Can I retire at age 66 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$80,927$80,207$79,503$78,817$78,147$77,719
2 years$40,063$39,317$38,594$37,893$37,213$36,781
3 years$26,443$25,694$24,973$24,278$23,609$23,188
4 years$19,635$18,888$18,174$17,491$16,838$16,429
5 years$15,551$14,808$14,104$13,435$12,800$12,405
6 years$12,829$12,092$11,398$10,744$10,128$9,748
7 years$10,886$10,155$9,472$8,833$8,237$7,871
8 years$9,429$8,705$8,033$7,410$6,833$6,482
9 years$8,296$7,579$6,919$6,312$5,755$5,418
10 years$7,391$6,680$6,032$5,441$4,903$4,581
11 years$6,650$5,947$5,310$4,735$4,217$3,909
12 years$6,034$5,338$4,713$4,153$3,654$3,360
13 years$5,513$4,824$4,211$3,667$3,187$2,906
14 years$5,066$4,385$3,783$3,255$2,793$2,526
15 years$4,680$4,006$3,416$2,903$2,460$2,205
16 years$4,342$3,675$3,097$2,599$2,174$1,932
17 years$4,044$3,385$2,818$2,335$1,927$1,698
18 years$3,779$3,128$2,572$2,105$1,714$1,496
19 years$3,543$2,899$2,355$1,902$1,528$1,322
20 years$3,331$2,693$2,161$1,722$1,364$1,169
21 years$3,139$2,509$1,988$1,563$1,221$1,037
22 years$2,964$2,342$1,832$1,421$1,094$920
23 years$2,806$2,190$1,692$1,294$982$818
24 years$2,660$2,052$1,565$1,181$883$728
25 years$2,527$1,926$1,449$1,078$795$649
26 years$2,403$1,810$1,344$986$716$579
27 years$2,290$1,703$1,248$902$645$516
28 years$2,184$1,605$1,160$827$582$461
29 years$2,086$1,514$1,080$758$526$412
30 years$1,995$1,430$1,006$696$475$369
31 years$1,910$1,352$938$639$430$330
32 years$1,830$1,279$875$587$389$295
33 years$1,755$1,211$817$540$352$264
34 years$1,685$1,148$763$497$318$237
35 years$1,619$1,089$713$457$288$212
36 years$1,556$1,034$667$421$261$190
37 years$1,498$982$625$388$237$170
38 years$1,442$933$585$358$215$153
39 years$1,390$887$548$330$195$137
40 years$1,340$844$514$304$177$123
41 years$1,293$803$482$281$160$110
42 years$1,248$765$452$259$145$99
43 years$1,205$729$424$239$132$89
44 years$1,164$695$398$221$120$80
45 years$1,126$663$374$204$109$72
46 years$1,089$632$351$188$99$64
47 years$1,054$603$330$174$90$58
48 years$1,020$576$310$161$81$52
49 years$988$550$291$149$74$47
50 years$957$525$274$137$67$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 66 starting with $980,000, adding $3,391 every year, while hoping to spend $22,320 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: 49/39/12 Blend
65$980,000$980,000$980,000$980,000
66$1,083,458$1,031,518$1,016,328$1,132,839
67$1,170,222$1,058,314$1,026,626$1,193,922
68$1,265,088$1,085,675$1,036,522$1,257,623
69$1,368,860$1,113,605$1,045,978$1,326,313
70$1,482,419$1,142,108$1,054,954$1,400,465
71$1,606,741$1,171,186$1,063,410$1,480,602
72$1,742,897$1,200,842$1,071,302$1,567,296
73$1,892,067$1,231,078$1,078,585$1,661,182
74$2,055,551$1,261,894$1,085,212$1,762,955
75$2,234,781$1,293,291$1,091,130$1,873,383
76$2,431,334$1,325,268$1,096,288$1,993,309
77$2,646,947$1,357,822$1,100,631$2,123,665
78$2,883,532$1,390,952$1,104,098$2,265,474
79$3,143,196$1,424,653$1,106,629$2,419,866
80$3,428,261$1,458,920$1,108,160$2,588,083
81$3,741,283$1,493,746$1,108,623$2,771,496
82$4,085,078$1,529,124$1,107,946$2,971,613
83$4,462,749$1,565,044$1,106,055$3,190,095
84$4,877,714$1,601,496$1,102,873$3,428,776
85$5,333,738$1,638,466$1,098,316$3,689,672
86$5,834,969$1,675,941$1,092,299$3,975,008
87$6,385,977$1,713,903$1,084,733$4,287,232
88$6,991,797$1,752,334$1,075,521$4,629,044
89$7,657,976$1,791,214$1,064,567$5,003,420
90$8,390,625$1,830,519$1,051,765$5,413,636
91$9,196,477$1,870,223$1,037,008$5,863,305
92$10,082,952$1,910,298$1,020,182$6,356,407
93$11,058,223$1,950,712$1,001,167$6,897,328
94$12,131,295$1,991,431$979,841$7,490,902
95$13,312,093$2,032,417$956,071$8,142,456
96$14,611,550$2,073,629$929,723$8,857,859
97$16,041,713$2,115,021$900,653$9,643,582
98$17,615,855$2,156,545$868,712$10,506,752
99$19,348,603$2,198,146$833,745$11,455,227
100$21,256,073$2,239,768$795,588$12,497,667