Can I retire at age 60 with 2,240,000?

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 $2,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.3%
1 years$184,977$183,329$181,722$180,153$178,621$174,729
2 years$91,573$89,867$88,215$86,612$85,057$81,156
3 years$60,442$58,729$57,081$55,493$53,964$50,175
4 years$44,880$43,172$41,540$39,980$38,488$34,840
5 years$35,545$33,848$32,237$30,708$29,258$25,762
6 years$29,324$27,639$26,052$24,558$23,151$19,810
7 years$24,882$23,211$21,649$20,190$18,828$15,643
8 years$21,552$19,896$18,360$16,937$15,619$12,590
9 years$18,963$17,323$15,814$14,427$13,154$10,277
10 years$16,893$15,270$13,787$12,436$11,208$8,481
11 years$15,201$13,594$12,138$10,823$9,639$7,058
12 years$13,792$12,201$10,772$9,493$8,353$5,914
13 years$12,600$11,026$9,624$8,381$7,284$4,983
14 years$11,580$10,022$8,647$7,440$6,385$4,218
15 years$10,696$9,156$7,807$6,635$5,622$3,583
16 years$9,924$8,400$7,078$5,941$4,969$3,053
17 years$9,243$7,736$6,441$5,338$4,406$2,609
18 years$8,639$7,149$5,880$4,810$3,917$2,233
19 years$8,099$6,625$5,383$4,347$3,491$1,916
20 years$7,613$6,157$4,940$3,937$3,119$1,646
21 years$7,174$5,735$4,544$3,573$2,791$1,416
22 years$6,776$5,353$4,188$3,249$2,502$1,220
23 years$6,413$5,007$3,867$2,959$2,246$1,051
24 years$6,080$4,691$3,576$2,698$2,018$907
25 years$5,775$4,402$3,312$2,464$1,816$783
26 years$5,494$4,137$3,072$2,253$1,636$677
27 years$5,234$3,894$2,853$2,062$1,475$585
28 years$4,992$3,669$2,652$1,890$1,331$506
29 years$4,768$3,461$2,468$1,733$1,202$438
30 years$4,560$3,269$2,299$1,590$1,086$379
31 years$4,365$3,090$2,143$1,461$982$328
32 years$4,182$2,924$1,999$1,342$888$284
33 years$4,012$2,769$1,867$1,234$804$246
34 years$3,851$2,624$1,744$1,136$728$213
35 years$3,700$2,489$1,631$1,045$659$185
36 years$3,558$2,363$1,526$963$597$160
37 years$3,423$2,244$1,428$887$541$139
38 years$3,296$2,132$1,337$818$491$120
39 years$3,176$2,028$1,253$754$445$104
40 years$3,062$1,929$1,174$695$404$90
41 years$2,954$1,836$1,101$642$366$78
42 years$2,852$1,749$1,033$592$332$68
43 years$2,754$1,666$969$547$302$59
44 years$2,661$1,588$910$505$274$51
45 years$2,573$1,515$854$466$248$44
46 years$2,489$1,445$802$431$226$38
47 years$2,408$1,379$754$398$205$33
48 years$2,331$1,316$708$368$186$29
49 years$2,257$1,257$666$340$169$25
50 years$2,187$1,201$626$314$153$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,240,000, adding $6,584 every year, while hoping to spend $22,607 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: 53/20/27 Blend
59$2,240,000$2,240,000$2,240,000$2,240,000
60$2,475,271$2,356,551$2,321,831$2,587,512
61$2,703,695$2,447,969$2,375,559$2,757,346
62$2,954,661$2,543,108$2,430,329$2,939,223
63$3,230,443$2,642,127$2,486,152$3,136,705
64$3,533,550$2,745,192$2,543,039$3,351,293
65$3,866,741$2,852,476$2,601,000$3,584,640
66$4,233,060$2,964,159$2,660,045$3,838,562
67$4,635,859$3,080,430$2,720,184$4,115,060
68$5,078,831$3,201,485$2,781,424$4,416,335
69$5,566,044$3,327,530$2,843,774$4,744,808
70$6,101,982$3,458,781$2,907,242$5,103,146
71$6,691,585$3,595,461$2,971,835$5,494,282
72$7,340,293$3,737,806$3,037,558$5,921,445
73$8,054,104$3,886,059$3,104,417$6,388,192
74$8,839,624$4,040,478$3,172,417$6,898,435
75$9,704,134$4,201,329$3,241,561$7,456,484
76$10,655,654$4,368,892$3,311,851$8,067,083
77$11,703,022$4,543,459$3,383,290$8,735,455
78$12,855,977$4,725,336$3,455,877$9,467,354
79$14,125,250$4,914,841$3,529,613$10,269,113
80$15,522,665$5,112,307$3,604,494$11,147,707
81$17,061,250$5,318,084$3,680,518$12,110,819
82$18,755,363$5,532,535$3,757,680$13,166,908
83$20,620,821$5,756,040$3,835,973$14,325,292
84$22,675,057$5,988,998$3,915,391$15,596,234
85$24,937,278$6,231,825$3,995,922$16,991,037
86$27,428,652$6,484,955$4,077,556$18,522,151
87$30,172,500$6,748,844$4,160,280$20,203,291
88$33,194,524$7,023,966$4,244,078$22,049,562
89$36,523,043$7,310,818$4,328,933$24,077,604
90$40,189,266$7,609,921$4,414,825$26,305,750
91$44,227,581$7,921,817$4,501,732$28,754,190
92$48,675,883$8,247,075$4,589,628$31,445,172
93$53,575,931$8,586,289$4,678,488$34,403,201
94$58,973,739$8,940,080$4,768,281$37,655,275
95$64,920,014$9,309,098$4,858,972$41,231,138
96$71,470,635$9,694,024$4,950,528$45,163,558
97$78,687,176$10,095,567$5,042,906$49,488,636
98$86,637,490$10,514,472$5,136,066$54,246,147
99$95,396,350$10,951,516$5,229,959$59,479,913
100$105,046,150$11,407,513$5,324,535$65,238,214