Can I retire at age 60 with 982,000?

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 $982,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$81,093$80,370$79,666$78,978$78,306$76,320
2 years$40,145$39,397$38,673$37,970$37,289$35,301
3 years$26,497$25,747$25,024$24,328$23,657$21,730
4 years$19,675$18,926$18,211$17,527$16,873$15,020
5 years$15,583$14,839$14,132$13,462$12,826$11,054
6 years$12,855$12,117$11,421$10,766$10,149$8,458
7 years$10,908$10,176$9,491$8,851$8,254$6,645
8 years$9,448$8,722$8,049$7,425$6,847$5,320
9 years$8,313$7,594$6,933$6,325$5,767$4,319
10 years$7,406$6,694$6,044$5,452$4,913$3,545
11 years$6,664$5,959$5,321$4,745$4,226$2,933
12 years$6,046$5,349$4,722$4,162$3,662$2,443
13 years$5,524$4,834$4,219$3,674$3,193$2,046
14 years$5,077$4,394$3,791$3,262$2,799$1,721
15 years$4,689$4,014$3,423$2,909$2,465$1,453
16 years$4,351$3,683$3,103$2,604$2,178$1,230
17 years$4,052$3,392$2,824$2,340$1,931$1,044
18 years$3,787$3,134$2,578$2,109$1,717$888
19 years$3,550$2,904$2,360$1,906$1,531$757
20 years$3,338$2,699$2,166$1,726$1,367$646
21 years$3,145$2,514$1,992$1,566$1,223$552
22 years$2,971$2,347$1,836$1,424$1,097$472
23 years$2,811$2,195$1,695$1,297$984$404
24 years$2,666$2,056$1,568$1,183$885$346
25 years$2,532$1,930$1,452$1,080$796$297
26 years$2,408$1,814$1,347$988$717$254
27 years$2,294$1,707$1,251$904$647$218
28 years$2,189$1,608$1,163$828$583$187
29 years$2,090$1,517$1,082$760$527$161
30 years$1,999$1,433$1,008$697$476$138
31 years$1,913$1,355$939$640$430$119
32 years$1,834$1,282$877$588$389$102
33 years$1,759$1,214$818$541$352$88
34 years$1,688$1,150$765$498$319$75
35 years$1,622$1,091$715$458$289$65
36 years$1,560$1,036$669$422$262$56
37 years$1,501$984$626$389$237$48
38 years$1,445$935$586$358$215$41
39 years$1,392$889$549$331$195$36
40 years$1,343$846$515$305$177$31
41 years$1,295$805$483$281$161$26
42 years$1,250$767$453$260$146$23
43 years$1,207$731$425$240$132$19
44 years$1,167$696$399$221$120$17
45 years$1,128$664$374$204$109$14
46 years$1,091$633$352$189$99$12
47 years$1,056$605$330$174$90$11
48 years$1,022$577$311$161$82$9
49 years$990$551$292$149$74$8
50 years$959$526$274$138$67$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $982,000, adding $6,538 every year, while hoping to spend $47,920 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: 56/36/8 Blend
59$982,000$982,000$982,000$982,000
60$1,088,908$1,036,862$1,021,641$1,147,494
61$1,148,990$1,036,682$1,004,879$1,187,589
62$1,213,594$1,034,886$985,950$1,225,339
63$1,283,132$1,031,347$964,730$1,265,289
64$1,358,053$1,025,925$941,091$1,307,655
65$1,438,854$1,018,474$914,896$1,352,676
66$1,526,078$1,008,840$886,007$1,400,617
67$1,620,323$996,859$854,273$1,451,775
68$1,722,247$982,356$819,542$1,506,476
69$1,832,572$965,147$781,653$1,565,082
70$1,952,092$945,036$740,435$1,627,997
71$2,081,679$921,817$695,714$1,695,666
72$2,222,294$895,270$647,304$1,768,585
73$2,374,993$865,163$595,013$1,847,300
74$2,540,937$831,251$538,641$1,932,420
75$2,721,403$793,273$477,976$2,024,618
76$2,917,798$750,955$412,800$2,124,640
77$3,131,668$704,006$342,883$2,233,310
78$3,364,714$652,118$267,986$2,351,545
79$3,618,810$594,967$187,859$2,480,356
80$3,896,017$532,209$102,240$2,620,864
81$4,198,603$463,480$10,858$2,774,311
82$4,529,068$388,398$0$2,942,068
83$4,890,159$306,555$0$3,133,054
84$5,284,904$217,525$0$3,343,021
85$5,716,635$120,855$0$3,572,927
86$6,189,022$16,067$0$3,824,857
87$6,706,105$0$0$4,101,113
88$7,272,333$0$0$4,442,801
89$7,892,606$0$0$4,824,163
90$8,572,320$0$0$5,242,163
91$9,317,416$0$0$5,700,465
92$10,134,440$0$0$6,203,108
93$11,030,600$0$0$6,754,537
94$12,013,835$0$0$7,359,652
95$13,092,891$0$0$8,023,848
96$14,277,400$0$0$8,753,067
97$15,577,973$0$0$9,553,856
98$17,006,300$0$0$10,433,427
99$18,575,257$0$0$11,399,725
100$20,299,028$0$0$12,461,500