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

Use the below retirement simulation to view the chances of a successful retirement.
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%16%
1 years$243,608$241,438$239,321$237,255$235,237$229,457
2 years$120,598$118,352$116,175$114,065$112,018$106,230
3 years$79,600$77,344$75,173$73,082$71,069$65,454
4 years$59,105$56,856$54,707$52,652$50,687$45,289
5 years$46,811$44,576$42,455$40,442$38,531$33,365
6 years$38,618$36,400$34,310$32,341$30,488$25,559
7 years$32,768$30,568$28,512$26,590$24,795$20,103
8 years$28,383$26,203$24,180$22,305$20,570$16,113
9 years$24,974$22,814$20,826$18,999$17,323$13,098
10 years$22,248$20,110$18,157$16,378$14,760$10,762
11 years$20,019$17,902$15,985$14,253$12,694$8,917
12 years$18,163$16,068$14,186$12,502$11,000$7,438
13 years$16,594$14,521$12,674$11,038$9,593$6,238
14 years$15,250$13,199$11,388$9,798$8,409$5,254
15 years$14,087$12,058$10,282$8,738$7,404$4,442
16 years$13,070$11,063$9,322$7,824$6,544$3,766
17 years$12,173$10,188$8,483$7,030$5,802$3,201
18 years$11,377$9,414$7,744$6,335$5,159$2,727
19 years$10,666$8,725$7,089$5,724$4,598$2,327
20 years$10,026$8,108$6,506$5,185$4,107$1,989
21 years$9,448$7,552$5,984$4,705$3,675$1,702
22 years$8,924$7,050$5,515$4,278$3,295$1,458
23 years$8,445$6,593$5,092$3,896$2,957$1,250
24 years$8,008$6,178$4,710$3,554$2,658$1,072
25 years$7,606$5,797$4,362$3,245$2,392$921
26 years$7,235$5,449$4,046$2,967$2,155$791
27 years$6,892$5,128$3,757$2,716$1,943$680
28 years$6,575$4,832$3,492$2,489$1,753$585
29 years$6,280$4,558$3,250$2,282$1,583$503
30 years$6,005$4,305$3,027$2,094$1,430$433
31 years$5,748$4,070$2,822$1,923$1,293$372
32 years$5,508$3,851$2,633$1,768$1,170$321
33 years$5,283$3,647$2,459$1,626$1,058$276
34 years$5,072$3,456$2,297$1,496$958$238
35 years$4,873$3,278$2,148$1,377$868$205
36 years$4,685$3,111$2,009$1,268$786$176
37 years$4,508$2,955$1,880$1,168$713$152
38 years$4,341$2,808$1,761$1,077$646$131
39 years$4,183$2,671$1,650$993$586$113
40 years$4,033$2,541$1,546$916$531$97
41 years$3,891$2,419$1,450$845$482$84
42 years$3,756$2,303$1,360$780$438$72
43 years$3,627$2,195$1,276$720$397$62
44 years$3,505$2,092$1,198$665$360$54
45 years$3,388$1,995$1,125$614$327$46
46 years$3,277$1,903$1,057$567$297$40
47 years$3,171$1,816$993$524$270$34
48 years$3,070$1,734$933$484$245$30
49 years$2,973$1,656$877$447$223$26
50 years$2,880$1,581$824$414$202$22

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 $2,626 every year, while hoping to spend $38,739 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: 64/8/28 Blend
59$2,950,000$2,950,000$2,950,000$2,950,000
60$3,253,609$3,097,259$3,051,534$3,437,467
61$3,544,259$3,207,806$3,112,542$3,672,840
62$3,863,257$3,322,473$3,174,296$3,925,418
63$4,213,453$3,441,418$3,236,779$4,200,574
64$4,597,989$3,564,810$3,299,974$4,500,530
65$5,020,321$3,692,824$3,363,861$4,827,735
66$5,484,262$3,825,641$3,428,419$5,184,886
67$5,994,009$3,963,449$3,493,623$5,574,953
68$6,554,186$4,106,446$3,559,447$6,001,206
69$7,169,888$4,254,837$3,625,863$6,467,248
70$7,846,727$4,408,835$3,692,841$6,977,045
71$8,590,888$4,568,662$3,760,345$7,534,969
72$9,409,182$4,734,550$3,828,341$8,145,833
73$10,309,117$4,906,741$3,896,788$8,814,939
74$11,298,960$5,085,485$3,965,644$9,548,130
75$12,387,825$5,271,045$4,034,864$10,351,840
76$13,585,750$5,463,693$4,104,399$11,233,159
77$14,903,795$5,663,713$4,174,195$12,199,896
78$16,354,149$5,871,401$4,244,197$13,260,656
79$17,950,239$6,087,066$4,314,345$14,424,917
80$19,706,861$6,311,030$4,384,573$15,703,123
81$21,640,318$6,543,628$4,454,813$17,106,781
82$23,768,574$6,785,209$4,524,992$18,648,569
83$26,111,421$7,036,137$4,595,032$20,342,454
84$28,690,669$7,296,791$4,664,850$22,203,826
85$31,530,352$7,567,568$4,734,356$24,249,643
86$34,656,949$7,848,880$4,803,458$26,498,589
87$38,099,640$8,141,157$4,872,056$28,971,250
88$41,890,577$8,444,848$4,940,044$31,690,310
89$46,065,190$8,760,420$5,007,310$34,680,765
90$50,662,519$9,088,360$5,073,735$37,970,156
91$55,725,585$9,429,178$5,139,193$41,588,829
92$61,301,791$9,783,405$5,203,553$45,570,226
93$67,443,374$10,151,592$5,266,672$49,951,192
94$74,207,896$10,534,318$5,328,404$54,772,332
95$81,658,787$10,932,184$5,388,590$60,078,385
96$89,865,941$11,345,819$5,447,066$65,918,654
97$98,906,380$11,775,878$5,503,656$72,347,463
98$108,864,979$12,223,044$5,558,176$79,424,679
99$119,835,264$12,688,031$5,610,433$87,216,267
100$131,920,300$13,171,583$5,660,221$95,794,920