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%15.2%
1 years$244,434$242,257$240,132$238,059$236,035$230,986
2 years$121,007$118,753$116,569$114,451$112,397$107,335
3 years$79,870$77,607$75,428$73,330$71,310$66,392
4 years$59,306$57,049$54,892$52,830$50,859$46,124
5 years$46,970$44,727$42,599$40,579$38,662$34,123
6 years$38,749$36,523$34,426$32,451$30,592$26,254
7 years$32,879$30,672$28,608$26,680$24,879$20,743
8 years$28,479$26,292$24,262$22,381$20,640$16,704
9 years$25,058$22,892$20,897$19,064$17,382$13,644
10 years$22,323$20,178$18,218$16,433$14,810$11,266
11 years$20,087$17,963$16,039$14,302$12,737$9,382
12 years$18,225$16,123$14,234$12,545$11,038$7,867
13 years$16,650$14,570$12,717$11,075$9,625$6,633
14 years$15,302$13,244$11,427$9,831$8,437$5,618
15 years$14,135$12,099$10,317$8,768$7,429$4,776
16 years$13,114$11,100$9,354$7,850$6,566$4,072
17 years$12,214$10,223$8,511$7,054$5,822$3,482
18 years$11,416$9,446$7,770$6,357$5,176$2,983
19 years$10,702$8,755$7,113$5,744$4,614$2,561
20 years$10,060$8,135$6,528$5,202$4,121$2,202
21 years$9,480$7,578$6,004$4,721$3,688$1,896
22 years$8,954$7,074$5,534$4,293$3,306$1,634
23 years$8,474$6,616$5,110$3,909$2,967$1,410
24 years$8,035$6,199$4,726$3,566$2,667$1,217
25 years$7,631$5,817$4,377$3,256$2,400$1,052
26 years$7,260$5,467$4,059$2,977$2,162$909
27 years$6,916$5,145$3,769$2,725$1,949$787
28 years$6,597$4,848$3,504$2,497$1,759$681
29 years$6,301$4,574$3,261$2,290$1,588$590
30 years$6,025$4,319$3,037$2,101$1,435$511
31 years$5,768$4,083$2,832$1,930$1,297$442
32 years$5,527$3,864$2,642$1,774$1,173$383
33 years$5,301$3,659$2,467$1,631$1,062$332
34 years$5,089$3,468$2,305$1,501$962$288
35 years$4,889$3,289$2,155$1,382$871$250
36 years$4,701$3,122$2,016$1,272$789$217
37 years$4,524$2,965$1,887$1,172$715$188
38 years$4,356$2,818$1,767$1,081$648$163
39 years$4,197$2,680$1,655$996$588$141
40 years$4,047$2,549$1,552$919$533$123
41 years$3,904$2,427$1,455$848$484$106
42 years$3,769$2,311$1,365$782$439$92
43 years$3,640$2,202$1,281$722$398$80
44 years$3,517$2,099$1,202$667$362$70
45 years$3,400$2,002$1,129$616$328$60
46 years$3,288$1,909$1,060$569$298$52
47 years$3,182$1,822$996$526$271$45
48 years$3,080$1,740$936$486$246$39
49 years$2,983$1,661$880$449$223$34
50 years$2,890$1,587$827$415$203$30

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 $2,053 every year, while hoping to spend $33,957 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: 61/28/11 Blend
59$2,960,000$2,960,000$2,960,000$2,960,000
60$3,264,038$3,107,158$3,061,278$3,454,638
61$3,560,840$3,223,278$3,127,700$3,698,858
62$3,886,777$3,343,951$3,195,210$3,961,170
63$4,244,786$3,469,363$3,263,808$4,246,558
64$4,638,102$3,599,708$3,333,493$4,557,256
65$5,070,286$3,735,192$3,404,262$4,895,719
66$5,545,265$3,876,026$3,476,115$5,264,646
67$6,067,362$4,022,432$3,549,045$5,667,009
68$6,641,343$4,174,641$3,623,048$6,106,080
69$7,272,456$4,332,894$3,698,116$6,585,455
70$7,966,483$4,497,443$3,774,240$7,109,096
71$8,729,797$4,668,550$3,851,409$7,681,361
72$9,569,417$4,846,490$3,929,612$8,307,049
73$10,493,077$5,031,547$4,008,834$8,991,441
74$11,509,300$5,224,022$4,089,058$9,740,351
75$12,627,473$5,424,224$4,170,267$10,560,181
76$13,857,944$5,632,480$4,252,440$11,457,979
77$15,212,111$5,849,127$4,335,553$12,441,503
78$16,702,533$6,074,521$4,419,580$13,519,299
79$18,343,050$6,309,031$4,504,495$14,700,775
80$20,148,911$6,553,044$4,590,265$15,996,291
81$22,136,917$6,806,961$4,676,857$17,417,257
82$24,325,585$7,071,204$4,764,234$18,976,238
83$26,735,313$7,346,212$4,852,355$20,687,073
84$29,388,583$7,632,443$4,941,176$22,565,003
85$32,310,163$7,930,378$5,030,650$24,626,814
86$35,527,349$8,240,515$5,120,726$26,890,995
87$39,070,216$8,563,378$5,211,348$29,377,912
88$42,971,907$8,899,513$5,302,457$32,109,996
89$47,268,940$9,249,488$5,393,988$35,111,958
90$52,001,560$9,613,900$5,485,874$38,411,017
91$57,214,108$9,993,371$5,578,040$42,037,155
92$62,955,451$10,388,550$5,670,409$46,023,403
93$69,279,434$10,800,116$5,762,895$50,406,148
94$76,245,394$11,228,779$5,855,408$55,225,473
95$83,918,714$11,675,279$5,947,854$60,525,540
96$92,371,445$12,140,390$6,040,130$66,354,999
97$101,682,986$12,624,923$6,132,128$72,767,446
98$111,940,827$13,129,721$6,223,731$79,821,933
99$123,241,384$13,655,669$6,314,818$87,583,515
100$135,690,898$14,203,690$6,405,258$96,123,868