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%
1 years$242,782$240,620$238,510$236,451$234,440$226,754
2 years$120,189$117,951$115,782$113,678$111,638$103,968
3 years$79,330$77,082$74,918$72,835$70,828$63,414
4 years$58,905$56,664$54,521$52,473$50,515$43,415
5 years$46,653$44,425$42,311$40,305$38,401$31,633
6 years$38,487$36,276$34,193$32,232$30,385$23,955
7 years$32,657$30,465$28,415$26,500$24,711$18,618
8 years$28,287$26,114$24,098$22,230$20,500$14,740
9 years$24,889$22,737$20,756$18,935$17,264$11,830
10 years$22,172$20,041$18,095$16,322$14,710$9,593
11 years$19,951$17,842$15,931$14,205$12,651$7,842
12 years$18,102$16,014$14,138$12,460$10,963$6,451
13 years$16,538$14,472$12,632$11,000$9,560$5,334
14 years$15,199$13,154$11,349$9,765$8,380$4,428
15 years$14,039$12,017$10,247$8,708$7,379$3,689
16 years$13,025$11,025$9,290$7,797$6,521$3,081
17 years$12,132$10,154$8,454$7,006$5,782$2,579
18 years$11,338$9,383$7,717$6,314$5,141$2,163
19 years$10,629$8,696$7,065$5,705$4,583$1,817
20 years$9,992$8,080$6,484$5,167$4,093$1,528
21 years$9,416$7,527$5,964$4,689$3,663$1,286
22 years$8,893$7,026$5,497$4,264$3,283$1,084
23 years$8,417$6,571$5,075$3,883$2,947$914
24 years$7,981$6,157$4,694$3,542$2,649$771
25 years$7,580$5,778$4,347$3,234$2,384$651
26 years$7,210$5,430$4,032$2,957$2,147$550
27 years$6,869$5,110$3,744$2,707$1,936$465
28 years$6,553$4,816$3,480$2,480$1,747$393
29 years$6,259$4,543$3,239$2,274$1,577$332
30 years$5,985$4,290$3,017$2,087$1,425$281
31 years$5,729$4,056$2,813$1,917$1,289$238
32 years$5,489$3,838$2,624$1,762$1,166$201
33 years$5,265$3,634$2,450$1,620$1,055$170
34 years$5,054$3,444$2,289$1,491$955$144
35 years$4,856$3,267$2,140$1,372$865$122
36 years$4,669$3,101$2,002$1,264$784$103
37 years$4,493$2,945$1,874$1,164$710$87
38 years$4,327$2,799$1,755$1,073$644$74
39 years$4,169$2,661$1,644$990$584$63
40 years$4,019$2,532$1,541$913$530$53
41 years$3,878$2,410$1,445$842$481$45
42 years$3,743$2,296$1,356$777$436$38
43 years$3,615$2,187$1,272$717$396$32
44 years$3,493$2,085$1,194$662$359$27
45 years$3,377$1,988$1,121$612$326$23
46 years$3,266$1,897$1,053$565$296$19
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 $2,567 every year, while hoping to spend $48,534 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: 42/36/22 Blend
60$2,940,000$2,940,000$2,940,000$2,940,000
61$3,242,528$3,086,708$3,041,138$3,357,720
62$3,521,626$3,186,317$3,091,376$3,539,620
63$3,827,565$3,289,180$3,141,671$3,731,612
64$4,163,033$3,395,405$3,191,972$3,938,546
65$4,530,987$3,505,105$3,242,228$4,161,821
66$4,934,687$3,618,395$3,292,383$4,402,977
67$5,377,723$3,735,394$3,342,376$4,663,707
68$5,864,050$3,856,227$3,392,144$4,945,875
69$6,398,022$3,981,022$3,441,620$5,251,528
70$6,984,439$4,109,910$3,490,733$5,582,922
71$7,628,585$4,243,029$3,539,406$5,942,538
72$8,336,284$4,380,521$3,587,559$6,333,106
73$9,113,950$4,522,531$3,635,107$6,757,632
74$9,968,649$4,669,212$3,681,960$7,219,422
75$10,908,168$4,820,720$3,728,023$7,722,118
76$11,941,084$4,977,218$3,773,194$8,269,728
77$13,076,846$5,138,873$3,817,367$8,866,665
78$14,325,866$5,305,859$3,860,430$9,517,789
79$15,699,613$5,478,356$3,902,264$10,228,449
80$17,210,727$5,656,548$3,942,743$11,004,537
81$18,873,132$5,840,630$3,981,736$11,852,539
82$20,702,170$6,030,799$4,019,102$12,779,602
83$22,714,745$6,227,262$4,054,696$13,793,592
84$24,929,482$6,430,232$4,088,362$14,903,177
85$27,366,905$6,639,928$4,119,937$16,117,901
86$30,049,625$6,856,581$4,149,251$17,448,279
87$33,002,559$7,080,425$4,176,123$18,905,889
88$36,253,159$7,311,705$4,200,362$20,503,489
89$39,831,678$7,550,675$4,221,771$22,255,130
90$43,771,447$7,797,597$4,240,138$24,176,291
91$48,109,197$8,052,741$4,255,245$26,284,025
92$52,885,398$8,316,388$4,266,859$28,597,118
93$58,144,648$8,588,830$4,274,737$31,136,265
94$63,936,086$8,870,367$4,278,625$33,924,267
95$70,313,863$9,161,311$4,278,255$36,986,243
96$77,337,646$9,461,984$4,273,346$40,349,868
97$85,073,186$9,772,721$4,263,603$44,045,633
98$93,592,934$10,093,868$4,248,717$48,107,134
99$102,976,729$10,425,783$4,228,365$52,571,384
100$113,312,546$10,768,838$4,202,206$57,479,164