Can I retire at age 71 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.2%
1 years$85,056$84,299$83,560$82,838$82,134$81,719
2 years$42,107$41,323$40,563$39,826$39,111$38,693
3 years$27,793$27,005$26,247$25,517$24,814$24,404
4 years$20,637$19,852$19,101$18,384$17,697$17,300
5 years$16,344$15,564$14,823$14,120$13,453$13,070
6 years$13,484$12,709$11,979$11,292$10,645$10,275
7 years$11,441$10,673$9,955$9,284$8,657$8,302
8 years$9,910$9,149$8,443$7,788$7,182$6,841
9 years$8,720$7,966$7,272$6,634$6,048$5,721
10 years$7,768$7,021$6,339$5,718$5,154$4,840
11 years$6,990$6,251$5,581$4,977$4,432$4,132
12 years$6,342$5,610$4,953$4,365$3,841$3,555
13 years$5,794$5,070$4,425$3,854$3,349$3,076
14 years$5,325$4,609$3,976$3,421$2,936$2,676
15 years$4,918$4,210$3,590$3,051$2,585$2,337
16 years$4,563$3,863$3,255$2,732$2,285$2,049
17 years$4,250$3,557$2,962$2,454$2,026$1,802
18 years$3,972$3,287$2,704$2,212$1,801$1,589
19 years$3,724$3,046$2,475$1,999$1,605$1,405
20 years$3,501$2,831$2,272$1,810$1,434$1,244
21 years$3,299$2,637$2,089$1,643$1,283$1,104
22 years$3,116$2,461$1,926$1,494$1,150$980
23 years$2,949$2,302$1,778$1,360$1,033$872
24 years$2,796$2,157$1,644$1,241$928$777
25 years$2,655$2,024$1,523$1,133$835$693
26 years$2,526$1,902$1,413$1,036$752$618
27 years$2,407$1,790$1,312$948$678$552
28 years$2,296$1,687$1,219$869$612$494
29 years$2,193$1,592$1,135$797$553$442
30 years$2,097$1,503$1,057$731$499$395
31 years$2,007$1,421$985$672$451$354
32 years$1,923$1,344$919$617$408$317
33 years$1,845$1,273$858$568$370$284
34 years$1,771$1,207$802$522$335$255
35 years$1,701$1,145$750$481$303$228
36 years$1,636$1,086$701$443$275$205
37 years$1,574$1,032$657$408$249$184
38 years$1,516$981$615$376$226$165
39 years$1,461$932$576$347$205$148
40 years$1,408$887$540$320$186$133
41 years$1,359$844$506$295$168$119
42 years$1,311$804$475$272$153$107
43 years$1,266$766$446$251$139$96
44 years$1,224$730$418$232$126$86
45 years$1,183$697$393$214$114$78
46 years$1,144$664$369$198$104$70
47 years$1,107$634$347$183$94$63
48 years$1,072$605$326$169$86$56
49 years$1,038$578$306$156$78$51
50 years$1,006$552$288$144$71$46

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $1,030,000, adding $2,560 every year, while hoping to spend $55,582 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: 63/8/29 Blend
70$1,030,000$1,030,000$1,030,000$1,030,000
71$1,137,701$1,083,111$1,067,146$1,200,389
72$1,194,607$1,077,044$1,043,756$1,237,190
73$1,255,456$1,068,818$1,017,720$1,271,086
74$1,320,589$1,058,267$988,891$1,306,928
75$1,390,383$1,045,216$957,113$1,344,919
76$1,465,253$1,029,482$922,227$1,385,281
77$1,545,650$1,010,868$884,063$1,428,261
78$1,632,072$989,166$842,445$1,474,135
79$1,725,065$964,157$797,188$1,523,209
80$1,825,229$935,609$748,102$1,575,821
81$1,933,223$903,273$694,983$1,632,349
82$2,049,769$866,891$637,622$1,693,209
83$2,175,662$826,186$575,800$1,758,864
84$2,311,777$780,866$509,286$1,829,829
85$2,459,072$730,622$437,841$1,906,671
86$2,618,603$675,129$361,215$1,990,021
87$2,791,531$614,040$279,146$2,080,578
88$2,979,131$546,992$191,361$2,179,116
89$3,182,807$473,599$97,576$2,286,490
90$3,404,101$393,454$0$2,403,649
91$3,644,712$306,125$0$2,532,420
92$3,906,507$211,160$0$2,705,459
93$4,191,541$108,077$0$2,893,928
94$4,502,076$0$0$3,099,353
95$4,840,599$0$0$3,323,735
96$5,209,850$0$0$3,578,929
97$5,612,844$0$0$3,857,512
98$6,052,897$0$0$4,161,787
99$6,533,664$0$0$4,494,289
100$7,059,165$0$0$4,857,807