Can I retire at age 78 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$84,231$83,480$82,748$82,034$81,336$79,499
2 years$41,698$40,922$40,169$39,439$38,732$36,891
3 years$27,523$26,743$25,992$25,269$24,573$22,785
4 years$20,436$19,659$18,916$18,205$17,526$15,806
5 years$16,186$15,413$14,679$13,983$13,323$11,675
6 years$13,353$12,586$11,863$11,182$10,542$8,968
7 years$11,330$10,569$9,858$9,194$8,573$7,074
8 years$9,814$9,060$8,361$7,712$7,112$5,686
9 years$8,635$7,888$7,201$6,569$5,990$4,636
10 years$7,692$6,953$6,278$5,663$5,103$3,821
11 years$6,922$6,190$5,527$4,928$4,389$3,176
12 years$6,280$5,556$4,905$4,323$3,804$2,658
13 years$5,738$5,021$4,382$3,816$3,317$2,236
14 years$5,273$4,564$3,938$3,388$2,907$1,890
15 years$4,871$4,169$3,555$3,021$2,560$1,604
16 years$4,519$3,825$3,223$2,705$2,262$1,365
17 years$4,209$3,523$2,933$2,431$2,006$1,164
18 years$3,934$3,255$2,677$2,190$1,784$995
19 years$3,688$3,017$2,451$1,979$1,590$852
20 years$3,467$2,803$2,249$1,793$1,420$731
21 years$3,267$2,611$2,069$1,627$1,271$628
22 years$3,085$2,438$1,907$1,479$1,139$540
23 years$2,920$2,280$1,761$1,347$1,023$465
24 years$2,769$2,136$1,628$1,229$919$401
25 years$2,630$2,005$1,508$1,122$827$345
26 years$2,502$1,884$1,399$1,026$745$298
27 years$2,383$1,773$1,299$939$672$257
28 years$2,273$1,671$1,208$860$606$222
29 years$2,171$1,576$1,124$789$547$192
30 years$2,076$1,488$1,047$724$494$166
31 years$1,988$1,407$976$665$447$143
32 years$1,905$1,331$910$611$404$124
33 years$1,827$1,261$850$562$366$107
34 years$1,754$1,195$794$517$331$93
35 years$1,685$1,133$743$476$300$80
36 years$1,620$1,076$695$438$272$69
37 years$1,559$1,022$650$404$246$60
38 years$1,501$971$609$372$223$52
39 years$1,446$923$570$343$203$45
40 years$1,395$879$535$317$184$39
41 years$1,345$836$501$292$167$34
42 years$1,299$796$470$270$151$29
43 years$1,254$759$441$249$137$25
44 years$1,212$723$414$230$125$22
45 years$1,172$690$389$212$113$19
46 years$1,133$658$365$196$103$16
47 years$1,097$628$343$181$93$14
48 years$1,061$599$323$167$85$12
49 years$1,028$572$303$155$77$11
50 years$996$547$285$143$70$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 78 starting with $1,020,000, adding $6,976 every year, while hoping to spend $28,424 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: 55/35/10 Blend
77$1,020,000$1,020,000$1,020,000$1,020,000
78$1,131,236$1,077,176$1,061,366$1,190,268
79$1,216,379$1,099,714$1,066,679$1,253,565
80$1,309,254$1,122,405$1,071,217$1,318,730
81$1,410,620$1,145,224$1,074,924$1,389,004
82$1,521,311$1,168,149$1,077,742$1,464,880
83$1,642,247$1,191,151$1,079,609$1,546,897
84$1,774,441$1,214,201$1,080,460$1,635,653
85$1,919,005$1,237,269$1,080,228$1,731,804
86$2,077,168$1,260,319$1,078,839$1,836,074
87$2,250,280$1,283,315$1,076,221$1,949,260
88$2,439,828$1,306,217$1,072,294$2,072,241
89$2,647,451$1,328,982$1,066,976$2,205,987
90$2,874,952$1,351,563$1,060,181$2,351,563
91$3,124,318$1,373,911$1,051,818$2,510,147
92$3,397,738$1,395,972$1,041,793$2,683,036
93$3,697,620$1,417,688$1,030,007$2,871,659
94$4,026,620$1,438,997$1,016,355$3,077,591
95$4,387,661$1,459,834$1,000,728$3,302,570
96$4,783,964$1,480,127$983,014$3,548,508
97$5,219,075$1,499,800$963,092$3,817,517
98$5,696,903$1,518,772$940,837$4,111,922
99$6,221,751$1,536,957$916,120$4,434,286
100$6,798,363$1,554,261$888,804$4,787,436