Can I retire at age 60 with 992,000?

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 $992,000?

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$81,918$81,189$80,477$79,782$79,103$78,671
2 years$40,554$39,798$39,066$38,357$37,668$37,232
3 years$26,767$26,009$25,279$24,576$23,898$23,471
4 years$19,875$19,119$18,396$17,705$17,044$16,631
5 years$15,741$14,990$14,276$13,599$12,957$12,557
6 years$12,986$12,240$11,537$10,876$10,252$9,867
7 years$11,019$10,279$9,588$8,941$8,338$7,968
8 years$9,544$8,811$8,131$7,501$6,917$6,562
9 years$8,398$7,672$7,003$6,389$5,825$5,484
10 years$7,481$6,762$6,106$5,507$4,963$4,637
11 years$6,732$6,020$5,375$4,793$4,269$3,957
12 years$6,108$5,403$4,770$4,204$3,699$3,401
13 years$5,580$4,883$4,262$3,712$3,226$2,942
14 years$5,128$4,439$3,829$3,295$2,828$2,557
15 years$4,737$4,055$3,458$2,938$2,490$2,232
16 years$4,395$3,720$3,135$2,631$2,200$1,956
17 years$4,093$3,426$2,852$2,364$1,951$1,719
18 years$3,826$3,166$2,604$2,130$1,735$1,515
19 years$3,587$2,934$2,384$1,925$1,546$1,338
20 years$3,371$2,726$2,188$1,743$1,381$1,184
21 years$3,177$2,540$2,012$1,582$1,236$1,049
22 years$3,001$2,371$1,855$1,439$1,108$932
23 years$2,840$2,217$1,712$1,310$994$828
24 years$2,693$2,077$1,584$1,195$894$737
25 years$2,558$1,950$1,467$1,091$804$657
26 years$2,433$1,832$1,360$998$725$586
27 years$2,318$1,724$1,263$913$653$523
28 years$2,211$1,625$1,174$837$589$467
29 years$2,112$1,533$1,093$767$532$417
30 years$2,019$1,448$1,018$704$481$373
31 years$1,933$1,368$949$647$435$334
32 years$1,852$1,295$885$594$393$299
33 years$1,777$1,226$827$547$356$268
34 years$1,705$1,162$772$503$322$240
35 years$1,639$1,102$722$463$292$215
36 years$1,576$1,046$676$426$264$192
37 years$1,516$994$632$393$240$173
38 years$1,460$944$592$362$217$155
39 years$1,407$898$555$334$197$139
40 years$1,356$854$520$308$179$124
41 years$1,308$813$488$284$162$112
42 years$1,263$775$457$262$147$100
43 years$1,220$738$429$242$134$90
44 years$1,179$703$403$224$121$81
45 years$1,139$671$378$206$110$72
46 years$1,102$640$355$191$100$65
47 years$1,066$611$334$176$91$58
48 years$1,032$583$314$163$82$52
49 years$1,000$557$295$150$75$47
50 years$969$532$277$139$68$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $992,000, adding $4,988 every year, while hoping to spend $34,333 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: 55/21/24 Blend
59$992,000$992,000$992,000$992,000
60$1,098,329$1,045,753$1,030,377$1,151,258
61$1,173,829$1,060,465$1,028,365$1,202,862
62$1,255,878$1,074,747$1,025,134$1,255,023
63$1,345,110$1,088,542$1,020,608$1,311,111
64$1,442,220$1,101,788$1,014,707$1,371,514
65$1,547,971$1,114,421$1,007,345$1,436,661
66$1,663,207$1,126,370$998,433$1,507,024
67$1,788,852$1,137,561$987,879$1,583,125
68$1,925,928$1,147,914$975,586$1,665,541
69$2,075,555$1,157,345$961,451$1,754,909
70$2,238,970$1,165,763$945,368$1,851,929
71$2,417,532$1,173,072$927,225$1,957,379
72$2,612,738$1,179,171$906,905$2,072,113
73$2,826,237$1,183,950$884,285$2,197,078
74$3,059,843$1,187,293$859,239$2,333,314
75$3,315,555$1,189,078$831,631$2,481,975
76$3,595,573$1,189,174$801,322$2,644,329
77$3,902,320$1,187,443$768,165$2,821,780
78$4,238,466$1,183,737$732,008$3,015,874
79$4,606,949$1,177,899$692,690$3,228,318
80$5,011,007$1,169,765$650,043$3,460,997
81$5,454,203$1,159,158$603,894$3,715,989
82$5,940,467$1,145,891$554,059$3,995,589
83$6,474,122$1,129,767$500,347$4,302,327
84$7,059,933$1,110,576$442,560$4,638,996
85$7,703,149$1,088,097$380,488$5,008,675
86$8,409,550$1,062,094$313,915$5,414,764
87$9,185,506$1,032,319$242,613$5,861,012
88$10,038,032$998,507$166,345$6,351,554
89$10,974,858$960,380$84,863$6,890,952
90$12,004,497$917,642$0$7,484,238
91$13,136,331$869,982$0$8,137,498
92$14,380,694$817,068$0$8,879,543
93$15,748,973$758,553$0$9,695,444
94$17,253,712$694,065$0$10,592,722
95$18,908,732$623,216$0$11,579,666
96$20,729,260$545,592$0$12,665,415
97$22,732,076$460,757$0$13,860,042
98$24,935,665$368,251$0$15,174,649
99$27,360,394$267,587$0$16,621,473
100$30,028,707$158,251$0$18,214,002