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

Use the below retirement simulation to view the chances of a successful retirement.
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%18%
1 years$244,434$242,257$240,132$238,059$236,035$228,388
2 years$121,007$118,753$116,569$114,451$112,397$104,765
3 years$79,870$77,607$75,428$73,330$71,310$63,931
4 years$59,306$57,049$54,892$52,830$50,859$43,791
5 years$46,970$44,727$42,599$40,579$38,662$31,924
6 years$38,749$36,523$34,426$32,451$30,592$24,189
7 years$32,879$30,672$28,608$26,680$24,879$18,810
8 years$28,479$26,292$24,262$22,381$20,640$14,901
9 years$25,058$22,892$20,897$19,064$17,382$11,966
10 years$22,323$20,178$18,218$16,433$14,810$9,710
11 years$20,087$17,963$16,039$14,302$12,737$7,942
12 years$18,225$16,123$14,234$12,545$11,038$6,538
13 years$16,650$14,570$12,717$11,075$9,625$5,410
14 years$15,302$13,244$11,427$9,831$8,437$4,494
15 years$14,135$12,099$10,317$8,768$7,429$3,746
16 years$13,114$11,100$9,354$7,850$6,566$3,131
17 years$12,214$10,223$8,511$7,054$5,822$2,623
18 years$11,416$9,446$7,770$6,357$5,176$2,202
19 years$10,702$8,755$7,113$5,744$4,614$1,851
20 years$10,060$8,135$6,528$5,202$4,121$1,558
21 years$9,480$7,578$6,004$4,721$3,688$1,312
22 years$8,954$7,074$5,534$4,293$3,306$1,107
23 years$8,474$6,616$5,110$3,909$2,967$934
24 years$8,035$6,199$4,726$3,566$2,667$789
25 years$7,631$5,817$4,377$3,256$2,400$667
26 years$7,260$5,467$4,059$2,977$2,162$564
27 years$6,916$5,145$3,769$2,725$1,949$477
28 years$6,597$4,848$3,504$2,497$1,759$403
29 years$6,301$4,574$3,261$2,290$1,588$341
30 years$6,025$4,319$3,037$2,101$1,435$289
31 years$5,768$4,083$2,832$1,930$1,297$244
32 years$5,527$3,864$2,642$1,774$1,173$207
33 years$5,301$3,659$2,467$1,631$1,062$175
34 years$5,089$3,468$2,305$1,501$962$148
35 years$4,889$3,289$2,155$1,382$871$126
36 years$4,701$3,122$2,016$1,272$789$106
37 years$4,524$2,965$1,887$1,172$715$90
38 years$4,356$2,818$1,767$1,081$648$76
39 years$4,197$2,680$1,655$996$588$65
40 years$4,047$2,549$1,552$919$533$55
41 years$3,904$2,427$1,455$848$484$46
42 years$3,769$2,311$1,365$782$439$39
43 years$3,640$2,202$1,281$722$398$33
44 years$3,517$2,099$1,202$667$362$28
45 years$3,400$2,002$1,129$616$328$24
46 years$3,288$1,909$1,060$569$298$20
47 years$3,182$1,822$996$526$271$17
48 years$3,080$1,740$936$486$246$15
49 years$2,983$1,661$880$449$223$12
50 years$2,890$1,587$827$415$203$10

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 $2,846 every year, while hoping to spend $31,354 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: 47/41/12 Blend
59$2,960,000$2,960,000$2,960,000$2,960,000
60$3,264,856$3,107,976$3,062,096$3,407,258
61$3,564,511$3,226,906$3,131,315$3,624,812
62$3,893,679$3,350,613$3,201,803$3,857,324
63$4,255,339$3,479,298$3,273,568$4,108,967
64$4,652,771$3,613,170$3,346,620$4,381,530
65$5,089,587$3,752,449$3,420,965$4,676,980
66$5,569,768$3,897,363$3,496,611$4,997,479
67$6,097,701$4,048,150$3,573,564$5,345,401
68$6,678,217$4,205,060$3,651,829$5,723,357
69$7,316,641$4,368,353$3,731,410$6,134,216
70$8,018,837$4,538,301$3,812,311$6,581,134
71$8,791,267$4,715,187$3,894,533$7,067,581
72$9,641,053$4,899,307$3,978,076$7,597,372
73$10,576,038$5,090,972$4,062,939$8,174,702
74$11,604,867$5,290,503$4,149,121$8,804,189
75$12,737,065$5,498,238$4,236,618$9,490,908
76$13,983,124$5,714,530$4,325,423$10,240,448
77$15,354,608$5,939,747$4,415,530$11,058,953
78$16,864,257$6,174,274$4,506,929$11,953,188
79$18,526,110$6,418,512$4,599,610$12,930,596
80$20,355,635$6,672,882$4,693,559$13,999,366
81$22,369,878$6,937,821$4,788,762$15,168,514
82$24,587,620$7,213,788$4,885,199$16,447,962
83$27,029,555$7,501,262$4,982,852$17,848,634
84$29,718,489$7,800,743$5,081,697$19,382,553
85$32,679,550$8,112,755$5,181,708$21,062,956
86$35,940,427$8,437,842$5,282,858$22,904,415
87$39,531,631$8,776,578$5,385,115$24,922,977
88$43,486,785$9,129,557$5,488,443$27,136,306
89$47,842,936$9,497,405$5,592,806$29,563,857
90$52,640,911$9,880,773$5,698,160$32,227,049
91$57,925,696$10,280,343$5,804,460$35,149,471
92$63,746,864$10,696,827$5,911,657$38,357,100
93$70,159,044$11,130,971$6,019,697$41,878,542
94$77,222,430$11,583,553$6,128,521$45,745,304
95$85,003,358$12,055,386$6,238,066$49,992,085
96$93,574,923$12,547,324$6,348,265$54,657,103
97$103,017,677$13,060,254$6,459,043$59,782,452
98$113,420,383$13,595,109$6,570,324$65,414,497
99$124,880,854$14,152,861$6,682,021$71,604,309
100$137,506,878$14,734,528$6,794,046$78,408,140