Can I retire at age 61 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$87,534$86,754$85,993$85,251$84,526$83,539
2 years$43,334$42,527$41,744$40,986$40,250$39,257
3 years$28,602$27,792$27,011$26,260$25,537$24,568
4 years$21,238$20,430$19,657$18,919$18,213$17,276
5 years$16,820$16,017$15,255$14,532$13,845$12,943
6 years$13,876$13,079$12,328$11,621$10,955$10,088
7 years$11,774$10,984$10,245$9,554$8,909$8,079
8 years$10,199$9,415$8,688$8,015$7,391$6,596
9 years$8,974$8,198$7,483$6,827$6,225$5,465
10 years$7,994$7,226$6,524$5,885$5,304$4,580
11 years$7,193$6,433$5,744$5,122$4,561$3,872
12 years$6,526$5,774$5,097$4,492$3,953$3,297
13 years$5,963$5,218$4,554$3,966$3,447$2,824
14 years$5,480$4,743$4,092$3,521$3,021$2,431
15 years$5,062$4,333$3,695$3,140$2,660$2,101
16 years$4,696$3,975$3,350$2,811$2,351$1,822
17 years$4,374$3,661$3,048$2,526$2,085$1,584
18 years$4,088$3,383$2,782$2,276$1,854$1,381
19 years$3,832$3,135$2,547$2,057$1,652$1,207
20 years$3,603$2,913$2,338$1,863$1,476$1,056
21 years$3,395$2,714$2,150$1,691$1,321$926
22 years$3,206$2,533$1,982$1,537$1,184$813
23 years$3,035$2,369$1,830$1,400$1,063$715
24 years$2,877$2,220$1,692$1,277$955$629
25 years$2,733$2,083$1,567$1,166$859$554
26 years$2,600$1,958$1,454$1,066$774$488
27 years$2,477$1,843$1,350$976$698$430
28 years$2,363$1,736$1,255$894$630$380
29 years$2,256$1,638$1,168$820$569$335
30 years$2,158$1,547$1,088$753$514$296
31 years$2,065$1,462$1,014$691$465$262
32 years$1,979$1,384$946$635$420$231
33 years$1,898$1,310$883$584$380$205
34 years$1,822$1,242$825$537$344$181
35 years$1,751$1,178$772$495$312$160
36 years$1,684$1,118$722$456$283$142
37 years$1,620$1,062$676$420$256$126
38 years$1,560$1,009$633$387$232$111
39 years$1,503$960$593$357$211$98
40 years$1,449$913$556$329$191$87
41 years$1,398$869$521$304$173$77
42 years$1,350$828$489$280$157$68
43 years$1,303$789$459$259$143$61
44 years$1,259$752$430$239$130$54
45 years$1,218$717$404$221$118$48
46 years$1,178$684$380$204$107$42
47 years$1,140$653$357$188$97$37
48 years$1,103$623$335$174$88$33
49 years$1,068$595$315$161$80$29
50 years$1,035$568$296$149$73$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $1,060,000, adding $6,046 every year, while hoping to spend $33,705 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: 38/42/20 Blend
60$1,060,000$1,060,000$1,060,000$1,060,000
61$1,174,356$1,118,176$1,101,746$1,211,739
62$1,258,279$1,137,105$1,102,793$1,258,218
63$1,349,632$1,155,832$1,102,745$1,304,789
64$1,449,138$1,174,311$1,101,530$1,354,425
65$1,557,591$1,192,493$1,099,073$1,407,423
66$1,675,867$1,210,327$1,095,293$1,464,110
67$1,804,928$1,227,756$1,090,108$1,524,847
68$1,945,834$1,244,719$1,083,431$1,590,034
69$2,099,752$1,261,154$1,075,168$1,660,111
70$2,267,966$1,276,989$1,065,226$1,735,567
71$2,451,890$1,292,153$1,053,502$1,816,940
72$2,653,081$1,306,567$1,039,893$1,904,827
73$2,873,253$1,320,147$1,024,287$1,999,885
74$3,114,294$1,332,803$1,006,570$2,102,842
75$3,378,281$1,344,440$986,619$2,214,501
76$3,667,505$1,354,957$964,310$2,335,750
77$3,984,486$1,364,245$939,510$2,467,570
78$4,332,000$1,372,189$912,080$2,611,045
79$4,713,106$1,378,668$881,876$2,767,370
80$5,131,170$1,383,550$848,746$2,937,868
81$5,589,902$1,386,697$812,532$3,123,998
82$6,093,389$1,387,962$773,069$3,327,373
83$6,646,130$1,387,188$730,183$3,549,772
84$7,253,085$1,384,209$683,693$3,793,162
85$7,919,714$1,378,850$633,411$4,059,713
86$8,652,034$1,370,923$579,140$4,351,821
87$9,456,673$1,360,229$520,672$4,672,132
88$10,340,932$1,346,559$457,793$5,023,566
89$11,312,855$1,329,688$390,277$5,409,347
90$12,381,305$1,309,382$317,890$5,833,034
91$13,556,044$1,285,388$240,386$6,298,554
92$14,847,830$1,257,441$157,508$6,810,243
93$16,268,514$1,225,261$68,990$7,372,883
94$17,831,153$1,188,549$0$7,991,754
95$19,550,133$1,146,991$0$8,678,118
96$21,441,306$1,100,253$0$9,449,031
97$23,522,136$1,047,982$0$10,296,914
98$25,811,866$989,805$0$11,229,659
99$28,331,698$925,328$0$12,255,971
100$31,104,995$854,132$0$13,385,449