Can I retire at age 71 with 985,000?

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 $985,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.9%
1 years$81,340$80,616$79,909$79,219$78,545$77,276
2 years$40,268$39,518$38,791$38,086$37,403$36,127
3 years$26,578$25,825$25,100$24,402$23,730$22,488
4 years$19,735$18,984$18,267$17,580$16,924$15,726
5 years$15,630$14,884$14,176$13,503$12,866$11,714
6 years$12,895$12,154$11,456$10,799$10,180$9,076
7 years$10,941$10,207$9,520$8,878$8,279$7,224
8 years$9,477$8,749$8,074$7,448$6,868$5,861
9 years$8,339$7,618$6,954$6,344$5,784$4,825
10 years$7,429$6,715$6,063$5,468$4,928$4,016
11 years$6,684$5,978$5,337$4,759$4,239$3,372
12 years$6,065$5,365$4,737$4,174$3,673$2,851
13 years$5,541$4,849$4,232$3,685$3,203$2,425
14 years$5,092$4,407$3,802$3,271$2,808$2,072
15 years$4,704$4,026$3,433$2,918$2,472$1,777
16 years$4,364$3,694$3,113$2,612$2,185$1,529
17 years$4,065$3,402$2,832$2,347$1,937$1,320
18 years$3,799$3,143$2,586$2,115$1,723$1,142
19 years$3,561$2,913$2,367$1,911$1,535$989
20 years$3,348$2,707$2,172$1,731$1,371$859
21 years$3,155$2,522$1,998$1,571$1,227$747
22 years$2,980$2,354$1,842$1,428$1,100$650
23 years$2,820$2,202$1,700$1,301$987$567
24 years$2,674$2,063$1,573$1,187$888$494
25 years$2,539$1,936$1,456$1,084$799$432
26 years$2,416$1,819$1,351$991$719$377
27 years$2,301$1,712$1,254$907$649$330
28 years$2,195$1,613$1,166$831$585$288
29 years$2,097$1,522$1,085$762$528$252
30 years$2,005$1,437$1,011$699$477$221
31 years$1,919$1,359$942$642$432$193
32 years$1,839$1,286$879$590$391$169
33 years$1,764$1,218$821$543$353$149
34 years$1,693$1,154$767$499$320$130
35 years$1,627$1,095$717$460$290$114
36 years$1,564$1,039$671$423$263$100
37 years$1,505$987$628$390$238$88
38 years$1,450$938$588$360$216$77
39 years$1,397$892$551$332$196$68
40 years$1,347$848$516$306$177$59
41 years$1,299$808$484$282$161$52
42 years$1,254$769$454$260$146$46
43 years$1,211$733$426$240$133$40
44 years$1,170$698$400$222$120$35
45 years$1,131$666$376$205$109$31
46 years$1,094$635$353$189$99$27
47 years$1,059$606$331$175$90$24
48 years$1,025$579$311$162$82$21
49 years$993$553$293$149$74$18
50 years$962$528$275$138$67$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $985,000, adding $4,697 every year, while hoping to spend $47,716 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: 70/9/21 Blend
70$985,000$985,000$985,000$985,000
71$1,090,315$1,038,110$1,022,842$1,160,668
72$1,150,758$1,038,208$1,006,338$1,208,328
73$1,215,766$1,036,711$987,682$1,254,418
74$1,285,756$1,033,492$966,751$1,303,698
75$1,361,183$1,028,413$943,417$1,356,480
76$1,442,549$1,021,330$917,547$1,413,107
77$1,530,403$1,012,090$888,999$1,473,960
78$1,625,352$1,000,529$857,627$1,539,458
79$1,728,058$986,476$823,278$1,610,063
80$1,839,254$969,747$785,792$1,686,289
81$1,959,742$950,149$745,000$1,768,700
82$2,090,405$927,476$700,728$1,857,919
83$2,232,216$901,511$652,791$1,954,637
84$2,386,241$872,025$600,999$2,059,615
85$2,553,657$838,774$545,152$2,173,692
86$2,735,757$801,500$485,041$2,297,796
87$2,933,961$759,931$420,447$2,432,952
88$3,149,836$713,778$351,143$2,580,290
89$3,385,103$662,737$276,890$2,741,058
90$3,641,658$606,486$197,440$2,916,635
91$3,921,587$544,683$112,534$3,108,541
92$4,227,185$476,969$21,901$3,318,455
93$4,560,981$402,964$0$3,548,230
94$4,925,757$322,264$0$3,816,675
95$5,324,575$234,447$0$4,115,608
96$5,760,810$139,063$0$4,442,677
97$6,238,174$35,638$0$4,800,699
98$6,760,757$0$0$5,192,783
99$7,333,061$0$0$5,629,910
100$7,960,046$0$0$6,112,722