diff --git a/README.md b/README.md
index 7e75d5e630..528a0b894c 100644
--- a/README.md
+++ b/README.md
@@ -195,8 +195,8 @@ with an error, or an error will be thrown if no callback is specified.
 reconnection (delay) almost doubles. This delay normally grows infinitely, but setting `retry_max_delay` limits delay
 to maximum value, provided in milliseconds.
 * `connect_timeout` defaults to `86400000`. Setting `connect_timeout` limits total time for client to reconnect.
-Value is provided in milliseconds and is counted once the disconnect occured. The last retry is going to happen once after the connect_timeout value is exceeded.
-That way the default is to try reconnecting until at least 24h passed.
+Value is provided in milliseconds and is counted once the disconnect occured. The last retry is going to happen exactly at the timeout time.
+That way the default is to try reconnecting until 24h passed.
 * `max_attempts` defaults to `null`. By default client will try reconnecting until connected. Setting `max_attempts`
 limits total amount of reconnects. Setting this to 0 will prevent any reconnect tries.
 * `auth_pass` defaults to `null`. By default client will try connecting without auth. If set, client will run redis auth command on connect.
diff --git a/index.js b/index.js
index db6ca5154a..e20577a684 100644
--- a/index.js
+++ b/index.js
@@ -423,7 +423,7 @@ RedisClient.prototype.connection_gone = function (why) {
         return;
     }
 
-    if (this.retry_totaltime > this.connect_timeout) {
+    if (this.retry_totaltime >= this.connect_timeout) {
         this.emit('error', new Error("Redis connection in broken state: connection timeout exceeded."));
         return;
     }
@@ -459,11 +459,12 @@ RedisClient.prototype.connection_gone = function (why) {
         return;
     }
 
-    var nextDelay = Math.floor(this.retry_delay * this.retry_backoff);
-    if (this.retry_max_delay !== null && nextDelay > this.retry_max_delay) {
+    this.retry_delay = Math.floor(this.retry_delay * this.retry_backoff);
+    if (this.retry_max_delay !== null && this.retry_delay > this.retry_max_delay) {
         this.retry_delay = this.retry_max_delay;
-    } else {
-        this.retry_delay = nextDelay;
+    } else if (this.retry_totaltime + this.retry_delay > this.connect_timeout) {
+        // Do not exceed the maximum
+        this.retry_delay = this.connect_timeout - this.retry_totaltime;
     }
 
     debug("Retry connection in " + this.retry_delay + " ms");
diff --git a/test/connection.spec.js b/test/connection.spec.js
index af48d2f9d6..d76a059941 100644
--- a/test/connection.spec.js
+++ b/test/connection.spec.js
@@ -45,7 +45,6 @@ describe("on lost connection", function () {
                     connect_timeout: connect_timeout
                 });
                 var time = 0;
-                var multiplier = 0;
 
                 client.once('ready', function() {
                     // Pretend that redis can't reconnect
@@ -54,17 +53,13 @@ describe("on lost connection", function () {
                 });
 
                 client.on("reconnecting", function (params) {
-                    if (time > 0 && multiplier === 0) {
-                        multiplier = params.delay / time;
-                    }
                     time += params.delay;
                 });
 
                 client.on('error', function(err) {
                     if (/Redis connection in broken state: connection timeout.*?exceeded./.test(err.message)) {
                         setTimeout(function () {
-                            assert(time > connect_timeout);
-                            assert(time / multiplier < connect_timeout);
+                            assert(time === connect_timeout);
                             done();
                         }, 1500);
                     }