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

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.4%
1 years$244,434$242,257$240,132$238,059$236,035$232,699
2 years$121,007$118,753$116,569$114,451$112,397$109,044
3 years$79,870$77,607$75,428$73,330$71,310$68,042
4 years$59,306$57,049$54,892$52,830$50,859$47,702
5 years$46,970$44,727$42,599$40,579$38,662$35,625
6 years$38,749$36,523$34,426$32,451$30,592$27,679
7 years$32,879$30,672$28,608$26,680$24,879$22,091
8 years$28,479$26,292$24,262$22,381$20,640$17,976
9 years$25,058$22,892$20,897$19,064$17,382$14,841
10 years$22,323$20,178$18,218$16,433$14,810$12,390
11 years$20,087$17,963$16,039$14,302$12,737$10,436
12 years$18,225$16,123$14,234$12,545$11,038$8,853
13 years$16,650$14,570$12,717$11,075$9,625$7,553
14 years$15,302$13,244$11,427$9,831$8,437$6,475
15 years$14,135$12,099$10,317$8,768$7,429$5,573
16 years$13,114$11,100$9,354$7,850$6,566$4,813
17 years$12,214$10,223$8,511$7,054$5,822$4,168
18 years$11,416$9,446$7,770$6,357$5,176$3,619
19 years$10,702$8,755$7,113$5,744$4,614$3,148
20 years$10,060$8,135$6,528$5,202$4,121$2,743
21 years$9,480$7,578$6,004$4,721$3,688$2,394
22 years$8,954$7,074$5,534$4,293$3,306$2,092
23 years$8,474$6,616$5,110$3,909$2,967$1,831
24 years$8,035$6,199$4,726$3,566$2,667$1,603
25 years$7,631$5,817$4,377$3,256$2,400$1,405
26 years$7,260$5,467$4,059$2,977$2,162$1,233
27 years$6,916$5,145$3,769$2,725$1,949$1,082
28 years$6,597$4,848$3,504$2,497$1,759$950
29 years$6,301$4,574$3,261$2,290$1,588$835
30 years$6,025$4,319$3,037$2,101$1,435$734
31 years$5,768$4,083$2,832$1,930$1,297$645
32 years$5,527$3,864$2,642$1,774$1,173$568
33 years$5,301$3,659$2,467$1,631$1,062$500
34 years$5,089$3,468$2,305$1,501$962$440
35 years$4,889$3,289$2,155$1,382$871$387
36 years$4,701$3,122$2,016$1,272$789$341
37 years$4,524$2,965$1,887$1,172$715$300
38 years$4,356$2,818$1,767$1,081$648$264
39 years$4,197$2,680$1,655$996$588$233
40 years$4,047$2,549$1,552$919$533$205
41 years$3,904$2,427$1,455$848$484$181
42 years$3,769$2,311$1,365$782$439$159
43 years$3,640$2,202$1,281$722$398$140
44 years$3,517$2,099$1,202$667$362$124
45 years$3,400$2,002$1,129$616$328$109
46 years$3,288$1,909$1,060$569$298$96
47 years$3,182$1,822$996$526$271$85
48 years$3,080$1,740$936$486$246$75
49 years$2,983$1,661$880$449$223$66
50 years$2,890$1,587$827$415$203$58

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 $5,088 every year, while hoping to spend $56,809 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: 52/41/7 Blend
60$2,960,000$2,960,000$2,960,000$2,960,000
61$3,267,168$3,110,288$3,064,408$3,431,220
62$3,539,975$3,202,248$3,106,622$3,635,113
63$3,838,704$3,296,810$3,148,345$3,850,129
64$4,165,940$3,394,041$3,189,502$4,082,592
65$4,524,527$3,494,011$3,230,013$4,334,157
66$4,917,601$3,596,790$3,269,790$4,606,643
67$5,348,614$3,702,449$3,308,745$4,902,054
68$5,821,365$3,811,063$3,346,781$5,222,593
69$6,340,045$3,922,705$3,383,798$5,570,684
70$6,909,264$4,037,452$3,419,690$5,948,996
71$7,534,103$4,155,381$3,454,344$6,360,465
72$8,220,158$4,276,572$3,487,641$6,808,324
73$8,973,595$4,401,104$3,519,458$7,296,132
74$9,801,204$4,529,061$3,549,662$7,827,805
75$10,710,467$4,660,525$3,578,116$8,407,658
76$11,709,626$4,795,582$3,604,674$9,040,438
77$12,807,759$4,934,317$3,629,182$9,731,376
78$14,014,870$5,076,818$3,651,479$10,486,229
79$15,341,979$5,223,174$3,671,396$11,311,339
80$16,801,228$5,373,476$3,688,754$12,213,690
81$18,405,992$5,527,816$3,703,367$13,200,972
82$20,171,010$5,686,285$3,715,036$14,281,657
83$22,112,519$5,848,980$3,723,556$15,465,076
84$24,248,411$6,015,994$3,728,710$16,761,507
85$26,598,396$6,187,425$3,730,269$18,182,271
86$29,184,194$6,363,371$3,727,995$19,739,838
87$32,029,736$6,543,930$3,721,637$21,447,946
88$35,161,389$6,729,202$3,710,931$23,321,730
89$38,608,206$6,919,289$3,695,603$25,377,861
90$42,402,199$7,114,290$3,675,362$27,634,707
91$46,578,642$7,314,309$3,649,905$30,112,503
92$51,176,402$7,519,449$3,618,916$32,833,543
93$56,238,306$7,729,813$3,582,060$35,822,390
94$61,811,545$7,945,505$3,538,990$39,106,106
95$67,948,117$8,166,629$3,489,341$42,714,506
96$74,705,321$8,393,290$3,432,730$46,680,443
97$82,146,294$8,625,592$3,368,757$51,040,113
98$90,340,609$8,863,639$3,297,004$55,833,400
99$99,364,929$9,107,535$3,217,031$61,104,247
100$109,303,731$9,357,384$3,128,381$66,901,075