Can I retire at age 60 with 940,000?

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 $940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.3%
1 years$77,624$76,933$76,258$75,600$74,957$73,624
2 years$38,428$37,712$37,019$36,346$35,694$34,356
3 years$25,364$24,645$23,953$23,287$22,646$21,344
4 years$18,834$18,117$17,432$16,777$16,151$14,896
5 years$14,916$14,204$13,528$12,886$12,278$11,072
6 years$12,305$11,599$10,933$10,305$9,715$8,561
7 years$10,441$9,740$9,085$8,473$7,901$6,798
8 years$9,044$8,349$7,705$7,108$6,555$5,503
9 years$7,958$7,270$6,636$6,054$5,520$4,519
10 years$7,089$6,408$5,786$5,219$4,703$3,752
11 years$6,379$5,704$5,094$4,542$4,045$3,143
12 years$5,788$5,120$4,520$3,984$3,505$2,650
13 years$5,288$4,627$4,039$3,517$3,057$2,248
14 years$4,859$4,206$3,629$3,122$2,679$1,916
15 years$4,489$3,842$3,276$2,784$2,359$1,639
16 years$4,165$3,525$2,970$2,493$2,085$1,406
17 years$3,879$3,246$2,703$2,240$1,849$1,210
18 years$3,625$3,000$2,467$2,019$1,644$1,044
19 years$3,399$2,780$2,259$1,824$1,465$902
20 years$3,195$2,584$2,073$1,652$1,309$781
21 years$3,011$2,406$1,907$1,499$1,171$677
22 years$2,843$2,246$1,757$1,363$1,050$587
23 years$2,691$2,101$1,623$1,242$942$510
24 years$2,552$1,968$1,501$1,132$847$444
25 years$2,423$1,847$1,390$1,034$762$386
26 years$2,305$1,736$1,289$946$687$336
27 years$2,196$1,634$1,197$865$619$293
28 years$2,095$1,540$1,113$793$559$256
29 years$2,001$1,452$1,036$727$504$223
30 years$1,913$1,372$965$667$456$195
31 years$1,832$1,297$899$613$412$170
32 years$1,755$1,227$839$563$373$148
33 years$1,683$1,162$783$518$337$129
34 years$1,616$1,101$732$477$305$113
35 years$1,553$1,045$684$439$277$99
36 years$1,493$991$640$404$251$86
37 years$1,437$942$599$372$227$75
38 years$1,383$895$561$343$206$66
39 years$1,333$851$526$316$187$58
40 years$1,285$810$493$292$169$50
41 years$1,240$771$462$269$154$44
42 years$1,197$734$433$248$139$39
43 years$1,156$699$407$229$127$34
44 years$1,117$667$382$212$115$29
45 years$1,080$636$358$196$104$26
46 years$1,044$606$337$181$95$23
47 years$1,011$579$316$167$86$20
48 years$978$552$297$154$78$17
49 years$947$528$279$143$71$15
50 years$918$504$263$132$64$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $940,000, adding $2,851 every year, while hoping to spend $43,609 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: 58/29/13 Blend
59$940,000$940,000$940,000$940,000
60$1,038,821$989,001$974,431$1,095,528
61$1,098,381$991,062$960,675$1,136,210
62$1,162,555$991,763$944,996$1,175,448
63$1,231,766$990,991$927,284$1,217,187
64$1,306,482$988,625$907,425$1,261,676
65$1,387,216$984,540$885,295$1,309,186
66$1,474,529$978,599$860,770$1,360,020
67$1,569,041$970,661$833,716$1,414,511
68$1,671,433$960,574$803,996$1,473,031
69$1,782,454$948,176$771,464$1,535,990
70$1,902,925$933,297$735,968$1,603,840
71$2,033,752$915,758$697,352$1,677,086
72$2,175,930$895,365$655,449$1,756,282
73$2,330,555$871,918$610,086$1,842,044
74$2,498,831$845,201$561,083$1,935,053
75$2,682,083$814,988$508,252$2,036,061
76$2,881,771$781,038$451,394$2,145,902
77$3,099,500$743,097$390,303$2,265,497
78$3,337,037$700,896$324,766$2,395,864
79$3,596,326$654,151$254,557$2,538,131
80$3,879,508$602,562$179,442$2,693,542
81$4,188,940$545,809$99,175$2,863,474
82$4,527,216$483,558$13,502$3,049,450
83$4,897,193$415,454$0$3,253,151
84$5,302,016$341,120$0$3,487,247
85$5,745,149$260,162$0$3,745,682
86$6,230,404$172,160$0$4,028,892
87$6,761,981$76,672$0$4,339,427
88$7,344,506$0$0$4,680,101
89$7,983,071$0$0$5,062,560
90$8,683,288$0$0$5,508,854
91$9,451,333$0$0$5,998,461
92$10,294,013$0$0$6,535,731
93$11,218,824$0$0$7,125,454
94$12,234,022$0$0$7,772,905
95$13,348,703$0$0$8,483,897
96$14,572,887$0$0$9,264,832
97$15,917,609$0$0$10,122,764
98$17,395,029$0$0$11,065,461
99$19,018,541$0$0$12,101,483
100$20,802,902$0$0$13,240,262