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%13.9%
1 years$245,260$243,075$240,944$238,863$236,832$233,004
2 years$121,416$119,154$116,963$114,838$112,777$108,931
3 years$80,140$77,869$75,683$73,578$71,550$67,806
4 years$59,506$57,242$55,078$53,009$51,030$47,417
5 years$47,129$44,878$42,743$40,716$38,792$35,320
6 years$38,880$36,646$34,542$32,561$30,695$27,367
7 years$32,990$30,776$28,705$26,770$24,963$21,781
8 years$28,575$26,380$24,344$22,457$20,710$17,673
9 years$25,143$22,969$20,967$19,128$17,440$14,547
10 years$22,399$20,246$18,280$16,489$14,860$12,108
11 years$20,155$18,024$16,093$14,350$12,780$10,167
12 years$18,286$16,177$14,282$12,587$11,075$8,597
13 years$16,707$14,619$12,760$11,112$9,658$7,311
14 years$15,354$13,289$11,465$9,864$8,466$6,247
15 years$14,182$12,139$10,352$8,797$7,454$5,358
16 years$13,158$11,138$9,385$7,877$6,588$4,611
17 years$12,256$10,257$8,540$7,077$5,841$3,979
18 years$11,454$9,478$7,796$6,378$5,194$3,442
19 years$10,738$8,784$7,137$5,763$4,629$2,983
20 years$10,094$8,163$6,550$5,220$4,135$2,590
21 years$9,512$7,603$6,025$4,737$3,700$2,252
22 years$8,984$7,098$5,553$4,307$3,317$1,961
23 years$8,503$6,638$5,127$3,923$2,977$1,709
24 years$8,062$6,220$4,742$3,578$2,676$1,491
25 years$7,657$5,837$4,392$3,267$2,408$1,301
26 years$7,284$5,486$4,073$2,987$2,169$1,137
27 years$6,939$5,163$3,782$2,735$1,956$994
28 years$6,619$4,865$3,516$2,505$1,765$869
29 years$6,322$4,589$3,272$2,298$1,593$761
30 years$6,046$4,334$3,048$2,109$1,440$666
31 years$5,787$4,097$2,841$1,937$1,302$583
32 years$5,545$3,877$2,651$1,780$1,177$511
33 years$5,319$3,671$2,475$1,637$1,066$448
34 years$5,106$3,480$2,313$1,506$965$392
35 years$4,906$3,300$2,162$1,386$874$344
36 years$4,717$3,132$2,023$1,277$792$302
37 years$4,539$2,975$1,893$1,176$718$265
38 years$4,371$2,827$1,773$1,084$651$232
39 years$4,211$2,689$1,661$1,000$590$204
40 years$4,060$2,558$1,557$922$535$179
41 years$3,917$2,435$1,460$851$485$157
42 years$3,781$2,319$1,369$785$441$137
43 years$3,652$2,210$1,285$725$400$121
44 years$3,529$2,106$1,206$669$363$106
45 years$3,411$2,008$1,133$618$329$93
46 years$3,300$1,916$1,064$571$299$82
47 years$3,193$1,828$999$527$272$72
48 years$3,091$1,745$939$487$247$63
49 years$2,993$1,667$883$450$224$55
50 years$2,900$1,592$830$416$203$48

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 $4,789 every year, while hoping to spend $56,945 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: 53/23/24 Blend
60$2,970,000$2,970,000$2,970,000$2,970,000
61$3,277,880$3,120,470$3,074,435$3,429,575
62$3,551,635$3,212,784$3,116,839$3,627,062
63$3,851,404$3,307,713$3,158,756$3,835,586
64$4,179,781$3,405,324$3,200,108$4,061,330
65$4,539,621$3,505,688$3,240,815$4,305,959
66$4,934,071$3,608,875$3,280,790$4,571,307
67$5,366,594$3,714,958$3,319,945$4,859,391
68$5,841,006$3,824,010$3,358,182$5,172,435
69$6,361,508$3,936,107$3,395,401$5,512,886
70$6,932,731$4,051,325$3,431,496$5,883,440
71$7,559,773$4,169,742$3,466,354$6,287,066
72$8,248,249$4,291,440$3,499,856$6,727,034
73$9,004,348$4,416,497$3,531,879$7,206,948
74$9,834,884$4,544,998$3,562,289$7,730,774
75$10,747,366$4,677,027$3,590,950$8,302,885
76$11,750,064$4,812,669$3,617,714$8,928,095
77$12,852,092$4,952,011$3,642,428$9,611,711
78$14,063,487$5,095,141$3,664,932$10,359,576
79$15,395,310$5,242,150$3,685,054$11,178,131
80$16,859,745$5,393,129$3,702,617$12,074,469
81$18,470,218$5,548,171$3,717,433$13,056,408
82$20,241,517$5,707,369$3,729,304$14,132,560
83$22,189,941$5,870,818$3,738,025$15,312,415
84$24,333,443$6,038,617$3,743,377$16,606,430
85$26,691,807$6,210,861$3,745,132$18,026,126
86$29,286,828$6,387,651$3,743,051$19,584,198
87$32,142,524$6,569,085$3,736,883$21,294,635
88$35,285,357$6,755,266$3,726,365$23,172,853
89$38,744,485$6,946,295$3,711,219$25,235,837
90$42,552,034$7,142,275$3,691,156$27,502,306
91$46,743,404$7,343,309$3,665,873$29,992,884
92$51,357,603$7,549,503$3,635,051$32,730,300
93$56,437,611$7,760,962$3,598,358$35,739,602
94$62,030,789$7,977,789$3,555,444$39,048,389
95$68,189,321$8,200,093$3,505,943$42,687,076
96$74,970,712$8,427,978$3,449,473$46,689,180
97$82,438,327$8,661,551$3,385,632$51,091,636
98$90,661,987$8,900,918$3,314,002$55,935,147
99$99,718,632$9,146,185$3,234,143$61,264,566
100$109,693,042$9,397,458$3,145,597$67,129,322