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%20%
1 years$81,588$80,861$80,152$79,460$78,785$75,629
2 years$40,390$39,638$38,909$38,202$37,516$34,377
3 years$26,659$25,904$25,177$24,476$23,802$20,777
4 years$19,795$19,042$18,322$17,634$16,976$14,089
5 years$15,678$14,929$14,219$13,545$12,905$10,163
6 years$12,934$12,191$11,491$10,832$10,211$7,616
7 years$10,975$10,238$9,549$8,905$8,304$5,855
8 years$9,506$8,776$8,098$7,470$6,889$4,584
9 years$8,364$7,641$6,975$6,363$5,802$3,636
10 years$7,451$6,735$6,081$5,485$4,943$2,913
11 years$6,705$5,996$5,354$4,774$4,251$2,352
12 years$6,083$5,382$4,751$4,187$3,684$1,911
13 years$5,558$4,863$4,245$3,697$3,213$1,559
14 years$5,108$4,421$3,814$3,281$2,816$1,278
15 years$4,718$4,038$3,444$2,926$2,480$1,050
16 years$4,377$3,705$3,122$2,620$2,192$865
17 years$4,077$3,412$2,841$2,354$1,943$714
18 years$3,810$3,153$2,593$2,122$1,728$590
19 years$3,572$2,922$2,374$1,917$1,540$489
20 years$3,358$2,715$2,179$1,736$1,376$405
21 years$3,164$2,529$2,004$1,576$1,231$336
22 years$2,989$2,361$1,847$1,433$1,103$279
23 years$2,829$2,208$1,706$1,305$990$232
24 years$2,682$2,069$1,577$1,190$890$193
25 years$2,547$1,942$1,461$1,087$801$160
26 years$2,423$1,825$1,355$994$722$133
27 years$2,308$1,717$1,258$910$651$111
28 years$2,202$1,618$1,170$833$587$92
29 years$2,103$1,527$1,088$764$530$77
30 years$2,011$1,442$1,014$701$479$64
31 years$1,925$1,363$945$644$433$53
32 years$1,845$1,290$882$592$392$44
33 years$1,769$1,221$823$544$354$37
34 years$1,699$1,158$769$501$321$31
35 years$1,632$1,098$719$461$291$26
36 years$1,569$1,042$673$425$263$21
37 years$1,510$990$630$391$239$18
38 years$1,454$941$590$361$216$15
39 years$1,401$894$553$333$196$12
40 years$1,351$851$518$307$178$10
41 years$1,303$810$486$283$161$9
42 years$1,258$771$456$261$147$7
43 years$1,215$735$427$241$133$6
44 years$1,174$701$401$223$121$5
45 years$1,135$668$377$206$110$4
46 years$1,098$637$354$190$100$3
47 years$1,062$608$332$175$90$3
48 years$1,028$581$312$162$82$2
49 years$996$554$294$150$75$2
50 years$965$530$276$138$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $988,000, adding $5,463 every year, while hoping to spend $40,600 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: 45/47/8 Blend
59$988,000$988,000$988,000$988,000
60$1,094,411$1,042,047$1,026,733$1,140,966
61$1,162,843$1,049,909$1,017,931$1,181,547
62$1,236,894$1,056,796$1,007,472$1,220,897
63$1,317,095$1,062,617$995,260$1,262,629
64$1,404,028$1,067,275$981,191$1,306,976
65$1,498,336$1,070,667$965,158$1,354,197
66$1,600,722$1,072,686$947,046$1,404,578
67$1,711,962$1,073,214$926,739$1,458,438
68$1,832,910$1,072,130$904,113$1,516,128
69$1,964,504$1,069,301$879,038$1,578,039
70$2,107,777$1,064,590$851,379$1,644,603
71$2,263,864$1,057,850$820,994$1,716,300
72$2,434,017$1,048,923$787,736$1,793,661
73$2,619,612$1,037,645$751,450$1,877,274
74$2,822,163$1,023,840$711,975$1,967,790
75$3,043,338$1,007,323$669,140$2,065,931
76$3,284,972$987,895$622,770$2,172,496
77$3,549,085$965,349$572,679$2,288,367
78$3,837,904$939,462$518,676$2,414,525
79$4,153,876$910,002$460,557$2,552,051
80$4,499,700$876,721$398,114$2,702,143
81$4,878,345$839,355$331,127$2,866,128
82$5,293,081$797,629$259,364$3,045,471
83$5,747,510$751,248$182,588$3,241,795
84$6,245,599$699,902$100,548$3,456,892
85$6,791,717$643,263$12,982$3,692,745
86$7,390,673$580,985$0$3,951,549
87$8,047,769$512,700$0$4,242,594
88$8,768,841$438,022$0$4,563,321
89$9,560,318$356,540$0$4,915,607
90$10,429,283$267,823$0$5,302,751
91$11,383,538$171,415$0$5,728,397
92$12,431,676$66,832$0$6,196,568
93$13,583,166$0$0$6,711,708
94$14,848,437$0$0$7,302,741
95$16,238,978$0$0$7,990,401
96$17,767,449$0$0$8,746,401
97$19,447,795$0$0$9,577,653
98$21,295,380$0$0$10,491,776
99$23,327,132$0$0$11,497,161
100$25,561,701$0$0$12,603,054