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%14.8%
1 years$80,102$79,388$78,692$78,013$77,349$75,818
2 years$39,654$38,916$38,200$37,506$36,833$35,297
3 years$26,174$25,432$24,718$24,030$23,368$21,876
4 years$19,435$18,695$17,988$17,313$16,666$15,228
5 years$15,392$14,657$13,960$13,298$12,670$11,290
6 years$12,698$11,969$11,282$10,634$10,025$8,705
7 years$10,775$10,051$9,375$8,743$8,153$6,893
8 years$9,333$8,616$7,951$7,334$6,764$5,564
9 years$8,212$7,502$6,848$6,247$5,696$4,556
10 years$7,315$6,612$5,970$5,385$4,853$3,771
11 years$6,583$5,887$5,256$4,687$4,174$3,148
12 years$5,972$5,283$4,665$4,111$3,617$2,647
13 years$5,456$4,775$4,168$3,629$3,154$2,237
14 years$5,015$4,340$3,745$3,222$2,765$1,900
15 years$4,632$3,965$3,381$2,873$2,434$1,620
16 years$4,297$3,638$3,065$2,573$2,152$1,385
17 years$4,003$3,350$2,789$2,311$1,908$1,188
18 years$3,741$3,096$2,546$2,083$1,696$1,021
19 years$3,507$2,869$2,331$1,882$1,512$879
20 years$3,297$2,666$2,139$1,705$1,350$758
21 years$3,107$2,483$1,968$1,547$1,209$654
22 years$2,934$2,318$1,814$1,407$1,083$566
23 years$2,777$2,168$1,674$1,281$972$490
24 years$2,633$2,031$1,549$1,168$874$424
25 years$2,501$1,906$1,434$1,067$786$368
26 years$2,379$1,792$1,330$976$708$319
27 years$2,266$1,686$1,235$893$639$277
28 years$2,162$1,589$1,148$818$576$240
29 years$2,065$1,499$1,069$750$520$209
30 years$1,975$1,415$995$689$470$181
31 years$1,890$1,338$928$632$425$158
32 years$1,811$1,266$866$581$385$137
33 years$1,737$1,199$808$535$348$119
34 years$1,668$1,136$755$492$315$104
35 years$1,602$1,078$706$453$285$90
36 years$1,541$1,023$661$417$259$79
37 years$1,482$972$618$384$234$68
38 years$1,427$923$579$354$212$60
39 years$1,375$878$542$326$193$52
40 years$1,326$835$508$301$175$45
41 years$1,279$795$477$278$159$39
42 years$1,235$757$447$256$144$34
43 years$1,193$722$420$237$131$30
44 years$1,152$688$394$219$119$26
45 years$1,114$656$370$202$108$23
46 years$1,078$626$347$186$98$20
47 years$1,043$597$326$172$89$17
48 years$1,009$570$307$159$81$15
49 years$978$544$288$147$73$13
50 years$947$520$271$136$66$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $970,000, adding $6,336 every year, while hoping to spend $31,348 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: 34/47/19 Blend
59$970,000$970,000$970,000$970,000
60$1,075,476$1,024,066$1,009,031$1,105,574
61$1,151,820$1,040,891$1,009,479$1,145,118
62$1,234,901$1,057,490$1,008,892$1,184,382
63$1,325,373$1,073,818$1,007,201$1,226,068
64$1,423,954$1,089,829$1,004,336$1,270,408
65$1,531,438$1,105,471$1,000,222$1,317,658
66$1,648,696$1,120,691$994,781$1,368,103
67$1,776,687$1,135,429$987,930$1,422,059
68$1,916,468$1,149,623$979,585$1,479,873
69$2,069,201$1,163,208$969,654$1,541,930
70$2,236,166$1,176,112$958,044$1,608,657
71$2,418,773$1,188,260$944,657$1,680,525
72$2,618,573$1,199,570$929,388$1,758,056
73$2,837,275$1,209,956$912,130$1,841,826
74$3,076,760$1,219,327$892,769$1,932,472
75$3,339,101$1,227,584$871,188$2,030,700
76$3,626,578$1,234,625$847,261$2,137,289
77$3,941,704$1,240,337$820,860$2,253,100
78$4,287,248$1,244,604$791,849$2,379,085
79$4,666,257$1,247,299$760,086$2,516,298
80$5,082,089$1,248,291$725,422$2,665,902
81$5,538,442$1,247,437$687,704$2,829,182
82$6,039,390$1,244,587$646,768$3,007,559
83$6,589,418$1,239,583$602,446$3,202,602
84$7,193,471$1,232,255$554,560$3,416,046
85$7,856,994$1,222,424$502,926$3,649,806
86$8,585,984$1,209,899$447,351$3,905,997
87$9,387,049$1,194,479$387,632$4,186,958
88$10,267,470$1,175,951$323,560$4,495,268
89$11,235,267$1,154,087$254,914$4,833,779
90$12,299,275$1,128,648$181,464$5,205,637
91$13,469,229$1,099,380$102,972$5,614,317
92$14,755,855$1,066,014$19,186$6,063,658
93$16,170,969$1,028,265$0$6,557,894
94$17,727,589$985,832$0$7,115,939
95$19,440,061$938,396$0$7,733,794
96$21,324,190$885,620$0$8,413,320
97$23,397,388$827,146$0$9,160,865
98$25,678,845$762,599$0$9,983,433
99$28,189,699$691,579$0$10,888,747
100$30,953,247$613,665$0$11,885,327