Can I retire at age 60 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$244,434$242,257$240,132$238,059$236,035$226,849
2 years$121,007$118,753$116,569$114,451$112,397$103,254
3 years$79,870$77,607$75,428$73,330$71,310$62,496
4 years$59,306$57,049$54,892$52,830$50,859$42,442
5 years$46,970$44,727$42,599$40,579$38,662$30,664
6 years$38,749$36,523$34,426$32,451$30,592$23,018
7 years$32,879$30,672$28,608$26,680$24,879$17,727
8 years$28,479$26,292$24,262$22,381$20,640$13,902
9 years$25,058$22,892$20,897$19,064$17,382$11,048
10 years$22,323$20,178$18,218$16,433$14,810$8,869
11 years$20,087$17,963$16,039$14,302$12,737$7,175
12 years$18,225$16,123$14,234$12,545$11,038$5,840
13 years$16,650$14,570$12,717$11,075$9,625$4,776
14 years$15,302$13,244$11,427$9,831$8,437$3,921
15 years$14,135$12,099$10,317$8,768$7,429$3,229
16 years$13,114$11,100$9,354$7,850$6,566$2,666
17 years$12,214$10,223$8,511$7,054$5,822$2,206
18 years$11,416$9,446$7,770$6,357$5,176$1,828
19 years$10,702$8,755$7,113$5,744$4,614$1,517
20 years$10,060$8,135$6,528$5,202$4,121$1,260
21 years$9,480$7,578$6,004$4,721$3,688$1,048
22 years$8,954$7,074$5,534$4,293$3,306$872
23 years$8,474$6,616$5,110$3,909$2,967$726
24 years$8,035$6,199$4,726$3,566$2,667$605
25 years$7,631$5,817$4,377$3,256$2,400$504
26 years$7,260$5,467$4,059$2,977$2,162$421
27 years$6,916$5,145$3,769$2,725$1,949$351
28 years$6,597$4,848$3,504$2,497$1,759$293
29 years$6,301$4,574$3,261$2,290$1,588$244
30 years$6,025$4,319$3,037$2,101$1,435$204
31 years$5,768$4,083$2,832$1,930$1,297$170
32 years$5,527$3,864$2,642$1,774$1,173$142
33 years$5,301$3,659$2,467$1,631$1,062$119
34 years$5,089$3,468$2,305$1,501$962$99
35 years$4,889$3,289$2,155$1,382$871$83
36 years$4,701$3,122$2,016$1,272$789$69
37 years$4,524$2,965$1,887$1,172$715$58
38 years$4,356$2,818$1,767$1,081$648$48
39 years$4,197$2,680$1,655$996$588$40
40 years$4,047$2,549$1,552$919$533$34
41 years$3,904$2,427$1,455$848$484$28
42 years$3,769$2,311$1,365$782$439$23
43 years$3,640$2,202$1,281$722$398$20
44 years$3,517$2,099$1,202$667$362$16
45 years$3,400$2,002$1,129$616$328$14
46 years$3,288$1,909$1,060$569$298$11
47 years$3,182$1,822$996$526$271$10
48 years$3,080$1,740$936$486$246$8
49 years$2,983$1,661$880$449$223$7
50 years$2,890$1,587$827$415$203$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,960,000, adding $6,849 every year, while hoping to spend $50,021 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: 27/44/29 Blend
59$2,960,000$2,960,000$2,960,000$2,960,000
60$3,268,985$3,112,105$3,066,225$3,327,655
61$3,549,199$3,211,376$3,115,721$3,475,230
62$3,856,319$3,313,835$3,165,200$3,628,829
63$4,193,036$3,419,585$3,214,606$3,792,736
64$4,562,314$3,528,733$3,263,884$3,967,863
65$4,967,419$3,641,390$3,312,972$4,155,217
66$5,411,946$3,757,668$3,361,808$4,355,899
67$5,899,857$3,877,687$3,410,321$4,571,124
68$6,435,516$4,001,567$3,458,440$4,802,222
69$7,023,729$4,129,434$3,506,089$5,050,661
70$7,669,792$4,261,419$3,553,184$5,318,051
71$8,379,536$4,397,654$3,599,642$5,606,163
72$9,159,388$4,538,278$3,645,369$5,916,947
73$10,016,427$4,683,436$3,690,271$6,252,545
74$10,958,452$4,833,273$3,734,244$6,615,317
75$11,994,054$4,987,943$3,777,181$7,007,856
76$13,132,700$5,147,605$3,818,969$7,433,019
77$14,384,818$5,312,420$3,859,486$7,893,947
78$15,761,898$5,482,557$3,898,608$8,394,099
79$17,276,600$5,658,191$3,936,200$8,937,283
80$18,942,872$5,839,501$3,972,121$9,527,689
81$20,776,081$6,026,673$4,006,224$10,169,932
82$22,793,160$6,219,899$4,038,351$10,869,092
83$25,012,766$6,419,377$4,068,339$11,630,761
84$27,455,455$6,625,313$4,096,015$12,461,101
85$30,143,877$6,837,919$4,121,197$13,366,893
86$33,102,988$7,057,413$4,143,694$14,355,607
87$36,360,289$7,284,023$4,163,303$15,435,469
88$39,946,080$7,517,981$4,179,815$16,615,541
89$43,893,748$7,759,530$4,193,007$17,905,801
90$48,240,082$8,008,919$4,202,645$19,317,241
91$53,025,622$8,266,408$4,208,485$20,861,970
92$58,295,037$8,532,263$4,210,270$22,553,324
93$64,097,546$8,806,759$4,207,730$24,405,997
94$70,487,389$9,090,184$4,200,582$26,436,171
95$77,524,330$9,382,830$4,188,529$28,661,679
96$85,274,227$9,685,004$4,171,260$31,102,162
97$93,809,650$9,997,021$4,148,449$33,779,261
98$103,210,565$10,319,206$4,119,753$36,716,818
99$113,565,093$10,651,897$4,084,815$39,941,099
100$124,970,334$10,995,441$4,043,257$43,481,046