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%19.8%
1 years$243,608$241,438$239,321$237,255$235,237$225,993
2 years$120,598$118,352$116,175$114,065$112,018$102,818
3 years$79,600$77,344$75,173$73,082$71,069$62,202
4 years$59,105$56,856$54,707$52,652$50,687$42,221
5 years$46,811$44,576$42,455$40,442$38,531$30,489
6 years$38,618$36,400$34,310$32,341$30,488$22,874
7 years$32,768$30,568$28,512$26,590$24,795$17,606
8 years$28,383$26,203$24,180$22,305$20,570$13,799
9 years$24,974$22,814$20,826$18,999$17,323$10,960
10 years$22,248$20,110$18,157$16,378$14,760$8,792
11 years$20,019$17,902$15,985$14,253$12,694$7,108
12 years$18,163$16,068$14,186$12,502$11,000$5,782
13 years$16,594$14,521$12,674$11,038$9,593$4,725
14 years$15,250$13,199$11,388$9,798$8,409$3,877
15 years$14,087$12,058$10,282$8,738$7,404$3,190
16 years$13,070$11,063$9,322$7,824$6,544$2,632
17 years$12,173$10,188$8,483$7,030$5,802$2,176
18 years$11,377$9,414$7,744$6,335$5,159$1,802
19 years$10,666$8,725$7,089$5,724$4,598$1,494
20 years$10,026$8,108$6,506$5,185$4,107$1,240
21 years$9,448$7,552$5,984$4,705$3,675$1,031
22 years$8,924$7,050$5,515$4,278$3,295$857
23 years$8,445$6,593$5,092$3,896$2,957$713
24 years$8,008$6,178$4,710$3,554$2,658$594
25 years$7,606$5,797$4,362$3,245$2,392$494
26 years$7,235$5,449$4,046$2,967$2,155$412
27 years$6,892$5,128$3,757$2,716$1,943$343
28 years$6,575$4,832$3,492$2,489$1,753$286
29 years$6,280$4,558$3,250$2,282$1,583$239
30 years$6,005$4,305$3,027$2,094$1,430$199
31 years$5,748$4,070$2,822$1,923$1,293$166
32 years$5,508$3,851$2,633$1,768$1,170$139
33 years$5,283$3,647$2,459$1,626$1,058$116
34 years$5,072$3,456$2,297$1,496$958$96
35 years$4,873$3,278$2,148$1,377$868$80
36 years$4,685$3,111$2,009$1,268$786$67
37 years$4,508$2,955$1,880$1,168$713$56
38 years$4,341$2,808$1,761$1,077$646$47
39 years$4,183$2,671$1,650$993$586$39
40 years$4,033$2,541$1,546$916$531$33
41 years$3,891$2,419$1,450$845$482$27
42 years$3,756$2,303$1,360$780$438$23
43 years$3,627$2,195$1,276$720$397$19
44 years$3,505$2,092$1,198$665$360$16
45 years$3,388$1,995$1,125$614$327$13
46 years$3,277$1,903$1,057$567$297$11
47 years$3,171$1,816$993$524$270$9
48 years$3,070$1,734$933$484$245$8
49 years$2,973$1,656$877$447$223$6
50 years$2,880$1,581$824$414$202$5

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 $3,264 every year, while hoping to spend $27,149 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: 47/32/21 Blend
59$2,950,000$2,950,000$2,950,000$2,950,000
60$3,254,267$3,097,917$3,052,192$3,387,618
61$3,557,316$3,220,828$3,125,554$3,604,039
62$3,890,366$3,348,853$3,200,464$3,835,837
63$4,256,448$3,482,212$3,276,944$4,086,877
64$4,658,903$3,621,137$3,355,019$4,358,972
65$5,101,409$3,765,871$3,434,711$4,654,115
66$5,588,021$3,916,667$3,516,042$4,974,494
67$6,123,205$4,073,790$3,599,035$5,322,518
68$6,711,882$4,237,515$3,683,712$5,700,831
69$7,359,473$4,408,132$3,770,096$6,112,346
70$8,071,952$4,585,944$3,858,207$6,560,261
71$8,855,902$4,771,265$3,948,067$7,048,096
72$9,718,573$4,964,427$4,039,697$7,579,723
73$10,667,957$5,165,773$4,133,116$8,159,400
74$11,712,858$5,375,665$4,228,345$8,791,814
75$12,862,977$5,594,480$4,325,402$9,482,120
76$14,129,003$5,822,613$4,424,305$10,235,990
77$15,522,715$6,060,475$4,525,074$11,059,667
78$17,057,092$6,308,497$4,627,723$11,960,022
79$18,746,433$6,567,132$4,732,270$12,944,617
80$20,606,497$6,836,849$4,838,728$14,021,775
81$22,654,647$7,118,141$4,947,113$15,200,657
82$24,910,016$7,411,526$5,057,437$16,491,350
83$27,393,688$7,717,541$5,169,711$17,904,957
84$30,128,894$8,036,750$5,283,946$19,453,702
85$33,141,234$8,369,744$5,400,151$21,151,044
86$36,458,917$8,717,139$5,518,334$23,011,804
87$40,113,029$9,079,580$5,638,500$25,052,299
88$44,137,821$9,457,743$5,760,653$27,290,497
89$48,571,041$9,852,334$5,884,797$29,746,187
90$53,454,280$10,264,092$6,010,931$32,441,160
91$58,833,373$10,693,789$6,139,053$35,399,413
92$64,758,827$11,142,234$6,269,161$38,647,377
93$71,286,296$11,610,273$6,401,247$42,214,162
94$78,477,113$12,098,791$6,535,303$46,131,827
95$86,398,861$12,608,714$6,671,319$50,435,688
96$95,126,016$13,141,012$6,809,278$55,164,638
97$104,740,646$13,696,698$6,949,166$60,361,523
98$115,333,189$14,276,833$7,090,960$66,073,536
99$127,003,305$14,882,529$7,234,638$72,352,661
100$139,860,816$15,514,947$7,380,172$79,256,165