Can I retire at age 61 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%13.9%
1 years$81,588$80,861$80,152$79,460$78,785$77,511
2 years$40,390$39,638$38,909$38,202$37,516$36,237
3 years$26,659$25,904$25,177$24,476$23,802$22,556
4 years$19,795$19,042$18,322$17,634$16,976$15,774
5 years$15,678$14,929$14,219$13,545$12,905$11,749
6 years$12,934$12,191$11,491$10,832$10,211$9,104
7 years$10,975$10,238$9,549$8,905$8,304$7,246
8 years$9,506$8,776$8,098$7,470$6,889$5,879
9 years$8,364$7,641$6,975$6,363$5,802$4,839
10 years$7,451$6,735$6,081$5,485$4,943$4,028
11 years$6,705$5,996$5,354$4,774$4,251$3,382
12 years$6,083$5,382$4,751$4,187$3,684$2,860
13 years$5,558$4,863$4,245$3,697$3,213$2,432
14 years$5,108$4,421$3,814$3,281$2,816$2,078
15 years$4,718$4,038$3,444$2,926$2,480$1,782
16 years$4,377$3,705$3,122$2,620$2,192$1,534
17 years$4,077$3,412$2,841$2,354$1,943$1,324
18 years$3,810$3,153$2,593$2,122$1,728$1,145
19 years$3,572$2,922$2,374$1,917$1,540$992
20 years$3,358$2,715$2,179$1,736$1,376$862
21 years$3,164$2,529$2,004$1,576$1,231$749
22 years$2,989$2,361$1,847$1,433$1,103$652
23 years$2,829$2,208$1,706$1,305$990$568
24 years$2,682$2,069$1,577$1,190$890$496
25 years$2,547$1,942$1,461$1,087$801$433
26 years$2,423$1,825$1,355$994$722$378
27 years$2,308$1,717$1,258$910$651$331
28 years$2,202$1,618$1,170$833$587$289
29 years$2,103$1,527$1,088$764$530$253
30 years$2,011$1,442$1,014$701$479$222
31 years$1,925$1,363$945$644$433$194
32 years$1,845$1,290$882$592$392$170
33 years$1,769$1,221$823$544$354$149
34 years$1,699$1,158$769$501$321$131
35 years$1,632$1,098$719$461$291$114
36 years$1,569$1,042$673$425$263$100
37 years$1,510$990$630$391$239$88
38 years$1,454$941$590$361$216$77
39 years$1,401$894$553$333$196$68
40 years$1,351$851$518$307$178$59
41 years$1,303$810$486$283$161$52
42 years$1,258$771$456$261$147$46
43 years$1,215$735$427$241$133$40
44 years$1,174$701$401$223$121$35
45 years$1,135$668$377$206$110$31
46 years$1,098$637$354$190$100$27
47 years$1,062$608$332$175$90$24
48 years$1,028$581$312$162$82$21
49 years$996$554$294$150$75$18
50 years$965$530$276$138$68$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $988,000, adding $3,993 every year, while hoping to spend $39,379 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: 88/7/5 Blend
60$988,000$988,000$988,000$988,000
61$1,092,895$1,040,531$1,025,217$1,188,839
62$1,162,471$1,049,618$1,017,663$1,260,954
63$1,237,824$1,057,830$1,008,536$1,334,285
64$1,319,502$1,065,084$997,741$1,413,597
65$1,408,107$1,071,289$985,181$1,499,462
66$1,504,301$1,076,349$970,752$1,592,511
67$1,608,813$1,080,163$954,345$1,693,436
68$1,722,443$1,082,622$935,847$1,803,001
69$1,846,075$1,083,613$915,140$1,922,047
70$1,980,676$1,083,012$892,099$2,051,499
71$2,127,316$1,080,690$866,595$2,192,377
72$2,287,168$1,076,510$838,492$2,345,801
73$2,461,525$1,070,325$807,648$2,513,009
74$2,651,811$1,061,981$773,914$2,695,360
75$2,859,590$1,051,313$737,135$2,894,354
76$3,086,588$1,038,147$697,148$3,111,642
77$3,334,702$1,022,298$653,785$3,349,042
78$3,606,022$1,003,571$606,868$3,608,557
79$3,902,850$981,759$556,210$3,892,394
80$4,227,717$956,642$501,620$4,202,984
81$4,583,414$927,988$442,895$4,543,006
82$4,973,013$895,550$379,822$4,915,408
83$5,399,898$859,069$312,183$5,323,442
84$5,867,792$818,269$239,747$5,770,689
85$6,380,802$772,858$162,273$6,261,094
86$6,943,444$722,529$79,510$6,799,005
87$7,560,698$666,955$0$7,389,213
88$8,238,046$605,793$0$8,037,464
89$8,981,527$538,677$0$8,753,662
90$9,797,794$465,224$0$9,539,983
91$10,694,176$385,026$0$10,403,505
92$11,678,743$297,654$0$11,352,023
93$12,760,391$202,655$0$12,394,130
94$13,948,914$99,548$0$13,539,291
95$15,255,106$0$0$14,797,934
96$16,690,857$0$0$16,182,489
97$18,269,266$0$0$17,713,052
98$20,004,765$0$0$19,395,951
99$21,913,254$0$0$21,246,605
100$24,012,251$0$0$23,282,003