Can I retire at age 61 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$243,608$241,438$239,321$237,255$235,237$232,781
2 years$120,598$118,352$116,175$114,065$112,018$109,544
3 years$79,600$77,344$75,173$73,082$71,069$68,654
4 years$59,105$56,856$54,707$52,652$50,687$48,350
5 years$46,811$44,576$42,455$40,442$38,531$36,280
6 years$38,618$36,400$34,310$32,341$30,488$28,325
7 years$32,768$30,568$28,512$26,590$24,795$22,720
8 years$28,383$26,203$24,180$22,305$20,570$18,583
9 years$24,974$22,814$20,826$18,999$17,323$15,424
10 years$22,248$20,110$18,157$16,378$14,760$12,948
11 years$20,019$17,902$15,985$14,253$12,694$10,967
12 years$18,163$16,068$14,186$12,502$11,000$9,356
13 years$16,594$14,521$12,674$11,038$9,593$8,030
14 years$15,250$13,199$11,388$9,798$8,409$6,925
15 years$14,087$12,058$10,282$8,738$7,404$5,997
16 years$13,070$11,063$9,322$7,824$6,544$5,212
17 years$12,173$10,188$8,483$7,030$5,802$4,542
18 years$11,377$9,414$7,744$6,335$5,159$3,969
19 years$10,666$8,725$7,089$5,724$4,598$3,475
20 years$10,026$8,108$6,506$5,185$4,107$3,048
21 years$9,448$7,552$5,984$4,705$3,675$2,679
22 years$8,924$7,050$5,515$4,278$3,295$2,357
23 years$8,445$6,593$5,092$3,896$2,957$2,076
24 years$8,008$6,178$4,710$3,554$2,658$1,831
25 years$7,606$5,797$4,362$3,245$2,392$1,616
26 years$7,235$5,449$4,046$2,967$2,155$1,428
27 years$6,892$5,128$3,757$2,716$1,943$1,262
28 years$6,575$4,832$3,492$2,489$1,753$1,117
29 years$6,280$4,558$3,250$2,282$1,583$988
30 years$6,005$4,305$3,027$2,094$1,430$875
31 years$5,748$4,070$2,822$1,923$1,293$775
32 years$5,508$3,851$2,633$1,768$1,170$687
33 years$5,283$3,647$2,459$1,626$1,058$609
34 years$5,072$3,456$2,297$1,496$958$540
35 years$4,873$3,278$2,148$1,377$868$479
36 years$4,685$3,111$2,009$1,268$786$425
37 years$4,508$2,955$1,880$1,168$713$377
38 years$4,341$2,808$1,761$1,077$646$335
39 years$4,183$2,671$1,650$993$586$297
40 years$4,033$2,541$1,546$916$531$264
41 years$3,891$2,419$1,450$845$482$234
42 years$3,756$2,303$1,360$780$438$208
43 years$3,627$2,195$1,276$720$397$185
44 years$3,505$2,092$1,198$665$360$164
45 years$3,388$1,995$1,125$614$327$146
46 years$3,277$1,903$1,057$567$297$130
47 years$3,171$1,816$993$524$270$115
48 years$3,070$1,734$933$484$245$102
49 years$2,973$1,656$877$447$223$91
50 years$2,880$1,581$824$414$202$81

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,950,000, adding $4,832 every year, while hoping to spend $22,678 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: 72/20/8 Blend
60$2,950,000$2,950,000$2,950,000$2,950,000
61$3,255,884$3,099,534$3,053,809$3,485,692
62$3,563,855$3,227,282$3,131,983$3,765,815
63$3,902,479$3,360,530$3,212,015$4,069,130
64$4,274,859$3,499,522$3,293,944$4,400,593
65$4,684,412$3,644,517$3,377,809$4,762,972
66$5,134,906$3,795,782$3,463,649$5,159,317
67$5,630,490$3,953,599$3,551,505$5,592,980
68$6,175,736$4,118,261$3,641,416$6,067,656
69$6,775,681$4,290,076$3,733,424$6,587,410
70$7,435,876$4,469,366$3,827,570$7,156,715
71$8,162,437$4,656,466$3,923,895$7,780,499
72$8,962,103$4,851,730$4,022,442$8,464,187
73$9,842,298$5,055,525$4,123,255$9,213,749
74$10,811,204$5,268,238$4,226,375$10,035,763
75$11,877,836$5,490,270$4,331,848$10,937,468
76$13,052,126$5,722,044$4,439,716$11,926,840
77$14,345,021$5,964,002$4,550,024$13,012,658
78$15,768,580$6,216,606$4,662,817$14,204,593
79$17,336,095$6,480,339$4,778,141$15,513,295
80$19,062,208$6,755,707$4,896,040$16,950,493
81$20,963,056$7,043,240$5,016,560$18,529,105
82$23,056,421$7,343,491$5,139,748$20,263,360
83$25,361,895$7,657,042$5,265,649$22,168,930
84$27,901,070$7,984,499$5,394,310$24,263,076
85$30,697,737$8,326,497$5,525,778$26,564,814
86$33,778,113$8,683,702$5,660,098$29,095,088
87$37,171,088$9,056,811$5,797,318$31,876,971
88$40,908,495$9,446,551$5,937,485$34,935,878
89$45,025,416$9,853,686$6,080,645$38,299,807
90$49,560,507$10,279,015$6,226,845$41,999,602
91$54,556,365$10,723,374$6,376,131$46,069,241
92$60,059,933$11,187,637$6,528,550$50,546,157
93$66,122,937$11,672,723$6,684,147$55,471,588
94$72,802,380$12,179,590$6,842,970$60,890,968
95$80,161,076$12,709,242$7,005,062$66,854,351
96$88,268,243$13,262,733$7,170,469$73,416,882
97$97,200,160$13,841,163$7,339,236$80,639,317
98$107,040,882$14,445,685$7,511,405$88,588,597
99$117,883,036$15,077,508$7,687,022$97,338,471
100$129,828,695$15,737,895$7,866,126$106,970,198