Can I retire at age 60 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$102,398$101,486$100,596$99,727$98,879$96,216
2 years$50,692$49,748$48,833$47,946$47,085$44,421
3 years$33,459$32,511$31,598$30,719$29,873$27,291
4 years$24,844$23,899$22,995$22,132$21,306$18,826
5 years$19,677$18,737$17,845$16,999$16,196$13,826
6 years$16,233$15,300$14,422$13,594$12,815$10,556
7 years$13,774$12,849$11,985$11,177$10,422$8,275
8 years$11,930$11,014$10,164$9,376$8,646$6,609
9 years$10,497$9,590$8,754$7,986$7,282$5,353
10 years$9,352$8,453$7,632$6,884$6,204$4,382
11 years$8,415$7,525$6,719$5,991$5,336$3,617
12 years$7,635$6,754$5,963$5,255$4,624$3,005
13 years$6,975$6,104$5,328$4,640$4,032$2,510
14 years$6,410$5,548$4,787$4,118$3,535$2,105
15 years$5,921$5,068$4,322$3,673$3,112$1,772
16 years$5,494$4,650$3,918$3,289$2,750$1,496
17 years$5,117$4,283$3,566$2,955$2,439$1,267
18 years$4,782$3,957$3,255$2,663$2,168$1,074
19 years$4,483$3,668$2,980$2,406$1,933$912
20 years$4,214$3,408$2,735$2,179$1,726$776
21 years$3,971$3,174$2,515$1,978$1,545$661
22 years$3,751$2,963$2,318$1,798$1,385$564
23 years$3,550$2,771$2,141$1,638$1,243$481
24 years$3,366$2,597$1,980$1,494$1,117$411
25 years$3,197$2,437$1,834$1,364$1,005$351
26 years$3,041$2,290$1,701$1,247$906$300
27 years$2,897$2,155$1,579$1,142$817$257
28 years$2,764$2,031$1,468$1,046$737$220
29 years$2,640$1,916$1,366$959$665$188
30 years$2,524$1,810$1,272$880$601$161
31 years$2,416$1,711$1,186$809$543$138
32 years$2,315$1,619$1,107$743$492$118
33 years$2,221$1,533$1,033$683$445$101
34 years$2,132$1,453$966$629$403$87
35 years$2,048$1,378$903$579$365$74
36 years$1,969$1,308$844$533$331$64
37 years$1,895$1,242$790$491$300$55
38 years$1,825$1,180$740$453$272$47
39 years$1,758$1,123$693$417$246$40
40 years$1,695$1,068$650$385$223$34
41 years$1,635$1,017$609$355$203$29
42 years$1,579$968$572$328$184$25
43 years$1,525$922$536$303$167$22
44 years$1,473$879$504$279$152$19
45 years$1,424$839$473$258$138$16
46 years$1,378$800$444$238$125$14
47 years$1,333$763$417$220$113$12
48 years$1,290$729$392$203$103$10
49 years$1,250$696$369$188$94$9
50 years$1,211$665$346$174$85$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,240,000, adding $6,561 every year, while hoping to spend $40,663 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$1,240,000$1,240,000$1,240,000$1,240,000
60$1,373,248$1,307,528$1,288,308$1,483,181
61$1,470,054$1,328,331$1,288,201$1,576,942
62$1,575,371$1,348,792$1,286,728$1,673,800
63$1,690,025$1,368,849$1,283,799$1,778,914
64$1,814,924$1,388,439$1,279,323$1,893,091
65$1,951,067$1,407,492$1,273,200$2,017,217
66$2,099,553$1,425,937$1,265,330$2,152,270
67$2,261,594$1,443,694$1,255,605$2,299,326
68$2,438,521$1,460,680$1,243,912$2,459,571
69$2,631,802$1,476,804$1,230,135$2,634,310
70$2,843,050$1,491,972$1,214,149$2,824,982
71$3,074,044$1,506,082$1,195,826$3,033,171
72$3,326,741$1,519,025$1,175,030$3,260,625
73$3,603,296$1,530,684$1,151,622$3,509,264
74$3,906,083$1,540,938$1,125,451$3,781,210
75$4,237,714$1,549,655$1,096,364$4,078,796
76$4,601,067$1,556,695$1,064,199$4,404,594
77$4,999,313$1,561,909$1,028,787$4,761,440
78$5,435,941$1,565,141$989,949$5,152,455
79$5,914,796$1,566,222$947,502$5,581,082
80$6,440,113$1,564,975$901,250$6,051,111
81$7,016,555$1,561,209$850,993$6,566,720
82$7,649,260$1,554,725$796,518$7,132,514
83$8,343,887$1,545,309$737,604$7,753,565
84$9,106,670$1,532,735$674,020$8,435,465
85$9,944,475$1,516,764$605,524$9,184,373
86$10,864,867$1,497,141$531,865$10,007,078
87$11,876,181$1,473,598$452,780$10,911,061
88$12,987,596$1,445,849$367,992$11,904,565
89$14,209,226$1,413,591$277,216$12,996,677
90$15,552,215$1,376,505$180,150$14,197,407
91$17,028,839$1,334,252$76,483$15,517,788
92$18,652,623$1,286,473$0$16,969,979
93$20,438,468$1,232,788$0$18,571,021
94$22,402,793$1,172,795$0$20,340,983
95$24,563,687$1,106,071$0$22,288,006
96$26,941,079$1,032,165$0$24,430,063
97$29,556,931$950,602$0$26,786,955
98$32,435,436$860,880$0$29,380,507
99$35,603,256$762,469$0$32,234,764
100$39,089,765$654,807$0$35,376,223