Can I retire at age 60 with 1,040,000?

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 $1,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$85,882$85,117$84,371$83,642$82,931$82,236
2 years$42,516$41,724$40,957$40,213$39,491$38,791
3 years$28,062$27,267$26,502$25,765$25,055$24,371
4 years$20,837$20,044$19,286$18,562$17,869$17,207
5 years$16,503$15,715$14,967$14,257$13,584$12,945
6 years$13,615$12,832$12,096$11,402$10,748$10,134
7 years$11,552$10,777$10,052$9,374$8,741$8,151
8 years$10,006$9,238$8,524$7,864$7,252$6,686
9 years$8,804$8,043$7,342$6,698$6,107$5,566
10 years$7,843$7,089$6,401$5,774$5,204$4,686
11 years$7,058$6,311$5,635$5,025$4,475$3,981
12 years$6,403$5,665$5,001$4,408$3,878$3,408
13 years$5,850$5,119$4,468$3,891$3,382$2,934
14 years$5,376$4,653$4,015$3,454$2,964$2,539
15 years$4,966$4,251$3,625$3,081$2,610$2,206
16 years$4,608$3,900$3,286$2,758$2,307$1,924
17 years$4,292$3,592$2,991$2,478$2,045$1,682
18 years$4,011$3,319$2,730$2,233$1,819$1,475
19 years$3,760$3,076$2,499$2,018$1,621$1,296
20 years$3,535$2,858$2,294$1,828$1,448$1,141
21 years$3,331$2,662$2,110$1,659$1,296$1,007
22 years$3,146$2,485$1,944$1,508$1,161$889
23 years$2,977$2,324$1,795$1,374$1,043$786
24 years$2,823$2,178$1,660$1,253$937$696
25 years$2,681$2,044$1,538$1,144$843$617
26 years$2,551$1,921$1,426$1,046$760$547
27 years$2,430$1,808$1,324$958$685$486
28 years$2,318$1,703$1,231$877$618$431
29 years$2,214$1,607$1,146$805$558$383
30 years$2,117$1,518$1,067$738$504$341
31 years$2,027$1,435$995$678$456$303
32 years$1,942$1,357$928$623$412$270
33 years$1,862$1,286$867$573$373$240
34 years$1,788$1,218$810$527$338$214
35 years$1,718$1,156$757$485$306$191
36 years$1,652$1,097$708$447$277$170
37 years$1,589$1,042$663$412$251$151
38 years$1,530$990$621$380$228$135
39 years$1,475$941$582$350$207$120
40 years$1,422$896$545$323$187$107
41 years$1,372$853$511$298$170$96
42 years$1,324$812$480$275$154$85
43 years$1,279$774$450$254$140$76
44 years$1,236$738$422$234$127$68
45 years$1,195$703$397$216$115$61
46 years$1,155$671$372$200$105$54
47 years$1,118$640$350$185$95$48
48 years$1,082$611$329$171$86$43
49 years$1,048$584$309$158$78$38
50 years$1,015$558$291$146$71$34

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,040,000, adding $5,045 every year, while hoping to spend $43,199 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: 58/16/26 Blend
59$1,040,000$1,040,000$1,040,000$1,040,000
60$1,151,284$1,096,164$1,080,044$1,209,659
61$1,222,751$1,103,913$1,070,262$1,257,885
62$1,300,061$1,110,593$1,058,705$1,305,423
63$1,383,762$1,116,107$1,045,266$1,356,349
64$1,474,461$1,120,351$1,029,838$1,411,003
65$1,572,822$1,123,214$1,012,303$1,469,760
66$1,679,576$1,124,579$992,542$1,533,037
67$1,795,529$1,124,319$970,428$1,601,291
68$1,921,565$1,122,303$945,829$1,675,032
69$2,058,658$1,118,389$918,608$1,754,821
70$2,207,878$1,112,427$888,619$1,841,278
71$2,370,406$1,104,260$855,711$1,935,091
72$2,547,536$1,093,718$819,726$2,037,016
73$2,740,698$1,080,622$780,500$2,147,893
74$2,951,461$1,064,785$737,859$2,268,647
75$3,181,555$1,046,005$691,622$2,400,302
76$3,432,884$1,024,069$641,602$2,543,988
77$3,707,543$998,753$587,600$2,700,954
78$4,007,839$969,819$529,411$2,872,578
79$4,336,312$937,014$466,820$3,060,386
80$4,695,759$900,071$399,602$3,266,059
81$5,089,260$858,707$327,522$3,491,456
82$5,520,205$812,625$250,335$3,738,627
83$5,992,330$761,508$167,786$4,009,840
84$6,509,748$705,021$79,606$4,307,594
85$7,076,987$642,812$0$4,634,650
86$7,699,037$574,507$0$4,998,080
87$8,381,392$499,711$0$5,421,053
88$9,130,104$418,008$0$5,885,261
89$9,951,840$328,956$0$6,394,890
90$10,853,943$232,090$0$6,954,554
91$11,844,502$126,919$0$7,569,341
92$12,932,426$12,923$0$8,244,857
93$14,127,532$0$0$8,987,284
94$15,440,632$0$0$9,822,880
95$16,883,640$0$0$10,743,739
96$18,469,678$0$0$11,755,972
97$20,213,206$0$0$12,868,818
98$22,130,151$0$0$14,092,457
99$24,238,063$0$0$15,438,104
100$26,556,278$0$0$16,918,117