Can I retire at age 60 with 701,000?

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 $701,000?

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$57,888$57,372$56,869$56,378$55,899$54,088
2 years$28,657$28,124$27,606$27,105$26,618$24,811
3 years$18,915$18,379$17,863$17,366$16,888$15,140
4 years$14,045$13,511$13,000$12,511$12,045$10,371
5 years$11,124$10,592$10,088$9,610$9,156$7,560
6 years$9,177$8,650$8,153$7,685$7,245$5,728
7 years$7,787$7,264$6,775$6,318$5,892$4,455
8 years$6,745$6,226$5,746$5,300$4,888$3,529
9 years$5,934$5,421$4,949$4,515$4,116$2,834
10 years$5,287$4,779$4,315$3,892$3,507$2,300
11 years$4,757$4,254$3,798$3,387$3,016$1,881
12 years$4,316$3,818$3,371$2,971$2,614$1,548
13 years$3,943$3,451$3,012$2,623$2,279$1,281
14 years$3,624$3,136$2,706$2,328$1,998$1,064
15 years$3,347$2,865$2,443$2,076$1,759$887
16 years$3,106$2,629$2,215$1,859$1,555$742
17 years$2,893$2,421$2,016$1,670$1,379$621
18 years$2,703$2,237$1,840$1,505$1,226$521
19 years$2,534$2,073$1,685$1,360$1,093$438
20 years$2,382$1,927$1,546$1,232$976$369
21 years$2,245$1,795$1,422$1,118$873$311
22 years$2,121$1,675$1,311$1,017$783$262
23 years$2,007$1,567$1,210$926$703$221
24 years$1,903$1,468$1,119$844$632$187
25 years$1,807$1,378$1,037$771$568$158
26 years$1,719$1,295$961$705$512$133
27 years$1,638$1,219$893$645$462$113
28 years$1,562$1,148$830$591$417$95
29 years$1,492$1,083$772$542$376$81
30 years$1,427$1,023$719$498$340$68
31 years$1,366$967$671$457$307$58
32 years$1,309$915$626$420$278$49
33 years$1,255$867$584$386$252$42
34 years$1,205$821$546$355$228$35
35 years$1,158$779$510$327$206$30
36 years$1,113$739$477$301$187$25
37 years$1,071$702$447$278$169$21
38 years$1,032$667$418$256$154$18
39 years$994$635$392$236$139$15
40 years$958$604$367$218$126$13
41 years$925$575$345$201$115$11
42 years$892$547$323$185$104$9
43 years$862$522$303$171$94$8
44 years$833$497$285$158$86$7
45 years$805$474$267$146$78$6
46 years$779$452$251$135$71$5
47 years$754$432$236$124$64$4
48 years$729$412$222$115$58$3
49 years$706$393$208$106$53$3
50 years$684$376$196$98$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $701,000, adding $6,820 every year, while hoping to spend $34,561 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: 64/29/7 Blend
59$701,000$701,000$701,000$701,000
60$779,537$742,384$731,518$827,978
61$822,277$741,988$719,252$860,699
62$868,218$740,414$705,416$891,716
63$917,651$737,569$689,921$924,691
64$970,893$733,352$672,675$959,812
65$1,028,294$727,656$653,580$997,286
66$1,090,239$720,371$632,534$1,037,343
67$1,157,150$711,375$609,431$1,080,236
68$1,229,491$700,544$584,158$1,126,248
69$1,307,771$687,742$556,599$1,175,687
70$1,392,551$672,829$526,633$1,228,897
71$1,484,448$655,654$494,131$1,286,259
72$1,584,138$636,058$458,961$1,348,192
73$1,692,367$613,872$420,984$1,415,161
74$1,809,956$588,919$380,054$1,487,679
75$1,937,804$561,009$336,019$1,566,314
76$2,076,906$529,944$288,720$1,651,693
77$2,228,351$495,511$237,993$1,744,511
78$2,393,340$457,490$183,664$1,845,534
79$2,573,197$415,642$125,552$1,955,609
80$2,769,374$369,720$63,470$2,075,673
81$2,983,473$319,459$0$2,206,761
82$3,217,257$264,582$0$2,350,225
83$3,472,664$204,794$0$2,512,191
84$3,751,832$139,784$0$2,689,328
85$4,057,111$69,226$0$2,883,193
86$4,391,090$0$0$3,095,506
87$4,756,619$0$0$3,330,475
88$5,156,838$0$0$3,611,977
89$5,595,204$0$0$3,920,358
90$6,075,522$0$0$4,258,304
91$6,601,985$0$0$4,628,769
92$7,179,211$0$0$5,035,009
93$7,812,284$0$0$5,480,609
94$8,506,805$0$0$5,969,520
95$9,268,944$0$0$6,506,092
96$10,105,497$0$0$7,095,116
97$11,023,948$0$0$7,741,870
98$12,032,543$0$0$8,452,169
99$13,140,366$0$0$9,232,419
100$14,357,422$0$0$10,089,676