Can I retire at age 71 with 992,000?

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 $992,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.1%
1 years$81,918$81,189$80,477$79,782$79,103$78,083
2 years$40,554$39,798$39,066$38,357$37,668$36,641
3 years$26,767$26,009$25,279$24,576$23,898$22,897
4 years$19,875$19,119$18,396$17,705$17,044$16,077
5 years$15,741$14,990$14,276$13,599$12,957$12,025
6 years$12,986$12,240$11,537$10,876$10,252$9,358
7 years$11,019$10,279$9,588$8,941$8,338$7,481
8 years$9,544$8,811$8,131$7,501$6,917$6,098
9 years$8,398$7,672$7,003$6,389$5,825$5,044
10 years$7,481$6,762$6,106$5,507$4,963$4,219
11 years$6,732$6,020$5,375$4,793$4,269$3,560
12 years$6,108$5,403$4,770$4,204$3,699$3,026
13 years$5,580$4,883$4,262$3,712$3,226$2,587
14 years$5,128$4,439$3,829$3,295$2,828$2,222
15 years$4,737$4,055$3,458$2,938$2,490$1,916
16 years$4,395$3,720$3,135$2,631$2,200$1,658
17 years$4,093$3,426$2,852$2,364$1,951$1,439
18 years$3,826$3,166$2,604$2,130$1,735$1,252
19 years$3,587$2,934$2,384$1,925$1,546$1,092
20 years$3,371$2,726$2,188$1,743$1,381$953
21 years$3,177$2,540$2,012$1,582$1,236$834
22 years$3,001$2,371$1,855$1,439$1,108$730
23 years$2,840$2,217$1,712$1,310$994$641
24 years$2,693$2,077$1,584$1,195$894$562
25 years$2,558$1,950$1,467$1,091$804$494
26 years$2,433$1,832$1,360$998$725$434
27 years$2,318$1,724$1,263$913$653$382
28 years$2,211$1,625$1,174$837$589$336
29 years$2,112$1,533$1,093$767$532$296
30 years$2,019$1,448$1,018$704$481$261
31 years$1,933$1,368$949$647$435$230
32 years$1,852$1,295$885$594$393$203
33 years$1,777$1,226$827$547$356$179
34 years$1,705$1,162$772$503$322$158
35 years$1,639$1,102$722$463$292$139
36 years$1,576$1,046$676$426$264$123
37 years$1,516$994$632$393$240$109
38 years$1,460$944$592$362$217$96
39 years$1,407$898$555$334$197$85
40 years$1,356$854$520$308$179$75
41 years$1,308$813$488$284$162$66
42 years$1,263$775$457$262$147$58
43 years$1,220$738$429$242$134$52
44 years$1,179$703$403$224$121$46
45 years$1,139$671$378$206$110$40
46 years$1,102$640$355$191$100$36
47 years$1,066$611$334$176$91$32
48 years$1,032$583$314$163$82$28
49 years$1,000$557$295$150$75$25
50 years$969$532$277$139$68$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $992,000, adding $4,698 every year, while hoping to spend $31,538 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: 60/26/14 Blend
70$992,000$992,000$992,000$992,000
71$1,098,030$1,045,454$1,030,078$1,159,815
72$1,176,473$1,063,125$1,031,029$1,219,659
73$1,261,860$1,080,605$1,030,956$1,280,957
74$1,354,866$1,097,851$1,029,789$1,347,073
75$1,456,234$1,114,818$1,027,459$1,418,476
76$1,566,782$1,131,455$1,023,891$1,495,683
77$1,687,409$1,147,712$1,019,006$1,579,263
78$1,819,105$1,163,530$1,012,723$1,669,843
79$1,962,961$1,178,851$1,004,957$1,768,115
80$2,120,178$1,193,609$995,618$1,874,844
81$2,292,075$1,207,735$984,610$1,990,869
82$2,480,109$1,221,157$971,837$2,117,120
83$2,685,881$1,233,794$957,194$2,254,618
84$2,911,155$1,245,564$940,574$2,404,491
85$3,157,874$1,256,377$921,864$2,567,984
86$3,428,175$1,266,138$900,945$2,746,467
87$3,724,416$1,274,746$877,694$2,941,453
88$4,049,190$1,282,092$851,980$3,154,609
89$4,405,355$1,288,062$823,669$3,387,774
90$4,796,058$1,292,534$792,618$3,642,974
91$5,224,765$1,295,377$758,681$3,922,446
92$5,695,295$1,296,455$721,700$4,228,653
93$6,211,854$1,295,620$681,516$4,564,314
94$6,779,074$1,292,716$637,958$4,932,425
95$7,402,059$1,287,579$590,849$5,336,290
96$8,086,432$1,280,033$540,005$5,779,553
97$8,838,386$1,269,892$485,233$6,266,228
98$9,664,743$1,256,959$426,331$6,800,747
99$10,573,022$1,241,025$363,088$7,387,990
100$11,571,503$1,221,868$295,284$8,033,343