Can I retire at age 60 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$245,260$243,075$240,944$238,863$236,832$235,438
2 years$121,416$119,154$116,963$114,838$112,777$111,371
3 years$80,140$77,869$75,683$73,578$71,550$70,175
4 years$59,506$57,242$55,078$53,009$51,030$49,697
5 years$47,129$44,878$42,743$40,716$38,792$37,505
6 years$38,880$36,646$34,542$32,561$30,695$29,455
7 years$32,990$30,776$28,705$26,770$24,963$23,771
8 years$28,575$26,380$24,344$22,457$20,710$19,565
9 years$25,143$22,969$20,967$19,128$17,440$16,344
10 years$22,399$20,246$18,280$16,489$14,860$13,811
11 years$20,155$18,024$16,093$14,350$12,780$11,777
12 years$18,286$16,177$14,282$12,587$11,075$10,118
13 years$16,707$14,619$12,760$11,112$9,658$8,745
14 years$15,354$13,289$11,465$9,864$8,466$7,597
15 years$14,182$12,139$10,352$8,797$7,454$6,627
16 years$13,158$11,138$9,385$7,877$6,588$5,803
17 years$12,256$10,257$8,540$7,077$5,841$5,096
18 years$11,454$9,478$7,796$6,378$5,194$4,487
19 years$10,738$8,784$7,137$5,763$4,629$3,960
20 years$10,094$8,163$6,550$5,220$4,135$3,502
21 years$9,512$7,603$6,025$4,737$3,700$3,102
22 years$8,984$7,098$5,553$4,307$3,317$2,752
23 years$8,503$6,638$5,127$3,923$2,977$2,445
24 years$8,062$6,220$4,742$3,578$2,676$2,175
25 years$7,657$5,837$4,392$3,267$2,408$1,936
26 years$7,284$5,486$4,073$2,987$2,169$1,725
27 years$6,939$5,163$3,782$2,735$1,956$1,538
28 years$6,619$4,865$3,516$2,505$1,765$1,373
29 years$6,322$4,589$3,272$2,298$1,593$1,226
30 years$6,046$4,334$3,048$2,109$1,440$1,095
31 years$5,787$4,097$2,841$1,937$1,302$979
32 years$5,545$3,877$2,651$1,780$1,177$876
33 years$5,319$3,671$2,475$1,637$1,066$784
34 years$5,106$3,480$2,313$1,506$965$701
35 years$4,906$3,300$2,162$1,386$874$628
36 years$4,717$3,132$2,023$1,277$792$562
37 years$4,539$2,975$1,893$1,176$718$504
38 years$4,371$2,827$1,773$1,084$651$451
39 years$4,211$2,689$1,661$1,000$590$404
40 years$4,060$2,558$1,557$922$535$362
41 years$3,917$2,435$1,460$851$485$325
42 years$3,781$2,319$1,369$785$441$291
43 years$3,652$2,210$1,285$725$400$261
44 years$3,529$2,106$1,206$669$363$234
45 years$3,411$2,008$1,133$618$329$210
46 years$3,300$1,916$1,064$571$299$188
47 years$3,193$1,828$999$527$272$169
48 years$3,091$1,745$939$487$247$152
49 years$2,993$1,667$883$450$224$136
50 years$2,900$1,592$830$416$203$122

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,970,000, adding $5,061 every year, while hoping to spend $34,604 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: 31/43/26 Blend
59$2,970,000$2,970,000$2,970,000$2,970,000
60$3,278,160$3,120,750$3,074,715$3,353,448
61$3,575,714$3,236,849$3,140,900$3,527,833
62$3,902,459$3,357,476$3,208,142$3,712,007
63$4,261,335$3,482,818$3,276,440$3,909,570
64$4,655,583$3,613,068$3,345,793$4,121,716
65$5,088,771$3,748,427$3,416,195$4,349,754
66$5,564,832$3,889,105$3,487,643$4,595,121
67$6,088,096$4,035,323$3,560,131$4,859,394
68$6,663,336$4,187,308$3,633,650$5,144,305
69$7,295,810$4,345,300$3,708,190$5,451,754
70$7,991,309$4,509,546$3,783,742$5,783,830
71$8,756,217$4,680,308$3,860,291$6,142,827
72$9,597,563$4,857,855$3,937,823$6,531,264
73$10,523,096$5,042,471$4,016,321$6,951,913
74$11,541,350$5,234,451$4,095,766$7,407,816
75$12,661,730$5,434,101$4,176,137$7,902,320
76$13,894,599$5,641,744$4,257,410$8,439,103
77$15,251,373$5,857,715$4,339,559$9,022,210
78$16,744,634$6,082,364$4,422,554$9,656,088
79$18,388,242$6,316,055$4,506,365$10,345,631
80$20,197,472$6,559,171$4,590,957$11,096,217
81$22,189,152$6,812,108$4,676,292$11,913,766
82$24,381,827$7,075,283$4,762,330$12,804,789
83$26,795,930$7,349,129$4,849,025$13,776,451
84$29,453,977$7,634,099$4,936,330$14,836,635
85$32,380,779$7,930,665$5,024,192$15,994,016
86$35,603,672$8,239,322$5,112,557$17,258,141
87$39,152,783$8,560,585$5,201,363$18,639,518
88$43,061,305$8,894,992$5,290,547$20,149,713
89$47,365,817$9,243,105$5,380,040$21,801,455
90$52,106,625$9,605,512$5,469,766$23,608,761
91$57,328,145$9,982,826$5,559,647$25,587,059
92$63,079,319$10,375,688$5,649,599$27,753,335
93$69,414,080$10,784,767$5,739,530$30,126,291
94$76,391,857$11,210,762$5,829,346$32,726,519
95$84,078,140$11,654,403$5,918,943$35,576,694
96$92,545,095$12,116,453$6,008,212$38,701,784
97$101,872,246$12,597,710$6,097,037$42,129,285
98$112,147,223$13,099,006$6,185,297$45,889,476
99$123,466,595$13,621,212$6,272,859$50,015,704
100$135,936,773$14,165,237$6,359,585$54,544,696