Can I retire at age 63 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%16.5%
1 years$80,102$79,388$78,692$78,013$77,349$75,296
2 years$39,654$38,916$38,200$37,506$36,833$34,779
3 years$26,174$25,432$24,718$24,030$23,368$21,377
4 years$19,435$18,695$17,988$17,313$16,666$14,754
5 years$15,392$14,657$13,960$13,298$12,670$10,841
6 years$12,698$11,969$11,282$10,634$10,025$8,282
7 years$10,775$10,051$9,375$8,743$8,153$6,496
8 years$9,333$8,616$7,951$7,334$6,764$5,191
9 years$8,212$7,502$6,848$6,247$5,696$4,207
10 years$7,315$6,612$5,970$5,385$4,853$3,446
11 years$6,583$5,887$5,256$4,687$4,174$2,846
12 years$5,972$5,283$4,665$4,111$3,617$2,366
13 years$5,456$4,775$4,168$3,629$3,154$1,978
14 years$5,015$4,340$3,745$3,222$2,765$1,660
15 years$4,632$3,965$3,381$2,873$2,434$1,399
16 years$4,297$3,638$3,065$2,573$2,152$1,182
17 years$4,003$3,350$2,789$2,311$1,908$1,001
18 years$3,741$3,096$2,546$2,083$1,696$849
19 years$3,507$2,869$2,331$1,882$1,512$722
20 years$3,297$2,666$2,139$1,705$1,350$615
21 years$3,107$2,483$1,968$1,547$1,209$524
22 years$2,934$2,318$1,814$1,407$1,083$447
23 years$2,777$2,168$1,674$1,281$972$382
24 years$2,633$2,031$1,549$1,168$874$326
25 years$2,501$1,906$1,434$1,067$786$279
26 years$2,379$1,792$1,330$976$708$239
27 years$2,266$1,686$1,235$893$639$204
28 years$2,162$1,589$1,148$818$576$175
29 years$2,065$1,499$1,069$750$520$150
30 years$1,975$1,415$995$689$470$129
31 years$1,890$1,338$928$632$425$110
32 years$1,811$1,266$866$581$385$94
33 years$1,737$1,199$808$535$348$81
34 years$1,668$1,136$755$492$315$69
35 years$1,602$1,078$706$453$285$60
36 years$1,541$1,023$661$417$259$51
37 years$1,482$972$618$384$234$44
38 years$1,427$923$579$354$212$38
39 years$1,375$878$542$326$193$32
40 years$1,326$835$508$301$175$28
41 years$1,279$795$477$278$159$24
42 years$1,235$757$447$256$144$20
43 years$1,193$722$420$237$131$17
44 years$1,152$688$394$219$119$15
45 years$1,114$656$370$202$108$13
46 years$1,078$626$347$186$98$11
47 years$1,043$597$326$172$89$9
48 years$1,009$570$307$159$81$8
49 years$978$544$288$147$73$7
50 years$947$520$271$136$66$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $970,000, adding $3,796 every year, while hoping to spend $52,014 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: 44/42/14 Blend
62$970,000$970,000$970,000$970,000
63$1,072,856$1,021,446$1,006,411$1,115,578
64$1,126,944$1,016,154$984,783$1,140,500
65$1,184,807$1,008,860$960,687$1,161,979
66$1,246,773$999,410$933,986$1,184,125
67$1,313,205$987,642$904,536$1,207,020
68$1,384,500$973,384$872,186$1,230,762
69$1,461,093$956,455$836,778$1,255,457
70$1,543,464$936,660$798,149$1,281,229
71$1,632,136$913,795$756,126$1,308,217
72$1,727,686$887,643$710,529$1,336,581
73$1,830,749$857,977$661,170$1,366,498
74$1,942,020$824,552$607,854$1,398,172
75$2,062,262$787,111$550,374$1,431,830
76$2,192,318$745,385$488,516$1,467,729
77$2,333,110$699,084$422,057$1,506,158
78$2,485,654$647,906$350,762$1,547,443
79$2,651,066$591,528$274,388$1,591,948
80$2,830,574$529,613$192,680$1,640,081
81$3,025,529$461,800$105,371$1,692,302
82$3,237,415$387,711$12,183$1,749,123
83$3,467,867$306,944$0$1,811,118
84$3,718,683$219,078$0$1,891,966
85$3,991,841$123,665$0$1,982,136
86$4,289,516$20,232$0$2,080,653
87$4,614,106$0$0$2,188,461
88$4,968,247$0$0$2,348,993
89$5,354,840$0$0$2,534,554
90$5,777,080$0$0$2,737,340
91$6,238,484$0$0$2,959,054
92$6,742,924$0$0$3,201,572
93$7,294,662$0$0$3,466,959
94$7,898,392$0$0$3,757,488
95$8,559,283$0$0$4,075,664
96$9,283,025$0$0$4,424,243
97$10,075,885$0$0$4,806,263
98$10,944,766$0$0$5,225,067
99$11,897,269$0$0$5,684,338
100$12,941,765$0$0$6,188,135