Can I retire at age 61 with 2,970,000?

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 $2,970,000?

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$245,260$243,075$240,944$238,863$236,832$232,909
2 years$121,416$119,154$116,963$114,838$112,777$108,836
3 years$80,140$77,869$75,683$73,578$71,550$67,714
4 years$59,506$57,242$55,078$53,009$51,030$47,328
5 years$47,129$44,878$42,743$40,716$38,792$35,235
6 years$38,880$36,646$34,542$32,561$30,695$27,287
7 years$32,990$30,776$28,705$26,770$24,963$21,705
8 years$28,575$26,380$24,344$22,457$20,710$17,601
9 years$25,143$22,969$20,967$19,128$17,440$14,480
10 years$22,399$20,246$18,280$16,489$14,860$12,045
11 years$20,155$18,024$16,093$14,350$12,780$10,107
12 years$18,286$16,177$14,282$12,587$11,075$8,541
13 years$16,707$14,619$12,760$11,112$9,658$7,258
14 years$15,354$13,289$11,465$9,864$8,466$6,197
15 years$14,182$12,139$10,352$8,797$7,454$5,312
16 years$13,158$11,138$9,385$7,877$6,588$4,569
17 years$12,256$10,257$8,540$7,077$5,841$3,940
18 years$11,454$9,478$7,796$6,378$5,194$3,405
19 years$10,738$8,784$7,137$5,763$4,629$2,949
20 years$10,094$8,163$6,550$5,220$4,135$2,559
21 years$9,512$7,603$6,025$4,737$3,700$2,223
22 years$8,984$7,098$5,553$4,307$3,317$1,934
23 years$8,503$6,638$5,127$3,923$2,977$1,684
24 years$8,062$6,220$4,742$3,578$2,676$1,468
25 years$7,657$5,837$4,392$3,267$2,408$1,281
26 years$7,284$5,486$4,073$2,987$2,169$1,118
27 years$6,939$5,163$3,782$2,735$1,956$977
28 years$6,619$4,865$3,516$2,505$1,765$853
29 years$6,322$4,589$3,272$2,298$1,593$746
30 years$6,046$4,334$3,048$2,109$1,440$653
31 years$5,787$4,097$2,841$1,937$1,302$571
32 years$5,545$3,877$2,651$1,780$1,177$500
33 years$5,319$3,671$2,475$1,637$1,066$438
34 years$5,106$3,480$2,313$1,506$965$383
35 years$4,906$3,300$2,162$1,386$874$336
36 years$4,717$3,132$2,023$1,277$792$294
37 years$4,539$2,975$1,893$1,176$718$258
38 years$4,371$2,827$1,773$1,084$651$226
39 years$4,211$2,689$1,661$1,000$590$198
40 years$4,060$2,558$1,557$922$535$174
41 years$3,917$2,435$1,460$851$485$152
42 years$3,781$2,319$1,369$785$441$133
43 years$3,652$2,210$1,285$725$400$117
44 years$3,529$2,106$1,206$669$363$103
45 years$3,411$2,008$1,133$618$329$90
46 years$3,300$1,916$1,064$571$299$79
47 years$3,193$1,828$999$527$272$69
48 years$3,091$1,745$939$487$247$61
49 years$2,993$1,667$883$450$224$53
50 years$2,900$1,592$830$416$203$47

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,970,000, adding $5,835 every year, while hoping to spend $47,107 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: 64/12/24 Blend
60$2,970,000$2,970,000$2,970,000$2,970,000
61$3,278,959$3,121,549$3,075,514$3,467,898
62$3,563,291$3,224,383$3,128,422$3,698,947
63$3,875,047$3,330,678$3,181,524$3,945,498
64$4,216,972$3,440,552$3,234,776$4,213,820
65$4,592,095$3,554,130$3,288,132$4,506,052
66$5,003,747$3,671,541$3,341,543$4,824,547
67$5,455,600$3,792,918$3,394,956$5,171,899
68$5,951,699$3,918,398$3,448,315$5,550,964
69$6,496,498$4,048,126$3,501,559$5,964,887
70$7,094,905$4,182,248$3,554,625$6,417,133
71$7,752,326$4,320,919$3,607,446$6,911,516
72$8,474,717$4,464,297$3,659,949$7,452,241
73$9,268,638$4,612,548$3,712,058$8,043,935
74$10,141,319$4,765,843$3,763,691$8,691,700
75$11,100,723$4,924,359$3,814,764$9,401,151
76$12,155,623$5,088,278$3,865,185$10,178,479
77$13,315,686$5,257,793$3,914,858$11,030,500
78$14,591,561$5,433,100$3,963,681$11,964,726
79$15,994,982$5,614,404$4,011,546$12,989,431
80$17,538,877$5,801,916$4,058,339$14,113,732
81$19,237,490$5,995,858$4,103,942$15,347,673
82$21,106,516$6,196,457$4,148,225$16,702,320
83$23,163,246$6,403,949$4,191,057$18,189,867
84$25,426,735$6,618,580$4,232,295$19,823,746
85$27,917,976$6,840,604$4,271,790$21,618,761
86$30,660,101$7,070,286$4,309,387$23,591,220
87$33,678,600$7,307,898$4,344,920$25,759,095
88$37,001,557$7,553,726$4,378,215$28,142,185
89$40,659,920$7,808,062$4,409,090$30,762,309
90$44,687,789$8,071,214$4,437,351$33,643,508
91$49,122,737$8,343,497$4,462,796$36,812,273
92$54,006,170$8,625,242$4,485,213$40,297,794
93$59,383,709$8,916,789$4,504,377$44,132,236
94$65,305,628$9,218,492$4,520,054$48,351,040
95$71,827,323$9,530,719$4,531,997$52,993,264
96$79,009,837$9,853,852$4,539,947$58,101,944
97$86,920,436$10,188,286$4,543,630$63,724,502
98$95,633,241$10,534,433$4,542,763$69,913,197
99$105,229,930$10,892,719$4,537,044$76,725,615
100$115,800,508$11,263,587$4,526,160$84,225,211