Can I retire at age 71 with 940,000?

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 $940,000?

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$77,624$76,933$76,258$75,600$74,957$74,578
2 years$38,428$37,712$37,019$36,346$35,694$35,312
3 years$25,364$24,645$23,953$23,287$22,646$22,272
4 years$18,834$18,117$17,432$16,777$16,151$15,789
5 years$14,916$14,204$13,528$12,886$12,278$11,928
6 years$12,305$11,599$10,933$10,305$9,715$9,377
7 years$10,441$9,740$9,085$8,473$7,901$7,576
8 years$9,044$8,349$7,705$7,108$6,555$6,243
9 years$7,958$7,270$6,636$6,054$5,520$5,221
10 years$7,089$6,408$5,786$5,219$4,703$4,417
11 years$6,379$5,704$5,094$4,542$4,045$3,771
12 years$5,788$5,120$4,520$3,984$3,505$3,244
13 years$5,288$4,627$4,039$3,517$3,057$2,807
14 years$4,859$4,206$3,629$3,122$2,679$2,442
15 years$4,489$3,842$3,276$2,784$2,359$2,133
16 years$4,165$3,525$2,970$2,493$2,085$1,870
17 years$3,879$3,246$2,703$2,240$1,849$1,645
18 years$3,625$3,000$2,467$2,019$1,644$1,450
19 years$3,399$2,780$2,259$1,824$1,465$1,282
20 years$3,195$2,584$2,073$1,652$1,309$1,135
21 years$3,011$2,406$1,907$1,499$1,171$1,007
22 years$2,843$2,246$1,757$1,363$1,050$895
23 years$2,691$2,101$1,623$1,242$942$796
24 years$2,552$1,968$1,501$1,132$847$709
25 years$2,423$1,847$1,390$1,034$762$632
26 years$2,305$1,736$1,289$946$687$564
27 years$2,196$1,634$1,197$865$619$504
28 years$2,095$1,540$1,113$793$559$451
29 years$2,001$1,452$1,036$727$504$403
30 years$1,913$1,372$965$667$456$361
31 years$1,832$1,297$899$613$412$323
32 years$1,755$1,227$839$563$373$289
33 years$1,683$1,162$783$518$337$259
34 years$1,616$1,101$732$477$305$232
35 years$1,553$1,045$684$439$277$208
36 years$1,493$991$640$404$251$187
37 years$1,437$942$599$372$227$168
38 years$1,383$895$561$343$206$151
39 years$1,333$851$526$316$187$135
40 years$1,285$810$493$292$169$121
41 years$1,240$771$462$269$154$109
42 years$1,197$734$433$248$139$98
43 years$1,156$699$407$229$127$88
44 years$1,117$667$382$212$115$79
45 years$1,080$636$358$196$104$71
46 years$1,044$606$337$181$95$64
47 years$1,011$579$316$167$86$57
48 years$978$552$297$154$78$51
49 years$947$528$279$143$71$46
50 years$918$504$263$132$64$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $940,000, adding $5,305 every year, while hoping to spend $48,646 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: 43/47/10 Blend
70$940,000$940,000$940,000$940,000
71$1,041,352$991,532$976,962$1,082,895
72$1,095,811$988,358$957,931$1,109,189
73$1,154,194$983,398$936,633$1,132,323
74$1,216,851$976,514$912,939$1,156,288
75$1,284,164$967,557$886,716$1,181,181
76$1,356,553$956,372$857,826$1,207,109
77$1,434,481$942,793$826,122$1,234,194
78$1,518,453$926,645$791,452$1,262,574
79$1,609,027$907,742$753,657$1,292,405
80$1,706,813$885,887$712,570$1,323,863
81$1,812,484$860,871$668,017$1,357,145
82$1,926,778$832,475$619,817$1,392,473
83$2,050,506$800,463$567,778$1,430,099
84$2,184,562$764,590$511,702$1,470,302
85$2,329,926$724,594$451,383$1,513,396
86$2,487,677$680,197$386,603$1,559,736
87$2,659,001$631,108$317,136$1,609,715
88$2,845,205$577,018$242,745$1,663,775
89$3,047,723$517,600$163,185$1,722,411
90$3,268,136$452,507$78,196$1,786,174
91$3,508,182$381,376$0$1,855,680
92$3,769,773$303,820$0$1,932,951
93$4,055,015$219,432$0$2,026,409
94$4,366,225$127,782$0$2,128,589
95$4,705,952$28,416$0$2,240,475
96$5,077,004$0$0$2,363,160
97$5,482,471$0$0$2,538,793
98$5,925,756$0$0$2,746,985
99$6,410,604$0$0$2,974,814
100$6,941,140$0$0$3,224,232