Can I retire at age 61 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.9%
1 years$244,434$242,257$240,132$238,059$236,035$226,670
2 years$121,007$118,753$116,569$114,451$112,397$103,078
3 years$79,870$77,607$75,428$73,330$71,310$62,330
4 years$59,306$57,049$54,892$52,830$50,859$42,287
5 years$46,970$44,727$42,599$40,579$38,662$30,520
6 years$38,749$36,523$34,426$32,451$30,592$22,884
7 years$32,879$30,672$28,608$26,680$24,879$17,604
8 years$28,479$26,292$24,262$22,381$20,640$13,789
9 years$25,058$22,892$20,897$19,064$17,382$10,945
10 years$22,323$20,178$18,218$16,433$14,810$8,775
11 years$20,087$17,963$16,039$14,302$12,737$7,090
12 years$18,225$16,123$14,234$12,545$11,038$5,763
13 years$16,650$14,570$12,717$11,075$9,625$4,707
14 years$15,302$13,244$11,427$9,831$8,437$3,859
15 years$14,135$12,099$10,317$8,768$7,429$3,173
16 years$13,114$11,100$9,354$7,850$6,566$2,616
17 years$12,214$10,223$8,511$7,054$5,822$2,161
18 years$11,416$9,446$7,770$6,357$5,176$1,788
19 years$10,702$8,755$7,113$5,744$4,614$1,482
20 years$10,060$8,135$6,528$5,202$4,121$1,229
21 years$9,480$7,578$6,004$4,721$3,688$1,020
22 years$8,954$7,074$5,534$4,293$3,306$848
23 years$8,474$6,616$5,110$3,909$2,967$705
24 years$8,035$6,199$4,726$3,566$2,667$586
25 years$7,631$5,817$4,377$3,256$2,400$488
26 years$7,260$5,467$4,059$2,977$2,162$406
27 years$6,916$5,145$3,769$2,725$1,949$338
28 years$6,597$4,848$3,504$2,497$1,759$282
29 years$6,301$4,574$3,261$2,290$1,588$235
30 years$6,025$4,319$3,037$2,101$1,435$196
31 years$5,768$4,083$2,832$1,930$1,297$163
32 years$5,527$3,864$2,642$1,774$1,173$136
33 years$5,301$3,659$2,467$1,631$1,062$113
34 years$5,089$3,468$2,305$1,501$962$94
35 years$4,889$3,289$2,155$1,382$871$79
36 years$4,701$3,122$2,016$1,272$789$66
37 years$4,524$2,965$1,887$1,172$715$55
38 years$4,356$2,818$1,767$1,081$648$46
39 years$4,197$2,680$1,655$996$588$38
40 years$4,047$2,549$1,552$919$533$32
41 years$3,904$2,427$1,455$848$484$26
42 years$3,769$2,311$1,365$782$439$22
43 years$3,640$2,202$1,281$722$398$18
44 years$3,517$2,099$1,202$667$362$15
45 years$3,400$2,002$1,129$616$328$13
46 years$3,288$1,909$1,060$569$298$11
47 years$3,182$1,822$996$526$271$9
48 years$3,080$1,740$936$486$246$7
49 years$2,983$1,661$880$449$223$6
50 years$2,890$1,587$827$415$203$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,960,000, adding $4,588 every year, while hoping to spend $43,876 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: 39/42/19 Blend
60$2,960,000$2,960,000$2,960,000$2,960,000
61$3,266,653$3,109,773$3,063,893$3,375,371
62$3,553,167$3,215,468$3,119,849$3,559,495
63$3,867,436$3,324,871$3,176,210$3,753,928
64$4,212,244$3,438,119$3,232,942$3,963,255
65$4,590,657$3,555,351$3,290,010$4,188,850
66$5,006,054$3,676,713$3,347,375$4,432,222
67$5,462,157$3,802,358$3,404,998$4,695,029
68$5,963,065$3,932,442$3,462,834$4,979,093
69$6,513,295$4,067,129$3,520,836$5,286,419
70$7,117,821$4,206,588$3,578,954$5,619,209
71$7,782,124$4,350,996$3,637,134$5,979,887
72$8,512,242$4,500,536$3,695,319$6,371,116
73$9,314,827$4,655,398$3,753,448$6,795,829
74$10,197,207$4,815,780$3,811,456$7,257,248
75$11,167,456$4,981,888$3,869,274$7,758,921
76$12,234,470$5,153,934$3,926,828$8,304,751
77$13,408,049$5,332,139$3,984,040$8,899,031
78$14,698,991$5,516,736$4,040,827$9,546,489
79$16,119,195$5,707,962$4,097,101$10,252,326
80$17,681,767$5,906,067$4,152,769$11,022,267
81$19,401,152$6,111,309$4,207,731$11,862,614
82$21,293,264$6,323,957$4,261,884$12,780,305
83$23,375,636$6,544,291$4,315,117$13,782,977
84$25,667,590$6,772,600$4,367,312$14,879,039
85$28,190,414$7,009,187$4,418,347$16,077,749
86$30,967,565$7,254,366$4,468,090$17,389,302
87$34,024,889$7,508,463$4,516,404$18,824,923
88$37,390,868$7,771,817$4,563,144$20,396,973
89$41,096,883$8,044,783$4,608,155$22,119,066
90$45,177,514$8,327,726$4,651,277$24,006,193
91$49,670,865$8,621,029$4,692,340$26,074,866
92$54,618,923$8,925,089$4,731,163$28,343,270
93$60,067,954$9,240,320$4,767,558$30,831,434
94$66,068,941$9,567,151$4,801,326$33,561,421
95$72,678,060$9,906,029$4,832,258$36,557,530
96$79,957,218$10,257,420$4,860,135$39,846,529
97$87,974,629$10,621,807$4,884,723$43,457,904
98$96,805,461$10,999,696$4,905,782$47,424,135
99$106,532,547$11,391,610$4,923,055$51,781,003
100$117,247,163$11,798,096$4,936,273$56,567,924