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%13%
1 years$241,131$238,983$236,887$234,842$232,845$229,935
2 years$119,372$117,149$114,994$112,905$110,879$107,951
3 years$78,791$76,558$74,409$72,339$70,346$67,491
4 years$58,504$56,278$54,150$52,116$50,171$47,411
5 years$46,335$44,123$42,023$40,030$38,139$35,482
6 years$38,225$36,030$33,961$32,013$30,178$27,627
7 years$32,435$30,258$28,222$26,319$24,543$22,099
8 years$28,094$25,936$23,934$22,079$20,361$18,024
9 years$24,720$22,582$20,614$18,806$17,147$14,916
10 years$22,022$19,905$17,972$16,211$14,610$12,483
11 years$19,816$17,720$15,822$14,108$12,565$10,541
12 years$17,979$15,905$14,042$12,375$10,889$8,964
13 years$16,425$14,373$12,546$10,925$9,495$7,668
14 years$15,095$13,065$11,272$9,698$8,323$6,592
15 years$13,944$11,935$10,177$8,649$7,329$5,689
16 years$12,937$10,950$9,227$7,744$6,477$4,927
17 years$12,049$10,085$8,396$6,958$5,743$4,279
18 years$11,261$9,319$7,665$6,271$5,106$3,725
19 years$10,557$8,637$7,017$5,666$4,551$3,250
20 years$9,924$8,025$6,440$5,132$4,065$2,841
21 years$9,352$7,475$5,923$4,657$3,638$2,487
22 years$8,833$6,978$5,459$4,235$3,261$2,180
23 years$8,360$6,526$5,041$3,857$2,927$1,913
24 years$7,926$6,115$4,662$3,517$2,631$1,680
25 years$7,528$5,738$4,318$3,212$2,368$1,478
26 years$7,161$5,393$4,004$2,937$2,133$1,300
27 years$6,822$5,076$3,718$2,688$1,923$1,145
28 years$6,508$4,783$3,457$2,463$1,735$1,009
29 years$6,216$4,512$3,217$2,259$1,567$889
30 years$5,944$4,261$2,996$2,073$1,416$784
31 years$5,690$4,028$2,793$1,904$1,280$692
32 years$5,452$3,811$2,606$1,750$1,158$611
33 years$5,229$3,609$2,434$1,609$1,048$539
34 years$5,020$3,421$2,274$1,480$949$476
35 years$4,823$3,245$2,126$1,363$859$421
36 years$4,638$3,080$1,989$1,255$778$372
37 years$4,463$2,925$1,861$1,156$706$328
38 years$4,297$2,780$1,743$1,066$640$290
39 years$4,140$2,643$1,633$983$580$257
40 years$3,992$2,515$1,531$907$526$227
41 years$3,851$2,394$1,435$836$477$201
42 years$3,718$2,280$1,346$772$433$177
43 years$3,590$2,172$1,263$713$393$157
44 years$3,469$2,071$1,186$658$357$139
45 years$3,354$1,975$1,113$608$324$123
46 years$3,244$1,884$1,046$561$294$109
47 years$3,139$1,798$983$519$267$96
48 years$3,039$1,716$923$479$243$85
49 years$2,943$1,639$868$443$220$75
50 years$2,851$1,565$816$409$200$66

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 $3,707 every year, while hoping to spend $34,188 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: 41/49/10 Blend
59$2,920,000$2,920,000$2,920,000$2,920,000
60$3,221,664$3,066,904$3,021,644$3,344,054
61$3,513,898$3,180,806$3,086,493$3,544,121
62$3,834,794$3,299,144$3,152,369$3,756,823
63$4,187,239$3,422,099$3,219,270$3,986,260
64$4,574,415$3,549,859$3,287,193$4,233,968
65$4,999,825$3,682,622$3,356,133$4,501,630
66$5,467,330$3,820,593$3,426,086$4,791,096
67$5,981,182$3,963,986$3,497,045$5,104,397
68$6,546,067$4,113,026$3,569,000$5,443,763
69$7,167,146$4,267,945$3,641,942$5,811,646
70$7,850,107$4,428,986$3,715,860$6,210,739
71$8,601,215$4,596,404$3,790,738$6,644,003
72$9,427,374$4,770,463$3,866,563$7,114,691
73$10,336,190$4,951,439$3,943,316$7,626,379
74$11,336,042$5,139,620$4,020,978$8,183,001
75$12,436,164$5,335,307$4,099,526$8,788,880
76$13,646,730$5,538,814$4,178,938$9,448,772
77$14,978,949$5,750,469$4,259,185$10,167,907
78$16,445,172$5,970,612$4,340,238$10,952,039
79$18,059,008$6,199,601$4,422,065$11,807,496
80$19,835,454$6,437,808$4,504,630$12,741,242
81$21,791,031$6,685,622$4,587,897$13,760,939
82$23,943,947$6,943,448$4,671,822$14,875,015
83$26,314,262$7,211,709$4,756,360$16,092,749
84$28,924,082$7,490,849$4,841,464$17,424,351
85$31,797,766$7,781,328$4,927,081$18,881,058
86$34,962,154$8,083,628$5,013,153$20,475,240
87$38,446,821$8,398,253$5,099,621$22,220,511
88$42,284,357$8,725,729$5,186,419$24,131,860
89$46,510,675$9,066,603$5,273,478$26,225,789
90$51,165,347$9,421,450$5,360,722$28,520,463
91$56,291,979$9,790,867$5,448,073$31,035,885
92$61,938,622$10,175,481$5,535,444$33,794,077
93$68,158,225$10,575,943$5,622,746$36,819,290
94$75,009,137$10,992,937$5,709,881$40,138,227
95$82,555,654$11,427,176$5,796,746$43,780,295
96$90,868,625$11,879,402$5,883,232$47,777,877
97$100,026,128$12,350,395$5,969,223$52,166,637
98$110,114,196$12,840,968$6,054,595$56,985,852
99$121,227,637$13,351,968$6,139,217$62,278,782
100$133,470,925$13,884,284$6,222,950$68,093,071