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%12.1%
1 years$241,131$238,983$236,887$234,842$232,845$230,798
2 years$119,372$117,149$114,994$112,905$110,879$108,815
3 years$78,791$76,558$74,409$72,339$70,346$68,331
4 years$58,504$56,278$54,150$52,116$50,171$48,220
5 years$46,335$44,123$42,023$40,030$38,139$36,258
6 years$38,225$36,030$33,961$32,013$30,178$28,368
7 years$32,435$30,258$28,222$26,319$24,543$22,806
8 years$28,094$25,936$23,934$22,079$20,361$18,696
9 years$24,720$22,582$20,614$18,806$17,147$15,554
10 years$22,022$19,905$17,972$16,211$14,610$13,088
11 years$19,816$17,720$15,822$14,108$12,565$11,113
12 years$17,979$15,905$14,042$12,375$10,889$9,506
13 years$16,425$14,373$12,546$10,925$9,495$8,179
14 years$15,095$13,065$11,272$9,698$8,323$7,073
15 years$13,944$11,935$10,177$8,649$7,329$6,141
16 years$12,937$10,950$9,227$7,744$6,477$5,351
17 years$12,049$10,085$8,396$6,958$5,743$4,677
18 years$11,261$9,319$7,665$6,271$5,106$4,098
19 years$10,557$8,637$7,017$5,666$4,551$3,599
20 years$9,924$8,025$6,440$5,132$4,065$3,166
21 years$9,352$7,475$5,923$4,657$3,638$2,790
22 years$8,833$6,978$5,459$4,235$3,261$2,463
23 years$8,360$6,526$5,041$3,857$2,927$2,176
24 years$7,926$6,115$4,662$3,517$2,631$1,925
25 years$7,528$5,738$4,318$3,212$2,368$1,705
26 years$7,161$5,393$4,004$2,937$2,133$1,511
27 years$6,822$5,076$3,718$2,688$1,923$1,340
28 years$6,508$4,783$3,457$2,463$1,735$1,189
29 years$6,216$4,512$3,217$2,259$1,567$1,056
30 years$5,944$4,261$2,996$2,073$1,416$938
31 years$5,690$4,028$2,793$1,904$1,280$834
32 years$5,452$3,811$2,606$1,750$1,158$741
33 years$5,229$3,609$2,434$1,609$1,048$659
34 years$5,020$3,421$2,274$1,480$949$587
35 years$4,823$3,245$2,126$1,363$859$522
36 years$4,638$3,080$1,989$1,255$778$465
37 years$4,463$2,925$1,861$1,156$706$414
38 years$4,297$2,780$1,743$1,066$640$369
39 years$4,140$2,643$1,633$983$580$328
40 years$3,992$2,515$1,531$907$526$293
41 years$3,851$2,394$1,435$836$477$261
42 years$3,718$2,280$1,346$772$433$232
43 years$3,590$2,172$1,263$713$393$207
44 years$3,469$2,071$1,186$658$357$185
45 years$3,354$1,975$1,113$608$324$165
46 years$3,244$1,884$1,046$561$294$147
47 years$3,139$1,798$983$519$267$131
48 years$3,039$1,716$923$479$243$117
49 years$2,943$1,639$868$443$220$104
50 years$2,851$1,565$816$409$200$93

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 $5,241 every year, while hoping to spend $47,142 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: 79/8/13 Blend
59$2,920,000$2,920,000$2,920,000$2,920,000
60$3,223,246$3,068,486$3,023,226$3,469,306
61$3,501,858$3,168,683$3,074,345$3,732,074
62$3,807,309$3,272,210$3,125,597$4,013,708
63$4,142,286$3,379,180$3,176,936$4,321,352
64$4,509,750$3,489,710$3,228,314$4,657,586
65$4,912,961$3,603,922$3,279,679$5,025,253
66$5,355,510$3,721,942$3,330,976$5,427,483
67$5,841,355$3,843,900$3,382,146$5,867,724
68$6,374,853$3,969,930$3,433,128$6,349,771
69$6,960,804$4,100,173$3,483,854$6,877,809
70$7,604,498$4,234,773$3,534,254$7,456,442
71$8,311,759$4,373,880$3,584,254$8,090,747
72$9,089,007$4,517,648$3,633,775$8,786,313
73$9,943,311$4,666,239$3,682,732$9,549,299
74$10,882,463$4,819,818$3,731,037$10,386,487
75$11,915,043$4,978,558$3,778,596$11,305,352
76$13,050,507$5,142,637$3,825,309$12,314,126
77$14,299,272$5,312,240$3,871,071$13,421,882
78$15,672,817$5,487,558$3,915,770$14,638,611
79$17,183,786$5,668,790$3,959,290$15,975,324
80$18,846,113$5,856,142$4,001,507$17,444,153
81$20,675,148$6,049,825$4,042,290$19,058,461
82$22,687,808$6,250,061$4,081,501$20,832,975
83$24,902,728$6,457,078$4,118,995$22,783,920
84$27,340,444$6,671,113$4,154,619$24,929,173
85$30,023,583$6,892,411$4,188,213$27,288,432
86$32,977,077$7,121,226$4,219,605$29,883,399
87$36,228,395$7,357,823$4,248,619$32,737,990
88$39,807,810$7,602,475$4,275,066$35,878,556
89$43,748,674$7,855,464$4,298,748$39,334,130
90$48,087,741$8,117,084$4,319,459$43,136,708
91$52,865,509$8,387,640$4,336,979$47,321,542
92$58,126,604$8,667,447$4,351,081$51,927,477
93$63,920,197$8,956,831$4,361,522$56,997,319
94$70,300,475$9,256,134$4,368,050$62,578,234
95$77,327,144$9,565,705$4,370,401$68,722,198
96$85,065,998$9,885,910$4,368,294$75,486,481
97$93,589,537$10,217,126$4,361,439$82,934,193
98$102,977,651$10,559,747$4,349,529$91,134,879
99$113,318,375$10,914,178$4,332,242$100,165,170
100$124,708,719$11,280,843$4,309,242$110,109,512