Can I retire at age 60 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$246,086$243,894$241,755$239,668$237,629$233,885
2 years$121,825$119,556$117,357$115,225$113,157$109,394
3 years$80,410$78,131$75,938$73,826$71,791$68,128
4 years$59,706$57,435$55,263$53,187$51,202$47,666
5 years$47,287$45,029$42,886$40,853$38,923$35,524
6 years$39,011$36,770$34,659$32,670$30,799$27,540
7 years$33,101$30,879$28,801$26,860$25,047$21,931
8 years$28,671$26,469$24,426$22,532$20,779$17,805
9 years$25,228$23,046$21,038$19,193$17,499$14,665
10 years$22,474$20,314$18,341$16,544$14,910$12,213
11 years$20,223$18,084$16,148$14,398$12,823$10,261
12 years$18,348$16,232$14,331$12,629$11,112$8,682
13 years$16,763$14,669$12,803$11,150$9,690$7,388
14 years$15,405$13,333$11,504$9,898$8,494$6,317
15 years$14,230$12,180$10,386$8,827$7,479$5,422
16 years$13,203$11,175$9,417$7,903$6,610$4,670
17 years$12,297$10,292$8,569$7,101$5,861$4,033
18 years$11,493$9,510$7,822$6,400$5,211$3,491
19 years$10,774$8,814$7,161$5,783$4,645$3,028
20 years$10,128$8,190$6,572$5,237$4,149$2,631
21 years$9,544$7,629$6,045$4,753$3,713$2,289
22 years$9,014$7,121$5,571$4,322$3,328$1,994
23 years$8,531$6,661$5,144$3,936$2,987$1,739
24 years$8,089$6,240$4,757$3,590$2,685$1,519
25 years$7,683$5,856$4,406$3,278$2,416$1,327
26 years$7,309$5,504$4,087$2,998$2,176$1,160
27 years$6,963$5,180$3,795$2,744$1,962$1,015
28 years$6,642$4,881$3,528$2,514$1,771$889
29 years$6,344$4,605$3,283$2,305$1,599$778
30 years$6,066$4,349$3,058$2,116$1,445$682
31 years$5,807$4,111$2,851$1,943$1,306$598
32 years$5,564$3,890$2,660$1,786$1,181$524
33 years$5,337$3,684$2,484$1,642$1,069$460
34 years$5,123$3,491$2,320$1,511$968$403
35 years$4,922$3,311$2,169$1,391$877$354
36 years$4,733$3,143$2,029$1,281$794$310
37 years$4,554$2,985$1,900$1,180$720$272
38 years$4,385$2,837$1,779$1,088$653$239
39 years$4,226$2,698$1,667$1,003$592$210
40 years$4,074$2,567$1,562$925$537$184
41 years$3,930$2,443$1,465$854$487$162
42 years$3,794$2,327$1,374$788$442$142
43 years$3,664$2,217$1,289$727$401$125
44 years$3,541$2,113$1,210$671$364$110
45 years$3,423$2,015$1,136$620$331$96
46 years$3,311$1,922$1,067$573$300$85
47 years$3,204$1,835$1,003$529$273$74
48 years$3,101$1,751$942$489$247$65
49 years$3,003$1,672$886$452$225$57
50 years$2,910$1,598$833$418$204$50

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,980,000, adding $3,117 every year, while hoping to spend $51,442 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: 69/8/23 Blend
59$2,980,000$2,980,000$2,980,000$2,980,000
60$3,287,175$3,129,235$3,083,045$3,494,699
61$3,567,733$3,227,834$3,131,593$3,732,597
62$3,875,184$3,329,540$3,180,044$3,986,569
63$4,212,216$3,434,451$3,228,339$4,263,272
64$4,581,791$3,542,668$3,276,417$4,564,950
65$4,987,171$3,654,295$3,324,214$4,894,077
66$5,431,948$3,769,441$3,371,660$5,253,378
67$5,920,078$3,888,215$3,418,683$5,645,852
68$6,455,921$4,010,733$3,465,203$6,074,807
69$7,044,278$4,137,112$3,511,141$6,543,882
70$7,690,437$4,267,473$3,556,407$7,057,090
71$8,400,226$4,401,943$3,600,911$7,618,850
72$9,180,062$4,540,652$3,644,554$8,234,029
73$10,037,016$4,683,731$3,687,234$8,907,991
74$10,978,878$4,831,321$3,728,843$9,646,645
75$12,014,229$4,983,561$3,769,265$10,456,502
76$13,152,525$5,140,600$3,808,380$11,344,734
77$14,404,182$5,302,589$3,846,060$12,319,245
78$15,780,676$5,469,683$3,882,170$13,388,742
79$17,294,651$5,642,043$3,916,569$14,562,819
80$18,960,038$5,819,837$3,949,107$15,852,048
81$20,792,187$6,003,234$3,979,627$17,268,078
82$22,808,009$6,192,411$4,007,964$18,823,743
83$25,026,138$6,387,552$4,033,943$20,533,187
84$27,467,106$6,588,843$4,057,381$22,411,993
85$30,153,533$6,796,479$4,078,086$24,477,334
86$33,110,347$7,010,660$4,095,855$26,748,131
87$36,365,012$7,231,591$4,110,476$29,245,236
88$39,947,791$7,459,488$4,121,725$31,991,626
89$43,892,030$7,694,567$4,129,368$35,012,618
90$48,234,473$7,937,057$4,133,158$38,336,112
91$53,015,608$8,187,191$4,132,837$41,992,854
92$58,280,046$8,445,210$4,128,133$46,016,721
93$64,076,948$8,711,362$4,118,762$50,445,046
94$70,460,482$8,985,904$4,104,426$55,318,972
95$77,490,339$9,269,101$4,084,812$60,683,831
96$85,232,292$9,561,226$4,059,592$66,589,583
97$93,758,820$9,862,559$4,028,422$73,091,282
98$103,149,787$10,173,393$3,990,942$80,249,594
99$113,493,202$10,494,025$3,946,775$88,131,373
100$124,886,042$10,824,766$3,895,526$96,810,294