Can I retire at age 64 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%17%
1 years$84,231$83,480$82,748$82,034$81,336$79,018
2 years$41,698$40,922$40,169$39,439$38,732$36,414
3 years$27,523$26,743$25,992$25,269$24,573$22,328
4 years$20,436$19,659$18,916$18,205$17,526$15,372
5 years$16,186$15,413$14,679$13,983$13,323$11,265
6 years$13,353$12,586$11,863$11,182$10,542$8,582
7 years$11,330$10,569$9,858$9,194$8,573$6,712
8 years$9,814$9,060$8,361$7,712$7,112$5,349
9 years$8,635$7,888$7,201$6,569$5,990$4,322
10 years$7,692$6,953$6,278$5,663$5,103$3,529
11 years$6,922$6,190$5,527$4,928$4,389$2,905
12 years$6,280$5,556$4,905$4,323$3,804$2,407
13 years$5,738$5,021$4,382$3,816$3,317$2,005
14 years$5,273$4,564$3,938$3,388$2,907$1,678
15 years$4,871$4,169$3,555$3,021$2,560$1,408
16 years$4,519$3,825$3,223$2,705$2,262$1,186
17 years$4,209$3,523$2,933$2,431$2,006$1,000
18 years$3,934$3,255$2,677$2,190$1,784$846
19 years$3,688$3,017$2,451$1,979$1,590$716
20 years$3,467$2,803$2,249$1,793$1,420$608
21 years$3,267$2,611$2,069$1,627$1,271$516
22 years$3,085$2,438$1,907$1,479$1,139$439
23 years$2,920$2,280$1,761$1,347$1,023$373
24 years$2,769$2,136$1,628$1,229$919$318
25 years$2,630$2,005$1,508$1,122$827$271
26 years$2,502$1,884$1,399$1,026$745$231
27 years$2,383$1,773$1,299$939$672$197
28 years$2,273$1,671$1,208$860$606$168
29 years$2,171$1,576$1,124$789$547$143
30 years$2,076$1,488$1,047$724$494$122
31 years$1,988$1,407$976$665$447$104
32 years$1,905$1,331$910$611$404$89
33 years$1,827$1,261$850$562$366$76
34 years$1,754$1,195$794$517$331$65
35 years$1,685$1,133$743$476$300$55
36 years$1,620$1,076$695$438$272$47
37 years$1,559$1,022$650$404$246$40
38 years$1,501$971$609$372$223$35
39 years$1,446$923$570$343$203$30
40 years$1,395$879$535$317$184$25
41 years$1,345$836$501$292$167$22
42 years$1,299$796$470$270$151$18
43 years$1,254$759$441$249$137$16
44 years$1,212$723$414$230$125$13
45 years$1,172$690$389$212$113$11
46 years$1,133$658$365$196$103$10
47 years$1,097$628$343$181$93$8
48 years$1,061$599$323$167$85$7
49 years$1,028$572$303$155$77$6
50 years$996$547$285$143$70$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $1,020,000, adding $6,519 every year, while hoping to spend $20,889 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: 41/29/30 Blend
63$1,020,000$1,020,000$1,020,000$1,020,000
64$1,130,764$1,076,704$1,060,894$1,166,932
65$1,223,877$1,107,237$1,074,209$1,224,332
66$1,325,786$1,138,566$1,087,269$1,284,002
67$1,437,368$1,170,708$1,100,044$1,348,204
68$1,559,587$1,203,679$1,112,503$1,417,367
69$1,693,504$1,237,498$1,124,610$1,491,966
70$1,840,287$1,272,182$1,136,331$1,572,523
71$2,001,225$1,307,747$1,147,627$1,659,614
72$2,177,735$1,344,212$1,158,457$1,753,872
73$2,371,379$1,381,594$1,168,781$1,855,994
74$2,583,878$1,419,910$1,178,553$1,966,751
75$2,817,127$1,459,179$1,187,727$2,086,988
76$3,073,211$1,499,416$1,196,254$2,217,640
77$3,354,432$1,540,641$1,204,082$2,359,734
78$3,663,322$1,582,870$1,211,156$2,514,404
79$4,002,670$1,626,120$1,217,420$2,682,896
80$4,375,551$1,670,409$1,222,812$2,866,588
81$4,785,351$1,715,753$1,227,270$3,066,994
82$5,235,801$1,762,169$1,230,728$3,285,785
83$5,731,011$1,809,673$1,233,115$3,524,800
84$6,275,509$1,858,281$1,234,359$3,786,069
85$6,874,283$1,908,009$1,234,382$4,071,825
86$7,532,830$1,958,872$1,233,105$4,384,533
87$8,257,207$2,010,885$1,230,441$4,726,906
88$9,054,084$2,064,061$1,226,304$5,101,937
89$9,930,815$2,118,414$1,220,599$5,512,922
90$10,895,498$2,173,956$1,213,229$5,963,494
91$11,957,058$2,230,700$1,204,092$6,457,657
92$13,125,330$2,288,656$1,193,081$6,999,826
93$14,411,148$2,347,834$1,180,083$7,594,864
94$15,826,451$2,408,244$1,164,982$8,248,132
95$17,384,394$2,469,893$1,147,654$8,965,537
96$19,099,472$2,532,787$1,127,970$9,753,591
97$20,987,657$2,596,932$1,105,795$10,619,470
98$23,066,548$2,662,332$1,080,989$11,571,083
99$25,355,537$2,728,988$1,053,404$12,617,148
100$27,875,994$2,796,900$1,022,885$13,767,271