Can I retire at age 61 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$58,136$57,618$57,113$56,619$56,138$55,761
2 years$28,780$28,244$27,725$27,221$26,732$26,352
3 years$18,996$18,458$17,940$17,441$16,960$16,588
4 years$14,105$13,568$13,055$12,565$12,096$11,736
5 years$11,171$10,638$10,132$9,651$9,195$8,847
6 years$9,216$8,687$8,188$7,718$7,276$6,941
7 years$7,820$7,295$6,804$6,345$5,917$5,595
8 years$6,773$6,253$5,770$5,323$4,909$4,600
9 years$5,960$5,444$4,970$4,534$4,134$3,838
10 years$5,309$4,799$4,333$3,908$3,522$3,239
11 years$4,777$4,272$3,815$3,401$3,029$2,759
12 years$4,335$3,835$3,385$2,984$2,625$2,367
13 years$3,960$3,465$3,025$2,634$2,289$2,044
14 years$3,639$3,150$2,718$2,338$2,007$1,773
15 years$3,362$2,877$2,454$2,085$1,767$1,545
16 years$3,119$2,640$2,225$1,867$1,562$1,351
17 years$2,905$2,431$2,024$1,678$1,385$1,184
18 years$2,715$2,247$1,848$1,512$1,231$1,042
19 years$2,545$2,082$1,692$1,366$1,097$918
20 years$2,393$1,935$1,553$1,237$980$811
21 years$2,255$1,802$1,428$1,123$877$717
22 years$2,130$1,682$1,316$1,021$786$635
23 years$2,015$1,573$1,215$930$706$563
24 years$1,911$1,474$1,124$848$634$500
25 years$1,815$1,384$1,041$774$571$445
26 years$1,727$1,300$965$708$514$396
27 years$1,645$1,224$897$648$464$352
28 years$1,569$1,153$833$594$418$314
29 years$1,499$1,088$776$545$378$280
30 years$1,433$1,027$722$500$341$250
31 years$1,372$971$673$459$309$223
32 years$1,314$919$628$422$279$199
33 years$1,261$870$587$388$253$178
34 years$1,210$825$548$357$229$159
35 years$1,163$782$513$329$207$142
36 years$1,118$743$479$303$188$127
37 years$1,076$705$449$279$170$113
38 years$1,036$670$420$257$154$101
39 years$998$637$394$237$140$91
40 years$962$606$369$219$127$81
41 years$929$577$346$202$115$73
42 years$896$550$325$186$104$65
43 years$866$524$305$172$95$58
44 years$836$499$286$159$86$52
45 years$809$476$268$146$78$47
46 years$782$454$252$135$71$42
47 years$757$433$237$125$64$37
48 years$733$414$223$116$58$34
49 years$709$395$209$107$53$30
50 years$687$377$197$99$48$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $704,000, adding $3,329 every year, while hoping to spend $52,273 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: 71/7/22 Blend
60$704,000$704,000$704,000$704,000
61$779,242$741,930$731,018$830,100
62$803,106$722,666$699,889$845,194
63$827,653$700,707$665,965$855,220
64$852,897$675,864$629,098$864,915
65$878,851$647,941$589,131$874,239
66$905,530$616,726$545,903$883,153
67$932,946$581,998$499,243$891,610
68$961,113$543,522$448,975$899,564
69$990,043$501,051$394,912$906,964
70$1,019,748$454,322$336,861$913,756
71$1,050,236$403,059$274,620$919,882
72$1,081,518$346,967$207,978$925,279
73$1,113,603$285,737$136,715$929,882
74$1,146,495$219,043$60,600$933,619
75$1,180,201$146,540$0$936,415
76$1,214,722$67,861$0$943,030
77$1,250,061$0$0$964,030
78$1,286,214$0$0$986,483
79$1,323,177$0$0$1,014,777
80$1,360,942$0$0$1,043,679
81$1,399,497$0$0$1,073,179
82$1,438,826$0$0$1,103,265
83$1,478,910$0$0$1,133,918
84$1,519,722$0$0$1,165,119
85$1,561,230$0$0$1,196,842
86$1,603,397$0$0$1,229,056
87$1,646,177$0$0$1,261,725
88$1,689,516$0$0$1,294,807
89$1,733,352$0$0$1,328,251
90$1,777,612$0$0$1,362,000
91$1,822,211$0$0$1,395,987
92$1,867,052$0$0$1,430,135
93$1,912,025$0$0$1,464,356
94$1,957,004$0$0$1,498,551
95$2,001,843$0$0$1,532,606
96$2,046,381$0$0$1,566,392
97$2,090,432$0$0$1,599,765
98$2,133,790$0$0$1,632,560
99$2,176,219$0$0$1,664,593
100$2,217,456$0$0$1,695,657