Can I retire at age 66 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%14.3%
1 years$80,102$79,388$78,692$78,013$77,349$75,974
2 years$39,654$38,916$38,200$37,506$36,833$35,452
3 years$26,174$25,432$24,718$24,030$23,368$22,025
4 years$19,435$18,695$17,988$17,313$16,666$15,371
5 years$15,392$14,657$13,960$13,298$12,670$11,425
6 years$12,698$11,969$11,282$10,634$10,025$8,834
7 years$10,775$10,051$9,375$8,743$8,153$7,015
8 years$9,333$8,616$7,951$7,334$6,764$5,679
9 years$8,212$7,502$6,848$6,247$5,696$4,663
10 years$7,315$6,612$5,970$5,385$4,853$3,872
11 years$6,583$5,887$5,256$4,687$4,174$3,243
12 years$5,972$5,283$4,665$4,111$3,617$2,735
13 years$5,456$4,775$4,168$3,629$3,154$2,320
14 years$5,015$4,340$3,745$3,222$2,765$1,977
15 years$4,632$3,965$3,381$2,873$2,434$1,691
16 years$4,297$3,638$3,065$2,573$2,152$1,451
17 years$4,003$3,350$2,789$2,311$1,908$1,249
18 years$3,741$3,096$2,546$2,083$1,696$1,077
19 years$3,507$2,869$2,331$1,882$1,512$931
20 years$3,297$2,666$2,139$1,705$1,350$806
21 years$3,107$2,483$1,968$1,547$1,209$698
22 years$2,934$2,318$1,814$1,407$1,083$606
23 years$2,777$2,168$1,674$1,281$972$527
24 years$2,633$2,031$1,549$1,168$874$458
25 years$2,501$1,906$1,434$1,067$786$399
26 years$2,379$1,792$1,330$976$708$347
27 years$2,266$1,686$1,235$893$639$302
28 years$2,162$1,589$1,148$818$576$264
29 years$2,065$1,499$1,069$750$520$230
30 years$1,975$1,415$995$689$470$201
31 years$1,890$1,338$928$632$425$175
32 years$1,811$1,266$866$581$385$153
33 years$1,737$1,199$808$535$348$134
34 years$1,668$1,136$755$492$315$117
35 years$1,602$1,078$706$453$285$102
36 years$1,541$1,023$661$417$259$89
37 years$1,482$972$618$384$234$78
38 years$1,427$923$579$354$212$68
39 years$1,375$878$542$326$193$60
40 years$1,326$835$508$301$175$52
41 years$1,279$795$477$278$159$45
42 years$1,235$757$447$256$144$40
43 years$1,193$722$420$237$131$35
44 years$1,152$688$394$219$119$30
45 years$1,114$656$370$202$108$27
46 years$1,078$626$347$186$98$23
47 years$1,043$597$326$172$89$20
48 years$1,009$570$307$159$81$18
49 years$978$544$288$147$73$16
50 years$947$520$271$136$66$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $970,000, adding $6,833 every year, while hoping to spend $38,730 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: 39/47/14 Blend
65$970,000$970,000$970,000$970,000
66$1,075,988$1,024,578$1,009,543$1,113,181
67$1,144,531$1,033,574$1,002,155$1,149,263
68$1,218,766$1,041,713$993,220$1,183,975
69$1,299,235$1,048,911$982,648$1,220,669
70$1,386,530$1,055,081$970,340$1,259,541
71$1,481,305$1,060,129$956,195$1,300,812
72$1,584,278$1,063,955$940,107$1,344,725
73$1,696,237$1,066,452$921,964$1,391,551
74$1,818,054$1,067,508$901,650$1,441,592
75$1,950,682$1,067,003$879,042$1,495,182
76$2,095,175$1,064,810$854,013$1,552,692
77$2,252,691$1,060,793$826,430$1,614,533
78$2,424,503$1,054,809$796,153$1,681,163
79$2,612,014$1,046,707$763,036$1,753,088
80$2,816,767$1,036,323$726,926$1,830,871
81$3,040,463$1,023,489$687,664$1,915,133
82$3,284,972$1,008,022$645,082$2,006,566
83$3,552,354$989,730$599,007$2,105,936
84$3,844,877$968,409$549,257$2,214,090
85$4,165,038$943,845$495,640$2,331,969
86$4,515,587$915,808$437,959$2,460,612
87$4,899,551$884,057$376,006$2,601,173
88$5,320,267$848,338$309,563$2,754,926
89$5,781,406$808,378$238,405$2,923,285
90$6,287,013$763,892$162,295$3,107,813
91$6,841,542$714,577$80,986$3,310,239
92$7,449,901$660,113$0$3,532,478
93$8,117,495$600,162$0$3,777,510
94$8,850,275$534,366$0$4,059,781
95$9,654,800$462,347$0$4,369,811
96$10,538,294$383,705$0$4,710,507
97$11,508,712$298,020$0$5,085,082
98$12,574,823$204,844$0$5,497,082
99$13,746,281$103,708$0$5,950,426
100$15,033,726$0$0$6,449,441