Can I retire at age 60 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$85,056$84,299$83,560$82,838$82,134$79,188
2 years$42,107$41,323$40,563$39,826$39,111$36,175
3 years$27,793$27,005$26,247$25,517$24,814$21,980
4 years$20,637$19,852$19,101$18,384$17,697$14,987
5 years$16,344$15,564$14,823$14,120$13,453$10,874
6 years$13,484$12,709$11,979$11,292$10,645$8,199
7 years$11,441$10,673$9,955$9,284$8,657$6,343
8 years$9,910$9,149$8,443$7,788$7,182$4,998
9 years$8,720$7,966$7,272$6,634$6,048$3,992
10 years$7,768$7,021$6,339$5,718$5,154$3,221
11 years$6,990$6,251$5,581$4,977$4,432$2,619
12 years$6,342$5,610$4,953$4,365$3,841$2,143
13 years$5,794$5,070$4,425$3,854$3,349$1,762
14 years$5,325$4,609$3,976$3,421$2,936$1,455
15 years$4,918$4,210$3,590$3,051$2,585$1,205
16 years$4,563$3,863$3,255$2,732$2,285$1,001
17 years$4,250$3,557$2,962$2,454$2,026$833
18 years$3,972$3,287$2,704$2,212$1,801$694
19 years$3,724$3,046$2,475$1,999$1,605$580
20 years$3,501$2,831$2,272$1,810$1,434$485
21 years$3,299$2,637$2,089$1,643$1,283$405
22 years$3,116$2,461$1,926$1,494$1,150$340
23 years$2,949$2,302$1,778$1,360$1,033$285
24 years$2,796$2,157$1,644$1,241$928$239
25 years$2,655$2,024$1,523$1,133$835$200
26 years$2,526$1,902$1,413$1,036$752$168
27 years$2,407$1,790$1,312$948$678$141
28 years$2,296$1,687$1,219$869$612$118
29 years$2,193$1,592$1,135$797$553$99
30 years$2,097$1,503$1,057$731$499$84
31 years$2,007$1,421$985$672$451$70
32 years$1,923$1,344$919$617$408$59
33 years$1,845$1,273$858$568$370$50
34 years$1,771$1,207$802$522$335$42
35 years$1,701$1,145$750$481$303$35
36 years$1,636$1,086$701$443$275$29
37 years$1,574$1,032$657$408$249$25
38 years$1,516$981$615$376$226$21
39 years$1,461$932$576$347$205$18
40 years$1,408$887$540$320$186$15
41 years$1,359$844$506$295$168$12
42 years$1,311$804$475$272$153$10
43 years$1,266$766$446$251$139$9
44 years$1,224$730$418$232$126$7
45 years$1,183$697$393$214$114$6
46 years$1,144$664$369$198$104$5
47 years$1,107$634$347$183$94$4
48 years$1,072$605$326$169$86$4
49 years$1,038$578$306$156$78$3
50 years$1,006$552$288$144$71$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,030,000, adding $2,795 every year, while hoping to spend $25,372 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: 49/29/22 Blend
59$1,030,000$1,030,000$1,030,000$1,030,000
60$1,137,943$1,083,353$1,067,388$1,186,519
61$1,227,018$1,109,442$1,076,150$1,246,684
62$1,324,327$1,135,958$1,084,355$1,309,223
63$1,430,686$1,162,897$1,091,958$1,376,641
64$1,546,988$1,190,251$1,098,910$1,449,408
65$1,674,219$1,218,012$1,105,163$1,528,044
66$1,813,466$1,246,171$1,110,662$1,613,120
67$1,965,923$1,274,717$1,115,352$1,705,265
68$2,132,905$1,303,637$1,119,175$1,805,173
69$2,315,864$1,332,917$1,122,070$1,913,608
70$2,516,395$1,362,543$1,123,972$2,031,413
71$2,736,255$1,392,496$1,124,813$2,159,517
72$2,977,382$1,422,757$1,124,523$2,298,944
73$3,241,908$1,453,304$1,123,027$2,450,821
74$3,532,181$1,484,115$1,120,248$2,616,392
75$3,850,790$1,515,163$1,116,102$2,797,028
76$4,200,584$1,546,420$1,110,505$2,994,240
77$4,584,703$1,577,854$1,103,367$3,209,692
78$5,006,606$1,609,431$1,094,592$3,445,222
79$5,470,102$1,641,115$1,084,083$3,702,853
80$5,979,388$1,672,866$1,071,736$3,984,815
81$6,539,088$1,704,639$1,057,442$4,293,568
82$7,154,297$1,736,389$1,041,088$4,631,822
83$7,830,626$1,768,062$1,022,555$5,002,564
84$8,574,259$1,799,606$1,001,719$5,409,090
85$9,392,006$1,830,959$978,450$5,855,028
86$10,291,374$1,862,059$952,611$6,344,383
87$11,280,630$1,892,837$924,060$6,881,565
88$12,368,886$1,923,218$892,648$7,471,438
89$13,566,180$1,953,123$858,219$8,119,362
90$14,883,571$1,982,467$820,610$8,831,248
91$16,333,246$2,011,158$779,651$9,613,608
92$17,928,632$2,039,099$735,164$10,473,623
93$19,684,522$2,066,185$686,962$11,419,209
94$21,617,220$2,092,304$634,851$12,459,088
95$23,744,686$2,117,337$578,628$13,602,879
96$26,086,713$2,141,155$518,081$14,861,180
97$28,665,108$2,163,623$452,988$16,245,677
98$31,503,903$2,184,594$383,117$17,769,248
99$34,629,576$2,203,914$308,226$19,446,090
100$38,071,304$2,221,418$228,063$21,291,851