Can I retire at age 60 with 983,000?

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 $983,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.1%
1 years$81,175$80,452$79,747$79,058$78,386$76,740
2 years$40,186$39,437$38,712$38,009$37,327$35,677
3 years$26,524$25,773$25,049$24,353$23,682$22,078
4 years$19,695$18,946$18,229$17,545$16,890$15,346
5 years$15,599$14,854$14,147$13,476$12,839$11,359
6 years$12,868$12,129$11,433$10,777$10,159$8,744
7 years$10,919$10,186$9,501$8,860$8,262$6,913
8 years$9,458$8,731$8,057$7,433$6,854$5,570
9 years$8,322$7,602$6,940$6,331$5,772$4,552
10 years$7,413$6,701$6,050$5,457$4,918$3,761
11 years$6,671$5,965$5,327$4,750$4,230$3,134
12 years$6,052$5,354$4,727$4,166$3,666$2,630
13 years$5,530$4,839$4,223$3,678$3,196$2,219
14 years$5,082$4,398$3,795$3,265$2,802$1,880
15 years$4,694$4,018$3,426$2,912$2,467$1,600
16 years$4,355$3,686$3,106$2,607$2,180$1,365
17 years$4,056$3,395$2,827$2,342$1,933$1,168
18 years$3,791$3,137$2,580$2,111$1,719$1,001
19 years$3,554$2,907$2,362$1,907$1,532$860
20 years$3,341$2,702$2,168$1,728$1,369$740
21 years$3,148$2,517$1,994$1,568$1,225$638
22 years$2,974$2,349$1,838$1,426$1,098$550
23 years$2,814$2,197$1,697$1,298$985$475
24 years$2,668$2,059$1,569$1,184$886$410
25 years$2,534$1,932$1,454$1,081$797$355
26 years$2,411$1,816$1,348$989$718$307
27 years$2,297$1,709$1,252$905$647$266
28 years$2,191$1,610$1,164$829$584$230
29 years$2,093$1,519$1,083$760$527$200
30 years$2,001$1,434$1,009$698$477$173
31 years$1,915$1,356$940$641$431$150
32 years$1,835$1,283$877$589$390$130
33 years$1,760$1,215$819$542$353$113
34 years$1,690$1,152$765$498$319$98
35 years$1,624$1,092$716$459$289$85
36 years$1,561$1,037$669$423$262$74
37 years$1,502$985$627$389$238$64
38 years$1,447$936$587$359$215$56
39 years$1,394$890$550$331$195$48
40 years$1,344$847$515$305$177$42
41 years$1,297$806$483$282$161$36
42 years$1,252$768$453$260$146$32
43 years$1,209$731$425$240$132$27
44 years$1,168$697$399$221$120$24
45 years$1,129$665$375$205$109$21
46 years$1,092$634$352$189$99$18
47 years$1,057$605$331$175$90$16
48 years$1,023$578$311$161$82$14
49 years$991$552$292$149$74$12
50 years$960$527$275$138$67$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $983,000, adding $5,728 every year, while hoping to spend $25,383 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: 74/16/10 Blend
59$983,000$983,000$983,000$983,000
60$1,089,174$1,037,075$1,021,839$1,167,358
61$1,173,263$1,060,885$1,029,063$1,243,526
62$1,265,078$1,085,010$1,035,679$1,323,206
63$1,365,380$1,109,440$1,041,638$1,409,792
64$1,475,008$1,134,162$1,046,893$1,503,963
65$1,594,884$1,159,161$1,051,389$1,606,461
66$1,726,025$1,184,423$1,055,073$1,718,108
67$1,869,549$1,209,929$1,057,887$1,839,806
68$2,026,687$1,235,659$1,059,771$1,972,551
69$2,198,796$1,261,594$1,060,660$2,117,440
70$2,387,371$1,287,709$1,060,489$2,275,678
71$2,594,055$1,313,979$1,059,188$2,448,597
72$2,820,661$1,340,376$1,056,683$2,637,662
73$3,069,184$1,366,871$1,052,898$2,844,487
74$3,341,822$1,393,429$1,047,751$3,070,850
75$3,640,996$1,420,015$1,041,159$3,318,712
76$3,969,373$1,446,590$1,033,033$3,590,231
77$4,329,889$1,473,114$1,023,280$3,887,786
78$4,725,780$1,499,539$1,011,803$4,213,998
79$5,160,611$1,525,818$998,499$4,571,754
80$5,638,309$1,551,898$983,264$4,964,238
81$6,163,197$1,577,722$965,985$5,394,956
82$6,740,043$1,603,230$946,544$5,867,771
83$7,374,095$1,628,356$924,821$6,386,941
84$8,071,137$1,653,030$900,687$6,957,158
85$8,837,541$1,677,177$874,009$7,583,592
86$9,680,328$1,700,716$844,646$8,271,939
87$10,607,232$1,723,561$812,451$9,028,477
88$11,626,774$1,745,621$777,273$9,860,126
89$12,748,345$1,766,795$738,952$10,774,508
90$13,982,288$1,786,980$697,318$11,780,025
91$15,340,002$1,806,063$652,199$12,885,935
92$16,834,046$1,823,924$603,412$14,102,440
93$18,478,258$1,840,435$550,765$15,440,785
94$20,287,884$1,855,460$494,059$16,913,359
95$22,279,724$1,868,854$433,086$18,533,816
96$24,472,290$1,880,462$367,629$20,317,205
97$26,885,979$1,890,120$297,460$22,280,107
98$29,543,265$1,897,652$222,341$24,440,797
99$32,468,915$1,902,874$142,027$26,819,414
100$35,690,217$1,905,587$56,257$29,438,152