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

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$243,608$241,438$239,321$237,255$235,237$231,340
2 years$120,598$118,352$116,175$114,065$112,018$108,103
3 years$79,600$77,344$75,173$73,082$71,069$67,258
4 years$59,105$56,856$54,707$52,652$50,687$47,009
5 years$46,811$44,576$42,455$40,442$38,531$34,998
6 years$38,618$36,400$34,310$32,341$30,488$27,103
7 years$32,768$30,568$28,512$26,590$24,795$21,559
8 years$28,383$26,203$24,180$22,305$20,570$17,482
9 years$24,974$22,814$20,826$18,999$17,323$14,382
10 years$22,248$20,110$18,157$16,378$14,760$11,963
11 years$20,019$17,902$15,985$14,253$12,694$10,039
12 years$18,163$16,068$14,186$12,502$11,000$8,483
13 years$16,594$14,521$12,674$11,038$9,593$7,209
14 years$15,250$13,199$11,388$9,798$8,409$6,156
15 years$14,087$12,058$10,282$8,738$7,404$5,277
16 years$13,070$11,063$9,322$7,824$6,544$4,538
17 years$12,173$10,188$8,483$7,030$5,802$3,913
18 years$11,377$9,414$7,744$6,335$5,159$3,382
19 years$10,666$8,725$7,089$5,724$4,598$2,929
20 years$10,026$8,108$6,506$5,185$4,107$2,542
21 years$9,448$7,552$5,984$4,705$3,675$2,208
22 years$8,924$7,050$5,515$4,278$3,295$1,921
23 years$8,445$6,593$5,092$3,896$2,957$1,673
24 years$8,008$6,178$4,710$3,554$2,658$1,458
25 years$7,606$5,797$4,362$3,245$2,392$1,272
26 years$7,235$5,449$4,046$2,967$2,155$1,110
27 years$6,892$5,128$3,757$2,716$1,943$970
28 years$6,575$4,832$3,492$2,489$1,753$848
29 years$6,280$4,558$3,250$2,282$1,583$741
30 years$6,005$4,305$3,027$2,094$1,430$648
31 years$5,748$4,070$2,822$1,923$1,293$567
32 years$5,508$3,851$2,633$1,768$1,170$497
33 years$5,283$3,647$2,459$1,626$1,058$435
34 years$5,072$3,456$2,297$1,496$958$381
35 years$4,873$3,278$2,148$1,377$868$334
36 years$4,685$3,111$2,009$1,268$786$292
37 years$4,508$2,955$1,880$1,168$713$256
38 years$4,341$2,808$1,761$1,077$646$224
39 years$4,183$2,671$1,650$993$586$197
40 years$4,033$2,541$1,546$916$531$172
41 years$3,891$2,419$1,450$845$482$151
42 years$3,756$2,303$1,360$780$438$132
43 years$3,627$2,195$1,276$720$397$116
44 years$3,505$2,092$1,198$665$360$102
45 years$3,388$1,995$1,125$614$327$89
46 years$3,277$1,903$1,057$567$297$78
47 years$3,171$1,816$993$524$270$69
48 years$3,070$1,734$933$484$245$60
49 years$2,973$1,656$877$447$223$53
50 years$2,880$1,581$824$414$202$46

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 $6,179 every year, while hoping to spend $30,980 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: 65/18/17 Blend
60$2,950,000$2,950,000$2,950,000$2,950,000
61$3,257,274$3,100,924$3,055,199$3,454,970
62$3,556,553$3,219,906$3,124,585$3,707,180
63$3,885,321$3,343,681$3,195,258$3,978,548
64$4,246,552$3,472,450$3,267,227$4,274,343
65$4,643,523$3,606,423$3,340,503$4,596,954
66$5,079,846$3,745,822$3,415,094$4,949,011
67$5,559,499$3,890,875$3,491,008$5,333,408
68$6,086,864$4,041,824$3,568,252$5,753,331
69$6,666,769$4,198,919$3,646,834$6,212,287
70$7,304,535$4,362,421$3,726,758$6,714,138
71$8,006,022$4,532,604$3,808,029$7,263,133
72$8,777,688$4,709,753$3,890,650$7,863,954
73$9,626,648$4,894,167$3,974,622$8,521,753
74$10,560,742$5,086,157$4,059,948$9,242,205
75$11,588,606$5,286,047$4,146,625$10,031,558
76$12,719,759$5,494,179$4,234,652$10,896,694
77$13,964,687$5,710,906$4,324,025$11,845,190
78$15,334,944$5,936,599$4,414,739$12,885,392
79$16,843,262$6,171,646$4,506,786$14,026,492
80$18,503,669$6,416,451$4,600,158$15,278,612
81$20,331,622$6,671,436$4,694,842$16,652,904
82$22,344,156$6,937,045$4,790,828$18,161,649
83$24,560,037$7,213,737$4,888,097$19,818,376
84$26,999,946$7,501,996$4,986,634$21,637,985
85$29,686,672$7,802,325$5,086,418$23,636,893
86$32,645,325$8,115,252$5,187,426$25,833,181
87$35,903,575$8,441,326$5,289,631$28,246,768
88$39,491,912$8,781,123$5,393,006$30,899,599
89$43,443,934$9,135,244$5,497,518$33,815,847
90$47,796,663$9,504,319$5,603,133$37,022,146
91$52,590,896$9,889,004$5,709,811$40,547,834
92$57,871,588$10,289,986$5,817,511$44,425,236
93$63,688,279$10,707,984$5,926,186$48,689,964
94$70,095,556$11,143,748$6,035,786$53,381,253
95$77,153,574$11,598,063$6,146,256$58,542,331
96$84,928,620$12,071,750$6,257,538$64,220,823
97$93,493,741$12,565,667$6,369,567$70,469,205
98$102,929,430$13,080,712$6,482,274$77,345,290
99$113,324,388$13,617,823$6,595,587$84,912,780
100$124,776,360$14,177,981$6,709,424$93,241,862