Can I retire at age 61 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$241,131$238,983$236,887$234,842$232,845$226,848
2 years$119,372$117,149$114,994$112,905$110,879$104,876
3 years$78,791$76,558$74,409$72,339$70,346$64,527
4 years$58,504$56,278$54,150$52,116$50,171$44,580
5 years$46,335$44,123$42,023$40,030$38,139$32,791
6 years$38,225$36,030$33,961$32,013$30,178$25,078
7 years$32,435$30,258$28,222$26,319$24,543$19,691
8 years$28,094$25,936$23,934$22,079$20,361$15,756
9 years$24,720$22,582$20,614$18,806$17,147$12,784
10 years$22,022$19,905$17,972$16,211$14,610$10,484
11 years$19,816$17,720$15,822$14,108$12,565$8,670
12 years$17,979$15,905$14,042$12,375$10,889$7,218
13 years$16,425$14,373$12,546$10,925$9,495$6,041
14 years$15,095$13,065$11,272$9,698$8,323$5,078
15 years$13,944$11,935$10,177$8,649$7,329$4,284
16 years$12,937$10,950$9,227$7,744$6,477$3,625
17 years$12,049$10,085$8,396$6,958$5,743$3,074
18 years$11,261$9,319$7,665$6,271$5,106$2,613
19 years$10,557$8,637$7,017$5,666$4,551$2,225
20 years$9,924$8,025$6,440$5,132$4,065$1,897
21 years$9,352$7,475$5,923$4,657$3,638$1,619
22 years$8,833$6,978$5,459$4,235$3,261$1,384
23 years$8,360$6,526$5,041$3,857$2,927$1,184
24 years$7,926$6,115$4,662$3,517$2,631$1,013
25 years$7,528$5,738$4,318$3,212$2,368$868
26 years$7,161$5,393$4,004$2,937$2,133$744
27 years$6,822$5,076$3,718$2,688$1,923$638
28 years$6,508$4,783$3,457$2,463$1,735$547
29 years$6,216$4,512$3,217$2,259$1,567$469
30 years$5,944$4,261$2,996$2,073$1,416$403
31 years$5,690$4,028$2,793$1,904$1,280$346
32 years$5,452$3,811$2,606$1,750$1,158$297
33 years$5,229$3,609$2,434$1,609$1,048$255
34 years$5,020$3,421$2,274$1,480$949$219
35 years$4,823$3,245$2,126$1,363$859$188
36 years$4,638$3,080$1,989$1,255$778$162
37 years$4,463$2,925$1,861$1,156$706$139
38 years$4,297$2,780$1,743$1,066$640$119
39 years$4,140$2,643$1,633$983$580$103
40 years$3,992$2,515$1,531$907$526$88
41 years$3,851$2,394$1,435$836$477$76
42 years$3,718$2,280$1,346$772$433$65
43 years$3,590$2,172$1,263$713$393$56
44 years$3,469$2,071$1,186$658$357$48
45 years$3,354$1,975$1,113$608$324$41
46 years$3,244$1,884$1,046$561$294$36
47 years$3,139$1,798$983$519$267$31
48 years$3,039$1,716$923$479$243$26
49 years$2,943$1,639$868$443$220$23
50 years$2,851$1,565$816$409$200$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,920,000, adding $5,736 every year, while hoping to spend $29,475 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: 45/36/19 Blend
60$2,920,000$2,920,000$2,920,000$2,920,000
61$3,223,757$3,068,997$3,023,737$3,350,979
62$3,521,219$3,188,016$3,093,671$3,559,776
63$3,848,034$3,311,880$3,164,960$3,782,687
64$4,207,165$3,440,794$3,237,618$4,023,802
65$4,601,877$3,574,974$3,311,659$4,284,824
66$5,035,765$3,714,644$3,387,096$4,567,623
67$5,512,792$3,860,040$3,463,942$4,874,256
68$6,037,321$4,011,407$3,542,209$5,206,982
69$6,614,163$4,169,001$3,621,908$5,568,284
70$7,248,615$4,333,089$3,703,049$5,960,895
71$7,946,515$4,503,952$3,785,642$6,387,815
72$8,714,294$4,681,881$3,869,697$6,852,347
73$9,559,041$4,867,181$3,955,220$7,358,121
74$10,488,562$5,060,172$4,042,219$7,909,132
75$11,511,461$5,261,186$4,130,698$8,509,773
76$12,637,217$5,470,571$4,220,664$9,164,877
77$13,876,275$5,688,691$4,312,118$9,879,762
78$15,240,144$5,915,926$4,405,063$10,660,279
79$16,741,505$6,152,673$4,499,499$11,512,866
80$18,394,331$6,399,346$4,595,425$12,444,610
81$20,214,019$6,656,381$4,692,838$13,463,309
82$22,217,534$6,924,229$4,791,733$14,577,546
83$24,423,571$7,203,364$4,892,105$15,796,771
84$26,852,729$7,494,283$4,993,944$17,131,383
85$29,527,707$7,797,502$5,097,241$18,592,832
86$32,473,517$8,113,563$5,201,982$20,193,725
87$35,717,719$8,443,031$5,308,152$21,947,939
88$39,290,685$8,786,499$5,415,734$23,870,755
89$43,225,881$9,144,583$5,524,707$25,978,999
90$47,560,185$9,517,932$5,635,048$28,291,198
91$52,334,233$9,907,220$5,746,732$30,827,755
92$57,592,806$10,313,155$5,859,729$33,611,137
93$63,385,249$10,736,476$5,974,006$36,666,088
94$69,765,937$11,177,956$6,089,528$40,019,856
95$76,794,791$11,638,404$6,206,255$43,702,455
96$84,537,838$12,118,664$6,324,143$47,746,939
97$93,067,840$12,619,621$6,443,145$52,189,715
98$102,464,977$13,142,201$6,563,208$57,070,883
99$112,817,606$13,687,369$6,684,276$62,434,613
100$124,223,090$14,256,139$6,806,288$68,329,559