Can I retire at age 61 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$102,398$101,486$100,596$99,727$98,879$97,362
2 years$50,692$49,748$48,833$47,946$47,085$45,560
3 years$33,459$32,511$31,598$30,719$29,873$28,387
4 years$24,844$23,899$22,995$22,132$21,306$19,871
5 years$19,677$18,737$17,845$16,999$16,196$14,817
6 years$16,233$15,300$14,422$13,594$12,815$11,493
7 years$13,774$12,849$11,985$11,177$10,422$9,158
8 years$11,930$11,014$10,164$9,376$8,646$7,439
9 years$10,497$9,590$8,754$7,986$7,282$6,131
10 years$9,352$8,453$7,632$6,884$6,204$5,109
11 years$8,415$7,525$6,719$5,991$5,336$4,295
12 years$7,635$6,754$5,963$5,255$4,624$3,637
13 years$6,975$6,104$5,328$4,640$4,032$3,097
14 years$6,410$5,548$4,787$4,118$3,535$2,649
15 years$5,921$5,068$4,322$3,673$3,112$2,276
16 years$5,494$4,650$3,918$3,289$2,750$1,961
17 years$5,117$4,283$3,566$2,955$2,439$1,695
18 years$4,782$3,957$3,255$2,663$2,168$1,468
19 years$4,483$3,668$2,980$2,406$1,933$1,274
20 years$4,214$3,408$2,735$2,179$1,726$1,108
21 years$3,971$3,174$2,515$1,978$1,545$965
22 years$3,751$2,963$2,318$1,798$1,385$841
23 years$3,550$2,771$2,141$1,638$1,243$734
24 years$3,366$2,597$1,980$1,494$1,117$642
25 years$3,197$2,437$1,834$1,364$1,005$561
26 years$3,041$2,290$1,701$1,247$906$491
27 years$2,897$2,155$1,579$1,142$817$430
28 years$2,764$2,031$1,468$1,046$737$377
29 years$2,640$1,916$1,366$959$665$330
30 years$2,524$1,810$1,272$880$601$289
31 years$2,416$1,711$1,186$809$543$254
32 years$2,315$1,619$1,107$743$492$223
33 years$2,221$1,533$1,033$683$445$196
34 years$2,132$1,453$966$629$403$172
35 years$2,048$1,378$903$579$365$151
36 years$1,969$1,308$844$533$331$132
37 years$1,895$1,242$790$491$300$116
38 years$1,825$1,180$740$453$272$102
39 years$1,758$1,123$693$417$246$90
40 years$1,695$1,068$650$385$223$79
41 years$1,635$1,017$609$355$203$69
42 years$1,579$968$572$328$184$61
43 years$1,525$922$536$303$167$54
44 years$1,473$879$504$279$152$47
45 years$1,424$839$473$258$138$41
46 years$1,378$800$444$238$125$36
47 years$1,333$763$417$220$113$32
48 years$1,290$729$392$203$103$28
49 years$1,250$696$369$188$94$25
50 years$1,211$665$346$174$85$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $1,240,000, adding $5,847 every year, while hoping to spend $40,356 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: 73/20/7 Blend
60$1,240,000$1,240,000$1,240,000$1,240,000
61$1,372,511$1,306,791$1,287,571$1,470,922
62$1,469,569$1,327,885$1,287,766$1,557,682
63$1,575,174$1,348,661$1,286,615$1,647,029
64$1,690,155$1,369,059$1,284,031$1,743,741
65$1,815,426$1,389,018$1,279,921$1,848,531
66$1,951,990$1,408,470$1,274,188$1,962,185
67$2,100,952$1,427,344$1,266,733$2,085,572
68$2,263,528$1,445,563$1,257,448$2,219,646
69$2,441,058$1,463,046$1,246,223$2,365,459
70$2,635,016$1,479,705$1,232,941$2,524,170
71$2,847,024$1,495,447$1,217,481$2,697,057
72$3,078,869$1,510,173$1,199,715$2,885,526
73$3,332,518$1,523,775$1,179,509$3,091,128
74$3,610,136$1,536,142$1,156,724$3,315,571
75$3,914,109$1,547,152$1,131,214$3,560,740
76$4,247,063$1,556,677$1,102,824$3,828,708
77$4,611,891$1,564,581$1,071,396$4,121,762
78$5,011,777$1,570,719$1,036,761$4,442,423
79$5,450,230$1,574,936$998,744$4,793,468
80$5,931,113$1,577,067$957,162$5,177,957
81$6,458,683$1,576,940$911,823$5,599,263
82$7,037,627$1,574,368$862,527$6,061,106
83$7,673,108$1,569,155$809,065$6,567,581
84$8,370,813$1,561,092$751,217$7,123,206
85$9,137,009$1,549,959$688,756$7,732,957
86$9,978,596$1,535,519$621,442$8,402,320
87$10,903,179$1,517,525$549,025$9,137,342
88$11,919,131$1,495,712$471,246$9,944,686
89$13,035,682$1,469,801$387,832$10,831,698
90$14,262,996$1,439,496$298,498$11,806,472
91$15,612,272$1,404,482$202,949$12,877,932
92$17,095,850$1,364,428$100,874$14,055,911
93$18,727,323$1,318,981$0$15,351,248
94$20,521,669$1,267,770$0$16,776,492
95$22,495,390$1,210,401$0$18,352,287
96$24,666,666$1,146,457$0$20,085,630
97$27,055,529$1,075,497$0$21,992,543
98$29,684,052$997,055$0$24,090,685
99$32,576,553$910,639$0$26,399,515
100$35,759,829$815,727$0$28,940,481