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

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$92,489$91,665$90,861$90,076$89,310$88,562
2 years$45,786$44,934$44,107$43,306$42,529$41,775
3 years$30,221$29,365$28,540$27,747$26,982$26,245
4 years$22,440$21,586$20,770$19,990$19,244$18,530
5 years$17,772$16,924$16,118$15,354$14,629$13,941
6 years$14,662$13,820$13,026$12,279$11,575$10,913
7 years$12,441$11,606$10,825$10,095$9,414$8,778
8 years$10,776$9,948$9,180$8,469$7,810$7,200
9 years$9,482$8,662$7,907$7,213$6,577$5,994
10 years$8,447$7,635$6,893$6,218$5,604$5,047
11 years$7,601$6,797$6,069$5,411$4,819$4,288
12 years$6,896$6,100$5,386$4,747$4,176$3,670
13 years$6,300$5,513$4,812$4,191$3,642$3,160
14 years$5,790$5,011$4,324$3,720$3,193$2,734
15 years$5,348$4,578$3,904$3,317$2,811$2,376
16 years$4,962$4,200$3,539$2,970$2,484$2,071
17 years$4,622$3,868$3,221$2,669$2,203$1,812
18 years$4,319$3,574$2,940$2,405$1,959$1,589
19 years$4,049$3,313$2,691$2,173$1,746$1,396
20 years$3,807$3,078$2,470$1,968$1,559$1,229
21 years$3,587$2,867$2,272$1,786$1,395$1,084
22 years$3,388$2,677$2,094$1,624$1,251$957
23 years$3,206$2,503$1,933$1,479$1,123$847
24 years$3,040$2,345$1,788$1,349$1,009$750
25 years$2,888$2,201$1,656$1,232$908$664
26 years$2,747$2,069$1,536$1,127$818$589
27 years$2,617$1,947$1,426$1,031$737$523
28 years$2,496$1,834$1,326$945$665$464
29 years$2,384$1,731$1,234$866$601$413
30 years$2,280$1,634$1,149$795$543$367
31 years$2,182$1,545$1,071$730$491$326
32 years$2,091$1,462$1,000$671$444$291
33 years$2,006$1,384$933$617$402$259
34 years$1,925$1,312$872$568$364$230
35 years$1,850$1,245$815$523$330$205
36 years$1,779$1,181$763$481$299$183
37 years$1,712$1,122$714$444$271$163
38 years$1,648$1,066$669$409$245$145
39 years$1,588$1,014$626$377$222$129
40 years$1,531$965$587$348$202$115
41 years$1,477$918$551$321$183$103
42 years$1,426$874$516$296$166$92
43 years$1,377$833$485$273$151$82
44 years$1,331$794$455$252$137$73
45 years$1,286$757$427$233$124$65
46 years$1,244$723$401$215$113$58
47 years$1,204$689$377$199$102$52
48 years$1,166$658$354$184$93$46
49 years$1,129$629$333$170$84$41
50 years$1,094$600$313$157$77$37

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 $4,676 every year, while hoping to spend $41,331 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: 82/8/10 Blend
59$1,120,000$1,120,000$1,120,000$1,120,000
60$1,239,063$1,179,703$1,162,343$1,338,358
61$1,321,472$1,193,533$1,157,306$1,417,902
62$1,410,901$1,206,655$1,150,715$1,499,259
63$1,508,023$1,218,991$1,142,474$1,587,336
64$1,613,577$1,230,458$1,132,483$1,682,783
65$1,728,378$1,240,966$1,120,637$1,786,317
66$1,853,320$1,250,421$1,106,825$1,898,728
67$1,989,389$1,258,722$1,090,934$2,020,887
68$2,137,668$1,265,760$1,072,842$2,153,750
69$2,299,351$1,271,423$1,052,422$2,298,374
70$2,475,749$1,275,588$1,029,544$2,455,922
71$2,668,309$1,278,125$1,004,067$2,627,673
72$2,878,622$1,278,898$975,848$2,815,040
73$3,108,438$1,277,761$944,736$3,019,577
74$3,359,685$1,274,558$910,571$3,242,997
75$3,634,486$1,269,124$873,188$3,487,188
76$3,935,179$1,261,287$832,415$3,754,228
77$4,264,336$1,250,859$788,070$4,046,411
78$4,624,793$1,237,645$739,965$4,366,260
79$5,019,669$1,221,437$687,901$4,716,558
80$5,452,401$1,202,013$631,671$5,100,371
81$5,926,775$1,179,141$571,062$5,521,077
82$6,446,959$1,152,572$505,845$5,982,401
83$7,017,546$1,122,044$435,787$6,488,445
84$7,643,591$1,087,280$360,642$7,043,730
85$8,330,666$1,047,986$280,152$7,653,239
86$9,084,907$1,003,850$194,050$8,322,464
87$9,913,072$954,543$102,056$9,057,455
88$10,822,608$899,718$3,877$9,864,883
89$11,821,716$839,007$0$10,752,095
90$12,919,432$772,019$0$11,737,958
91$14,125,710$698,344$0$12,821,774
92$15,451,515$617,546$0$14,013,001
93$16,908,930$529,166$0$15,322,517
94$18,511,264$432,718$0$16,762,310
95$20,273,182$327,690$0$18,345,587
96$22,210,838$213,539$0$20,086,902
97$24,342,034$89,693$0$22,002,292
98$26,686,381$0$0$24,109,428
99$29,265,488$0$0$26,431,695
100$32,103,162$0$0$28,995,497