Can I retire at age 60 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%20%
1 years$84,231$83,480$82,748$82,034$81,336$78,078
2 years$41,698$40,922$40,169$39,439$38,732$35,490
3 years$27,523$26,743$25,992$25,269$24,573$21,450
4 years$20,436$19,659$18,916$18,205$17,526$14,545
5 years$16,186$15,413$14,679$13,983$13,323$10,492
6 years$13,353$12,586$11,863$11,182$10,542$7,863
7 years$11,330$10,569$9,858$9,194$8,573$6,045
8 years$9,814$9,060$8,361$7,712$7,112$4,732
9 years$8,635$7,888$7,201$6,569$5,990$3,754
10 years$7,692$6,953$6,278$5,663$5,103$3,008
11 years$6,922$6,190$5,527$4,928$4,389$2,429
12 years$6,280$5,556$4,905$4,323$3,804$1,973
13 years$5,738$5,021$4,382$3,816$3,317$1,610
14 years$5,273$4,564$3,938$3,388$2,907$1,319
15 years$4,871$4,169$3,555$3,021$2,560$1,084
16 years$4,519$3,825$3,223$2,705$2,262$893
17 years$4,209$3,523$2,933$2,431$2,006$737
18 years$3,934$3,255$2,677$2,190$1,784$609
19 years$3,688$3,017$2,451$1,979$1,590$505
20 years$3,467$2,803$2,249$1,793$1,420$418
21 years$3,267$2,611$2,069$1,627$1,271$347
22 years$3,085$2,438$1,907$1,479$1,139$288
23 years$2,920$2,280$1,761$1,347$1,023$239
24 years$2,769$2,136$1,628$1,229$919$199
25 years$2,630$2,005$1,508$1,122$827$165
26 years$2,502$1,884$1,399$1,026$745$138
27 years$2,383$1,773$1,299$939$672$115
28 years$2,273$1,671$1,208$860$606$95
29 years$2,171$1,576$1,124$789$547$79
30 years$2,076$1,488$1,047$724$494$66
31 years$1,988$1,407$976$665$447$55
32 years$1,905$1,331$910$611$404$46
33 years$1,827$1,261$850$562$366$38
34 years$1,754$1,195$794$517$331$32
35 years$1,685$1,133$743$476$300$26
36 years$1,620$1,076$695$438$272$22
37 years$1,559$1,022$650$404$246$18
38 years$1,501$971$609$372$223$15
39 years$1,446$923$570$343$203$13
40 years$1,395$879$535$317$184$11
41 years$1,345$836$501$292$167$9
42 years$1,299$796$470$270$151$7
43 years$1,254$759$441$249$137$6
44 years$1,212$723$414$230$125$5
45 years$1,172$690$389$212$113$4
46 years$1,133$658$365$196$103$4
47 years$1,097$628$343$181$93$3
48 years$1,061$599$323$167$85$2
49 years$1,028$572$303$155$77$2
50 years$996$547$285$143$70$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,020,000, adding $6,501 every year, while hoping to spend $21,992 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: 22/49/29 Blend
59$1,020,000$1,020,000$1,020,000$1,020,000
60$1,130,746$1,076,686$1,060,876$1,145,149
61$1,222,683$1,106,044$1,073,016$1,187,858
62$1,323,260$1,136,104$1,084,825$1,231,274
63$1,433,336$1,166,876$1,096,270$1,277,251
64$1,553,855$1,198,372$1,107,315$1,326,013
65$1,685,858$1,230,603$1,117,920$1,377,807
66$1,830,491$1,263,578$1,128,046$1,432,903
67$1,989,016$1,297,308$1,137,650$1,491,600
68$2,162,823$1,331,803$1,146,689$1,554,228
69$2,353,443$1,367,073$1,155,114$1,621,147
70$2,562,560$1,403,126$1,162,877$1,692,757
71$2,792,034$1,439,972$1,169,926$1,769,497
72$3,043,909$1,477,618$1,176,205$1,851,850
73$3,320,438$1,516,071$1,181,659$1,940,350
74$3,624,103$1,555,340$1,186,225$2,035,584
75$3,957,640$1,595,429$1,189,842$2,138,199
76$4,324,059$1,636,346$1,192,442$2,248,908
77$4,726,680$1,678,093$1,193,955$2,368,498
78$5,169,157$1,720,675$1,194,308$2,497,833
79$5,655,518$1,764,095$1,193,424$2,637,870
80$6,190,199$1,808,355$1,191,223$2,789,661
81$6,778,090$1,853,454$1,187,619$2,954,365
82$7,424,574$1,899,393$1,182,524$3,133,262
83$8,135,587$1,946,169$1,175,844$3,327,760
84$8,917,664$1,993,779$1,167,483$3,539,415
85$9,778,009$2,042,218$1,157,337$3,769,938
86$10,724,558$2,091,478$1,145,299$4,021,219
87$11,766,054$2,141,552$1,131,258$4,295,340
88$12,912,132$2,192,428$1,115,096$4,594,595
89$14,173,408$2,244,095$1,096,689$4,921,514
90$15,561,576$2,296,536$1,075,909$5,278,888
91$17,089,526$2,349,736$1,052,621$5,669,791
92$18,771,458$2,403,673$1,026,684$6,097,614
93$20,623,019$2,458,326$997,951$6,566,095
94$22,661,451$2,513,668$966,266$7,079,354
95$24,905,752$2,569,670$931,469$7,641,934
96$27,376,856$2,626,301$893,390$8,258,844
97$30,097,830$2,683,525$851,853$8,935,603
98$33,094,092$2,741,301$806,674$9,678,300
99$36,393,651$2,799,586$757,659$10,493,644
100$40,027,369$2,858,332$704,606$11,389,033