Can I retire at age 61 with 1,120,000?

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$92,489$91,665$90,861$90,076$89,310$88,525
2 years$45,786$44,934$44,107$43,306$42,529$41,737
3 years$30,221$29,365$28,540$27,747$26,982$26,209
4 years$22,440$21,586$20,770$19,990$19,244$18,495
5 years$17,772$16,924$16,118$15,354$14,629$13,907
6 years$14,662$13,820$13,026$12,279$11,575$10,881
7 years$12,441$11,606$10,825$10,095$9,414$8,747
8 years$10,776$9,948$9,180$8,469$7,810$7,171
9 years$9,482$8,662$7,907$7,213$6,577$5,966
10 years$8,447$7,635$6,893$6,218$5,604$5,020
11 years$7,601$6,797$6,069$5,411$4,819$4,263
12 years$6,896$6,100$5,386$4,747$4,176$3,646
13 years$6,300$5,513$4,812$4,191$3,642$3,137
14 years$5,790$5,011$4,324$3,720$3,193$2,713
15 years$5,348$4,578$3,904$3,317$2,811$2,356
16 years$4,962$4,200$3,539$2,970$2,484$2,053
17 years$4,622$3,868$3,221$2,669$2,203$1,794
18 years$4,319$3,574$2,940$2,405$1,959$1,572
19 years$4,049$3,313$2,691$2,173$1,746$1,380
20 years$3,807$3,078$2,470$1,968$1,559$1,214
21 years$3,587$2,867$2,272$1,786$1,395$1,070
22 years$3,388$2,677$2,094$1,624$1,251$945
23 years$3,206$2,503$1,933$1,479$1,123$835
24 years$3,040$2,345$1,788$1,349$1,009$738
25 years$2,888$2,201$1,656$1,232$908$654
26 years$2,747$2,069$1,536$1,127$818$579
27 years$2,617$1,947$1,426$1,031$737$514
28 years$2,496$1,834$1,326$945$665$456
29 years$2,384$1,731$1,234$866$601$405
30 years$2,280$1,634$1,149$795$543$360
31 years$2,182$1,545$1,071$730$491$320
32 years$2,091$1,462$1,000$671$444$284
33 years$2,006$1,384$933$617$402$253
34 years$1,925$1,312$872$568$364$225
35 years$1,850$1,245$815$523$330$200
36 years$1,779$1,181$763$481$299$178
37 years$1,712$1,122$714$444$271$159
38 years$1,648$1,066$669$409$245$141
39 years$1,588$1,014$626$377$222$126
40 years$1,531$965$587$348$202$112
41 years$1,477$918$551$321$183$100
42 years$1,426$874$516$296$166$89
43 years$1,377$833$485$273$151$79
44 years$1,331$794$455$252$137$71
45 years$1,286$757$427$233$124$63
46 years$1,244$723$401$215$113$56
47 years$1,204$689$377$199$102$50
48 years$1,166$658$354$184$93$45
49 years$1,129$629$333$170$84$40
50 years$1,094$600$313$157$77$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $1,120,000, adding $4,193 every year, while hoping to spend $35,457 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: 40/34/26 Blend
60$1,120,000$1,120,000$1,120,000$1,120,000
61$1,238,565$1,179,205$1,161,845$1,278,448
62$1,327,173$1,199,260$1,163,041$1,327,763
63$1,423,630$1,219,110$1,163,088$1,377,452
64$1,528,700$1,238,706$1,161,912$1,430,521
65$1,643,223$1,257,998$1,159,431$1,487,301
66$1,768,123$1,276,931$1,155,563$1,548,156
67$1,904,417$1,295,446$1,150,221$1,613,492
68$2,053,226$1,313,481$1,143,311$1,683,754
69$2,215,782$1,330,969$1,134,739$1,759,437
70$2,393,442$1,347,836$1,124,403$1,841,086
71$2,587,700$1,364,008$1,112,198$1,929,304
72$2,800,202$1,379,400$1,098,012$2,024,757
73$3,032,758$1,393,927$1,081,732$2,128,181
74$3,287,364$1,407,493$1,063,234$2,240,390
75$3,566,215$1,420,001$1,042,392$2,362,282
76$3,871,730$1,431,342$1,019,074$2,494,850
77$4,206,574$1,441,405$993,140$2,639,191
78$4,573,679$1,450,069$964,445$2,796,515
79$4,976,277$1,457,205$932,837$2,968,162
80$5,417,927$1,462,677$898,156$3,155,607
81$5,902,548$1,466,341$860,237$3,360,483
82$6,434,459$1,468,042$818,905$3,584,591
83$7,018,414$1,467,617$773,979$3,829,921
84$7,659,654$1,464,892$725,269$4,098,670
85$8,363,949$1,459,682$672,576$4,393,261
86$9,137,657$1,451,791$615,692$4,716,372
87$9,987,781$1,441,012$554,402$5,070,959
88$10,922,038$1,427,125$488,477$5,460,283
89$11,948,927$1,409,896$417,683$5,887,943
90$13,077,814$1,389,077$341,771$6,357,915
91$14,319,015$1,364,405$260,484$6,874,582
92$15,683,897$1,335,604$173,553$7,442,784
93$17,184,985$1,302,378$80,697$8,067,861
94$18,836,075$1,264,416$0$8,755,705
95$20,652,370$1,221,388$0$9,517,921
96$22,650,620$1,172,945$0$10,380,802
97$24,849,280$1,118,717$0$11,329,940
98$27,268,686$1,058,312$0$12,374,157
99$29,931,241$991,319$0$13,523,183
100$32,861,633$917,299$0$14,787,741