Can I retire at age 71 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$80,184$79,470$78,773$78,093$77,429$76,021
2 years$39,695$38,956$38,239$37,545$36,871$35,458
3 years$26,201$25,458$24,743$24,055$23,392$22,018
4 years$19,455$18,714$18,007$17,330$16,684$15,358
5 years$15,408$14,672$13,974$13,311$12,683$11,410
6 years$12,711$11,981$11,293$10,645$10,035$8,817
7 years$10,786$10,062$9,385$8,752$8,161$6,998
8 years$9,342$8,625$7,959$7,342$6,771$5,661
9 years$8,220$7,509$6,855$6,254$5,702$4,646
10 years$7,323$6,619$5,976$5,391$4,858$3,855
11 years$6,589$5,893$5,261$4,692$4,178$3,227
12 years$5,979$5,289$4,669$4,115$3,621$2,720
13 years$5,462$4,780$4,172$3,633$3,157$2,305
14 years$5,020$4,345$3,748$3,225$2,768$1,963
15 years$4,637$3,969$3,384$2,876$2,437$1,678
16 years$4,302$3,641$3,068$2,575$2,154$1,439
17 years$4,007$3,354$2,792$2,314$1,910$1,238
18 years$3,745$3,099$2,549$2,085$1,698$1,067
19 years$3,511$2,872$2,333$1,884$1,513$921
20 years$3,300$2,669$2,141$1,707$1,352$797
21 years$3,110$2,486$1,970$1,549$1,210$690
22 years$2,937$2,320$1,815$1,408$1,084$598
23 years$2,780$2,170$1,676$1,282$973$520
24 years$2,636$2,033$1,550$1,170$875$451
25 years$2,503$1,908$1,436$1,068$787$393
26 years$2,381$1,793$1,332$977$709$342
27 years$2,269$1,688$1,237$894$639$297
28 years$2,164$1,590$1,150$819$577$259
29 years$2,067$1,500$1,070$751$521$226
30 years$1,977$1,417$996$689$471$197
31 years$1,892$1,339$929$633$426$172
32 years$1,813$1,267$867$582$385$150
33 years$1,739$1,200$809$535$348$131
34 years$1,669$1,138$756$492$315$114
35 years$1,604$1,079$707$453$286$100
36 years$1,542$1,024$661$417$259$87
37 years$1,484$973$619$385$235$76
38 years$1,429$924$580$354$213$66
39 years$1,377$879$543$327$193$58
40 years$1,328$836$509$301$175$51
41 years$1,281$796$477$278$159$44
42 years$1,236$758$448$257$144$39
43 years$1,194$722$420$237$131$34
44 years$1,154$689$394$219$119$29
45 years$1,115$657$370$202$108$26
46 years$1,079$626$348$187$98$23
47 years$1,044$598$327$172$89$20
48 years$1,010$571$307$159$81$17
49 years$979$545$289$147$73$15
50 years$948$521$271$136$67$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $971,000, adding $2,617 every year, while hoping to spend $25,454 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: 50/24/26 Blend
70$971,000$971,000$971,000$971,000
71$1,072,741$1,021,278$1,006,228$1,118,388
72$1,155,078$1,044,238$1,012,854$1,173,445
73$1,244,960$1,067,470$1,018,848$1,230,491
74$1,343,130$1,090,960$1,024,164$1,291,987
75$1,450,406$1,114,693$1,028,750$1,358,368
76$1,567,687$1,138,653$1,032,553$1,430,112
77$1,695,966$1,162,822$1,035,518$1,507,743
78$1,836,332$1,187,178$1,037,585$1,591,844
79$1,989,989$1,211,700$1,038,695$1,683,054
80$2,158,258$1,236,364$1,038,782$1,782,079
81$2,342,597$1,261,143$1,037,778$1,889,697
82$2,544,612$1,286,008$1,035,613$2,006,765
83$2,766,068$1,310,929$1,032,212$2,134,231
84$3,008,913$1,335,870$1,027,497$2,273,137
85$3,275,291$1,360,796$1,021,387$2,424,633
86$3,567,562$1,385,667$1,013,795$2,589,987
87$3,888,328$1,410,439$1,004,632$2,770,597
88$4,240,453$1,435,067$993,803$2,968,006
89$4,627,094$1,459,500$981,210$3,183,913
90$5,051,728$1,483,685$966,750$3,420,193
91$5,518,182$1,507,564$950,315$3,678,911
92$6,030,678$1,531,076$931,791$3,962,348
93$6,593,861$1,554,153$911,061$4,273,015
94$7,212,853$1,576,725$888,000$4,613,682
95$7,893,295$1,598,715$862,478$4,987,404
96$8,641,400$1,620,041$834,360$5,397,548
97$9,464,016$1,640,616$803,505$5,847,827
98$10,368,687$1,660,348$769,763$6,342,334
99$11,363,724$1,679,135$732,981$6,885,582
100$12,458,283$1,696,872$692,995$7,482,546