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

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 $1,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.3%
1 years$85,882$85,117$84,371$83,642$82,931$81,457
2 years$42,516$41,724$40,957$40,213$39,491$38,011
3 years$28,062$27,267$26,502$25,765$25,055$23,614
4 years$20,837$20,044$19,286$18,562$17,869$16,480
5 years$16,503$15,715$14,967$14,257$13,584$12,250
6 years$13,615$12,832$12,096$11,402$10,748$9,471
7 years$11,552$10,777$10,052$9,374$8,741$7,521
8 years$10,006$9,238$8,524$7,864$7,252$6,088
9 years$8,804$8,043$7,342$6,698$6,107$5,000
10 years$7,843$7,089$6,401$5,774$5,204$4,151
11 years$7,058$6,311$5,635$5,025$4,475$3,477
12 years$6,403$5,665$5,001$4,408$3,878$2,932
13 years$5,850$5,119$4,468$3,891$3,382$2,487
14 years$5,376$4,653$4,015$3,454$2,964$2,119
15 years$4,966$4,251$3,625$3,081$2,610$1,813
16 years$4,608$3,900$3,286$2,758$2,307$1,556
17 years$4,292$3,592$2,991$2,478$2,045$1,339
18 years$4,011$3,319$2,730$2,233$1,819$1,155
19 years$3,760$3,076$2,499$2,018$1,621$998
20 years$3,535$2,858$2,294$1,828$1,448$864
21 years$3,331$2,662$2,110$1,659$1,296$749
22 years$3,146$2,485$1,944$1,508$1,161$650
23 years$2,977$2,324$1,795$1,374$1,043$565
24 years$2,823$2,178$1,660$1,253$937$491
25 years$2,681$2,044$1,538$1,144$843$427
26 years$2,551$1,921$1,426$1,046$760$372
27 years$2,430$1,808$1,324$958$685$324
28 years$2,318$1,703$1,231$877$618$283
29 years$2,214$1,607$1,146$805$558$247
30 years$2,117$1,518$1,067$738$504$215
31 years$2,027$1,435$995$678$456$188
32 years$1,942$1,357$928$623$412$164
33 years$1,862$1,286$867$573$373$143
34 years$1,788$1,218$810$527$338$125
35 years$1,718$1,156$757$485$306$109
36 years$1,652$1,097$708$447$277$96
37 years$1,589$1,042$663$412$251$83
38 years$1,530$990$621$380$228$73
39 years$1,475$941$582$350$207$64
40 years$1,422$896$545$323$187$56
41 years$1,372$853$511$298$170$49
42 years$1,324$812$480$275$154$43
43 years$1,279$774$450$254$140$37
44 years$1,236$738$422$234$127$33
45 years$1,195$703$397$216$115$29
46 years$1,155$671$372$200$105$25
47 years$1,118$640$350$185$95$22
48 years$1,082$611$329$171$86$19
49 years$1,048$584$309$158$78$17
50 years$1,015$558$291$146$71$15

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 $5,993 every year, while hoping to spend $29,224 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: 39/47/14 Blend
59$1,040,000$1,040,000$1,040,000$1,040,000
60$1,152,262$1,097,142$1,081,022$1,192,139
61$1,238,698$1,119,808$1,086,142$1,243,719
62$1,332,972$1,142,605$1,090,454$1,296,166
63$1,435,851$1,165,508$1,093,900$1,352,240
64$1,548,182$1,188,492$1,096,420$1,412,285
65$1,670,896$1,211,527$1,097,949$1,476,675
66$1,805,017$1,234,582$1,098,421$1,545,828
67$1,951,675$1,257,623$1,097,764$1,620,201
68$2,112,113$1,280,613$1,095,906$1,700,299
69$2,287,698$1,303,513$1,092,768$1,786,680
70$2,479,938$1,326,280$1,088,270$1,879,960
71$2,690,491$1,348,867$1,082,327$1,980,815
72$2,921,185$1,371,225$1,074,849$2,089,994
73$3,174,032$1,393,302$1,065,743$2,208,322
74$3,451,248$1,415,039$1,054,910$2,336,710
75$3,755,275$1,436,375$1,042,249$2,476,161
76$4,088,800$1,457,244$1,027,652$2,627,783
77$4,454,786$1,477,577$1,011,006$2,792,797
78$4,856,493$1,497,297$992,193$2,972,552
79$5,297,514$1,516,324$971,091$3,168,534
80$5,781,808$1,534,572$947,570$3,382,383
81$6,313,735$1,551,948$921,496$3,615,908
82$6,898,097$1,568,354$892,727$3,871,104
83$7,540,185$1,583,686$861,115$4,150,172
84$8,245,828$1,597,831$826,507$4,455,541
85$9,021,448$1,610,670$788,740$4,789,887
86$9,874,119$1,622,076$747,647$5,156,165
87$10,811,636$1,631,915$703,050$5,557,633
88$11,842,586$1,640,042$654,765$5,997,883
89$12,976,430$1,646,304$602,600$6,480,879
90$14,223,592$1,650,539$546,353$7,010,992
91$15,595,557$1,652,574$485,815$7,593,041
92$17,104,978$1,652,225$420,764$8,232,344
93$18,765,799$1,649,297$350,973$8,934,763
94$20,593,382$1,643,584$276,202$9,706,764
95$22,604,652$1,634,864$196,199$10,555,477
96$24,818,260$1,622,906$110,706$11,488,766
97$27,254,756$1,607,462$19,448$12,515,300
98$29,936,783$1,588,270$0$13,644,642
99$32,889,291$1,565,051$0$14,898,977
100$36,139,772$1,537,512$0$16,282,146