Can I retire at age 60 with 2,840,000?

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$234,525$232,436$230,397$228,408$226,466$223,636
2 years$116,101$113,939$111,843$109,812$107,841$104,993
3 years$76,632$74,460$72,370$70,357$68,419$65,642
4 years$56,901$54,736$52,667$50,689$48,797$46,112
5 years$45,066$42,914$40,872$38,934$37,094$34,510
6 years$37,178$35,042$33,030$31,136$29,352$26,871
7 years$31,546$29,429$27,448$25,598$23,871$21,494
8 years$27,324$25,226$23,278$21,474$19,803$17,530
9 years$24,042$21,964$20,050$18,291$16,677$14,507
10 years$21,418$19,360$17,480$15,767$14,210$12,141
11 years$19,273$17,235$15,389$13,722$12,221$10,252
12 years$17,486$15,469$13,657$12,036$10,590$8,719
13 years$15,975$13,980$12,202$10,626$9,235$7,458
14 years$14,682$12,707$10,963$9,433$8,095$6,411
15 years$13,561$11,608$9,899$8,412$7,128$5,533
16 years$12,582$10,650$8,974$7,532$6,300$4,792
17 years$11,719$9,808$8,166$6,768$5,586$4,162
18 years$10,953$9,063$7,455$6,099$4,966$3,623
19 years$10,268$8,400$6,825$5,511$4,427$3,161
20 years$9,652$7,806$6,263$4,991$3,954$2,763
21 years$9,096$7,271$5,761$4,530$3,538$2,418
22 years$8,591$6,787$5,310$4,119$3,172$2,120
23 years$8,131$6,348$4,903$3,751$2,847$1,860
24 years$7,709$5,947$4,534$3,421$2,559$1,634
25 years$7,322$5,581$4,199$3,124$2,303$1,437
26 years$6,965$5,245$3,895$2,857$2,074$1,265
27 years$6,635$4,937$3,617$2,615$1,870$1,113
28 years$6,330$4,652$3,362$2,396$1,687$981
29 years$6,046$4,388$3,129$2,197$1,524$865
30 years$5,781$4,144$2,914$2,016$1,377$763
31 years$5,534$3,918$2,717$1,852$1,245$673
32 years$5,303$3,707$2,535$1,702$1,126$594
33 years$5,086$3,511$2,367$1,565$1,019$524
34 years$4,882$3,327$2,211$1,440$923$463
35 years$4,691$3,156$2,068$1,326$836$409
36 years$4,511$2,995$1,934$1,221$757$361
37 years$4,340$2,845$1,810$1,125$686$319
38 years$4,179$2,704$1,695$1,037$622$282
39 years$4,027$2,571$1,588$956$564$250
40 years$3,883$2,446$1,489$882$512$221
41 years$3,746$2,328$1,396$813$464$195
42 years$3,616$2,217$1,309$751$421$172
43 years$3,492$2,113$1,229$693$382$153
44 years$3,374$2,014$1,153$640$347$135
45 years$3,262$1,920$1,083$591$315$119
46 years$3,155$1,832$1,017$546$286$106
47 years$3,053$1,748$956$504$260$93
48 years$2,955$1,669$898$466$236$83
49 years$2,862$1,594$844$431$214$73
50 years$2,773$1,522$794$398$195$65

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,840,000, adding $6,184 every year, while hoping to spend $56,968 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: 49/22/29 Blend
59$2,840,000$2,840,000$2,840,000$2,840,000
60$3,136,059$2,985,539$2,941,519$3,263,579
61$3,395,323$3,071,217$2,979,446$3,439,438
62$3,679,123$3,159,183$3,016,735$3,624,296
63$3,989,902$3,249,491$3,053,303$3,824,051
64$4,330,348$3,342,192$3,089,065$4,040,140
65$4,703,424$3,437,341$3,123,929$4,274,149
66$5,112,392$3,534,989$3,157,800$4,527,823
67$5,560,846$3,635,193$3,190,576$4,803,084
68$6,052,742$3,738,008$3,222,150$5,102,051
69$6,592,439$3,843,488$3,252,410$5,427,056
70$7,184,739$3,951,689$3,281,236$5,780,669
71$7,834,928$4,062,668$3,308,504$6,165,720
72$8,548,834$4,176,482$3,334,081$6,585,330
73$9,332,872$4,293,186$3,357,830$7,042,936
74$10,194,112$4,412,840$3,379,604$7,542,323
75$11,140,341$4,535,498$3,399,251$8,087,664
76$12,180,138$4,661,220$3,416,608$8,683,558
77$13,322,954$4,790,061$3,431,506$9,335,069
78$14,579,201$4,922,080$3,443,767$10,047,780
79$15,960,350$5,057,333$3,453,204$10,827,844
80$17,479,040$5,195,876$3,459,620$11,682,037
81$19,149,194$5,337,766$3,462,810$12,617,831
82$20,986,154$5,483,059$3,462,556$13,643,457
83$23,006,821$5,631,808$3,458,631$14,767,987
84$25,229,819$5,784,069$3,450,798$16,001,419
85$27,675,666$5,939,894$3,438,805$17,354,769
86$30,366,971$6,099,336$3,422,392$18,840,179
87$33,328,643$6,262,444$3,401,283$20,471,030
88$36,588,129$6,429,268$3,375,190$22,262,068
89$40,175,671$6,599,855$3,343,812$24,229,544
90$44,124,593$6,774,251$3,306,833$26,391,367
91$48,471,611$6,952,499$3,263,921$28,767,276
92$53,257,184$7,134,640$3,214,731$31,379,022
93$58,525,891$7,320,712$3,158,899$34,250,579
94$64,326,856$7,510,751$3,096,046$37,408,366
95$70,714,205$7,704,788$3,025,774$40,881,499
96$77,747,584$7,902,852$2,947,667$44,702,069
97$85,492,714$8,104,969$2,861,291$48,905,439
98$94,022,016$8,311,157$2,766,189$53,530,583
99$103,415,291$8,521,434$2,661,886$58,620,454
100$113,760,476$8,735,809$2,547,885$64,222,390