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%18.5%
1 years$246,086$243,894$241,755$239,668$237,629$229,472
2 years$121,825$119,556$117,357$115,225$113,157$105,022
3 years$80,410$78,131$75,938$73,826$71,791$63,934
4 years$59,706$57,435$55,263$53,187$51,202$43,682
5 years$47,287$45,029$42,886$40,853$38,923$31,760
6 years$39,011$36,770$34,659$32,670$30,799$23,999
7 years$33,101$30,879$28,801$26,860$25,047$18,610
8 years$28,671$26,469$24,426$22,532$20,779$14,699
9 years$25,228$23,046$21,038$19,193$17,499$11,768
10 years$22,474$20,314$18,341$16,544$14,910$9,519
11 years$20,223$18,084$16,148$14,398$12,823$7,761
12 years$18,348$16,232$14,331$12,629$11,112$6,368
13 years$16,763$14,669$12,803$11,150$9,690$5,251
14 years$15,405$13,333$11,504$9,898$8,494$4,347
15 years$14,230$12,180$10,386$8,827$7,479$3,611
16 years$13,203$11,175$9,417$7,903$6,610$3,007
17 years$12,297$10,292$8,569$7,101$5,861$2,510
18 years$11,493$9,510$7,822$6,400$5,211$2,099
19 years$10,774$8,814$7,161$5,783$4,645$1,757
20 years$10,128$8,190$6,572$5,237$4,149$1,474
21 years$9,544$7,629$6,045$4,753$3,713$1,237
22 years$9,014$7,121$5,571$4,322$3,328$1,039
23 years$8,531$6,661$5,144$3,936$2,987$873
24 years$8,089$6,240$4,757$3,590$2,685$735
25 years$7,683$5,856$4,406$3,278$2,416$618
26 years$7,309$5,504$4,087$2,998$2,176$521
27 years$6,963$5,180$3,795$2,744$1,962$438
28 years$6,642$4,881$3,528$2,514$1,771$369
29 years$6,344$4,605$3,283$2,305$1,599$311
30 years$6,066$4,349$3,058$2,116$1,445$262
31 years$5,807$4,111$2,851$1,943$1,306$221
32 years$5,564$3,890$2,660$1,786$1,181$187
33 years$5,337$3,684$2,484$1,642$1,069$157
34 years$5,123$3,491$2,320$1,511$968$133
35 years$4,922$3,311$2,169$1,391$877$112
36 years$4,733$3,143$2,029$1,281$794$94
37 years$4,554$2,985$1,900$1,180$720$80
38 years$4,385$2,837$1,779$1,088$653$67
39 years$4,226$2,698$1,667$1,003$592$57
40 years$4,074$2,567$1,562$925$537$48
41 years$3,930$2,443$1,465$854$487$40
42 years$3,794$2,327$1,374$788$442$34
43 years$3,664$2,217$1,289$727$401$29
44 years$3,541$2,113$1,210$671$364$24
45 years$3,423$2,015$1,136$620$331$20
46 years$3,311$1,922$1,067$573$300$17
47 years$3,204$1,835$1,003$529$273$15
48 years$3,101$1,751$942$489$247$12
49 years$3,003$1,672$886$452$225$10
50 years$2,910$1,598$833$418$204$9

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 $2,585 every year, while hoping to spend $43,408 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: 74/16/10 Blend
59$2,980,000$2,980,000$2,980,000$2,980,000
60$3,286,626$3,128,686$3,082,496$3,523,642
61$3,575,677$3,235,806$3,139,574$3,787,468
62$3,892,755$3,346,720$3,197,109$4,070,728
63$4,240,675$3,461,568$3,255,071$4,379,846
64$4,622,534$3,580,496$3,313,427$4,717,370
65$5,041,747$3,703,654$3,372,141$5,086,107
66$5,502,072$3,831,200$3,431,174$5,489,144
67$6,007,651$3,963,297$3,490,487$5,929,883
68$6,563,048$4,100,114$3,550,034$6,412,067
69$7,173,286$4,241,828$3,609,768$6,939,820
70$7,843,905$4,388,621$3,669,639$7,517,683
71$8,581,004$4,540,684$3,729,592$8,150,657
72$9,391,303$4,698,214$3,789,570$8,844,250
73$10,282,206$4,861,417$3,849,511$9,604,528
74$11,261,870$5,030,505$3,909,349$10,438,172
75$12,339,283$5,205,702$3,969,014$11,352,540
76$13,524,346$5,387,237$4,028,432$12,355,740
77$14,827,968$5,575,351$4,087,524$13,456,699
78$16,262,171$5,770,294$4,146,206$14,665,254
79$17,840,197$5,972,323$4,204,388$15,992,238
80$19,576,640$6,181,709$4,261,978$17,449,588
81$21,487,577$6,398,733$4,318,874$19,050,452
82$23,590,725$6,623,685$4,374,971$20,809,314
83$25,905,603$6,856,870$4,430,157$22,742,134
84$28,453,720$7,098,602$4,484,313$24,866,492
85$31,258,776$7,349,211$4,537,314$27,201,756
86$34,346,886$7,609,036$4,589,028$29,769,267
87$37,746,823$7,878,435$4,639,316$32,592,535
88$41,490,296$8,157,775$4,688,030$35,697,463
89$45,612,242$8,447,441$4,735,015$39,112,592
90$50,151,159$8,747,834$4,780,106$42,869,367
91$55,149,470$9,059,371$4,823,132$47,002,435
92$60,653,919$9,382,483$4,863,910$51,549,968
93$66,716,017$9,717,623$4,902,250$56,554,030
94$73,392,524$10,065,260$4,937,949$62,060,965
95$80,745,987$10,425,883$4,970,795$68,121,839
96$88,845,326$10,800,000$5,000,565$74,792,919
97$97,766,490$11,188,141$5,027,025$82,136,204
98$107,593,170$11,590,858$5,049,928$90,220,009
99$118,417,588$12,008,724$5,069,015$99,119,609
100$130,341,368$12,442,338$5,084,014$108,917,952