Can I retire at age 71 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$80,102$79,388$78,692$78,013$77,349$74,634
2 years$39,654$38,916$38,200$37,506$36,833$34,126
3 years$26,174$25,432$24,718$24,030$23,368$20,755
4 years$19,435$18,695$17,988$17,313$16,666$14,166
5 years$15,392$14,657$13,960$13,298$12,670$10,289
6 years$12,698$11,969$11,282$10,634$10,025$7,766
7 years$10,775$10,051$9,375$8,743$8,153$6,015
8 years$9,333$8,616$7,951$7,334$6,764$4,746
9 years$8,212$7,502$6,848$6,247$5,696$3,795
10 years$7,315$6,612$5,970$5,385$4,853$3,066
11 years$6,583$5,887$5,256$4,687$4,174$2,496
12 years$5,972$5,283$4,665$4,111$3,617$2,045
13 years$5,456$4,775$4,168$3,629$3,154$1,684
14 years$5,015$4,340$3,745$3,222$2,765$1,392
15 years$4,632$3,965$3,381$2,873$2,434$1,155
16 years$4,297$3,638$3,065$2,573$2,152$960
17 years$4,003$3,350$2,789$2,311$1,908$800
18 years$3,741$3,096$2,546$2,083$1,696$668
19 years$3,507$2,869$2,331$1,882$1,512$559
20 years$3,297$2,666$2,139$1,705$1,350$468
21 years$3,107$2,483$1,968$1,547$1,209$392
22 years$2,934$2,318$1,814$1,407$1,083$329
23 years$2,777$2,168$1,674$1,281$972$276
24 years$2,633$2,031$1,549$1,168$874$232
25 years$2,501$1,906$1,434$1,067$786$195
26 years$2,379$1,792$1,330$976$708$164
27 years$2,266$1,686$1,235$893$639$138
28 years$2,162$1,589$1,148$818$576$116
29 years$2,065$1,499$1,069$750$520$97
30 years$1,975$1,415$995$689$470$82
31 years$1,890$1,338$928$632$425$69
32 years$1,811$1,266$866$581$385$58
33 years$1,737$1,199$808$535$348$49
34 years$1,668$1,136$755$492$315$41
35 years$1,602$1,078$706$453$285$35
36 years$1,541$1,023$661$417$259$29
37 years$1,482$972$618$384$234$25
38 years$1,427$923$579$354$212$21
39 years$1,375$878$542$326$193$17
40 years$1,326$835$508$301$175$15
41 years$1,279$795$477$278$159$12
42 years$1,235$757$447$256$144$10
43 years$1,193$722$420$237$131$9
44 years$1,152$688$394$219$119$7
45 years$1,114$656$370$202$108$6
46 years$1,078$626$347$186$98$5
47 years$1,043$597$326$172$89$4
48 years$1,009$570$307$159$81$4
49 years$978$544$288$147$73$3
50 years$947$520$271$136$66$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $970,000, adding $5,157 every year, while hoping to spend $32,602 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: 61/32/7 Blend
70$970,000$970,000$970,000$970,000
71$1,074,259$1,022,849$1,007,814$1,137,972
72$1,149,146$1,038,281$1,006,888$1,196,636
73$1,230,578$1,053,376$1,004,838$1,256,382
74$1,319,188$1,068,083$1,001,592$1,320,741
75$1,415,675$1,082,348$997,074$1,390,156
76$1,520,804$1,096,114$991,207$1,465,118
77$1,635,419$1,109,316$983,905$1,546,168
78$1,760,449$1,121,890$975,083$1,633,900
79$1,896,916$1,133,763$964,649$1,728,972
80$2,045,944$1,144,861$952,508$1,832,108
81$2,208,774$1,155,102$938,560$1,944,107
82$2,386,767$1,164,401$922,701$2,065,847
83$2,581,426$1,172,665$904,820$2,198,301
84$2,794,403$1,179,797$884,803$2,342,537
85$3,027,518$1,185,693$862,530$2,499,737
86$3,282,776$1,190,243$837,875$2,671,202
87$3,562,383$1,193,329$810,708$2,858,365
88$3,868,771$1,194,827$780,891$3,062,810
89$4,204,615$1,194,603$748,281$3,286,281
90$4,572,864$1,192,516$712,726$3,530,701
91$4,976,764$1,188,418$674,071$3,798,192
92$5,419,893$1,182,150$632,151$4,091,093
93$5,906,189$1,173,542$586,796$4,411,984
94$6,439,992$1,162,417$537,825$4,763,707
95$7,026,080$1,148,585$485,051$5,149,400
96$7,669,720$1,131,845$428,280$5,572,521
97$8,376,711$1,111,985$367,307$6,036,881
98$9,153,442$1,088,779$301,918$6,546,685
99$10,006,953$1,061,989$231,892$7,106,570
100$10,944,997$1,031,361$156,996$7,721,645