Can I retire at age 60 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$80,102$79,388$78,692$78,013$77,349$75,943
2 years$39,654$38,916$38,200$37,506$36,833$35,421
3 years$26,174$25,432$24,718$24,030$23,368$21,995
4 years$19,435$18,695$17,988$17,313$16,666$15,342
5 years$15,392$14,657$13,960$13,298$12,670$11,398
6 years$12,698$11,969$11,282$10,634$10,025$8,808
7 years$10,775$10,051$9,375$8,743$8,153$6,990
8 years$9,333$8,616$7,951$7,334$6,764$5,656
9 years$8,212$7,502$6,848$6,247$5,696$4,641
10 years$7,315$6,612$5,970$5,385$4,853$3,851
11 years$6,583$5,887$5,256$4,687$4,174$3,224
12 years$5,972$5,283$4,665$4,111$3,617$2,717
13 years$5,456$4,775$4,168$3,629$3,154$2,303
14 years$5,015$4,340$3,745$3,222$2,765$1,961
15 years$4,632$3,965$3,381$2,873$2,434$1,676
16 years$4,297$3,638$3,065$2,573$2,152$1,438
17 years$4,003$3,350$2,789$2,311$1,908$1,236
18 years$3,741$3,096$2,546$2,083$1,696$1,066
19 years$3,507$2,869$2,331$1,882$1,512$920
20 years$3,297$2,666$2,139$1,705$1,350$796
21 years$3,107$2,483$1,968$1,547$1,209$689
22 years$2,934$2,318$1,814$1,407$1,083$598
23 years$2,777$2,168$1,674$1,281$972$519
24 years$2,633$2,031$1,549$1,168$874$451
25 years$2,501$1,906$1,434$1,067$786$392
26 years$2,379$1,792$1,330$976$708$341
27 years$2,266$1,686$1,235$893$639$297
28 years$2,162$1,589$1,148$818$576$259
29 years$2,065$1,499$1,069$750$520$226
30 years$1,975$1,415$995$689$470$197
31 years$1,890$1,338$928$632$425$172
32 years$1,811$1,266$866$581$385$150
33 years$1,737$1,199$808$535$348$131
34 years$1,668$1,136$755$492$315$114
35 years$1,602$1,078$706$453$285$100
36 years$1,541$1,023$661$417$259$87
37 years$1,482$972$618$384$234$76
38 years$1,427$923$579$354$212$66
39 years$1,375$878$542$326$193$58
40 years$1,326$835$508$301$175$51
41 years$1,279$795$477$278$159$44
42 years$1,235$757$447$256$144$39
43 years$1,193$722$420$237$131$34
44 years$1,152$688$394$219$119$29
45 years$1,114$656$370$202$108$26
46 years$1,078$626$347$186$98$22
47 years$1,043$597$326$172$89$20
48 years$1,009$570$307$159$81$17
49 years$978$544$288$147$73$15
50 years$947$520$271$136$66$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $970,000, adding $2,251 every year, while hoping to spend $56,349 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: 80/5/15 Blend
59$970,000$970,000$970,000$970,000
60$1,071,262$1,019,852$1,004,817$1,153,481
61$1,120,576$1,009,870$978,523$1,197,903
62$1,173,031$997,510$949,460$1,239,162
63$1,228,889$982,596$917,476$1,282,839
64$1,288,434$964,943$882,410$1,329,152
65$1,351,981$944,351$844,097$1,378,340
66$1,419,871$920,613$802,363$1,430,667
67$1,492,481$893,505$757,025$1,486,426
68$1,570,222$862,795$707,893$1,545,938
69$1,653,546$828,234$654,769$1,609,557
70$1,742,949$789,558$597,445$1,677,675
71$1,838,974$746,491$535,704$1,750,723
72$1,942,219$698,738$469,319$1,829,177
73$2,053,338$645,989$398,054$1,913,562
74$2,173,051$587,916$321,662$2,004,456
75$2,302,149$524,170$239,884$2,102,499
76$2,441,499$454,385$152,451$2,208,395
77$2,592,055$378,173$59,081$2,322,922
78$2,754,866$295,125$0$2,446,936
79$2,931,084$204,808$0$2,587,876
80$3,121,976$106,765$0$2,750,806
81$3,328,935$514$0$2,927,463
82$3,553,491$0$0$3,119,171
83$3,797,330$0$0$3,333,682
84$4,062,304$0$0$3,566,841
85$4,350,451$0$0$3,820,415
86$4,664,014$0$0$4,096,381
87$5,005,459$0$0$4,396,914
88$5,377,502$0$0$4,724,406
89$5,783,130$0$0$5,081,491
90$6,225,631$0$0$5,471,067
91$6,708,625$0$0$5,896,325
92$7,236,096$0$0$6,360,776
93$7,812,429$0$0$6,868,287
94$8,442,454$0$0$7,423,113
95$9,131,485$0$0$8,029,940
96$9,885,376$0$0$8,693,929
97$10,710,572$0$0$9,420,760
98$11,614,170$0$0$10,216,689
99$12,603,986$0$0$11,088,606
100$13,688,626$0$0$12,044,098