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

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 $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%13.6%
1 years$84,231$83,480$82,748$82,034$81,336$80,121
2 years$41,698$40,922$40,169$39,439$38,732$37,510
3 years$27,523$26,743$25,992$25,269$24,573$23,383
4 years$20,436$19,659$18,916$18,205$17,526$16,376
5 years$16,186$15,413$14,679$13,983$13,323$12,217
6 years$13,353$12,586$11,863$11,182$10,542$9,482
7 years$11,330$10,569$9,858$9,194$8,573$7,559
8 years$9,814$9,060$8,361$7,712$7,112$6,144
9 years$8,635$7,888$7,201$6,569$5,990$5,066
10 years$7,692$6,953$6,278$5,663$5,103$4,225
11 years$6,922$6,190$5,527$4,928$4,389$3,554
12 years$6,280$5,556$4,905$4,323$3,804$3,011
13 years$5,738$5,021$4,382$3,816$3,317$2,566
14 years$5,273$4,564$3,938$3,388$2,907$2,197
15 years$4,871$4,169$3,555$3,021$2,560$1,888
16 years$4,519$3,825$3,223$2,705$2,262$1,628
17 years$4,209$3,523$2,933$2,431$2,006$1,408
18 years$3,934$3,255$2,677$2,190$1,784$1,221
19 years$3,688$3,017$2,451$1,979$1,590$1,060
20 years$3,467$2,803$2,249$1,793$1,420$923
21 years$3,267$2,611$2,069$1,627$1,271$804
22 years$3,085$2,438$1,907$1,479$1,139$702
23 years$2,920$2,280$1,761$1,347$1,023$613
24 years$2,769$2,136$1,628$1,229$919$536
25 years$2,630$2,005$1,508$1,122$827$469
26 years$2,502$1,884$1,399$1,026$745$411
27 years$2,383$1,773$1,299$939$672$360
28 years$2,273$1,671$1,208$860$606$316
29 years$2,171$1,576$1,124$789$547$277
30 years$2,076$1,488$1,047$724$494$243
31 years$1,988$1,407$976$665$447$213
32 years$1,905$1,331$910$611$404$187
33 years$1,827$1,261$850$562$366$165
34 years$1,754$1,195$794$517$331$145
35 years$1,685$1,133$743$476$300$127
36 years$1,620$1,076$695$438$272$112
37 years$1,559$1,022$650$404$246$98
38 years$1,501$971$609$372$223$86
39 years$1,446$923$570$343$203$76
40 years$1,395$879$535$317$184$67
41 years$1,345$836$501$292$167$59
42 years$1,299$796$470$270$151$52
43 years$1,254$759$441$249$137$45
44 years$1,212$723$414$230$125$40
45 years$1,172$690$389$212$113$35
46 years$1,133$658$365$196$103$31
47 years$1,097$628$343$181$93$27
48 years$1,061$599$323$167$85$24
49 years$1,028$572$303$155$77$21
50 years$996$547$285$143$70$19

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 $2,426 every year, while hoping to spend $48,362 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: 51/34/15 Blend
59$1,020,000$1,020,000$1,020,000$1,020,000
60$1,126,542$1,072,482$1,056,672$1,179,277
61$1,189,993$1,073,577$1,040,614$1,216,816
62$1,258,295$1,073,105$1,022,397$1,252,329
63$1,331,891$1,070,937$1,001,898$1,289,864
64$1,411,270$1,066,939$978,987$1,329,626
65$1,496,966$1,060,966$953,530$1,371,843
66$1,589,568$1,052,865$925,385$1,416,771
67$1,689,723$1,042,475$894,404$1,464,691
68$1,798,142$1,029,622$860,434$1,515,918
69$1,915,605$1,014,127$823,311$1,570,801
70$2,042,972$995,794$782,867$1,629,729
71$2,181,188$974,421$738,926$1,693,132
72$2,331,292$949,790$691,302$1,761,488
73$2,494,426$921,672$639,804$1,835,329
74$2,671,848$889,825$584,228$1,915,243
75$2,864,941$853,991$524,364$2,001,883
76$3,075,228$813,900$459,993$2,095,975
77$3,304,383$769,262$390,885$2,198,321
78$3,554,250$719,776$316,799$2,309,812
79$3,826,857$665,118$237,485$2,431,435
80$4,124,436$604,949$152,681$2,564,283
81$4,449,448$538,911$62,115$2,709,568
82$4,804,596$466,622$0$2,868,630
83$5,192,860$387,682$0$3,048,483
84$5,617,521$301,667$0$3,256,212
85$6,082,189$208,130$0$3,483,735
86$6,590,842$106,598$0$3,733,118
87$7,147,857$0$0$4,006,643
88$7,758,058$0$0$4,308,116
89$8,426,754$0$0$4,682,297
90$9,159,795$0$0$5,092,588
91$9,963,621$0$0$5,542,610
92$10,845,328$0$0$6,036,347
93$11,812,729$0$0$6,578,189
94$12,874,433$0$0$7,172,972
95$14,039,919$0$0$7,826,023
96$15,319,633$0$0$8,543,210
97$16,725,078$0$0$9,330,996
98$18,268,928$0$0$10,196,503
99$19,965,144$0$0$11,147,574
100$21,829,107$0$0$12,192,851