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%13.9%
1 years$244,434$242,257$240,132$238,059$236,035$232,220
2 years$121,007$118,753$116,569$114,451$112,397$108,565
3 years$79,870$77,607$75,428$73,330$71,310$67,578
4 years$59,306$57,049$54,892$52,830$50,859$47,257
5 years$46,970$44,727$42,599$40,579$38,662$35,201
6 years$38,749$36,523$34,426$32,451$30,592$27,275
7 years$32,879$30,672$28,608$26,680$24,879$21,708
8 years$28,479$26,292$24,262$22,381$20,640$17,613
9 years$25,058$22,892$20,897$19,064$17,382$14,498
10 years$22,323$20,178$18,218$16,433$14,810$12,068
11 years$20,087$17,963$16,039$14,302$12,737$10,133
12 years$18,225$16,123$14,234$12,545$11,038$8,568
13 years$16,650$14,570$12,717$11,075$9,625$7,286
14 years$15,302$13,244$11,427$9,831$8,437$6,226
15 years$14,135$12,099$10,317$8,768$7,429$5,340
16 years$13,114$11,100$9,354$7,850$6,566$4,596
17 years$12,214$10,223$8,511$7,054$5,822$3,966
18 years$11,416$9,446$7,770$6,357$5,176$3,430
19 years$10,702$8,755$7,113$5,744$4,614$2,973
20 years$10,060$8,135$6,528$5,202$4,121$2,581
21 years$9,480$7,578$6,004$4,721$3,688$2,244
22 years$8,954$7,074$5,534$4,293$3,306$1,954
23 years$8,474$6,616$5,110$3,909$2,967$1,703
24 years$8,035$6,199$4,726$3,566$2,667$1,486
25 years$7,631$5,817$4,377$3,256$2,400$1,297
26 years$7,260$5,467$4,059$2,977$2,162$1,133
27 years$6,916$5,145$3,769$2,725$1,949$991
28 years$6,597$4,848$3,504$2,497$1,759$866
29 years$6,301$4,574$3,261$2,290$1,588$758
30 years$6,025$4,319$3,037$2,101$1,435$664
31 years$5,768$4,083$2,832$1,930$1,297$581
32 years$5,527$3,864$2,642$1,774$1,173$509
33 years$5,301$3,659$2,467$1,631$1,062$446
34 years$5,089$3,468$2,305$1,501$962$391
35 years$4,889$3,289$2,155$1,382$871$343
36 years$4,701$3,122$2,016$1,272$789$301
37 years$4,524$2,965$1,887$1,172$715$264
38 years$4,356$2,818$1,767$1,081$648$231
39 years$4,197$2,680$1,655$996$588$203
40 years$4,047$2,549$1,552$919$533$178
41 years$3,904$2,427$1,455$848$484$156
42 years$3,769$2,311$1,365$782$439$137
43 years$3,640$2,202$1,281$722$398$120
44 years$3,517$2,099$1,202$667$362$106
45 years$3,400$2,002$1,129$616$328$93
46 years$3,288$1,909$1,060$569$298$81
47 years$3,182$1,822$996$526$271$71
48 years$3,080$1,740$936$486$246$63
49 years$2,983$1,661$880$449$223$55
50 years$2,890$1,587$827$415$203$48

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 $4,478 every year, while hoping to spend $38,936 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: 59/14/27 Blend
59$2,960,000$2,960,000$2,960,000$2,960,000
60$3,266,539$3,109,659$3,063,779$3,435,104
61$3,558,298$3,220,605$3,124,988$3,661,677
62$3,878,512$3,335,682$3,186,943$3,904,161
63$4,230,042$3,455,052$3,249,627$4,167,843
64$4,616,039$3,578,882$3,313,022$4,454,792
65$5,039,976$3,707,348$3,377,109$4,767,286
66$5,505,677$3,840,631$3,441,865$5,107,832
67$6,017,355$3,978,922$3,507,267$5,479,190
68$6,579,653$4,122,416$3,573,288$5,884,401
69$7,197,684$4,271,321$3,639,900$6,326,812
70$7,877,081$4,425,849$3,707,070$6,810,107
71$8,624,052$4,586,225$3,774,765$7,338,347
72$9,445,435$4,752,679$3,842,949$7,916,000
73$10,348,762$4,925,454$3,911,582$8,547,991
74$11,342,337$5,104,801$3,980,620$9,239,741
75$12,435,302$5,290,984$4,050,018$9,997,222
76$13,637,736$5,484,275$4,119,726$10,827,012
77$14,960,740$5,684,959$4,189,692$11,736,357
78$16,416,546$5,893,333$4,259,858$12,733,237
79$18,018,634$6,109,707$4,330,164$13,826,446
80$19,781,855$6,334,403$4,400,544$15,025,669
81$21,722,572$6,567,756$4,470,930$16,341,574
82$23,858,815$6,810,117$4,541,247$17,785,916
83$26,210,452$7,061,850$4,611,416$19,371,644
84$28,799,374$7,323,337$4,681,355$21,113,024
85$31,649,703$7,594,974$4,750,973$23,025,772
86$34,788,019$7,877,173$4,820,177$25,127,206
87$38,243,609$8,170,367$4,888,865$27,436,403
88$42,048,747$8,475,005$4,956,932$29,974,383
89$46,238,994$8,791,555$5,024,264$32,764,304
90$50,853,536$9,120,506$5,090,742$35,831,684
91$55,935,554$9,462,368$5,156,239$39,204,637
92$61,532,629$9,817,672$5,220,621$42,914,140
93$67,697,192$10,186,973$5,283,747$46,994,326
94$74,487,020$10,570,850$5,345,467$51,482,803
95$81,965,780$10,969,904$5,405,623$56,421,011
96$90,203,626$11,384,767$5,464,049$61,854,609
97$99,277,869$11,816,094$5,520,568$67,833,910
98$109,273,700$12,264,570$5,574,994$74,414,353
99$120,284,994$12,730,910$5,627,133$81,657,025
100$132,415,199$13,215,861$5,676,778$89,629,238