Can I retire at age 74 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%11.9%
1 years$80,102$79,388$78,692$78,013$77,349$76,733
2 years$39,654$38,916$38,200$37,506$36,833$36,212
3 years$26,174$25,432$24,718$24,030$23,368$22,762
4 years$19,435$18,695$17,988$17,313$16,666$16,079
5 years$15,392$14,657$13,960$13,298$12,670$12,103
6 years$12,698$11,969$11,282$10,634$10,025$9,479
7 years$10,775$10,051$9,375$8,743$8,153$7,629
8 years$9,333$8,616$7,951$7,334$6,764$6,261
9 years$8,212$7,502$6,848$6,247$5,696$5,215
10 years$7,315$6,612$5,970$5,385$4,853$4,394
11 years$6,583$5,887$5,256$4,687$4,174$3,735
12 years$5,972$5,283$4,665$4,111$3,617$3,199
13 years$5,456$4,775$4,168$3,629$3,154$2,756
14 years$5,015$4,340$3,745$3,222$2,765$2,386
15 years$4,632$3,965$3,381$2,873$2,434$2,075
16 years$4,297$3,638$3,065$2,573$2,152$1,811
17 years$4,003$3,350$2,789$2,311$1,908$1,585
18 years$3,741$3,096$2,546$2,083$1,696$1,390
19 years$3,507$2,869$2,331$1,882$1,512$1,223
20 years$3,297$2,666$2,139$1,705$1,350$1,077
21 years$3,107$2,483$1,968$1,547$1,209$951
22 years$2,934$2,318$1,814$1,407$1,083$840
23 years$2,777$2,168$1,674$1,281$972$744
24 years$2,633$2,031$1,549$1,168$874$659
25 years$2,501$1,906$1,434$1,067$786$584
26 years$2,379$1,792$1,330$976$708$519
27 years$2,266$1,686$1,235$893$639$461
28 years$2,162$1,589$1,148$818$576$410
29 years$2,065$1,499$1,069$750$520$364
30 years$1,975$1,415$995$689$470$324
31 years$1,890$1,338$928$632$425$289
32 years$1,811$1,266$866$581$385$257
33 years$1,737$1,199$808$535$348$229
34 years$1,668$1,136$755$492$315$204
35 years$1,602$1,078$706$453$285$182
36 years$1,541$1,023$661$417$259$162
37 years$1,482$972$618$384$234$145
38 years$1,427$923$579$354$212$129
39 years$1,375$878$542$326$193$115
40 years$1,326$835$508$301$175$103
41 years$1,279$795$477$278$159$92
42 years$1,235$757$447$256$144$82
43 years$1,193$722$420$237$131$73
44 years$1,152$688$394$219$119$65
45 years$1,114$656$370$202$108$58
46 years$1,078$626$347$186$98$52
47 years$1,043$597$326$172$89$47
48 years$1,009$570$307$159$81$42
49 years$978$544$288$147$73$37
50 years$947$520$271$136$66$33

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 74 starting with $970,000, adding $3,395 every year, while hoping to spend $32,531 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: 24/47/29 Blend
73$970,000$970,000$970,000$970,000
74$1,072,442$1,021,032$1,005,997$1,088,351
75$1,147,218$1,036,450$1,005,085$1,117,637
76$1,228,532$1,051,533$1,003,052$1,146,032
77$1,317,014$1,066,230$999,827$1,175,778
78$1,413,362$1,080,488$995,333$1,207,009
79$1,518,340$1,094,247$989,493$1,239,876
80$1,632,792$1,107,447$982,222$1,274,545
81$1,757,645$1,120,020$973,435$1,311,204
82$1,893,920$1,131,896$963,040$1,350,061
83$2,042,740$1,142,999$950,942$1,391,346
84$2,205,342$1,153,248$937,041$1,435,319
85$2,383,089$1,162,559$921,233$1,482,264
86$2,577,478$1,170,839$903,409$1,532,502
87$2,790,162$1,177,992$883,455$1,586,386
88$3,022,958$1,183,912$861,250$1,644,310
89$3,277,868$1,188,492$836,669$1,706,712
90$3,557,094$1,191,612$809,582$1,774,079
91$3,863,066$1,193,149$779,851$1,846,949
92$4,198,457$1,192,971$747,334$1,925,921
93$4,566,209$1,190,937$711,880$2,011,661
94$4,969,568$1,186,898$673,332$2,104,906
95$5,412,103$1,180,695$631,528$2,206,473
96$5,897,749$1,172,161$586,297$2,317,268
97$6,430,840$1,161,118$537,458$2,438,298
98$7,016,150$1,147,376$484,827$2,570,674
99$7,658,936$1,130,736$428,207$2,715,632
100$8,364,991$1,110,986$367,396$2,874,537