Can I retire at age 60 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$242,782$240,620$238,510$236,451$234,440$227,117
2 years$120,189$117,951$115,782$113,678$111,638$104,326
3 years$79,330$77,082$74,918$72,835$70,828$63,755
4 years$58,905$56,664$54,521$52,473$50,515$43,736
5 years$46,653$44,425$42,311$40,305$38,401$31,934
6 years$38,487$36,276$34,193$32,232$30,385$24,237
7 years$32,657$30,465$28,415$26,500$24,711$18,880
8 years$28,287$26,114$24,098$22,230$20,500$14,983
9 years$24,889$22,737$20,756$18,935$17,264$12,054
10 years$22,172$20,041$18,095$16,322$14,710$9,799
11 years$19,951$17,842$15,931$14,205$12,651$8,031
12 years$18,102$16,014$14,138$12,460$10,963$6,624
13 years$16,538$14,472$12,632$11,000$9,560$5,492
14 years$15,199$13,154$11,349$9,765$8,380$4,572
15 years$14,039$12,017$10,247$8,708$7,379$3,819
16 years$13,025$11,025$9,290$7,797$6,521$3,199
17 years$12,132$10,154$8,454$7,006$5,782$2,686
18 years$11,338$9,383$7,717$6,314$5,141$2,259
19 years$10,629$8,696$7,065$5,705$4,583$1,904
20 years$9,992$8,080$6,484$5,167$4,093$1,606
21 years$9,416$7,527$5,964$4,689$3,663$1,356
22 years$8,893$7,026$5,497$4,264$3,283$1,146
23 years$8,417$6,571$5,075$3,883$2,947$970
24 years$7,981$6,157$4,694$3,542$2,649$821
25 years$7,580$5,778$4,347$3,234$2,384$695
26 years$7,210$5,430$4,032$2,957$2,147$589
27 years$6,869$5,110$3,744$2,707$1,936$500
28 years$6,553$4,816$3,480$2,480$1,747$424
29 years$6,259$4,543$3,239$2,274$1,577$359
30 years$5,985$4,290$3,017$2,087$1,425$305
31 years$5,729$4,056$2,813$1,917$1,289$259
32 years$5,489$3,838$2,624$1,762$1,166$220
33 years$5,265$3,634$2,450$1,620$1,055$186
34 years$5,054$3,444$2,289$1,491$955$158
35 years$4,856$3,267$2,140$1,372$865$134
36 years$4,669$3,101$2,002$1,264$784$114
37 years$4,493$2,945$1,874$1,164$710$97
38 years$4,327$2,799$1,755$1,073$644$82
39 years$4,169$2,661$1,644$990$584$70
40 years$4,019$2,532$1,541$913$530$59
41 years$3,878$2,410$1,445$842$481$50
42 years$3,743$2,296$1,356$777$436$43
43 years$3,615$2,187$1,272$717$396$36
44 years$3,493$2,085$1,194$662$359$31
45 years$3,377$1,988$1,121$612$326$26
46 years$3,266$1,897$1,053$565$296$22
47 years$3,161$1,810$989$522$269$19
48 years$3,060$1,728$930$482$244$16
49 years$2,963$1,650$874$446$222$14
50 years$2,870$1,576$821$412$201$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,940,000, adding $2,481 every year, while hoping to spend $32,924 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: 67/25/8 Blend
59$2,940,000$2,940,000$2,940,000$2,940,000
60$3,242,439$3,086,619$3,041,049$3,454,709
61$3,538,137$3,202,833$3,107,893$3,712,169
62$3,862,893$3,323,637$3,175,873$3,989,342
63$4,219,635$3,449,223$3,244,993$4,291,484
64$4,611,591$3,579,788$3,315,253$4,621,028
65$5,042,316$3,715,540$3,386,656$4,980,655
66$5,515,725$3,856,694$3,459,203$5,373,312
67$6,036,134$4,003,477$3,532,890$5,802,244
68$6,608,294$4,156,122$3,607,717$6,271,022
69$7,237,445$4,314,877$3,683,680$6,783,577
70$7,929,354$4,479,996$3,760,774$7,344,235
71$8,690,380$4,651,747$3,838,991$7,957,761
72$9,527,525$4,830,409$3,918,324$8,629,398
73$10,448,507$5,016,274$3,998,762$9,364,918
74$11,461,828$5,209,644$4,080,294$10,170,680
75$12,576,857$5,410,839$4,162,906$11,053,681
76$13,803,915$5,620,189$4,246,582$12,021,629
77$15,154,375$5,838,039$4,331,304$13,083,011
78$16,640,771$6,064,752$4,417,051$14,247,172
79$18,276,909$6,300,705$4,503,802$15,524,405
80$20,078,004$6,546,290$4,591,530$16,926,045
81$22,060,823$6,801,920$4,680,208$18,464,575
82$24,243,837$7,068,024$4,769,805$20,153,746
83$26,647,401$7,345,051$4,860,287$22,008,702
84$29,293,947$7,633,469$4,951,617$24,046,122
85$32,208,188$7,933,767$5,043,755$26,284,382
86$35,417,358$8,246,457$5,136,656$28,743,718
87$38,951,468$8,572,073$5,230,274$31,446,426
88$42,843,586$8,911,173$5,324,556$34,417,062
89$47,130,150$9,264,339$5,419,447$37,682,680
90$51,851,315$9,632,180$5,514,887$41,273,080
91$57,051,325$10,015,334$5,610,813$45,221,095
92$62,778,939$10,414,464$5,707,153$49,562,892
93$69,087,883$10,830,265$5,803,836$54,338,315
94$76,037,363$11,263,463$5,900,779$59,591,264
95$83,692,619$11,714,818$5,997,900$65,370,099
96$92,125,543$12,185,121$6,095,107$71,728,102
97$101,415,358$12,675,202$6,192,303$78,723,976
98$111,649,364$13,185,926$6,289,385$86,422,397
99$122,923,763$13,718,200$6,386,243$94,894,623
100$135,344,564$14,272,970$6,482,760$104,219,164