Can I retire at age 60 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.6%
1 years$80,184$79,470$78,773$78,093$77,429$76,588
2 years$39,695$38,956$38,239$37,545$36,871$36,025
3 years$26,201$25,458$24,743$24,055$23,392$22,567
4 years$19,455$18,714$18,007$17,330$16,684$15,885
5 years$15,408$14,672$13,974$13,311$12,683$11,913
6 years$12,711$11,981$11,293$10,645$10,035$9,296
7 years$10,786$10,062$9,385$8,752$8,161$7,452
8 years$9,342$8,625$7,959$7,342$6,771$6,092
9 years$8,220$7,509$6,855$6,254$5,702$5,053
10 years$7,323$6,619$5,976$5,391$4,858$4,239
11 years$6,589$5,893$5,261$4,692$4,178$3,589
12 years$5,979$5,289$4,669$4,115$3,621$3,060
13 years$5,462$4,780$4,172$3,633$3,157$2,624
14 years$5,020$4,345$3,748$3,225$2,768$2,262
15 years$4,637$3,969$3,384$2,876$2,437$1,957
16 years$4,302$3,641$3,068$2,575$2,154$1,700
17 years$4,007$3,354$2,792$2,314$1,910$1,480
18 years$3,745$3,099$2,549$2,085$1,698$1,293
19 years$3,511$2,872$2,333$1,884$1,513$1,131
20 years$3,300$2,669$2,141$1,707$1,352$991
21 years$3,110$2,486$1,970$1,549$1,210$870
22 years$2,937$2,320$1,815$1,408$1,084$765
23 years$2,780$2,170$1,676$1,282$973$674
24 years$2,636$2,033$1,550$1,170$875$594
25 years$2,503$1,908$1,436$1,068$787$524
26 years$2,381$1,793$1,332$977$709$462
27 years$2,269$1,688$1,237$894$639$408
28 years$2,164$1,590$1,150$819$577$361
29 years$2,067$1,500$1,070$751$521$319
30 years$1,977$1,417$996$689$471$282
31 years$1,892$1,339$929$633$426$250
32 years$1,813$1,267$867$582$385$221
33 years$1,739$1,200$809$535$348$196
34 years$1,669$1,138$756$492$315$174
35 years$1,604$1,079$707$453$286$154
36 years$1,542$1,024$661$417$259$137
37 years$1,484$973$619$385$235$121
38 years$1,429$924$580$354$213$107
39 years$1,377$879$543$327$193$95
40 years$1,328$836$509$301$175$84
41 years$1,281$796$477$278$159$75
42 years$1,236$758$448$257$144$67
43 years$1,194$722$420$237$131$59
44 years$1,154$689$394$219$119$52
45 years$1,115$657$370$202$108$46
46 years$1,079$626$348$187$98$41
47 years$1,044$598$327$172$89$37
48 years$1,010$571$307$159$81$33
49 years$979$545$289$147$73$29
50 years$948$521$271$136$67$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $971,000, adding $3,446 every year, while hoping to spend $55,808 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: 79/7/14 Blend
59$971,000$971,000$971,000$971,000
60$1,073,597$1,022,134$1,007,083$1,155,107
61$1,123,724$1,012,839$981,441$1,199,936
62$1,177,094$1,001,218$953,070$1,241,607
63$1,233,979$987,099$921,818$1,285,742
64$1,294,675$970,297$887,530$1,332,565
65$1,359,510$950,620$850,040$1,382,321
66$1,428,841$927,861$809,177$1,435,283
67$1,503,059$901,802$764,761$1,491,750
68$1,582,594$872,214$716,603$1,552,051
69$1,667,918$838,851$664,509$1,616,551
70$1,759,547$801,457$608,272$1,685,651
71$1,858,051$759,758$547,679$1,759,797
72$1,964,051$713,465$482,505$1,839,475
73$2,078,232$662,273$412,516$1,925,226
74$2,201,346$605,858$337,470$2,017,647
75$2,334,218$543,880$257,110$2,117,392
76$2,477,755$475,978$171,171$2,225,189
77$2,632,955$401,770$79,374$2,341,836
78$2,800,914$320,853$0$2,468,216
79$2,982,835$232,803$0$2,608,081
80$3,180,043$137,169$0$2,772,561
81$3,393,994$33,478$0$2,951,020
82$3,626,291$0$0$3,144,815
83$3,878,694$0$0$3,361,509
84$4,153,142$0$0$3,599,959
85$4,451,766$0$0$3,859,442
86$4,776,913$0$0$4,141,998
87$5,131,163$0$0$4,449,876
88$5,517,358$0$0$4,785,547
89$5,938,623$0$0$5,151,732
90$6,398,399$0$0$5,551,428
91$6,900,475$0$0$5,987,930
92$7,449,020$0$0$6,464,868
93$8,048,625$0$0$6,986,239
94$8,704,343$0$0$7,556,441
95$9,421,739$0$0$8,180,318
96$10,206,940$0$0$8,863,204
97$11,066,694$0$0$9,610,972
98$12,008,430$0$0$10,430,089
99$13,040,331$0$0$11,327,678
100$14,171,407$0$0$12,311,584