Can I retire at age 60 with 1,120,000?

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$92,489$91,665$90,861$90,076$89,310$86,073
2 years$45,786$44,934$44,107$43,306$42,529$39,303
3 years$30,221$29,365$28,540$27,747$26,982$23,869
4 years$22,440$21,586$20,770$19,990$19,244$16,267
5 years$17,772$16,924$16,118$15,354$14,629$11,796
6 years$14,662$13,820$13,026$12,279$11,575$8,889
7 years$12,441$11,606$10,825$10,095$9,414$6,873
8 years$10,776$9,948$9,180$8,469$7,810$5,413
9 years$9,482$8,662$7,907$7,213$6,577$4,320
10 years$8,447$7,635$6,893$6,218$5,604$3,483
11 years$7,601$6,797$6,069$5,411$4,819$2,831
12 years$6,896$6,100$5,386$4,747$4,176$2,315
13 years$6,300$5,513$4,812$4,191$3,642$1,902
14 years$5,790$5,011$4,324$3,720$3,193$1,570
15 years$5,348$4,578$3,904$3,317$2,811$1,299
16 years$4,962$4,200$3,539$2,970$2,484$1,078
17 years$4,622$3,868$3,221$2,669$2,203$896
18 years$4,319$3,574$2,940$2,405$1,959$747
19 years$4,049$3,313$2,691$2,173$1,746$623
20 years$3,807$3,078$2,470$1,968$1,559$520
21 years$3,587$2,867$2,272$1,786$1,395$435
22 years$3,388$2,677$2,094$1,624$1,251$364
23 years$3,206$2,503$1,933$1,479$1,123$305
24 years$3,040$2,345$1,788$1,349$1,009$255
25 years$2,888$2,201$1,656$1,232$908$214
26 years$2,747$2,069$1,536$1,127$818$180
27 years$2,617$1,947$1,426$1,031$737$151
28 years$2,496$1,834$1,326$945$665$126
29 years$2,384$1,731$1,234$866$601$106
30 years$2,280$1,634$1,149$795$543$89
31 years$2,182$1,545$1,071$730$491$75
32 years$2,091$1,462$1,000$671$444$63
33 years$2,006$1,384$933$617$402$53
34 years$1,925$1,312$872$568$364$44
35 years$1,850$1,245$815$523$330$37
36 years$1,779$1,181$763$481$299$31
37 years$1,712$1,122$714$444$271$26
38 years$1,648$1,066$669$409$245$22
39 years$1,588$1,014$626$377$222$19
40 years$1,531$965$587$348$202$16
41 years$1,477$918$551$321$183$13
42 years$1,426$874$516$296$166$11
43 years$1,377$833$485$273$151$9
44 years$1,331$794$455$252$137$8
45 years$1,286$757$427$233$124$7
46 years$1,244$723$401$215$113$5
47 years$1,204$689$377$199$102$5
48 years$1,166$658$354$184$93$4
49 years$1,129$629$333$170$84$3
50 years$1,094$600$313$157$77$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,120,000, adding $2,755 every year, while hoping to spend $30,824 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: 38/39/23 Blend
59$1,120,000$1,120,000$1,120,000$1,120,000
60$1,237,082$1,177,722$1,160,362$1,275,496
61$1,330,468$1,202,634$1,166,437$1,328,575
62$1,432,346$1,227,733$1,171,683$1,382,820
63$1,543,550$1,252,997$1,176,040$1,440,829
64$1,664,997$1,278,399$1,179,443$1,502,960
65$1,797,699$1,303,913$1,181,826$1,569,609
66$1,942,766$1,329,506$1,183,119$1,641,212
67$2,101,424$1,355,148$1,183,249$1,718,252
68$2,275,021$1,380,802$1,182,140$1,801,260
69$2,465,041$1,406,429$1,179,709$1,890,824
70$2,673,119$1,431,988$1,175,873$1,987,590
71$2,901,056$1,457,433$1,170,543$2,092,273
72$3,150,833$1,482,717$1,163,626$2,205,662
73$3,424,634$1,507,787$1,155,024$2,328,625
74$3,724,864$1,532,586$1,144,634$2,462,124
75$4,054,171$1,557,054$1,132,351$2,607,216
76$4,415,473$1,581,126$1,118,061$2,765,071
77$4,811,983$1,604,732$1,101,648$2,936,978
78$5,247,240$1,627,799$1,082,987$3,124,358
79$5,725,143$1,650,245$1,061,952$3,328,782
80$6,249,986$1,671,986$1,038,406$3,551,982
81$6,826,502$1,692,930$1,012,209$3,795,866
82$7,459,900$1,712,979$983,214$4,062,544
83$8,155,924$1,732,029$951,265$4,354,341
84$8,920,899$1,749,969$916,203$4,673,820
85$9,761,792$1,766,679$877,858$5,023,812
86$10,686,282$1,782,033$836,053$5,407,439
87$11,702,827$1,795,897$790,605$5,828,143
88$12,820,745$1,808,126$741,320$6,289,722
89$14,050,304$1,818,568$687,998$6,796,365
90$15,402,817$1,827,059$630,427$7,352,694
91$16,890,746$1,833,427$568,388$7,963,804
92$18,527,825$1,837,487$501,652$8,635,316
93$20,329,183$1,839,044$429,978$9,373,430
94$22,311,493$1,837,891$353,115$10,184,983
95$24,493,124$1,833,806$270,803$11,077,514
96$26,894,316$1,826,555$182,768$12,059,338
97$29,537,370$1,815,891$88,725$13,139,627
98$32,446,861$1,801,548$0$14,328,491
99$35,649,865$1,783,248$0$15,639,937
100$39,176,218$1,760,695$0$17,106,828