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

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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17%
1 years$241,957$239,801$237,699$235,646$233,642$226,982
2 years$119,781$117,550$115,388$113,292$111,258$104,600
3 years$79,060$76,820$74,664$72,587$70,587$64,139
4 years$58,704$56,471$54,336$52,295$50,343$44,156
5 years$46,494$44,274$42,167$40,167$38,270$32,359
6 years$38,356$36,153$34,077$32,122$30,282$24,654
7 years$32,546$30,361$28,318$26,409$24,627$19,282
8 years$28,190$26,025$24,016$22,154$20,431$15,364
9 years$24,804$22,660$20,685$18,870$17,206$12,414
10 years$22,097$19,973$18,034$16,267$14,660$10,136
11 years$19,884$17,781$15,877$14,157$12,608$8,345
12 years$18,040$15,959$14,090$12,417$10,926$6,915
13 years$16,482$14,423$12,589$10,963$9,528$5,760
14 years$15,147$13,110$11,311$9,731$8,352$4,819
15 years$13,991$11,976$10,212$8,679$7,354$4,045
16 years$12,981$10,988$9,259$7,771$6,499$3,406
17 years$12,091$10,119$8,425$6,982$5,763$2,874
18 years$11,300$9,351$7,691$6,292$5,124$2,430
19 years$10,593$8,666$7,041$5,686$4,567$2,058
20 years$9,958$8,053$6,462$5,149$4,079$1,746
21 years$9,384$7,501$5,944$4,673$3,651$1,482
22 years$8,863$7,002$5,478$4,249$3,272$1,260
23 years$8,388$6,549$5,058$3,870$2,937$1,072
24 years$7,953$6,136$4,678$3,530$2,640$912
25 years$7,554$5,758$4,332$3,223$2,376$777
26 years$7,186$5,412$4,018$2,947$2,140$662
27 years$6,846$5,093$3,731$2,698$1,929$565
28 years$6,530$4,799$3,469$2,472$1,741$482
29 years$6,237$4,527$3,228$2,267$1,572$411
30 years$5,964$4,276$3,007$2,080$1,420$351
31 years$5,709$4,042$2,803$1,910$1,284$299
32 years$5,471$3,824$2,615$1,756$1,162$255
33 years$5,247$3,622$2,442$1,615$1,051$218
34 years$5,037$3,433$2,282$1,486$952$186
35 years$4,840$3,256$2,133$1,368$862$159
36 years$4,654$3,090$1,995$1,259$781$136
37 years$4,478$2,935$1,868$1,160$708$116
38 years$4,312$2,789$1,749$1,070$642$99
39 years$4,155$2,652$1,639$986$582$85
40 years$4,006$2,524$1,536$910$528$72
41 years$3,865$2,402$1,440$839$479$62
42 years$3,730$2,288$1,351$775$435$53
43 years$3,603$2,180$1,268$715$394$45
44 years$3,481$2,078$1,190$660$358$39
45 years$3,366$1,981$1,117$610$325$33
46 years$3,255$1,890$1,049$563$295$28
47 years$3,150$1,804$986$520$268$24
48 years$3,049$1,722$926$481$243$21
49 years$2,953$1,644$871$444$221$18
50 years$2,861$1,571$819$411$201$15

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 $2,408 every year, while hoping to spend $53,697 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: 89/5/6 Blend
60$2,930,000$2,930,000$2,930,000$2,930,000
61$3,231,344$3,076,054$3,030,639$3,518,270
62$3,503,808$3,169,647$3,075,032$3,798,837
63$3,802,263$3,266,027$3,119,113$4,099,516
64$4,129,305$3,365,273$3,162,814$4,428,364
65$4,487,790$3,467,467$3,206,064$4,788,183
66$4,880,865$3,572,694$3,248,788$5,182,060
67$5,311,997$3,681,039$3,290,905$5,613,394
68$5,785,002$3,792,592$3,332,332$6,085,928
69$6,304,086$3,907,443$3,372,979$6,603,786
70$6,873,881$4,025,685$3,412,752$7,171,510
71$7,499,488$4,147,415$3,451,551$7,794,104
72$8,186,528$4,272,731$3,489,270$8,477,077
73$8,941,192$4,401,733$3,525,799$9,226,501
74$9,770,300$4,534,525$3,561,020$10,049,064
75$10,681,366$4,671,212$3,594,809$10,952,133
76$11,682,668$4,811,903$3,627,038$11,943,824
77$12,783,324$4,956,711$3,657,567$13,033,078
78$13,993,381$5,105,748$3,686,254$14,229,747
79$15,323,908$5,259,132$3,712,946$15,544,683
80$16,787,100$5,416,982$3,737,483$16,989,843
81$18,396,392$5,579,422$3,759,696$18,578,402
82$20,166,588$5,746,578$3,779,410$20,324,873
83$22,113,997$5,918,577$3,796,437$22,245,249
84$24,256,590$6,095,553$3,810,583$24,357,150
85$26,614,167$6,277,639$3,821,642$26,679,989
86$29,208,544$6,464,976$3,829,399$29,235,159
87$32,063,759$6,657,703$3,833,628$32,046,229
88$35,206,298$6,855,966$3,834,090$35,139,168
89$38,665,346$7,059,914$3,830,537$38,542,593
90$42,473,058$7,269,697$3,822,707$42,288,035
91$46,664,868$7,485,470$3,810,326$46,410,236
92$51,279,819$7,707,392$3,793,106$50,947,481
93$56,360,932$7,935,626$3,770,746$55,941,954
94$61,955,611$8,170,335$3,742,931$61,440,137
95$68,116,092$8,411,691$3,709,327$67,493,251
96$74,899,934$8,659,864$3,669,590$74,157,737
97$82,370,561$8,915,032$3,623,356$81,495,788
98$90,597,864$9,177,374$3,570,245$89,575,936
99$99,658,856$9,447,075$3,509,857$98,473,700
100$109,638,399$9,724,321$3,441,777$108,272,296