Can I retire at age 74 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$80,927$80,207$79,503$78,817$78,147$77,202
2 years$40,063$39,317$38,594$37,893$37,213$36,262
3 years$26,443$25,694$24,973$24,278$23,609$22,682
4 years$19,635$18,888$18,174$17,491$16,838$15,942
5 years$15,551$14,808$14,104$13,435$12,800$11,937
6 years$12,829$12,092$11,398$10,744$10,128$9,300
7 years$10,886$10,155$9,472$8,833$8,237$7,443
8 years$9,429$8,705$8,033$7,410$6,833$6,074
9 years$8,296$7,579$6,919$6,312$5,755$5,029
10 years$7,391$6,680$6,032$5,441$4,903$4,212
11 years$6,650$5,947$5,310$4,735$4,217$3,558
12 years$6,034$5,338$4,713$4,153$3,654$3,028
13 years$5,513$4,824$4,211$3,667$3,187$2,592
14 years$5,066$4,385$3,783$3,255$2,793$2,230
15 years$4,680$4,006$3,416$2,903$2,460$1,926
16 years$4,342$3,675$3,097$2,599$2,174$1,669
17 years$4,044$3,385$2,818$2,335$1,927$1,450
18 years$3,779$3,128$2,572$2,105$1,714$1,264
19 years$3,543$2,899$2,355$1,902$1,528$1,103
20 years$3,331$2,693$2,161$1,722$1,364$965
21 years$3,139$2,509$1,988$1,563$1,221$845
22 years$2,964$2,342$1,832$1,421$1,094$742
23 years$2,806$2,190$1,692$1,294$982$651
24 years$2,660$2,052$1,565$1,181$883$573
25 years$2,527$1,926$1,449$1,078$795$504
26 years$2,403$1,810$1,344$986$716$444
27 years$2,290$1,703$1,248$902$645$391
28 years$2,184$1,605$1,160$827$582$345
29 years$2,086$1,514$1,080$758$526$304
30 years$1,995$1,430$1,006$696$475$269
31 years$1,910$1,352$938$639$430$237
32 years$1,830$1,279$875$587$389$209
33 years$1,755$1,211$817$540$352$185
34 years$1,685$1,148$763$497$318$164
35 years$1,619$1,089$713$457$288$145
36 years$1,556$1,034$667$421$261$128
37 years$1,498$982$625$388$237$113
38 years$1,442$933$585$358$215$100
39 years$1,390$887$548$330$195$89
40 years$1,340$844$514$304$177$78
41 years$1,293$803$482$281$160$69
42 years$1,248$765$452$259$145$61
43 years$1,205$729$424$239$132$54
44 years$1,164$695$398$221$120$48
45 years$1,126$663$374$204$109$43
46 years$1,089$632$351$188$99$38
47 years$1,054$603$330$174$90$33
48 years$1,020$576$310$161$81$30
49 years$988$550$291$149$74$26
50 years$957$525$274$137$67$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 74 starting with $980,000, adding $3,244 every year, while hoping to spend $21,306 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: 84/7/9 Blend
73$980,000$980,000$980,000$980,000
74$1,083,306$1,031,366$1,016,176$1,172,739
75$1,171,134$1,059,234$1,027,549$1,259,541
76$1,267,206$1,087,753$1,038,588$1,351,660
77$1,372,341$1,116,932$1,049,261$1,452,184
78$1,487,440$1,146,782$1,059,531$1,561,946
79$1,613,495$1,177,311$1,069,362$1,681,861
80$1,751,600$1,208,527$1,078,713$1,812,938
81$1,902,957$1,240,439$1,087,544$1,956,288
82$2,068,893$1,273,055$1,095,811$2,113,135
83$2,250,867$1,306,381$1,103,468$2,284,825
84$2,450,487$1,340,426$1,110,465$2,472,845
85$2,669,524$1,375,194$1,116,754$2,678,828
86$2,909,929$1,410,692$1,122,279$2,904,577
87$3,173,851$1,446,926$1,126,984$3,152,075
88$3,463,658$1,483,898$1,130,812$3,423,509
89$3,781,956$1,521,614$1,133,699$3,721,288
90$4,131,617$1,560,076$1,135,580$4,048,063
91$4,515,808$1,599,285$1,136,387$4,406,760
92$4,938,012$1,639,242$1,136,049$4,800,597
93$5,402,072$1,679,947$1,134,489$5,233,123
94$5,912,218$1,721,399$1,131,629$5,708,248
95$6,473,112$1,763,595$1,127,386$6,230,278
96$7,089,889$1,806,531$1,121,673$6,803,960
97$7,768,207$1,850,201$1,114,398$7,434,522
98$8,514,301$1,894,598$1,105,468$8,127,726
99$9,335,040$1,939,713$1,094,781$8,889,920
100$10,237,991$1,985,536$1,082,233$9,728,100