Can I retire at age 61 with 2,930,000?

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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16%
1 years$241,957$239,801$237,699$235,646$233,642$227,902
2 years$119,781$117,550$115,388$113,292$111,258$105,510
3 years$79,060$76,820$74,664$72,587$70,587$65,011
4 years$58,704$56,471$54,336$52,295$50,343$44,982
5 years$46,494$44,274$42,167$40,167$38,270$33,139
6 years$38,356$36,153$34,077$32,122$30,282$25,386
7 years$32,546$30,361$28,318$26,409$24,627$19,967
8 years$28,190$26,025$24,016$22,154$20,431$16,004
9 years$24,804$22,660$20,685$18,870$17,206$13,009
10 years$22,097$19,973$18,034$16,267$14,660$10,689
11 years$19,884$17,781$15,877$14,157$12,608$8,856
12 years$18,040$15,959$14,090$12,417$10,926$7,387
13 years$16,482$14,423$12,589$10,963$9,528$6,195
14 years$15,147$13,110$11,311$9,731$8,352$5,218
15 years$13,991$11,976$10,212$8,679$7,354$4,412
16 years$12,981$10,988$9,259$7,771$6,499$3,741
17 years$12,091$10,119$8,425$6,982$5,763$3,180
18 years$11,300$9,351$7,691$6,292$5,124$2,709
19 years$10,593$8,666$7,041$5,686$4,567$2,311
20 years$9,958$8,053$6,462$5,149$4,079$1,975
21 years$9,384$7,501$5,944$4,673$3,651$1,690
22 years$8,863$7,002$5,478$4,249$3,272$1,448
23 years$8,388$6,549$5,058$3,870$2,937$1,241
24 years$7,953$6,136$4,678$3,530$2,640$1,065
25 years$7,554$5,758$4,332$3,223$2,376$914
26 years$7,186$5,412$4,018$2,947$2,140$786
27 years$6,846$5,093$3,731$2,698$1,929$675
28 years$6,530$4,799$3,469$2,472$1,741$581
29 years$6,237$4,527$3,228$2,267$1,572$499
30 years$5,964$4,276$3,007$2,080$1,420$430
31 years$5,709$4,042$2,803$1,910$1,284$370
32 years$5,471$3,824$2,615$1,756$1,162$318
33 years$5,247$3,622$2,442$1,615$1,051$274
34 years$5,037$3,433$2,282$1,486$952$236
35 years$4,840$3,256$2,133$1,368$862$203
36 years$4,654$3,090$1,995$1,259$781$175
37 years$4,478$2,935$1,868$1,160$708$151
38 years$4,312$2,789$1,749$1,070$642$130
39 years$4,155$2,652$1,639$986$582$112
40 years$4,006$2,524$1,536$910$528$97
41 years$3,865$2,402$1,440$839$479$83
42 years$3,730$2,288$1,351$775$435$72
43 years$3,603$2,180$1,268$715$394$62
44 years$3,481$2,078$1,190$660$358$53
45 years$3,366$1,981$1,117$610$325$46
46 years$3,255$1,890$1,049$563$295$40
47 years$3,150$1,804$986$520$268$34
48 years$3,049$1,722$926$481$243$29
49 years$2,953$1,644$871$444$221$25
50 years$2,861$1,571$819$411$201$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,930,000, adding $6,244 every year, while hoping to spend $51,341 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: 63/15/22 Blend
60$2,930,000$2,930,000$2,930,000$2,930,000
61$3,235,301$3,080,011$3,034,596$3,420,247
62$3,510,675$3,176,305$3,081,628$3,642,097
63$3,812,417$3,275,597$3,128,516$3,878,004
64$4,143,161$3,377,979$3,175,199$4,134,491
65$4,505,810$3,483,547$3,221,615$4,413,574
66$4,903,562$3,592,399$3,267,698$4,717,471
67$5,339,936$3,704,637$3,313,376$5,048,629
68$5,818,810$3,820,366$3,358,575$5,409,738
69$6,344,457$3,939,692$3,403,216$5,803,763
70$6,921,582$4,062,727$3,447,214$6,233,970
71$7,555,369$4,189,586$3,490,481$6,703,956
72$8,251,527$4,320,387$3,532,923$7,217,682
73$9,016,347$4,455,250$3,574,440$7,779,512
74$9,856,758$4,594,300$3,614,927$8,394,252
75$10,780,395$4,737,668$3,654,275$9,067,198
76$11,795,667$4,885,486$3,692,365$9,804,184
77$12,911,841$5,037,891$3,729,075$10,611,636
78$14,139,124$5,195,023$3,764,274$11,496,635
79$15,488,764$5,357,028$3,797,827$12,466,979
80$16,973,152$5,524,057$3,829,588$13,531,264
81$18,605,940$5,696,262$3,859,406$14,698,957
82$20,402,171$5,873,804$3,887,121$15,980,491
83$22,378,418$6,056,845$3,912,565$17,387,360
84$24,552,941$6,245,556$3,935,560$18,932,227
85$26,945,861$6,440,108$3,955,922$20,629,047
86$29,579,348$6,640,682$3,973,454$22,493,196
87$32,477,828$6,847,463$3,987,952$24,541,614
88$35,668,217$7,060,639$3,999,198$26,792,969
89$39,180,172$7,280,406$4,006,968$29,267,830
90$43,046,370$7,506,967$4,011,022$31,988,862
91$47,302,820$7,740,529$4,011,112$34,981,040
92$51,989,198$7,981,305$4,006,974$38,271,884
93$57,149,224$8,229,516$3,998,335$41,891,720
94$62,831,071$8,485,389$3,984,906$45,873,963
95$69,087,825$8,749,158$3,966,386$50,255,437
96$75,977,979$9,021,063$3,942,456$55,076,717
97$83,565,990$9,301,352$3,912,785$60,382,516
98$91,922,883$9,590,280$3,877,025$66,222,107
99$101,126,924$9,888,110$3,834,812$72,649,785
100$111,264,356$10,195,113$3,785,764$79,725,382