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

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$245,260$243,075$240,944$238,863$236,832$227,525
2 years$121,416$119,154$116,963$114,838$112,777$103,515
3 years$80,140$77,869$75,683$73,578$71,550$62,624
4 years$59,506$57,242$55,078$53,009$51,030$42,508
5 years$47,129$44,878$42,743$40,716$38,792$30,695
6 years$38,880$36,646$34,542$32,561$30,695$23,029
7 years$32,990$30,776$28,705$26,770$24,963$17,725
8 years$28,575$26,380$24,344$22,457$20,710$13,892
9 years$25,143$22,969$20,967$19,128$17,440$11,034
10 years$22,399$20,246$18,280$16,489$14,860$8,852
11 years$20,155$18,024$16,093$14,350$12,780$7,156
12 years$18,286$16,177$14,282$12,587$11,075$5,821
13 years$16,707$14,619$12,760$11,112$9,658$4,757
14 years$15,354$13,289$11,465$9,864$8,466$3,903
15 years$14,182$12,139$10,352$8,797$7,454$3,212
16 years$13,158$11,138$9,385$7,877$6,588$2,650
17 years$12,256$10,257$8,540$7,077$5,841$2,191
18 years$11,454$9,478$7,796$6,378$5,194$1,814
19 years$10,738$8,784$7,137$5,763$4,629$1,504
20 years$10,094$8,163$6,550$5,220$4,135$1,249
21 years$9,512$7,603$6,025$4,737$3,700$1,038
22 years$8,984$7,098$5,553$4,307$3,317$863
23 years$8,503$6,638$5,127$3,923$2,977$718
24 years$8,062$6,220$4,742$3,578$2,676$598
25 years$7,657$5,837$4,392$3,267$2,408$498
26 years$7,284$5,486$4,073$2,987$2,169$415
27 years$6,939$5,163$3,782$2,735$1,956$346
28 years$6,619$4,865$3,516$2,505$1,765$288
29 years$6,322$4,589$3,272$2,298$1,593$240
30 years$6,046$4,334$3,048$2,109$1,440$200
31 years$5,787$4,097$2,841$1,937$1,302$167
32 years$5,545$3,877$2,651$1,780$1,177$139
33 years$5,319$3,671$2,475$1,637$1,066$116
34 years$5,106$3,480$2,313$1,506$965$97
35 years$4,906$3,300$2,162$1,386$874$81
36 years$4,717$3,132$2,023$1,277$792$68
37 years$4,539$2,975$1,893$1,176$718$56
38 years$4,371$2,827$1,773$1,084$651$47
39 years$4,211$2,689$1,661$1,000$590$39
40 years$4,060$2,558$1,557$922$535$33
41 years$3,917$2,435$1,460$851$485$27
42 years$3,781$2,319$1,369$785$441$23
43 years$3,652$2,210$1,285$725$400$19
44 years$3,529$2,106$1,206$669$363$16
45 years$3,411$2,008$1,133$618$329$13
46 years$3,300$1,916$1,064$571$299$11
47 years$3,193$1,828$999$527$272$9
48 years$3,091$1,745$939$487$247$8
49 years$2,993$1,667$883$450$224$6
50 years$2,900$1,592$830$416$203$5

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 $4,297 every year, while hoping to spend $25,489 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: 35/36/29 Blend
59$2,970,000$2,970,000$2,970,000$2,970,000
60$3,277,372$3,119,962$3,073,927$3,363,328
61$3,584,544$3,245,720$3,149,784$3,554,020
62$3,922,193$3,376,786$3,227,327$3,757,042
63$4,293,402$3,513,393$3,306,587$3,975,616
64$4,701,564$3,655,785$3,387,593$4,211,153
65$5,150,421$3,804,216$3,470,375$4,465,201
66$5,644,095$3,958,954$3,554,964$4,739,460
67$6,187,126$4,120,276$3,641,388$5,035,794
68$6,784,517$4,288,473$3,729,679$5,356,253
69$7,441,781$4,463,851$3,819,866$5,703,086
70$8,164,990$4,646,728$3,911,979$6,078,767
71$8,960,838$4,837,436$4,006,049$6,486,009
72$9,836,697$5,036,324$4,102,106$6,927,799
73$10,800,692$5,243,756$4,200,178$7,407,417
74$11,861,775$5,460,113$4,300,297$7,928,466
75$13,029,810$5,685,793$4,402,491$8,494,913
76$14,315,666$5,921,212$4,506,790$9,111,114
77$15,731,319$6,166,806$4,613,222$9,781,863
78$17,289,966$6,423,031$4,721,817$10,512,430
79$19,006,146$6,690,364$4,832,602$11,308,612
80$20,895,885$6,969,304$4,945,606$12,176,786
81$22,976,837$7,260,371$5,060,855$13,123,966
82$25,268,457$7,564,112$5,178,377$14,157,872
83$27,792,184$7,881,098$5,298,197$15,286,996
84$30,571,641$8,211,926$5,420,341$16,520,681
85$33,632,860$8,557,222$5,544,833$17,869,213
86$37,004,524$8,917,638$5,671,698$19,343,908
87$40,718,243$9,293,860$5,800,957$20,957,224
88$44,808,848$9,686,604$5,932,634$22,722,872
89$49,314,721$10,096,618$6,066,748$24,655,945
90$54,278,158$10,524,687$6,203,319$26,773,059
91$59,745,765$10,971,632$6,342,365$29,092,506
92$65,768,902$11,438,310$6,483,903$31,634,424
93$72,404,164$11,925,622$6,627,948$34,420,987
94$79,713,918$12,434,507$6,774,514$37,476,608
95$87,766,890$12,965,951$6,923,612$40,828,170
96$96,638,814$13,520,982$7,075,254$44,505,277
97$106,413,143$14,100,681$7,229,445$48,540,527
98$117,181,846$14,706,176$7,386,193$52,969,818
99$129,046,264$15,338,649$7,545,501$57,832,688
100$142,118,077$15,999,337$7,707,370$63,172,679