Can I retire at age 71 with 942,000?

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 $942,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$77,789$77,097$76,421$75,761$75,116$73,241
2 years$38,510$37,792$37,097$36,423$35,770$33,892
3 years$25,418$24,698$24,004$23,337$22,694$20,873
4 years$18,874$18,155$17,469$16,813$16,185$14,435
5 years$14,948$14,234$13,557$12,914$12,304$10,629
6 years$12,332$11,623$10,956$10,327$9,736$8,138
7 years$10,464$9,761$9,104$8,491$7,918$6,397
8 years$9,063$8,367$7,721$7,123$6,568$5,124
9 years$7,975$7,285$6,650$6,067$5,532$4,163
10 years$7,104$6,421$5,798$5,230$4,713$3,418
11 years$6,393$5,717$5,104$4,551$4,054$2,830
12 years$5,800$5,131$4,530$3,992$3,513$2,359
13 years$5,299$4,637$4,047$3,525$3,063$1,977
14 years$4,870$4,215$3,636$3,129$2,685$1,664
15 years$4,498$3,850$3,283$2,790$2,364$1,406
16 years$4,173$3,533$2,977$2,498$2,089$1,191
17 years$3,887$3,253$2,709$2,245$1,853$1,012
18 years$3,633$3,006$2,473$2,023$1,647$861
19 years$3,406$2,786$2,264$1,828$1,468$735
20 years$3,202$2,589$2,077$1,656$1,312$627
21 years$3,017$2,412$1,911$1,503$1,174$536
22 years$2,850$2,251$1,761$1,366$1,052$459
23 years$2,697$2,105$1,626$1,244$944$393
24 years$2,557$1,973$1,504$1,135$849$337
25 years$2,429$1,851$1,393$1,036$764$289
26 years$2,310$1,740$1,292$948$688$248
27 years$2,201$1,637$1,200$867$620$213
28 years$2,100$1,543$1,115$795$560$183
29 years$2,005$1,456$1,038$729$505$157
30 years$1,918$1,375$967$669$457$135
31 years$1,836$1,299$901$614$413$116
32 years$1,759$1,230$841$564$373$100
33 years$1,687$1,164$785$519$338$86
34 years$1,619$1,104$734$478$306$74
35 years$1,556$1,047$686$440$277$64
36 years$1,496$994$642$405$251$55
37 years$1,440$944$600$373$228$47
38 years$1,386$897$562$344$206$41
39 years$1,336$853$527$317$187$35
40 years$1,288$811$494$292$170$30
41 years$1,242$772$463$270$154$26
42 years$1,199$736$434$249$140$22
43 years$1,158$701$408$230$127$19
44 years$1,119$668$383$212$115$17
45 years$1,082$637$359$196$104$14
46 years$1,047$608$337$181$95$12
47 years$1,013$580$317$167$86$11
48 years$980$554$298$155$78$9
49 years$949$529$280$143$71$8
50 years$920$505$263$132$65$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $942,000, adding $6,262 every year, while hoping to spend $47,608 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: 71/20/9 Blend
70$942,000$942,000$942,000$942,000
71$1,044,543$994,617$980,016$1,116,548
72$1,100,432$992,699$962,192$1,163,084
73$1,160,426$989,091$942,176$1,207,542
74$1,224,893$983,660$919,842$1,254,906
75$1,294,239$976,266$895,063$1,305,452
76$1,368,906$966,758$867,703$1,359,483
77$1,449,383$954,978$837,620$1,417,334
78$1,536,206$940,757$804,665$1,479,376
79$1,629,962$923,918$768,685$1,546,017
80$1,731,299$904,271$729,517$1,617,709
81$1,840,928$881,616$686,992$1,694,950
82$1,959,629$855,742$640,933$1,778,291
83$2,088,262$826,424$591,155$1,868,341
84$2,227,771$793,425$537,465$1,965,770
85$2,379,195$756,494$479,661$2,071,320
86$2,543,677$715,366$417,533$2,185,809
87$2,722,472$669,759$350,861$2,310,142
88$2,916,964$619,377$279,414$2,445,317
89$3,128,672$563,905$202,953$2,592,436
90$3,359,272$503,012$121,228$2,752,715
91$3,610,605$436,346$33,975$2,927,498
92$3,884,697$363,537$0$3,118,268
93$4,183,779$284,194$0$3,332,341
94$4,510,308$197,902$0$3,569,695
95$4,866,985$104,226$0$3,829,089
96$5,256,788$2,703$0$4,112,753
97$5,682,991$0$0$4,423,149
98$6,149,203$0$0$4,786,574
99$6,659,394$0$0$5,184,980
100$7,217,938$0$0$5,621,194