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

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$246,086$243,894$241,755$239,668$237,629$231,509
2 years$121,825$119,556$117,357$115,225$113,157$107,031
3 years$80,410$78,131$75,938$73,826$71,791$65,853
4 years$59,706$57,435$55,263$53,187$51,202$45,496
5 years$47,287$45,029$42,886$40,853$38,923$33,464
6 years$39,011$36,770$34,659$32,670$30,799$25,593
7 years$33,101$30,879$28,801$26,860$25,047$20,096
8 years$28,671$26,469$24,426$22,532$20,779$16,079
9 years$25,228$23,046$21,038$19,193$17,499$13,047
10 years$22,474$20,314$18,341$16,544$14,910$10,700
11 years$20,223$18,084$16,148$14,398$12,823$8,848
12 years$18,348$16,232$14,331$12,629$11,112$7,366
13 years$16,763$14,669$12,803$11,150$9,690$6,165
14 years$15,405$13,333$11,504$9,898$8,494$5,182
15 years$14,230$12,180$10,386$8,827$7,479$4,372
16 years$13,203$11,175$9,417$7,903$6,610$3,699
17 years$12,297$10,292$8,569$7,101$5,861$3,138
18 years$11,493$9,510$7,822$6,400$5,211$2,667
19 years$10,774$8,814$7,161$5,783$4,645$2,270
20 years$10,128$8,190$6,572$5,237$4,149$1,936
21 years$9,544$7,629$6,045$4,753$3,713$1,653
22 years$9,014$7,121$5,571$4,322$3,328$1,412
23 years$8,531$6,661$5,144$3,936$2,987$1,208
24 years$8,089$6,240$4,757$3,590$2,685$1,034
25 years$7,683$5,856$4,406$3,278$2,416$886
26 years$7,309$5,504$4,087$2,998$2,176$759
27 years$6,963$5,180$3,795$2,744$1,962$651
28 years$6,642$4,881$3,528$2,514$1,771$558
29 years$6,344$4,605$3,283$2,305$1,599$479
30 years$6,066$4,349$3,058$2,116$1,445$411
31 years$5,807$4,111$2,851$1,943$1,306$353
32 years$5,564$3,890$2,660$1,786$1,181$303
33 years$5,337$3,684$2,484$1,642$1,069$260
34 years$5,123$3,491$2,320$1,511$968$224
35 years$4,922$3,311$2,169$1,391$877$192
36 years$4,733$3,143$2,029$1,281$794$165
37 years$4,554$2,985$1,900$1,180$720$142
38 years$4,385$2,837$1,779$1,088$653$122
39 years$4,226$2,698$1,667$1,003$592$105
40 years$4,074$2,567$1,562$925$537$90
41 years$3,930$2,443$1,465$854$487$77
42 years$3,794$2,327$1,374$788$442$67
43 years$3,664$2,217$1,289$727$401$57
44 years$3,541$2,113$1,210$671$364$49
45 years$3,423$2,015$1,136$620$331$42
46 years$3,311$1,922$1,067$573$300$36
47 years$3,204$1,835$1,003$529$273$31
48 years$3,101$1,751$942$489$247$27
49 years$3,003$1,672$886$452$225$23
50 years$2,910$1,598$833$418$204$20

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 $4,743 every year, while hoping to spend $37,592 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: 72/16/12 Blend
60$2,980,000$2,980,000$2,980,000$2,980,000
61$3,288,852$3,130,912$3,084,722$3,517,149
62$3,584,318$3,244,330$3,148,063$3,782,304
63$3,908,661$3,362,044$3,212,266$4,067,478
64$4,264,787$3,484,227$3,277,319$4,378,728
65$4,655,897$3,611,057$3,343,212$4,718,625
66$5,085,519$3,742,718$3,409,929$5,089,993
67$5,557,535$3,879,404$3,477,455$5,495,948
68$6,076,225$4,021,317$3,545,772$5,939,914
69$6,646,304$4,168,666$3,614,859$6,425,667
70$7,272,966$4,321,669$3,684,696$6,957,360
71$7,961,933$4,480,555$3,755,257$7,539,570
72$8,719,509$4,645,561$3,826,517$8,177,335
73$9,552,639$4,816,934$3,898,446$8,876,205
74$10,468,977$4,994,933$3,971,012$9,642,290
75$11,476,953$5,179,825$4,044,182$10,482,321
76$12,585,857$5,371,891$4,117,917$11,403,711
77$13,805,924$5,571,423$4,192,177$12,414,627
78$15,148,432$5,778,727$4,266,918$13,524,061
79$16,625,806$5,994,118$4,342,094$14,741,920
80$18,251,738$6,217,930$4,417,654$16,079,116
81$20,041,313$6,450,506$4,493,543$17,547,672
82$22,011,154$6,692,207$4,569,703$19,160,828
83$24,179,575$6,943,409$4,646,072$20,933,173
84$26,566,759$7,204,503$4,722,582$22,880,778
85$29,194,943$7,475,898$4,799,163$25,021,345
86$32,088,630$7,758,021$4,875,738$27,374,380
87$35,274,821$8,051,315$4,952,226$29,961,370
88$38,783,268$8,356,244$5,028,541$32,805,990
89$42,646,755$8,673,294$5,104,591$35,934,321
90$46,901,407$9,002,968$5,180,277$39,375,099
91$51,587,030$9,345,793$5,255,497$43,159,984
92$56,747,490$9,702,320$5,330,139$47,323,861
93$62,431,122$10,073,122$5,404,087$51,905,161
94$68,691,190$10,458,798$5,477,217$56,946,231
95$75,586,385$10,859,973$5,549,397$62,493,730
96$83,181,385$11,277,300$5,620,490$68,599,066
97$91,547,457$11,711,458$5,690,348$75,318,884
98$100,763,138$12,163,161$5,758,815$82,715,598
99$110,914,971$12,633,148$5,825,728$90,857,978
100$122,098,322$13,122,196$5,890,914$99,821,800