Can I retire at age 61 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$242,782$240,620$238,510$236,451$234,440$226,844
2 years$120,189$117,951$115,782$113,678$111,638$104,057
3 years$79,330$77,082$74,918$72,835$70,828$63,499
4 years$58,905$56,664$54,521$52,473$50,515$43,495
5 years$46,653$44,425$42,311$40,305$38,401$31,708
6 years$38,487$36,276$34,193$32,232$30,385$24,025
7 years$32,657$30,465$28,415$26,500$24,711$18,683
8 years$28,287$26,114$24,098$22,230$20,500$14,800
9 years$24,889$22,737$20,756$18,935$17,264$11,885
10 years$22,172$20,041$18,095$16,322$14,710$9,644
11 years$19,951$17,842$15,931$14,205$12,651$7,889
12 years$18,102$16,014$14,138$12,460$10,963$6,494
13 years$16,538$14,472$12,632$11,000$9,560$5,373
14 years$15,199$13,154$11,349$9,765$8,380$4,464
15 years$14,039$12,017$10,247$8,708$7,379$3,721
16 years$13,025$11,025$9,290$7,797$6,521$3,110
17 years$12,132$10,154$8,454$7,006$5,782$2,605
18 years$11,338$9,383$7,717$6,314$5,141$2,187
19 years$10,629$8,696$7,065$5,705$4,583$1,838
20 years$9,992$8,080$6,484$5,167$4,093$1,547
21 years$9,416$7,527$5,964$4,689$3,663$1,304
22 years$8,893$7,026$5,497$4,264$3,283$1,099
23 years$8,417$6,571$5,075$3,883$2,947$928
24 years$7,981$6,157$4,694$3,542$2,649$784
25 years$7,580$5,778$4,347$3,234$2,384$662
26 years$7,210$5,430$4,032$2,957$2,147$560
27 years$6,869$5,110$3,744$2,707$1,936$473
28 years$6,553$4,816$3,480$2,480$1,747$400
29 years$6,259$4,543$3,239$2,274$1,577$339
30 years$5,985$4,290$3,017$2,087$1,425$287
31 years$5,729$4,056$2,813$1,917$1,289$243
32 years$5,489$3,838$2,624$1,762$1,166$206
33 years$5,265$3,634$2,450$1,620$1,055$174
34 years$5,054$3,444$2,289$1,491$955$147
35 years$4,856$3,267$2,140$1,372$865$125
36 years$4,669$3,101$2,002$1,264$784$106
37 years$4,493$2,945$1,874$1,164$710$90
38 years$4,327$2,799$1,755$1,073$644$76
39 years$4,169$2,661$1,644$990$584$64
40 years$4,019$2,532$1,541$913$530$54
41 years$3,878$2,410$1,445$842$481$46
42 years$3,743$2,296$1,356$777$436$39
43 years$3,615$2,187$1,272$717$396$33
44 years$3,493$2,085$1,194$662$359$28
45 years$3,377$1,988$1,121$612$326$24
46 years$3,266$1,897$1,053$565$296$20
47 years$3,161$1,810$989$522$269$17
48 years$3,060$1,728$930$482$244$14
49 years$2,963$1,650$874$446$222$12
50 years$2,870$1,576$821$412$201$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,940,000, adding $2,554 every year, while hoping to spend $57,632 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: 73/7/20 Blend
60$2,940,000$2,940,000$2,940,000$2,940,000
61$3,242,514$3,086,694$3,041,124$3,463,507
62$3,511,931$3,176,622$3,081,682$3,700,638
63$3,806,896$3,269,025$3,121,667$3,953,139
64$4,129,956$3,363,964$3,160,999$4,228,297
65$4,483,912$3,461,499$3,199,593$4,528,354
66$4,871,852$3,561,693$3,237,360$4,855,780
67$5,297,175$3,664,610$3,274,206$5,213,293
68$5,763,625$3,770,315$3,310,030$5,603,892
69$6,275,327$3,878,872$3,344,728$6,030,875
70$6,836,823$3,990,349$3,378,189$6,497,881
71$7,453,115$4,104,812$3,410,295$7,008,914
72$8,129,716$4,222,331$3,440,923$7,568,389
73$8,872,696$4,342,975$3,469,943$8,181,167
74$9,688,743$4,466,812$3,497,218$8,852,605
75$10,585,225$4,593,916$3,522,604$9,588,606
76$11,570,256$4,724,357$3,545,951$10,395,673
77$12,652,780$4,858,207$3,567,097$11,280,972
78$13,842,644$4,995,541$3,585,876$12,252,397
79$15,150,703$5,136,431$3,602,112$13,318,647
80$16,588,911$5,280,952$3,615,619$14,489,309
81$18,170,440$5,429,179$3,626,202$15,774,943
82$19,909,804$5,581,188$3,633,659$17,187,189
83$21,822,990$5,737,053$3,637,773$18,738,871
84$23,927,617$5,896,850$3,638,320$20,444,120
85$26,243,095$6,060,656$3,635,065$22,318,507
86$28,790,809$6,228,547$3,627,758$24,379,193
87$31,594,324$6,400,599$3,616,140$26,645,085
88$34,679,603$6,576,886$3,599,939$29,137,020
89$38,075,255$6,757,486$3,578,869$31,877,958
90$41,812,801$6,942,472$3,552,631$34,893,201
91$45,926,973$7,131,920$3,520,911$38,210,632
92$50,456,042$7,325,902$3,483,379$41,860,976
93$55,442,179$7,524,492$3,439,693$45,878,090
94$60,931,850$7,727,761$3,389,492$50,299,288
95$66,976,257$7,935,779$3,332,397$55,165,685
96$73,631,818$8,148,614$3,268,015$60,522,593
97$80,960,701$8,366,334$3,195,932$66,419,943
98$89,031,411$8,589,003$3,115,714$72,912,760
99$97,919,434$8,816,684$3,026,910$80,061,680
100$107,707,950$9,049,436$2,929,045$87,933,527