Can I retire at age 61 with 2,990,000?

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 $2,990,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.2%
1 years$246,911$244,712$242,566$240,472$238,427$230,518
2 years$122,233$119,957$117,751$115,611$113,537$105,645
3 years$80,679$78,393$76,192$74,073$72,032$64,406
4 years$59,907$57,627$55,449$53,366$51,374$44,072
5 years$47,446$45,180$43,030$40,990$39,054$32,094
6 years$39,142$36,893$34,775$32,780$30,902$24,291
7 years$33,213$30,983$28,898$26,950$25,131$18,869
8 years$28,768$26,558$24,508$22,608$20,849$14,930
9 years$25,312$23,124$21,109$19,257$17,558$11,975
10 years$22,550$20,382$18,403$16,600$14,960$9,704
11 years$20,291$18,145$16,202$14,447$12,866$7,928
12 years$18,410$16,286$14,379$12,672$11,150$6,517
13 years$16,819$14,718$12,846$11,187$9,723$5,385
14 years$15,457$13,378$11,542$9,931$8,523$4,468
15 years$14,278$12,221$10,421$8,856$7,504$3,719
16 years$13,247$11,213$9,448$7,930$6,632$3,104
17 years$12,338$10,326$8,598$7,125$5,881$2,596
18 years$11,531$9,542$7,849$6,421$5,229$2,176
19 years$10,810$8,844$7,185$5,802$4,660$1,826
20 years$10,162$8,218$6,594$5,255$4,163$1,535
21 years$9,576$7,655$6,065$4,769$3,725$1,291
22 years$9,045$7,145$5,590$4,336$3,339$1,087
23 years$8,560$6,683$5,161$3,949$2,997$916
24 years$8,116$6,261$4,773$3,602$2,694$772
25 years$7,709$5,876$4,421$3,289$2,424$652
26 years$7,333$5,523$4,100$3,008$2,184$550
27 years$6,986$5,197$3,808$2,753$1,969$464
28 years$6,664$4,897$3,540$2,522$1,777$392
29 years$6,365$4,620$3,294$2,313$1,604$331
30 years$6,086$4,363$3,068$2,123$1,449$280
31 years$5,826$4,125$2,860$1,950$1,310$237
32 years$5,583$3,903$2,669$1,792$1,185$200
33 years$5,355$3,696$2,492$1,648$1,073$169
34 years$5,140$3,503$2,328$1,516$971$143
35 years$4,939$3,323$2,177$1,396$880$121
36 years$4,749$3,154$2,036$1,285$797$102
37 years$4,570$2,995$1,906$1,184$722$86
38 years$4,400$2,846$1,785$1,091$655$73
39 years$4,240$2,707$1,672$1,006$594$62
40 years$4,088$2,575$1,567$928$539$52
41 years$3,944$2,451$1,470$856$489$44
42 years$3,807$2,335$1,379$790$443$37
43 years$3,676$2,224$1,294$730$402$32
44 years$3,553$2,120$1,214$674$365$27
45 years$3,434$2,022$1,140$622$332$23
46 years$3,322$1,929$1,071$575$301$19
47 years$3,214$1,841$1,006$531$273$16
48 years$3,112$1,757$945$491$248$14
49 years$3,013$1,678$889$453$226$12
50 years$2,919$1,603$835$419$205$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,990,000, adding $5,698 every year, while hoping to spend $50,238 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: 82/13/5 Blend
60$2,990,000$2,990,000$2,990,000$2,990,000
61$3,300,857$3,142,387$3,096,042$3,570,763
62$3,584,092$3,242,912$3,146,307$3,848,451
63$3,894,533$3,346,678$3,196,572$4,145,880
64$4,234,902$3,453,791$3,246,783$4,470,812
65$4,608,197$3,564,362$3,296,886$4,825,968
66$5,017,720$3,678,503$3,346,819$5,214,345
67$5,467,109$3,796,331$3,396,518$5,639,242
68$5,960,368$3,917,966$3,445,916$6,104,291
69$6,501,913$4,043,533$3,494,941$6,613,495
70$7,096,602$4,173,161$3,543,516$7,171,260
71$7,749,792$4,306,982$3,591,561$7,782,438
72$8,467,382$4,445,135$3,638,989$8,452,376
73$9,255,870$4,587,761$3,685,710$9,186,960
74$10,122,415$4,735,008$3,731,627$9,992,675
75$11,074,905$4,887,027$3,776,640$10,876,663
76$12,122,029$5,043,975$3,820,642$11,846,794
77$13,273,360$5,206,014$3,863,517$12,911,734
78$14,539,446$5,373,312$3,905,148$14,081,032
79$15,931,907$5,546,042$3,945,409$15,365,205
80$17,463,547$5,724,383$3,984,165$16,775,840
81$19,148,471$5,908,520$4,021,277$18,325,703
82$21,002,222$6,098,645$4,056,596$20,028,858
83$23,041,925$6,294,955$4,089,969$21,900,797
84$25,286,448$6,497,654$4,121,229$23,958,591
85$27,756,581$6,706,955$4,150,206$26,221,048
86$30,475,232$6,923,075$4,176,717$28,708,886
87$33,467,640$7,146,240$4,200,572$31,444,937
88$36,761,618$7,376,685$4,221,570$34,454,354
89$40,387,811$7,614,650$4,239,500$37,764,850
90$44,379,985$7,860,386$4,254,141$41,406,963
91$48,775,349$8,114,150$4,265,260$45,414,337
92$53,614,901$8,376,209$4,272,612$49,824,046
93$58,943,818$8,646,840$4,275,942$54,676,938
94$64,811,880$8,926,328$4,274,979$60,018,022
95$71,273,942$9,214,969$4,269,441$65,896,892
96$78,390,449$9,513,067$4,259,032$72,368,196
97$86,228,007$9,820,939$4,243,442$79,492,148
98$94,860,010$10,138,912$4,222,343$87,335,100
99$104,367,334$10,467,322$4,195,395$95,970,163
100$114,839,102$10,806,520$4,162,240$105,477,901