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

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 $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%19.5%
1 years$87,534$86,754$85,993$85,251$84,526$81,301
2 years$43,334$42,527$41,744$40,986$40,250$37,039
3 years$28,602$27,792$27,011$26,260$25,537$22,440
4 years$21,238$20,430$19,657$18,919$18,213$15,255
5 years$16,820$16,017$15,255$14,532$13,845$11,033
6 years$13,876$13,079$12,328$11,621$10,955$8,291
7 years$11,774$10,984$10,245$9,554$8,909$6,393
8 years$10,199$9,415$8,688$8,015$7,391$5,019
9 years$8,974$8,198$7,483$6,827$6,225$3,994
10 years$7,994$7,226$6,524$5,885$5,304$3,210
11 years$7,193$6,433$5,744$5,122$4,561$2,600
12 years$6,526$5,774$5,097$4,492$3,953$2,119
13 years$5,963$5,218$4,554$3,966$3,447$1,736
14 years$5,480$4,743$4,092$3,521$3,021$1,427
15 years$5,062$4,333$3,695$3,140$2,660$1,177
16 years$4,696$3,975$3,350$2,811$2,351$973
17 years$4,374$3,661$3,048$2,526$2,085$806
18 years$4,088$3,383$2,782$2,276$1,854$669
19 years$3,832$3,135$2,547$2,057$1,652$556
20 years$3,603$2,913$2,338$1,863$1,476$463
21 years$3,395$2,714$2,150$1,691$1,321$385
22 years$3,206$2,533$1,982$1,537$1,184$321
23 years$3,035$2,369$1,830$1,400$1,063$268
24 years$2,877$2,220$1,692$1,277$955$224
25 years$2,733$2,083$1,567$1,166$859$187
26 years$2,600$1,958$1,454$1,066$774$156
27 years$2,477$1,843$1,350$976$698$130
28 years$2,363$1,736$1,255$894$630$109
29 years$2,256$1,638$1,168$820$569$91
30 years$2,158$1,547$1,088$753$514$76
31 years$2,065$1,462$1,014$691$465$64
32 years$1,979$1,384$946$635$420$53
33 years$1,898$1,310$883$584$380$44
34 years$1,822$1,242$825$537$344$37
35 years$1,751$1,178$772$495$312$31
36 years$1,684$1,118$722$456$283$26
37 years$1,620$1,062$676$420$256$22
38 years$1,560$1,009$633$387$232$18
39 years$1,503$960$593$357$211$15
40 years$1,449$913$556$329$191$13
41 years$1,398$869$521$304$173$11
42 years$1,350$828$489$280$157$9
43 years$1,303$789$459$259$143$7
44 years$1,259$752$430$239$130$6
45 years$1,218$717$404$221$118$5
46 years$1,178$684$380$204$107$4
47 years$1,140$653$357$188$97$4
48 years$1,103$623$335$174$88$3
49 years$1,068$595$315$161$80$3
50 years$1,035$568$296$149$73$2

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 $2,760 every year, while hoping to spend $52,115 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: 65/29/6 Blend
60$1,060,000$1,060,000$1,060,000$1,060,000
61$1,170,967$1,114,787$1,098,357$1,245,767
62$1,234,956$1,113,962$1,079,702$1,295,005
63$1,303,724$1,111,349$1,058,675$1,342,310
64$1,377,706$1,106,807$1,035,143$1,392,610
65$1,457,375$1,100,184$1,008,963$1,446,192
66$1,543,254$1,091,319$979,990$1,503,372
67$1,635,915$1,080,042$948,068$1,564,498
68$1,735,987$1,066,174$913,038$1,629,957
69$1,844,163$1,049,521$874,730$1,700,176
70$1,961,203$1,029,883$832,968$1,775,627
71$2,087,942$1,007,044$787,569$1,856,832
72$2,225,300$980,777$738,340$1,944,368
73$2,374,286$950,840$685,080$2,038,874
74$2,536,012$916,980$627,580$2,141,055
75$2,711,700$878,927$565,618$2,251,691
76$2,902,694$836,395$498,967$2,371,644
77$3,110,473$789,083$427,387$2,501,867
78$3,336,664$736,671$350,627$2,643,413
79$3,583,058$678,822$268,427$2,797,446
80$3,851,625$615,179$180,514$2,965,252
81$4,144,532$545,365$86,604$3,148,253
82$4,464,168$468,981$0$3,348,017
83$4,813,159$385,607$0$3,567,153
84$5,194,397$294,797$0$3,812,677
85$5,611,065$196,082$0$4,081,177
86$6,066,669$88,965$0$4,375,013
87$6,565,068$0$0$4,696,791
88$7,110,511$0$0$5,058,025
89$7,707,676$0$0$5,484,665
90$8,361,718$0$0$5,952,010
91$9,078,309$0$0$6,464,123
92$9,863,699$0$0$7,025,480
93$10,724,769$0$0$7,641,008
94$11,669,101$0$0$8,316,137
95$12,705,042$0$0$9,056,845
96$13,841,789$0$0$9,869,717
97$15,089,470$0$0$10,762,009
98$16,459,242$0$0$11,741,710
99$17,963,397$0$0$12,817,623
100$19,615,473$0$0$13,999,443