Can I retire at age 63 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$80,184$79,470$78,773$78,093$77,429$74,741
2 years$39,695$38,956$38,239$37,545$36,871$34,191
3 years$26,201$25,458$24,743$24,055$23,392$20,804
4 years$19,455$18,714$18,007$17,330$16,684$14,207
5 years$15,408$14,672$13,974$13,311$12,683$10,324
6 years$12,711$11,981$11,293$10,645$10,035$7,797
7 years$10,786$10,062$9,385$8,752$8,161$6,043
8 years$9,342$8,625$7,959$7,342$6,771$4,770
9 years$8,220$7,509$6,855$6,254$5,702$3,816
10 years$7,323$6,619$5,976$5,391$4,858$3,085
11 years$6,589$5,893$5,261$4,692$4,178$2,514
12 years$5,979$5,289$4,669$4,115$3,621$2,061
13 years$5,462$4,780$4,172$3,633$3,157$1,698
14 years$5,020$4,345$3,748$3,225$2,768$1,405
15 years$4,637$3,969$3,384$2,876$2,437$1,166
16 years$4,302$3,641$3,068$2,575$2,154$971
17 years$4,007$3,354$2,792$2,314$1,910$809
18 years$3,745$3,099$2,549$2,085$1,698$676
19 years$3,511$2,872$2,333$1,884$1,513$566
20 years$3,300$2,669$2,141$1,707$1,352$474
21 years$3,110$2,486$1,970$1,549$1,210$398
22 years$2,937$2,320$1,815$1,408$1,084$334
23 years$2,780$2,170$1,676$1,282$973$280
24 years$2,636$2,033$1,550$1,170$875$236
25 years$2,503$1,908$1,436$1,068$787$198
26 years$2,381$1,793$1,332$977$709$167
27 years$2,269$1,688$1,237$894$639$140
28 years$2,164$1,590$1,150$819$577$118
29 years$2,067$1,500$1,070$751$521$99
30 years$1,977$1,417$996$689$471$84
31 years$1,892$1,339$929$633$426$71
32 years$1,813$1,267$867$582$385$59
33 years$1,739$1,200$809$535$348$50
34 years$1,669$1,138$756$492$315$42
35 years$1,604$1,079$707$453$286$36
36 years$1,542$1,024$661$417$259$30
37 years$1,484$973$619$385$235$25
38 years$1,429$924$580$354$213$21
39 years$1,377$879$543$327$193$18
40 years$1,328$836$509$301$175$15
41 years$1,281$796$477$278$159$13
42 years$1,236$758$448$257$144$11
43 years$1,194$722$420$237$131$9
44 years$1,154$689$394$219$119$8
45 years$1,115$657$370$202$108$6
46 years$1,079$626$348$187$98$5
47 years$1,044$598$327$172$89$5
48 years$1,010$571$307$159$81$4
49 years$979$545$289$147$73$3
50 years$948$521$271$136$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $971,000, adding $6,921 every year, while hoping to spend $58,028 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: 32/40/28 Blend
62$971,000$971,000$971,000$971,000
63$1,077,181$1,025,718$1,010,668$1,102,275
64$1,125,312$1,014,237$982,784$1,110,606
65$1,176,408$1,000,248$952,021$1,113,973
66$1,230,709$983,568$918,221$1,116,465
67$1,288,480$964,001$881,220$1,118,047
68$1,350,009$941,341$840,845$1,118,684
69$1,415,612$915,369$796,915$1,118,344
70$1,485,635$885,853$749,243$1,116,997
71$1,560,458$852,549$697,631$1,114,617
72$1,640,497$815,196$641,873$1,111,182
73$1,726,207$773,520$581,756$1,106,677
74$1,818,089$727,231$517,053$1,101,090
75$1,916,691$676,021$447,531$1,094,418
76$2,022,614$619,567$372,944$1,086,667
77$2,136,520$557,525$293,037$1,077,852
78$2,259,133$489,532$207,542$1,068,000
79$2,391,251$415,206$116,181$1,057,149
80$2,533,748$334,140$18,662$1,045,355
81$2,687,585$245,908$0$1,032,689
82$2,853,818$150,057$0$1,044,759
83$3,033,609$46,111$0$1,063,770
84$3,228,232$0$0$1,084,380
85$3,439,090$0$0$1,136,099
86$3,667,726$0$0$1,214,311
87$3,915,834$0$0$1,299,313
88$4,185,281$0$0$1,391,761
89$4,478,117$0$0$1,492,377
90$4,796,600$0$0$1,601,953
91$5,143,212$0$0$1,721,362
92$5,520,685$0$0$1,851,565
93$5,932,026$0$0$1,993,620
94$6,380,542$0$0$2,148,690
95$6,869,876$0$0$2,318,057
96$7,404,035$0$0$2,503,130
97$7,987,432$0$0$2,705,462
98$8,624,923$0$0$2,926,763
99$9,321,856$0$0$3,168,916
100$10,084,117$0$0$3,433,991