Can I retire at age 60 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$81,588$80,861$80,152$79,460$78,785$78,354
2 years$40,390$39,638$38,909$38,202$37,516$37,082
3 years$26,659$25,904$25,177$24,476$23,802$23,377
4 years$19,795$19,042$18,322$17,634$16,976$16,563
5 years$15,678$14,929$14,219$13,545$12,905$12,506
6 years$12,934$12,191$11,491$10,832$10,211$9,827
7 years$10,975$10,238$9,549$8,905$8,304$7,935
8 years$9,506$8,776$8,098$7,470$6,889$6,535
9 years$8,364$7,641$6,975$6,363$5,802$5,462
10 years$7,451$6,735$6,081$5,485$4,943$4,618
11 years$6,705$5,996$5,354$4,774$4,251$3,941
12 years$6,083$5,382$4,751$4,187$3,684$3,388
13 years$5,558$4,863$4,245$3,697$3,213$2,930
14 years$5,108$4,421$3,814$3,281$2,816$2,547
15 years$4,718$4,038$3,444$2,926$2,480$2,223
16 years$4,377$3,705$3,122$2,620$2,192$1,948
17 years$4,077$3,412$2,841$2,354$1,943$1,712
18 years$3,810$3,153$2,593$2,122$1,728$1,509
19 years$3,572$2,922$2,374$1,917$1,540$1,332
20 years$3,358$2,715$2,179$1,736$1,376$1,179
21 years$3,164$2,529$2,004$1,576$1,231$1,045
22 years$2,989$2,361$1,847$1,433$1,103$928
23 years$2,829$2,208$1,706$1,305$990$825
24 years$2,682$2,069$1,577$1,190$890$734
25 years$2,547$1,942$1,461$1,087$801$654
26 years$2,423$1,825$1,355$994$722$583
27 years$2,308$1,717$1,258$910$651$521
28 years$2,202$1,618$1,170$833$587$465
29 years$2,103$1,527$1,088$764$530$416
30 years$2,011$1,442$1,014$701$479$372
31 years$1,925$1,363$945$644$433$333
32 years$1,845$1,290$882$592$392$298
33 years$1,769$1,221$823$544$354$266
34 years$1,699$1,158$769$501$321$239
35 years$1,632$1,098$719$461$291$214
36 years$1,569$1,042$673$425$263$192
37 years$1,510$990$630$391$239$172
38 years$1,454$941$590$361$216$154
39 years$1,401$894$553$333$196$138
40 years$1,351$851$518$307$178$124
41 years$1,303$810$486$283$161$111
42 years$1,258$771$456$261$147$100
43 years$1,215$735$427$241$133$90
44 years$1,174$701$401$223$121$80
45 years$1,135$668$377$206$110$72
46 years$1,098$637$354$190$100$65
47 years$1,062$608$332$175$90$58
48 years$1,028$581$312$162$82$52
49 years$996$554$294$150$75$47
50 years$965$530$276$138$68$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $988,000, adding $5,786 every year, while hoping to spend $26,268 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: 47/26/27 Blend
59$988,000$988,000$988,000$988,000
60$1,094,744$1,042,380$1,027,066$1,137,492
61$1,178,459$1,065,508$1,033,524$1,191,326
62$1,269,833$1,088,888$1,039,318$1,246,707
63$1,369,618$1,112,507$1,044,397$1,306,312
64$1,478,645$1,136,345$1,048,711$1,370,552
65$1,597,826$1,160,386$1,052,202$1,439,880
66$1,728,168$1,184,607$1,054,814$1,514,793
67$1,870,776$1,208,988$1,056,485$1,595,843
68$2,026,869$1,233,503$1,057,151$1,683,636
69$2,197,790$1,258,125$1,056,746$1,778,842
70$2,385,017$1,282,825$1,055,200$1,882,198
71$2,590,177$1,307,572$1,052,437$1,994,518
72$2,815,063$1,332,331$1,048,382$2,116,700
73$3,061,649$1,357,065$1,042,952$2,249,734
74$3,332,109$1,381,733$1,036,063$2,394,711
75$3,628,839$1,406,293$1,027,626$2,552,835
76$3,954,476$1,430,696$1,017,547$2,725,434
77$4,311,926$1,454,894$1,005,728$2,913,971
78$4,704,390$1,478,831$992,067$3,120,061
79$5,135,394$1,502,450$976,458$3,345,485
80$5,608,821$1,525,688$958,786$3,592,206
81$6,128,952$1,548,477$938,936$3,862,390
82$6,700,498$1,570,745$916,784$4,158,422
83$7,328,653$1,592,416$892,200$4,482,938
84$8,019,139$1,613,408$865,052$4,838,839
85$8,778,257$1,633,631$835,197$5,229,327
86$9,612,952$1,652,992$802,489$5,657,931
87$10,530,875$1,671,389$766,774$6,128,545
88$11,540,453$1,688,717$727,890$6,645,459
89$12,650,975$1,704,859$685,670$7,213,406
90$13,872,672$1,719,695$639,938$7,837,603
91$15,216,818$1,733,093$590,509$8,523,802
92$16,695,834$1,744,916$537,192$9,278,346
93$18,323,407$1,755,015$479,786$10,108,228
94$20,114,618$1,763,234$418,082$11,021,156
95$22,086,082$1,769,406$351,861$12,025,632
96$24,256,109$1,773,353$280,894$13,131,025
97$26,644,871$1,774,886$204,944$14,347,667
98$29,274,598$1,773,806$123,760$15,686,947
99$32,169,784$1,769,899$37,083$17,161,421
100$35,357,418$1,762,941$0$18,784,930