Can I retire at age 61 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$246,086$243,894$241,755$239,668$237,629$230,484
2 years$121,825$119,556$117,357$115,225$113,157$106,019
3 years$80,410$78,131$75,938$73,826$71,791$64,884
4 years$59,706$57,435$55,263$53,187$51,202$44,578
5 years$47,287$45,029$42,886$40,853$38,923$32,600
6 years$39,011$36,770$34,659$32,670$30,799$24,783
7 years$33,101$30,879$28,801$26,860$25,047$19,338
8 years$28,671$26,469$24,426$22,532$20,779$15,374
9 years$25,228$23,046$21,038$19,193$17,499$12,391
10 years$22,474$20,314$18,341$16,544$14,910$10,092
11 years$20,223$18,084$16,148$14,398$12,823$8,287
12 years$18,348$16,232$14,331$12,629$11,112$6,849
13 years$16,763$14,669$12,803$11,150$9,690$5,690
14 years$15,405$13,333$11,504$9,898$8,494$4,747
15 years$14,230$12,180$10,386$8,827$7,479$3,974
16 years$13,203$11,175$9,417$7,903$6,610$3,336
17 years$12,297$10,292$8,569$7,101$5,861$2,807
18 years$11,493$9,510$7,822$6,400$5,211$2,366
19 years$10,774$8,814$7,161$5,783$4,645$1,998
20 years$10,128$8,190$6,572$5,237$4,149$1,689
21 years$9,544$7,629$6,045$4,753$3,713$1,430
22 years$9,014$7,121$5,571$4,322$3,328$1,212
23 years$8,531$6,661$5,144$3,936$2,987$1,028
24 years$8,089$6,240$4,757$3,590$2,685$872
25 years$7,683$5,856$4,406$3,278$2,416$740
26 years$7,309$5,504$4,087$2,998$2,176$629
27 years$6,963$5,180$3,795$2,744$1,962$534
28 years$6,642$4,881$3,528$2,514$1,771$454
29 years$6,344$4,605$3,283$2,305$1,599$386
30 years$6,066$4,349$3,058$2,116$1,445$329
31 years$5,807$4,111$2,851$1,943$1,306$280
32 years$5,564$3,890$2,660$1,786$1,181$238
33 years$5,337$3,684$2,484$1,642$1,069$202
34 years$5,123$3,491$2,320$1,511$968$172
35 years$4,922$3,311$2,169$1,391$877$147
36 years$4,733$3,143$2,029$1,281$794$125
37 years$4,554$2,985$1,900$1,180$720$106
38 years$4,385$2,837$1,779$1,088$653$91
39 years$4,226$2,698$1,667$1,003$592$77
40 years$4,074$2,567$1,562$925$537$66
41 years$3,930$2,443$1,465$854$487$56
42 years$3,794$2,327$1,374$788$442$48
43 years$3,664$2,217$1,289$727$401$41
44 years$3,541$2,113$1,210$671$364$35
45 years$3,423$2,015$1,136$620$331$29
46 years$3,311$1,922$1,067$573$300$25
47 years$3,204$1,835$1,003$529$273$21
48 years$3,101$1,751$942$489$247$18
49 years$3,003$1,672$886$452$225$15
50 years$2,910$1,598$833$418$204$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,980,000, adding $5,227 every year, while hoping to spend $26,795 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: 50/35/15 Blend
60$2,980,000$2,980,000$2,980,000$2,980,000
61$3,289,352$3,131,412$3,085,222$3,440,022
62$3,596,356$3,256,341$3,160,067$3,669,133
63$3,933,776$3,386,494$3,236,521$3,914,756
64$4,304,688$3,522,098$3,314,611$4,181,088
65$4,712,476$3,663,392$3,394,361$4,470,089
66$5,160,873$3,810,622$3,475,797$4,783,908
67$5,653,991$3,964,051$3,558,944$5,124,912
68$6,196,357$4,123,949$3,643,828$5,495,698
69$6,792,963$4,290,600$3,730,474$5,899,125
70$7,449,307$4,464,302$3,818,907$6,338,336
71$8,171,448$4,645,363$3,909,151$6,816,787
72$8,966,059$4,834,110$4,001,231$7,338,278
73$9,840,496$5,030,880$4,095,172$7,906,989
74$10,802,863$5,236,029$4,190,996$8,527,521
75$11,862,088$5,449,928$4,288,727$9,204,933
76$13,028,010$5,672,963$4,388,388$9,944,792
77$14,311,469$5,905,541$4,490,002$10,753,223
78$15,724,412$6,148,085$4,593,590$11,636,968
79$17,279,999$6,401,039$4,699,173$12,603,445
80$18,992,735$6,664,866$4,806,771$13,660,818
81$20,878,601$6,940,051$4,916,404$14,818,075
82$22,955,206$7,227,101$5,028,091$16,085,108
83$25,241,954$7,526,547$5,141,850$17,472,805
84$27,760,229$7,838,943$5,257,698$18,993,156
85$30,533,591$8,164,870$5,375,649$20,659,358
86$33,588,003$8,504,934$5,495,719$22,485,942
87$36,952,075$8,859,771$5,617,921$24,488,906
88$40,657,332$9,230,045$5,742,267$26,685,868
89$44,738,514$9,616,451$5,868,767$29,096,227
90$49,233,901$10,019,717$5,997,430$31,741,342
91$54,185,678$10,440,602$6,128,263$34,644,738
92$59,640,329$10,879,903$6,261,271$37,832,321
93$65,649,077$11,338,453$6,396,458$41,332,621
94$72,268,368$11,817,122$6,533,825$45,177,062
95$79,560,405$12,316,824$6,673,371$49,400,250
96$87,593,730$12,838,512$6,815,092$54,040,303
97$96,443,876$13,383,185$6,958,984$59,139,206
98$106,194,078$13,951,888$7,105,036$64,743,203
99$116,936,058$14,545,714$7,253,239$70,903,233
100$128,770,891$15,165,809$7,403,577$77,675,407