Can I retire at age 60 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.8%
1 years$243,608$241,438$239,321$237,255$235,237$227,798
2 years$120,598$118,352$116,175$114,065$112,018$104,591
3 years$79,600$77,344$75,173$73,082$71,069$63,886
4 years$59,105$56,856$54,707$52,652$50,687$43,804
5 years$46,811$44,576$42,455$40,442$38,531$31,967
6 years$38,618$36,400$34,310$32,341$30,488$24,248
7 years$32,768$30,568$28,512$26,590$24,795$18,878
8 years$28,383$26,203$24,180$22,305$20,570$14,972
9 years$24,974$22,814$20,826$18,999$17,323$12,038
10 years$22,248$20,110$18,157$16,378$14,760$9,781
11 years$20,019$17,902$15,985$14,253$12,694$8,011
12 years$18,163$16,068$14,186$12,502$11,000$6,603
13 years$16,594$14,521$12,674$11,038$9,593$5,471
14 years$15,250$13,199$11,388$9,798$8,409$4,551
15 years$14,087$12,058$10,282$8,738$7,404$3,799
16 years$13,070$11,063$9,322$7,824$6,544$3,180
17 years$12,173$10,188$8,483$7,030$5,802$2,668
18 years$11,377$9,414$7,744$6,335$5,159$2,243
19 years$10,666$8,725$7,089$5,724$4,598$1,888
20 years$10,026$8,108$6,506$5,185$4,107$1,591
21 years$9,448$7,552$5,984$4,705$3,675$1,343
22 years$8,924$7,050$5,515$4,278$3,295$1,134
23 years$8,445$6,593$5,092$3,896$2,957$959
24 years$8,008$6,178$4,710$3,554$2,658$811
25 years$7,606$5,797$4,362$3,245$2,392$686
26 years$7,235$5,449$4,046$2,967$2,155$581
27 years$6,892$5,128$3,757$2,716$1,943$492
28 years$6,575$4,832$3,492$2,489$1,753$417
29 years$6,280$4,558$3,250$2,282$1,583$354
30 years$6,005$4,305$3,027$2,094$1,430$300
31 years$5,748$4,070$2,822$1,923$1,293$254
32 years$5,508$3,851$2,633$1,768$1,170$216
33 years$5,283$3,647$2,459$1,626$1,058$183
34 years$5,072$3,456$2,297$1,496$958$155
35 years$4,873$3,278$2,148$1,377$868$132
36 years$4,685$3,111$2,009$1,268$786$112
37 years$4,508$2,955$1,880$1,168$713$95
38 years$4,341$2,808$1,761$1,077$646$80
39 years$4,183$2,671$1,650$993$586$68
40 years$4,033$2,541$1,546$916$531$58
41 years$3,891$2,419$1,450$845$482$49
42 years$3,756$2,303$1,360$780$438$42
43 years$3,627$2,195$1,276$720$397$35
44 years$3,505$2,092$1,198$665$360$30
45 years$3,388$1,995$1,125$614$327$26
46 years$3,277$1,903$1,057$567$297$22
47 years$3,171$1,816$993$524$270$18
48 years$3,070$1,734$933$484$245$16
49 years$2,973$1,656$877$447$223$13
50 years$2,880$1,581$824$414$202$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,950,000, adding $3,635 every year, while hoping to spend $56,413 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: 63/16/21 Blend
59$2,950,000$2,950,000$2,950,000$2,950,000
60$3,254,650$3,098,300$3,052,575$3,441,810
61$3,526,601$3,190,093$3,094,813$3,660,236
62$3,824,400$3,284,494$3,136,575$3,892,044
63$4,150,625$3,381,570$3,177,787$4,143,921
64$4,508,113$3,481,391$3,218,367$4,417,831
65$4,899,990$3,584,029$3,258,231$4,715,938
66$5,329,698$3,689,555$3,297,291$5,040,625
67$5,801,028$3,798,044$3,335,451$5,394,516
68$6,318,156$3,909,572$3,372,612$5,780,502
69$6,885,682$4,024,215$3,408,669$6,201,766
70$7,508,673$4,142,053$3,443,510$6,661,815
71$8,192,709$4,263,165$3,477,019$7,164,512
72$8,943,939$4,387,633$3,509,073$7,714,112
73$9,769,135$4,515,541$3,539,541$8,315,304
74$10,675,757$4,646,974$3,568,286$8,973,251
75$11,672,026$4,782,017$3,595,165$9,693,643
76$12,766,995$4,920,758$3,620,025$10,482,749
77$13,970,640$5,063,287$3,642,708$11,347,475
78$15,293,951$5,209,694$3,663,045$12,295,430
79$16,749,037$5,360,072$3,680,860$13,334,997
80$18,349,237$5,514,514$3,695,967$14,475,414
81$20,109,250$5,673,115$3,708,172$15,726,859
82$22,045,268$5,835,972$3,717,270$17,100,545
83$24,175,133$6,003,183$3,723,047$18,608,831
84$26,518,504$6,174,846$3,725,276$20,265,331
85$29,097,040$6,351,062$3,723,722$22,085,050
86$31,934,607$6,531,933$3,718,135$24,084,519
87$35,057,500$6,717,561$3,708,256$26,281,956
88$38,494,694$6,908,050$3,693,811$28,697,433
89$42,278,113$7,103,505$3,674,515$31,353,073
90$46,442,935$7,304,032$3,650,066$34,273,249
91$51,027,922$7,509,736$3,620,150$37,484,822
92$56,075,783$7,720,726$3,584,438$41,017,391
93$61,633,580$7,937,110$3,542,584$44,903,573
94$67,753,172$8,158,995$3,494,228$49,179,311
95$74,491,701$8,386,491$3,438,990$53,884,213
96$81,912,133$8,619,708$3,376,474$59,061,926
97$90,083,851$8,858,753$3,306,266$64,760,550
98$99,083,309$9,103,738$3,227,931$71,033,087
99$108,994,755$9,354,770$3,141,016$77,937,949
100$119,911,025$9,611,958$3,045,045$85,539,502