Can I retire at age 60 with 977,000?

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 $977,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.8%
1 years$80,680$79,961$79,260$78,576$77,907$77,319
2 years$39,940$39,197$38,476$37,777$37,099$36,506
3 years$26,362$25,615$24,896$24,204$23,537$22,958
4 years$19,575$18,830$18,118$17,438$16,787$16,225
5 years$15,503$14,763$14,060$13,394$12,761$12,219
6 years$12,790$12,055$11,363$10,711$10,097$9,576
7 years$10,852$10,124$9,443$8,806$8,212$7,711
8 years$9,400$8,678$8,008$7,387$6,813$6,332
9 years$8,271$7,556$6,897$6,292$5,737$5,277
10 years$7,368$6,660$6,013$5,424$4,888$4,449
11 years$6,630$5,929$5,294$4,721$4,204$3,784
12 years$6,015$5,322$4,698$4,141$3,643$3,243
13 years$5,496$4,809$4,198$3,655$3,177$2,796
14 years$5,051$4,371$3,772$3,245$2,785$2,422
15 years$4,665$3,993$3,405$2,894$2,452$2,108
16 years$4,328$3,664$3,087$2,591$2,167$1,840
17 years$4,032$3,374$2,809$2,328$1,922$1,612
18 years$3,768$3,118$2,565$2,098$1,709$1,415
19 years$3,532$2,890$2,348$1,896$1,523$1,246
20 years$3,321$2,685$2,155$1,717$1,360$1,098
21 years$3,129$2,501$1,982$1,558$1,217$970
22 years$2,955$2,335$1,827$1,417$1,091$858
23 years$2,797$2,184$1,687$1,290$979$760
24 years$2,652$2,046$1,560$1,177$880$674
25 years$2,519$1,920$1,445$1,075$792$598
26 years$2,396$1,805$1,340$983$714$531
27 years$2,283$1,698$1,244$900$643$472
28 years$2,178$1,600$1,157$824$580$420
29 years$2,080$1,510$1,076$756$524$374
30 years$1,989$1,426$1,003$694$474$333
31 years$1,904$1,348$935$637$428$297
32 years$1,824$1,275$872$585$387$265
33 years$1,750$1,208$814$538$351$236
34 years$1,680$1,145$761$495$317$210
35 years$1,614$1,086$711$456$287$188
36 years$1,552$1,030$665$420$260$168
37 years$1,493$979$623$387$236$150
38 years$1,438$930$583$357$214$134
39 years$1,385$884$546$329$194$119
40 years$1,336$841$512$303$176$107
41 years$1,289$801$480$280$160$95
42 years$1,244$763$450$258$145$85
43 years$1,201$727$423$238$132$76
44 years$1,161$693$397$220$119$68
45 years$1,122$661$373$203$108$61
46 years$1,085$630$350$188$98$54
47 years$1,050$601$329$173$89$48
48 years$1,017$574$309$160$81$43
49 years$985$548$290$148$74$39
50 years$954$524$273$137$67$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $977,000, adding $6,532 every year, while hoping to spend $56,772 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: 29/41/30 Blend
59$977,000$977,000$977,000$977,000
60$1,083,392$1,031,611$1,016,467$1,104,669
61$1,133,493$1,021,755$990,114$1,112,280
62$1,186,801$1,009,513$960,975$1,115,131
63$1,243,585$994,709$928,897$1,117,082
64$1,304,135$977,154$893,720$1,118,097
65$1,368,774$956,652$855,277$1,118,142
66$1,437,852$932,990$813,391$1,117,183
67$1,511,753$905,948$767,881$1,115,192
68$1,590,901$875,288$718,554$1,112,142
69$1,675,757$840,762$665,210$1,108,013
70$1,766,831$802,105$607,641$1,102,789
71$1,864,678$759,039$545,627$1,096,460
72$1,969,912$711,268$478,942$1,089,024
73$2,083,203$658,480$407,346$1,080,487
74$2,205,288$600,345$330,591$1,070,867
75$2,336,979$536,513$248,418$1,060,192
76$2,479,165$466,617$160,554$1,048,503
77$2,632,824$390,265$66,717$1,035,858
78$2,799,031$307,047$0$1,022,332
79$2,978,968$216,528$0$1,018,719
80$3,173,933$118,248$0$1,037,924
81$3,385,354$11,722$0$1,058,816
82$3,614,802$0$0$1,081,675
83$3,864,004$0$0$1,153,543
84$4,134,860$0$0$1,237,542
85$4,429,461$0$0$1,329,048
86$4,750,105$0$0$1,428,794
87$5,099,323$0$0$1,537,586
88$5,479,900$0$0$1,656,311
89$5,894,901$0$0$1,785,946
90$6,347,696$0$0$1,927,565
91$6,842,000$0$0$2,082,352
92$7,381,897$0$0$2,251,610
93$7,971,888$0$0$2,436,773
94$8,616,925$0$0$2,639,421
95$9,322,460$0$0$2,861,293
96$10,094,498$0$0$3,104,305
97$10,939,651$0$0$3,370,565
98$11,865,197$0$0$3,662,397
99$12,879,155$0$0$3,982,359
100$13,990,353$0$0$4,333,269