Can I retire at age 60 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$241,131$238,983$236,887$234,842$232,845$224,583
2 years$119,372$117,149$114,994$112,905$110,879$102,643
3 years$78,791$76,558$74,409$72,339$70,346$62,396
4 years$58,504$56,278$54,150$52,116$50,171$42,567
5 years$46,335$44,123$42,023$40,030$38,139$30,901
6 years$38,225$36,030$33,961$32,013$30,178$23,311
7 years$32,435$30,258$28,222$26,319$24,543$18,045
8 years$28,094$25,936$23,934$22,079$20,361$14,227
9 years$24,720$22,582$20,614$18,806$17,147$11,370
10 years$22,022$19,905$17,972$16,211$14,610$9,179
11 years$19,816$17,720$15,822$14,108$12,565$7,470
12 years$17,979$15,905$14,042$12,375$10,889$6,116
13 years$16,425$14,373$12,546$10,925$9,495$5,033
14 years$15,095$13,065$11,272$9,698$8,323$4,158
15 years$13,944$11,935$10,177$8,649$7,329$3,446
16 years$12,937$10,950$9,227$7,744$6,477$2,864
17 years$12,049$10,085$8,396$6,958$5,743$2,385
18 years$11,261$9,319$7,665$6,271$5,106$1,990
19 years$10,557$8,637$7,017$5,666$4,551$1,663
20 years$9,924$8,025$6,440$5,132$4,065$1,391
21 years$9,352$7,475$5,923$4,657$3,638$1,165
22 years$8,833$6,978$5,459$4,235$3,261$976
23 years$8,360$6,526$5,041$3,857$2,927$819
24 years$7,926$6,115$4,662$3,517$2,631$687
25 years$7,528$5,738$4,318$3,212$2,368$577
26 years$7,161$5,393$4,004$2,937$2,133$484
27 years$6,822$5,076$3,718$2,688$1,923$407
28 years$6,508$4,783$3,457$2,463$1,735$342
29 years$6,216$4,512$3,217$2,259$1,567$288
30 years$5,944$4,261$2,996$2,073$1,416$242
31 years$5,690$4,028$2,793$1,904$1,280$203
32 years$5,452$3,811$2,606$1,750$1,158$171
33 years$5,229$3,609$2,434$1,609$1,048$144
34 years$5,020$3,421$2,274$1,480$949$121
35 years$4,823$3,245$2,126$1,363$859$102
36 years$4,638$3,080$1,989$1,255$778$86
37 years$4,463$2,925$1,861$1,156$706$72
38 years$4,297$2,780$1,743$1,066$640$61
39 years$4,140$2,643$1,633$983$580$51
40 years$3,992$2,515$1,531$907$526$43
41 years$3,851$2,394$1,435$836$477$36
42 years$3,718$2,280$1,346$772$433$30
43 years$3,590$2,172$1,263$713$393$26
44 years$3,469$2,071$1,186$658$357$22
45 years$3,354$1,975$1,113$608$324$18
46 years$3,244$1,884$1,046$561$294$15
47 years$3,139$1,798$983$519$267$13
48 years$3,039$1,716$923$479$243$11
49 years$2,943$1,639$868$443$220$9
50 years$2,851$1,565$816$409$200$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,920,000, adding $4,709 every year, while hoping to spend $53,217 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: 59/30/11 Blend
59$2,920,000$2,920,000$2,920,000$2,920,000
60$3,222,697$3,067,937$3,022,677$3,404,065
61$3,494,790$3,161,644$3,067,315$3,620,368
62$3,792,852$3,258,158$3,111,664$3,849,717
63$4,119,478$3,357,562$3,155,658$4,098,511
64$4,477,521$3,459,939$3,199,229$4,368,624
65$4,870,127$3,565,375$3,242,302$4,662,120
66$5,300,759$3,673,958$3,284,799$4,981,269
67$5,773,234$3,785,779$3,326,637$5,328,573
68$6,291,752$3,900,930$3,367,728$5,706,781
69$6,860,943$4,019,508$3,407,979$6,118,925
70$7,485,906$4,141,611$3,447,293$6,568,337
71$8,172,257$4,267,338$3,485,566$7,058,692
72$8,926,183$4,396,795$3,522,689$7,594,031
73$9,754,502$4,530,085$3,558,546$8,178,807
74$10,664,721$4,667,319$3,593,018$8,817,923
75$11,665,113$4,808,609$3,625,974$9,516,778
76$12,764,792$4,954,068$3,657,282$10,281,319
77$13,973,797$5,103,814$3,686,798$11,118,094
78$15,303,192$5,257,968$3,714,373$12,034,318
79$16,765,164$5,416,654$3,739,850$13,037,934
80$18,373,139$5,579,999$3,763,063$14,137,696
81$20,141,912$5,748,132$3,783,839$15,343,243
82$22,087,784$5,921,187$3,801,995$16,665,195
83$24,228,714$6,099,301$3,817,337$18,115,250
84$26,584,490$6,282,614$3,829,665$19,706,296
85$29,176,915$6,471,269$3,838,766$21,452,529
86$32,030,012$6,665,414$3,844,417$23,369,591
87$35,170,253$6,865,199$3,846,385$25,474,713
88$38,626,804$7,070,779$3,844,424$27,786,880
89$42,431,802$7,282,311$3,838,276$30,327,008
90$46,620,660$7,499,958$3,827,672$33,118,141
91$51,232,396$7,723,885$3,812,328$36,185,670
92$56,310,008$7,954,262$3,791,948$39,557,570
93$61,900,870$8,191,263$3,766,220$43,264,662
94$68,057,189$8,435,065$3,734,819$47,340,910
95$74,836,489$8,685,850$3,697,402$51,823,734
96$82,302,157$8,943,803$3,653,611$56,754,364
97$90,524,043$9,209,115$3,603,073$62,178,233
98$99,579,114$9,481,980$3,545,394$68,145,400
99$109,552,183$9,762,596$3,480,164$74,711,026
100$120,536,708$10,051,167$3,406,953$81,935,890