Can I retire at age 60 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$80,927$80,207$79,503$78,817$78,147$75,105
2 years$40,063$39,317$38,594$37,893$37,213$34,185
3 years$26,443$25,694$24,973$24,278$23,609$20,691
4 years$19,635$18,888$18,174$17,491$16,838$14,052
5 years$15,551$14,808$14,104$13,435$12,800$10,152
6 years$12,829$12,092$11,398$10,744$10,128$7,621
7 years$10,886$10,155$9,472$8,833$8,237$5,869
8 years$9,429$8,705$8,033$7,410$6,833$4,603
9 years$8,296$7,579$6,919$6,312$5,755$3,658
10 years$7,391$6,680$6,032$5,441$4,903$2,936
11 years$6,650$5,947$5,310$4,735$4,217$2,376
12 years$6,034$5,338$4,713$4,153$3,654$1,934
13 years$5,513$4,824$4,211$3,667$3,187$1,581
14 years$5,066$4,385$3,783$3,255$2,793$1,298
15 years$4,680$4,006$3,416$2,903$2,460$1,069
16 years$4,342$3,675$3,097$2,599$2,174$883
17 years$4,044$3,385$2,818$2,335$1,927$730
18 years$3,779$3,128$2,572$2,105$1,714$605
19 years$3,543$2,899$2,355$1,902$1,528$502
20 years$3,331$2,693$2,161$1,722$1,364$417
21 years$3,139$2,509$1,988$1,563$1,221$347
22 years$2,964$2,342$1,832$1,421$1,094$289
23 years$2,806$2,190$1,692$1,294$982$240
24 years$2,660$2,052$1,565$1,181$883$200
25 years$2,527$1,926$1,449$1,078$795$167
26 years$2,403$1,810$1,344$986$716$139
27 years$2,290$1,703$1,248$902$645$116
28 years$2,184$1,605$1,160$827$582$97
29 years$2,086$1,514$1,080$758$526$81
30 years$1,995$1,430$1,006$696$475$67
31 years$1,910$1,352$938$639$430$56
32 years$1,830$1,279$875$587$389$47
33 years$1,755$1,211$817$540$352$39
34 years$1,685$1,148$763$497$318$33
35 years$1,619$1,089$713$457$288$27
36 years$1,556$1,034$667$421$261$23
37 years$1,498$982$625$388$237$19
38 years$1,442$933$585$358$215$16
39 years$1,390$887$548$330$195$13
40 years$1,340$844$514$304$177$11
41 years$1,293$803$482$281$160$9
42 years$1,248$765$452$259$145$8
43 years$1,205$729$424$239$132$6
44 years$1,164$695$398$221$120$5
45 years$1,126$663$374$204$109$5
46 years$1,089$632$351$188$99$4
47 years$1,054$603$330$174$90$3
48 years$1,020$576$310$161$81$3
49 years$988$550$291$149$74$2
50 years$957$525$274$137$67$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $980,000, adding $2,434 every year, while hoping to spend $54,385 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: 80/12/8 Blend
59$980,000$980,000$980,000$980,000
60$1,082,471$1,030,531$1,015,341$1,167,751
61$1,135,017$1,023,161$991,489$1,216,620
62$1,191,101$1,013,608$965,016$1,262,837
63$1,251,025$1,001,707$935,776$1,311,920
64$1,315,123$987,283$903,617$1,364,128
65$1,383,757$970,152$868,380$1,419,747
66$1,457,329$950,118$829,900$1,479,090
67$1,536,276$926,974$788,001$1,542,505
68$1,621,081$900,500$742,504$1,610,372
69$1,712,271$870,464$693,217$1,683,113
70$1,810,426$836,620$639,944$1,761,193
71$1,916,183$798,709$582,476$1,845,122
72$2,030,243$756,454$520,597$1,935,466
73$2,153,372$709,565$454,082$2,032,846
74$2,286,416$657,734$382,694$2,137,949
75$2,430,303$600,635$306,186$2,251,532
76$2,586,052$537,924$224,301$2,374,430
77$2,754,785$469,238$136,771$2,507,564
78$2,937,735$394,193$43,315$2,651,949
79$3,136,258$312,382$0$2,808,705
80$3,351,844$223,377$0$2,983,885
81$3,586,135$126,725$0$3,178,293
82$3,840,934$21,948$0$3,389,760
83$4,118,226$0$0$3,619,972
84$4,420,196$0$0$3,882,863
85$4,749,247$0$0$4,172,514
86$5,108,024$0$0$4,488,358
87$5,499,439$0$0$4,832,960
88$5,926,696$0$0$5,209,146
89$6,393,321$0$0$5,620,025
90$6,903,199$0$0$6,069,019
91$7,460,603$0$0$6,559,896
92$8,070,241$0$0$7,096,806
93$8,737,295$0$0$7,684,316
94$9,467,471$0$0$8,327,456
95$10,267,052$0$0$9,031,767
96$11,142,958$0$0$9,803,346
97$12,102,810$0$0$10,648,913
98$13,155,000$0$0$11,575,864
99$14,308,771$0$0$12,592,349
100$15,574,303$0$0$13,707,340