
46 years$692$402$223$120$63$33
47 years$670$384$210$111$57$30
48 years$648$366$197$102$52$27
49 years$628$350$185$94$47$24
50 years$608$334$174$87$43$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $623,000, adding $2,470 every year, while hoping to spend $23,363 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: 68/11/21 Blend
70$623,000$623,000$623,000$623,000
71$689,094$656,075$646,418$732,171
72$734,523$663,364$643,215$768,601
73$783,804$670,228$639,122$805,498
74$837,303$676,621$634,084$845,298
75$895,426$682,493$628,044$888,288
76$958,618$687,794$620,942$934,782
77$1,027,369$692,468$612,716$985,128
78$1,102,219$696,457$603,299$1,039,709
79$1,183,760$699,698$592,625$1,098,947
80$1,272,645$702,125$580,619$1,163,308
81$1,369,593$703,668$567,208$1,233,306
82$1,475,395$704,250$552,313$1,309,509
83$1,590,921$703,794$535,851$1,392,541
84$1,717,128$702,214$517,736$1,483,092
85$1,855,073$699,420$497,878$1,581,924
86$2,005,917$695,318$476,183$1,689,874
87$2,170,938$689,806$452,552$1,807,868
88$2,351,544$682,777$426,883$1,936,926
89$2,549,286$674,117$399,068$2,078,175
90$2,765,871$663,707$368,995$2,232,856
91$3,003,179$651,417$336,545$2,402,336
92$3,263,280$637,115$301,597$2,588,126
93$3,548,457$620,655$264,022$2,791,890
94$3,861,219$601,887$223,687$3,015,465
95$4,204,334$580,650$180,451$3,260,874
96$4,580,849$556,774$134,169$3,530,350
97$4,994,120$530,081$84,688$3,826,354
98$5,447,844$500,379$31,849$4,151,601
99$5,946,095$467,468$0$4,509,083
100$6,493,357$431,135$0$4,907,599