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%15.1%
1 years$244,434$242,257$240,132$238,059$236,035$231,080
2 years$121,007$118,753$116,569$114,451$112,397$107,429
3 years$79,870$77,607$75,428$73,330$71,310$66,483
4 years$59,306$57,049$54,892$52,830$50,859$46,210
5 years$46,970$44,727$42,599$40,579$38,662$34,205
6 years$38,749$36,523$34,426$32,451$30,592$26,331
7 years$32,879$30,672$28,608$26,680$24,879$20,816
8 years$28,479$26,292$24,262$22,381$20,640$16,773
9 years$25,058$22,892$20,897$19,064$17,382$13,708
10 years$22,323$20,178$18,218$16,433$14,810$11,326
11 years$20,087$17,963$16,039$14,302$12,737$9,438
12 years$18,225$16,123$14,234$12,545$11,038$7,919
13 years$16,650$14,570$12,717$11,075$9,625$6,681
14 years$15,302$13,244$11,427$9,831$8,437$5,662
15 years$14,135$12,099$10,317$8,768$7,429$4,817
16 years$13,114$11,100$9,354$7,850$6,566$4,111
17 years$12,214$10,223$8,511$7,054$5,822$3,517
18 years$11,416$9,446$7,770$6,357$5,176$3,016
19 years$10,702$8,755$7,113$5,744$4,614$2,591
20 years$10,060$8,135$6,528$5,202$4,121$2,229
21 years$9,480$7,578$6,004$4,721$3,688$1,921
22 years$8,954$7,074$5,534$4,293$3,306$1,657
23 years$8,474$6,616$5,110$3,909$2,967$1,430
24 years$8,035$6,199$4,726$3,566$2,667$1,236
25 years$7,631$5,817$4,377$3,256$2,400$1,069
26 years$7,260$5,467$4,059$2,977$2,162$925
27 years$6,916$5,145$3,769$2,725$1,949$801
28 years$6,597$4,848$3,504$2,497$1,759$694
29 years$6,301$4,574$3,261$2,290$1,588$601
30 years$6,025$4,319$3,037$2,101$1,435$521
31 years$5,768$4,083$2,832$1,930$1,297$452
32 years$5,527$3,864$2,642$1,774$1,173$392
33 years$5,301$3,659$2,467$1,631$1,062$340
34 years$5,089$3,468$2,305$1,501$962$295
35 years$4,889$3,289$2,155$1,382$871$256
36 years$4,701$3,122$2,016$1,272$789$222
37 years$4,524$2,965$1,887$1,172$715$193
38 years$4,356$2,818$1,767$1,081$648$167
39 years$4,197$2,680$1,655$996$588$145
40 years$4,047$2,549$1,552$919$533$126
41 years$3,904$2,427$1,455$848$484$110
42 years$3,769$2,311$1,365$782$439$95
43 years$3,640$2,202$1,281$722$398$83
44 years$3,517$2,099$1,202$667$362$72
45 years$3,400$2,002$1,129$616$328$62
46 years$3,288$1,909$1,060$569$298$54
47 years$3,182$1,822$996$526$271$47
48 years$3,080$1,740$936$486$246$41
49 years$2,983$1,661$880$449$223$36
50 years$2,890$1,587$827$415$203$31

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 $6,436 every year, while hoping to spend $42,220 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: 29/45/26 Blend
59$2,960,000$2,960,000$2,960,000$2,960,000
60$3,268,559$3,111,679$3,065,799$3,336,844
61$3,557,030$3,219,229$3,123,581$3,498,441
62$3,873,510$3,330,635$3,181,884$3,667,923
63$4,220,812$3,446,039$3,240,681$3,849,277
64$4,602,033$3,565,593$3,299,942$4,043,558
65$5,020,585$3,689,452$3,359,635$4,251,921
66$5,480,228$3,817,779$3,419,726$4,475,633
67$5,985,102$3,950,740$3,480,177$4,716,089
68$6,539,768$4,088,513$3,540,950$4,974,818
69$7,149,253$4,231,278$3,601,999$5,253,500
70$7,819,091$4,379,225$3,663,281$5,553,982
71$8,555,382$4,532,551$3,724,745$5,878,292
72$9,364,846$4,691,461$3,786,338$6,228,661
73$10,254,884$4,856,166$3,848,005$6,607,539
74$11,233,653$5,026,890$3,909,684$7,017,622
75$12,310,139$5,203,860$3,971,311$7,461,872
76$13,494,242$5,387,319$4,032,819$7,943,549
77$14,796,871$5,577,513$4,094,134$8,466,236
78$16,230,043$5,774,702$4,155,179$9,033,876
79$17,807,001$5,979,157$4,215,872$9,650,806
80$19,542,336$6,191,156$4,276,124$10,321,799
81$21,452,125$6,410,993$4,335,845$11,052,105
82$23,554,081$6,638,971$4,394,935$11,847,501
83$25,867,722$6,875,406$4,453,290$12,714,348
84$28,414,555$7,120,626$4,510,801$13,659,644
85$31,218,277$7,374,974$4,567,350$14,691,092
86$34,305,000$7,638,807$4,622,815$15,817,173
87$37,703,497$7,912,495$4,677,066$17,047,222
88$41,445,470$8,196,424$4,729,965$18,391,516
89$45,565,856$8,490,997$4,781,366$19,861,372
90$50,103,149$8,796,631$4,831,118$21,469,247
91$55,099,768$9,113,764$4,879,058$23,228,860
92$60,602,454$9,442,847$4,925,016$25,155,319
93$66,662,713$9,784,356$4,968,812$27,265,257
94$73,337,300$10,138,780$5,010,258$29,576,995
95$80,688,758$10,506,633$5,049,155$32,110,709
96$88,786,003$10,888,450$5,085,293$34,888,618
97$97,704,977$11,284,785$5,118,452$37,935,197
98$107,529,364$11,696,220$5,148,400$41,277,401
99$118,351,381$12,123,356$5,174,894$44,944,919
100$130,272,646$12,566,825$5,197,676$48,970,455