Can I retire at age 60 with 962,000?

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 $962,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$79,441$78,733$78,043$77,369$76,711$74,315
2 years$39,327$38,595$37,885$37,197$36,529$34,137
3 years$25,958$25,222$24,514$23,832$23,176$20,861
4 years$19,274$18,541$17,840$17,170$16,529$14,311
5 years$15,265$14,536$13,845$13,188$12,565$10,449
6 years$12,593$11,870$11,188$10,547$9,942$7,930
7 years$10,686$9,968$9,298$8,671$8,086$6,178
8 years$9,256$8,545$7,885$7,274$6,708$4,902
9 years$8,144$7,440$6,791$6,196$5,649$3,944
10 years$7,255$6,558$5,921$5,341$4,813$3,206
11 years$6,528$5,838$5,213$4,648$4,140$2,628
12 years$5,923$5,240$4,626$4,077$3,587$2,168
13 years$5,411$4,735$4,133$3,599$3,128$1,797
14 years$4,973$4,304$3,714$3,195$2,742$1,496
15 years$4,594$3,932$3,353$2,849$2,414$1,250
16 years$4,262$3,608$3,040$2,551$2,134$1,047
17 years$3,970$3,322$2,766$2,292$1,892$879
18 years$3,710$3,070$2,525$2,066$1,682$739
19 years$3,478$2,845$2,312$1,867$1,499$623
20 years$3,270$2,644$2,122$1,691$1,339$525
21 years$3,081$2,463$1,951$1,534$1,199$444
22 years$2,910$2,299$1,799$1,395$1,074$375
23 years$2,754$2,150$1,661$1,271$964$317
24 years$2,611$2,015$1,536$1,159$867$269
25 years$2,480$1,891$1,422$1,058$780$228
26 years$2,359$1,777$1,319$968$703$193
27 years$2,248$1,672$1,225$886$633$163
28 years$2,144$1,576$1,139$812$572$139
29 years$2,048$1,486$1,060$744$516$118
30 years$1,958$1,404$987$683$466$100
31 years$1,875$1,327$920$627$422$85
32 years$1,796$1,256$859$576$381$72
33 years$1,723$1,189$802$530$345$61
34 years$1,654$1,127$749$488$312$52
35 years$1,589$1,069$700$449$283$44
36 years$1,528$1,015$655$414$256$37
37 years$1,470$964$613$381$232$32
38 years$1,416$916$574$351$211$27
39 years$1,364$871$538$324$191$23
40 years$1,315$829$504$299$173$19
41 years$1,269$789$473$276$157$17
42 years$1,225$751$444$254$143$14
43 years$1,183$716$416$235$129$12
44 years$1,143$682$391$217$118$10
45 years$1,105$651$367$200$107$9
46 years$1,069$621$345$185$97$7
47 years$1,034$592$324$171$88$6
48 years$1,001$565$304$158$80$5
49 years$969$540$286$146$73$4
50 years$939$516$269$135$66$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $962,000, adding $6,972 every year, while hoping to spend $28,703 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: 42/39/19 Blend
59$962,000$962,000$962,000$962,000
60$1,067,316$1,016,330$1,001,419$1,105,939
61$1,145,642$1,035,590$1,004,426$1,153,240
62$1,230,996$1,054,832$1,006,573$1,201,104
63$1,324,063$1,074,025$1,007,799$1,252,340
64$1,425,600$1,093,134$1,008,043$1,307,271
65$1,536,438$1,112,125$1,007,239$1,366,254
66$1,657,492$1,130,956$1,005,319$1,429,685
67$1,789,770$1,149,587$1,002,211$1,497,997
68$1,934,382$1,167,972$997,840$1,571,672
69$2,092,549$1,186,063$992,128$1,651,239
70$2,265,617$1,203,807$984,992$1,737,283
71$2,455,065$1,221,149$976,344$1,830,451
72$2,662,525$1,238,029$966,095$1,931,455
73$2,889,793$1,254,383$954,150$2,041,081
74$3,138,847$1,270,143$940,409$2,160,198
75$3,411,864$1,285,235$924,768$2,289,762
76$3,711,245$1,299,581$907,117$2,430,832
77$4,039,630$1,313,099$887,344$2,584,574
78$4,399,930$1,325,699$865,328$2,752,275
79$4,795,351$1,337,286$840,945$2,935,356
80$5,229,424$1,347,760$814,063$3,135,383
81$5,706,038$1,357,013$784,547$3,354,087
82$6,229,478$1,364,931$752,254$3,593,376
83$6,804,463$1,371,392$717,033$3,855,356
84$7,436,194$1,376,265$678,729$4,142,348
85$8,130,398$1,379,415$637,179$4,456,917
86$8,893,386$1,380,693$592,212$4,801,890
87$9,732,110$1,379,946$543,650$5,180,386
88$10,654,229$1,377,007$491,306$5,595,846
89$11,668,182$1,371,702$434,986$6,052,066
90$12,783,265$1,363,844$374,486$6,553,233
91$14,009,722$1,353,236$309,596$7,103,966
92$15,358,839$1,339,670$240,092$7,709,359
93$16,843,049$1,322,922$165,744$8,375,032
94$18,476,053$1,302,759$86,310$9,107,182
95$20,272,947$1,278,930$1,537$9,912,645
96$22,250,363$1,251,173$0$10,798,958
97$24,426,626$1,219,207$0$11,792,466
98$26,821,930$1,182,736$0$12,885,812
99$29,458,525$1,141,448$0$14,088,854
100$32,360,926$1,095,011$0$15,412,803