Can I retire at age 60 with 970,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%13.3%
1 years$80,102$79,388$78,692$78,013$77,349$76,288
2 years$39,654$38,916$38,200$37,506$36,833$35,765
3 years$26,174$25,432$24,718$24,030$23,368$22,328
4 years$19,435$18,695$17,988$17,313$16,666$15,661
5 years$15,392$14,657$13,960$13,298$12,670$11,702
6 years$12,698$11,969$11,282$10,634$10,025$9,097
7 years$10,775$10,051$9,375$8,743$8,153$7,265
8 years$9,333$8,616$7,951$7,334$6,764$5,915
9 years$8,212$7,502$6,848$6,247$5,696$4,886
10 years$7,315$6,612$5,970$5,385$4,853$4,082
11 years$6,583$5,887$5,256$4,687$4,174$3,440
12 years$5,972$5,283$4,665$4,111$3,617$2,920
13 years$5,456$4,775$4,168$3,629$3,154$2,493
14 years$5,015$4,340$3,745$3,222$2,765$2,139
15 years$4,632$3,965$3,381$2,873$2,434$1,842
16 years$4,297$3,638$3,065$2,573$2,152$1,592
17 years$4,003$3,350$2,789$2,311$1,908$1,380
18 years$3,741$3,096$2,546$2,083$1,696$1,199
19 years$3,507$2,869$2,331$1,882$1,512$1,043
20 years$3,297$2,666$2,139$1,705$1,350$910
21 years$3,107$2,483$1,968$1,547$1,209$795
22 years$2,934$2,318$1,814$1,407$1,083$695
23 years$2,777$2,168$1,674$1,281$972$609
24 years$2,633$2,031$1,549$1,168$874$533
25 years$2,501$1,906$1,434$1,067$786$468
26 years$2,379$1,792$1,330$976$708$411
27 years$2,266$1,686$1,235$893$639$361
28 years$2,162$1,589$1,148$818$576$317
29 years$2,065$1,499$1,069$750$520$279
30 years$1,975$1,415$995$689$470$245
31 years$1,890$1,338$928$632$425$216
32 years$1,811$1,266$866$581$385$190
33 years$1,737$1,199$808$535$348$167
34 years$1,668$1,136$755$492$315$147
35 years$1,602$1,078$706$453$285$130
36 years$1,541$1,023$661$417$259$115
37 years$1,482$972$618$384$234$101
38 years$1,427$923$579$354$212$89
39 years$1,375$878$542$326$193$78
40 years$1,326$835$508$301$175$69
41 years$1,279$795$477$278$159$61
42 years$1,235$757$447$256$144$54
43 years$1,193$722$420$237$131$47
44 years$1,152$688$394$219$119$42
45 years$1,114$656$370$202$108$37
46 years$1,078$626$347$186$98$33
47 years$1,043$597$326$172$89$29
48 years$1,009$570$307$159$81$25
49 years$978$544$288$147$73$22
50 years$947$520$271$136$66$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $970,000, adding $4,543 every year, while hoping to spend $28,651 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: 53/33/14 Blend
59$970,000$970,000$970,000$970,000
60$1,073,626$1,022,216$1,007,181$1,126,301
61$1,152,652$1,041,820$1,010,437$1,182,349
62$1,238,777$1,061,425$1,012,842$1,239,858
63$1,332,697$1,080,999$1,014,337$1,301,779
64$1,435,176$1,100,511$1,014,861$1,368,539
65$1,547,053$1,119,926$1,014,348$1,440,608
66$1,669,254$1,139,204$1,012,730$1,518,502
67$1,802,799$1,158,306$1,009,938$1,602,792
68$1,948,808$1,177,187$1,005,895$1,694,108
69$2,108,518$1,195,800$1,000,523$1,793,144
70$2,283,287$1,214,095$993,741$1,900,663
71$2,474,613$1,232,016$985,462$2,017,511
72$2,684,145$1,249,506$975,597$2,144,615
73$2,913,699$1,266,503$964,050$2,283,002
74$3,165,274$1,282,939$950,723$2,433,803
75$3,441,072$1,298,744$935,513$2,598,264
76$3,743,520$1,313,840$918,311$2,777,759
77$4,075,288$1,328,148$899,003$2,973,805
78$4,439,319$1,341,579$877,471$3,188,074
79$4,838,854$1,354,041$853,592$3,422,407
80$5,277,464$1,365,436$827,234$3,678,838
81$5,759,081$1,375,658$798,262$3,959,608
82$6,288,037$1,384,595$766,534$4,267,187
83$6,869,106$1,392,128$731,901$4,604,300
84$7,507,543$1,398,131$694,208$4,973,952
85$8,209,141$1,402,469$653,293$5,379,456
86$8,980,281$1,404,997$608,986$5,824,464
87$9,827,992$1,405,564$561,109$6,313,003
88$10,760,019$1,404,009$509,478$6,849,515
89$11,784,894$1,400,158$453,898$7,438,895
90$12,912,018$1,393,831$394,169$8,086,542
91$14,151,748$1,384,833$330,078$8,798,407
92$15,515,496$1,372,959$261,405$9,581,054
93$17,015,834$1,357,992$187,920$10,441,716
94$18,666,617$1,339,701$109,383$11,388,371
95$20,483,107$1,317,841$25,542$12,429,812
96$22,482,122$1,292,154$0$13,575,735
97$24,682,194$1,262,365$0$14,846,380
98$27,103,741$1,228,184$0$16,248,671
99$29,769,260$1,189,303$0$17,791,823
100$32,703,542$1,145,396$0$19,490,203