Can I retire at age 71 with 960,000?

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 $960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$79,276$78,570$77,881$77,208$76,552$74,400
2 years$39,245$38,515$37,806$37,119$36,453$34,301
3 years$25,904$25,170$24,463$23,783$23,127$21,043
4 years$19,234$18,502$17,803$17,134$16,495$14,494
5 years$15,234$14,506$13,816$13,161$12,539$10,628
6 years$12,567$11,845$11,165$10,525$9,922$8,101
7 years$10,664$9,948$9,278$8,653$8,069$6,340
8 years$9,236$8,527$7,869$7,259$6,694$5,055
9 years$8,127$7,424$6,777$6,183$5,637$4,086
10 years$7,240$6,544$5,909$5,330$4,803$3,339
11 years$6,515$5,826$5,202$4,638$4,131$2,751
12 years$5,911$5,229$4,617$4,068$3,580$2,281
13 years$5,400$4,725$4,125$3,592$3,122$1,901
14 years$4,963$4,295$3,706$3,188$2,736$1,592
15 years$4,584$3,924$3,346$2,844$2,409$1,337
16 years$4,253$3,600$3,034$2,546$2,129$1,126
17 years$3,961$3,316$2,760$2,288$1,888$951
18 years$3,702$3,064$2,520$2,062$1,679$805
19 years$3,471$2,839$2,307$1,863$1,496$682
20 years$3,263$2,639$2,117$1,687$1,337$579
21 years$3,075$2,458$1,947$1,531$1,196$492
22 years$2,904$2,294$1,795$1,392$1,072$419
23 years$2,748$2,146$1,657$1,268$962$356
24 years$2,606$2,010$1,533$1,156$865$304
25 years$2,475$1,887$1,420$1,056$778$259
26 years$2,354$1,773$1,317$966$701$221
27 years$2,243$1,669$1,223$884$632$188
28 years$2,140$1,572$1,136$810$570$161
29 years$2,044$1,483$1,058$743$515$137
30 years$1,954$1,401$985$682$465$117
31 years$1,871$1,324$918$626$421$100
32 years$1,792$1,253$857$575$381$86
33 years$1,719$1,187$800$529$344$73
34 years$1,650$1,125$748$487$312$63
35 years$1,586$1,067$699$448$282$53
36 years$1,525$1,013$654$413$256$46
37 years$1,467$962$612$380$232$39
38 years$1,413$914$573$350$210$33
39 years$1,361$869$537$323$191$29
40 years$1,312$827$503$298$173$24
41 years$1,266$787$472$275$157$21
42 years$1,222$750$443$254$142$18
43 years$1,180$714$415$234$129$15
44 years$1,141$681$390$216$117$13
45 years$1,103$649$366$200$106$11
46 years$1,067$619$344$185$97$10
47 years$1,032$591$323$170$88$8
48 years$999$564$304$158$80$7
49 years$967$539$285$146$72$6
50 years$937$515$268$135$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $960,000, adding $6,488 every year, while hoping to spend $42,668 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: 27/50/23 Blend
70$960,000$960,000$960,000$960,000
71$1,064,612$1,013,732$998,852$1,085,500
72$1,127,804$1,018,007$986,916$1,106,819
73$1,196,012$1,021,061$973,149$1,125,528
74$1,269,702$1,022,789$957,446$1,144,715
75$1,349,386$1,023,081$939,695$1,164,449
76$1,435,629$1,021,817$919,780$1,184,807
77$1,529,049$1,018,872$897,579$1,205,878
78$1,630,329$1,014,114$872,965$1,227,766
79$1,740,217$1,007,399$845,803$1,250,587
80$1,859,536$998,579$815,954$1,274,474
81$1,989,193$987,494$783,273$1,299,579
82$2,130,185$973,975$747,607$1,326,074
83$2,283,607$957,844$708,796$1,354,153
84$2,450,668$938,910$666,673$1,384,037
85$2,632,693$916,975$621,064$1,415,974
86$2,831,146$891,824$571,787$1,450,244
87$3,047,632$863,233$518,652$1,487,163
88$3,283,923$830,964$461,459$1,527,086
89$3,541,967$794,765$400,002$1,570,409
90$3,823,909$754,370$334,063$1,617,581
91$4,132,110$709,496$263,416$1,669,103
92$4,469,169$659,845$187,824$1,725,535
93$4,837,949$605,102$107,041$1,787,506
94$5,241,601$544,934$20,809$1,855,716
95$5,683,597$478,988$0$1,930,951
96$6,167,758$406,893$0$2,031,563
97$6,698,294$328,255$0$2,147,637
98$7,279,838$242,658$0$2,275,222
99$7,917,498$149,664$0$2,415,606
100$8,616,894$48,809$0$2,570,218