Can I retire at age 71 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$81,588$80,861$80,152$79,460$78,785$76,446
2 years$40,390$39,638$38,909$38,202$37,516$35,180
3 years$26,659$25,904$25,177$24,476$23,802$21,541
4 years$19,795$19,042$18,322$17,634$16,976$14,807
5 years$15,678$14,929$14,219$13,545$12,905$10,834
6 years$12,934$12,191$11,491$10,832$10,211$8,241
7 years$10,975$10,238$9,549$8,905$8,304$6,434
8 years$9,506$8,776$8,098$7,470$6,889$5,118
9 years$8,364$7,641$6,975$6,363$5,802$4,127
10 years$7,451$6,735$6,081$5,485$4,943$3,364
11 years$6,705$5,996$5,354$4,774$4,251$2,764
12 years$6,083$5,382$4,751$4,187$3,684$2,286
13 years$5,558$4,863$4,245$3,697$3,213$1,900
14 years$5,108$4,421$3,814$3,281$2,816$1,586
15 years$4,718$4,038$3,444$2,926$2,480$1,329
16 years$4,377$3,705$3,122$2,620$2,192$1,116
17 years$4,077$3,412$2,841$2,354$1,943$940
18 years$3,810$3,153$2,593$2,122$1,728$793
19 years$3,572$2,922$2,374$1,917$1,540$670
20 years$3,358$2,715$2,179$1,736$1,376$567
21 years$3,164$2,529$2,004$1,576$1,231$480
22 years$2,989$2,361$1,847$1,433$1,103$407
23 years$2,829$2,208$1,706$1,305$990$346
24 years$2,682$2,069$1,577$1,190$890$294
25 years$2,547$1,942$1,461$1,087$801$249
26 years$2,423$1,825$1,355$994$722$212
27 years$2,308$1,717$1,258$910$651$180
28 years$2,202$1,618$1,170$833$587$153
29 years$2,103$1,527$1,088$764$530$131
30 years$2,011$1,442$1,014$701$479$111
31 years$1,925$1,363$945$644$433$95
32 years$1,845$1,290$882$592$392$81
33 years$1,769$1,221$823$544$354$69
34 years$1,699$1,158$769$501$321$59
35 years$1,632$1,098$719$461$291$50
36 years$1,569$1,042$673$425$263$42
37 years$1,510$990$630$391$239$36
38 years$1,454$941$590$361$216$31
39 years$1,401$894$553$333$196$26
40 years$1,351$851$518$307$178$22
41 years$1,303$810$486$283$161$19
42 years$1,258$771$456$261$147$16
43 years$1,215$735$427$241$133$14
44 years$1,174$701$401$223$121$12
45 years$1,135$668$377$206$110$10
46 years$1,098$637$354$190$100$9
47 years$1,062$608$332$175$90$7
48 years$1,028$581$312$162$82$6
49 years$996$554$294$150$75$5
50 years$965$530$276$138$68$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $988,000, adding $3,839 every year, while hoping to spend $54,030 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: 71/11/18 Blend
70$988,000$988,000$988,000$988,000
71$1,092,736$1,040,372$1,025,058$1,165,386
72$1,146,707$1,033,863$1,001,910$1,207,709
73$1,204,373$1,025,224$976,175$1,247,196
74$1,266,053$1,014,293$947,711$1,289,055
75$1,332,098$1,000,901$916,366$1,333,515
76$1,402,891$984,864$881,984$1,380,825
77$1,478,856$965,992$844,400$1,431,264
78$1,560,454$944,081$803,443$1,485,138
79$1,648,194$918,914$758,932$1,542,786
80$1,742,633$890,265$710,680$1,604,584
81$1,844,385$857,891$658,490$1,670,946
82$1,954,121$821,537$602,159$1,742,333
83$2,072,581$780,932$541,471$1,819,250
84$2,200,577$735,790$476,203$1,902,259
85$2,339,001$685,809$406,121$1,991,981
86$2,488,835$630,669$330,981$2,089,100
87$2,651,156$570,032$250,529$2,194,374
88$2,827,150$503,540$164,498$2,308,640
89$3,018,121$430,815$72,611$2,432,824
90$3,225,503$351,459$0$2,567,947
91$3,450,874$265,049$0$2,720,027
92$3,695,968$171,142$0$2,900,624
93$3,962,694$69,265$0$3,097,216
94$4,253,153$0$0$3,311,390
95$4,569,657$0$0$3,549,865
96$4,914,748$0$0$3,819,067
97$5,291,227$0$0$4,112,802
98$5,702,174$0$0$4,433,480
99$6,150,982$0$0$4,783,754
100$6,641,385$0$0$5,166,544