Can I retire at age 60 with 1,010,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,010,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$83,405$82,662$81,937$81,230$80,539$79,010
2 years$41,290$40,521$39,775$39,053$38,352$36,817
3 years$27,253$26,481$25,737$25,021$24,332$22,840
4 years$20,236$19,466$18,730$18,027$17,354$15,915
5 years$16,027$15,262$14,535$13,846$13,192$11,812
6 years$13,222$12,462$11,747$11,073$10,438$9,117
7 years$11,219$10,466$9,762$9,104$8,489$7,228
8 years$9,717$8,971$8,279$7,637$7,043$5,841
9 years$8,550$7,811$7,130$6,505$5,931$4,788
10 years$7,617$6,885$6,216$5,607$5,053$3,968
11 years$6,854$6,129$5,473$4,880$4,346$3,317
12 years$6,219$5,501$4,857$4,280$3,766$2,792
13 years$5,681$4,972$4,339$3,779$3,284$2,364
14 years$5,221$4,519$3,899$3,355$2,879$2,010
15 years$4,823$4,128$3,520$2,992$2,535$1,716
16 years$4,475$3,788$3,192$2,679$2,240$1,469
17 years$4,168$3,488$2,904$2,407$1,986$1,262
18 years$3,895$3,223$2,651$2,169$1,766$1,086
19 years$3,652$2,987$2,427$1,960$1,574$936
20 years$3,433$2,776$2,227$1,775$1,406$809
21 years$3,235$2,586$2,049$1,611$1,258$699
22 years$3,055$2,414$1,888$1,465$1,128$606
23 years$2,891$2,257$1,743$1,334$1,013$525
24 years$2,742$2,115$1,612$1,217$910$455
25 years$2,604$1,985$1,493$1,111$819$395
26 years$2,477$1,865$1,385$1,016$738$344
27 years$2,360$1,756$1,286$930$665$299
28 years$2,251$1,654$1,196$852$600$260
29 years$2,150$1,561$1,113$781$542$226
30 years$2,056$1,474$1,036$717$490$197
31 years$1,968$1,393$966$659$443$171
32 years$1,886$1,318$901$605$400$149
33 years$1,809$1,248$842$557$362$130
34 years$1,736$1,183$786$512$328$113
35 years$1,668$1,122$735$471$297$99
36 years$1,604$1,065$688$434$269$86
37 years$1,544$1,012$644$400$244$75
38 years$1,486$962$603$369$221$65
39 years$1,432$914$565$340$201$57
40 years$1,381$870$529$314$182$50
41 years$1,332$828$496$289$165$43
42 years$1,286$789$466$267$150$38
43 years$1,242$751$437$246$136$33
44 years$1,200$716$410$228$123$29
45 years$1,160$683$385$210$112$25
46 years$1,122$652$362$194$102$22
47 years$1,086$622$340$179$92$19
48 years$1,051$594$319$166$84$17
49 years$1,018$567$300$153$76$15
50 years$986$541$282$142$69$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,010,000, adding $3,597 every year, while hoping to spend $46,509 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: 62/10/28 Blend
59$1,010,000$1,010,000$1,010,000$1,010,000
60$1,116,730$1,063,200$1,047,545$1,177,376
61$1,181,152$1,065,812$1,033,153$1,221,624
62$1,250,585$1,066,993$1,016,719$1,264,552
63$1,325,493$1,066,623$998,128$1,310,438
64$1,406,383$1,064,578$977,255$1,359,579
65$1,493,813$1,060,721$953,971$1,412,305
66$1,588,396$1,054,910$928,144$1,468,981
67$1,690,806$1,046,995$899,630$1,530,012
68$1,801,784$1,036,814$868,284$1,595,843
69$1,922,146$1,024,197$833,951$1,666,970
70$2,052,786$1,008,964$796,470$1,743,940
71$2,194,692$990,925$755,673$1,827,357
72$2,348,946$969,876$711,384$1,917,890
73$2,516,741$945,603$663,418$2,016,278
74$2,699,390$917,879$611,584$2,123,338
75$2,898,337$886,463$555,681$2,239,974
76$3,115,169$851,102$495,498$2,367,185
77$3,351,637$811,526$430,818$2,506,072
78$3,609,663$767,451$361,410$2,657,856
79$3,891,368$718,575$287,036$2,823,883
80$4,199,082$664,580$207,446$3,005,641
81$4,535,373$605,129$122,380$3,204,774
82$4,903,067$539,866$31,566$3,423,096
83$5,305,277$468,416$0$3,662,613
84$5,745,427$390,381$0$3,945,062
85$6,227,292$305,341$0$4,264,696
86$6,755,026$212,853$0$4,614,868
87$7,333,204$112,448$0$4,998,653
88$7,966,865$3,632$0$5,419,441
89$8,661,558$0$0$5,880,968
90$9,423,395$0$0$6,399,909
91$10,259,108$0$0$6,969,688
92$11,176,111$0$0$7,594,969
93$12,182,571$0$0$8,281,332
94$13,287,485$0$0$9,034,921
95$14,500,763$0$0$9,862,507
96$15,833,320$0$0$10,771,546
97$17,297,182$0$0$11,770,253
98$18,905,598$0$0$12,867,679
99$20,673,162$0$0$14,073,794
100$22,615,951$0$0$15,399,581