Can I retire at age 60 with 1,340,000?

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 $1,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$110,656$109,670$108,709$107,770$106,853$104,313
2 years$54,780$53,760$52,771$51,813$50,883$48,338
3 years$36,157$35,133$34,146$33,197$32,282$29,812
4 years$26,848$25,826$24,850$23,916$23,024$20,649
5 years$21,263$20,248$19,285$18,370$17,502$15,228
6 years$17,542$16,534$15,585$14,691$13,849$11,678
7 years$14,885$13,885$12,951$12,078$11,263$9,196
8 years$12,893$11,902$10,983$10,132$9,344$7,379
9 years$11,344$10,363$9,460$8,630$7,869$6,006
10 years$10,106$9,135$8,248$7,439$6,705$4,941
11 years$9,093$8,132$7,261$6,474$5,766$4,099
12 years$8,250$7,299$6,444$5,679$4,997$3,423
13 years$7,538$6,596$5,757$5,014$4,357$2,875
14 years$6,927$5,996$5,173$4,451$3,820$2,425
15 years$6,399$5,477$4,670$3,969$3,363$2,053
16 years$5,937$5,025$4,234$3,554$2,972$1,743
17 years$5,529$4,628$3,853$3,193$2,635$1,484
18 years$5,168$4,276$3,517$2,878$2,343$1,266
19 years$4,845$3,963$3,220$2,600$2,089$1,082
20 years$4,554$3,683$2,955$2,355$1,866$926
21 years$4,292$3,430$2,718$2,137$1,670$793
22 years$4,053$3,202$2,505$1,943$1,496$681
23 years$3,836$2,995$2,313$1,770$1,343$585
24 years$3,637$2,806$2,139$1,614$1,207$502
25 years$3,455$2,633$1,981$1,474$1,086$432
26 years$3,286$2,475$1,838$1,348$979$372
27 years$3,131$2,329$1,706$1,234$882$320
28 years$2,987$2,195$1,586$1,130$796$276
29 years$2,853$2,071$1,476$1,037$719$237
30 years$2,728$1,955$1,375$951$650$205
31 years$2,611$1,849$1,282$874$587$176
32 years$2,502$1,749$1,196$803$531$152
33 years$2,400$1,656$1,117$738$481$131
34 years$2,304$1,570$1,043$679$435$113
35 years$2,213$1,489$976$625$394$98
36 years$2,128$1,413$913$576$357$84
37 years$2,048$1,342$854$531$324$73
38 years$1,972$1,276$800$489$294$63
39 years$1,900$1,213$749$451$266$54
40 years$1,832$1,154$702$416$241$47
41 years$1,767$1,099$659$384$219$40
42 years$1,706$1,046$618$354$199$35
43 years$1,648$997$580$327$180$30
44 years$1,592$950$544$302$164$26
45 years$1,539$906$511$279$149$22
46 years$1,489$864$480$258$135$19
47 years$1,441$825$451$238$123$17
48 years$1,394$788$424$220$111$14
49 years$1,350$752$398$203$101$12
50 years$1,308$718$374$188$92$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,340,000, adding $6,982 every year, while hoping to spend $53,631 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: 29/46/25 Blend
59$1,340,000$1,340,000$1,340,000$1,340,000
60$1,483,882$1,412,862$1,392,092$1,515,227
61$1,578,175$1,425,029$1,381,664$1,552,426
62$1,680,288$1,435,995$1,369,089$1,587,211
63$1,790,963$1,445,644$1,354,239$1,623,512
64$1,911,014$1,453,854$1,336,979$1,661,495
65$2,041,338$1,460,493$1,317,168$1,701,348
66$2,182,920$1,465,422$1,294,659$1,743,281
67$2,336,844$1,468,494$1,269,296$1,787,528
68$2,504,303$1,469,552$1,240,919$1,834,354
69$2,686,610$1,468,428$1,209,357$1,884,054
70$2,885,208$1,464,945$1,174,435$1,936,957
71$3,101,688$1,458,915$1,135,966$1,993,435
72$3,337,797$1,450,139$1,093,758$2,053,898
73$3,595,460$1,438,404$1,047,608$2,118,809
74$3,876,798$1,423,487$997,303$2,188,681
75$4,184,142$1,405,148$942,624$2,264,088
76$4,520,060$1,383,136$883,337$2,345,669
77$4,887,380$1,357,184$819,203$2,434,136
78$5,289,214$1,327,007$749,967$2,530,282
79$5,728,990$1,292,306$675,367$2,634,991
80$6,210,481$1,252,763$595,126$2,749,243
81$6,737,845$1,208,043$508,957$2,874,130
82$7,315,657$1,157,789$416,559$3,010,866
83$7,948,958$1,101,625$317,618$3,160,800
84$8,643,300$1,039,153$211,806$3,325,429
85$9,404,796$969,951$98,782$3,506,414
86$10,240,181$893,575$0$3,705,602
87$11,156,873$809,553$0$3,930,865
88$12,163,041$717,388$0$4,207,146
89$13,267,685$616,554$0$4,510,690
90$14,480,720$506,496$0$4,844,397
91$15,813,066$386,627$0$5,211,472
92$17,276,754$256,327$0$5,615,460
93$18,885,036$114,940$0$6,060,280
94$20,652,514$0$0$6,550,263
95$22,595,272$0$0$7,109,546
96$24,731,033$0$0$7,788,581
97$27,079,318$0$0$8,535,425
98$29,661,639$0$0$9,356,948
99$32,501,694$0$0$10,260,720
100$35,625,594$0$0$11,255,081