Can I retire at age 60 with 1,120,000?

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$92,489$91,665$90,861$90,076$89,310$88,673
2 years$45,786$44,934$44,107$43,306$42,529$41,886
3 years$30,221$29,365$28,540$27,747$26,982$26,354
4 years$22,440$21,586$20,770$19,990$19,244$18,635
5 years$17,772$16,924$16,118$15,354$14,629$14,041
6 years$14,662$13,820$13,026$12,279$11,575$11,010
7 years$12,441$11,606$10,825$10,095$9,414$8,871
8 years$10,776$9,948$9,180$8,469$7,810$7,289
9 years$9,482$8,662$7,907$7,213$6,577$6,078
10 years$8,447$7,635$6,893$6,218$5,604$5,127
11 years$7,601$6,797$6,069$5,411$4,819$4,364
12 years$6,896$6,100$5,386$4,747$4,176$3,742
13 years$6,300$5,513$4,812$4,191$3,642$3,228
14 years$5,790$5,011$4,324$3,720$3,193$2,799
15 years$5,348$4,578$3,904$3,317$2,811$2,437
16 years$4,962$4,200$3,539$2,970$2,484$2,129
17 years$4,622$3,868$3,221$2,669$2,203$1,866
18 years$4,319$3,574$2,940$2,405$1,959$1,640
19 years$4,049$3,313$2,691$2,173$1,746$1,444
20 years$3,807$3,078$2,470$1,968$1,559$1,274
21 years$3,587$2,867$2,272$1,786$1,395$1,126
22 years$3,388$2,677$2,094$1,624$1,251$997
23 years$3,206$2,503$1,933$1,479$1,123$884
24 years$3,040$2,345$1,788$1,349$1,009$784
25 years$2,888$2,201$1,656$1,232$908$696
26 years$2,747$2,069$1,536$1,127$818$619
27 years$2,617$1,947$1,426$1,031$737$551
28 years$2,496$1,834$1,326$945$665$490
29 years$2,384$1,731$1,234$866$601$437
30 years$2,280$1,634$1,149$795$543$389
31 years$2,182$1,545$1,071$730$491$347
32 years$2,091$1,462$1,000$671$444$310
33 years$2,006$1,384$933$617$402$276
34 years$1,925$1,312$872$568$364$247
35 years$1,850$1,245$815$523$330$220
36 years$1,779$1,181$763$481$299$197
37 years$1,712$1,122$714$444$271$176
38 years$1,648$1,066$669$409$245$157
39 years$1,588$1,014$626$377$222$141
40 years$1,531$965$587$348$202$126
41 years$1,477$918$551$321$183$112
42 years$1,426$874$516$296$166$100
43 years$1,377$833$485$273$151$90
44 years$1,331$794$455$252$137$80
45 years$1,286$757$427$233$124$72
46 years$1,244$723$401$215$113$64
47 years$1,204$689$377$199$102$58
48 years$1,166$658$354$184$93$51
49 years$1,129$629$333$170$84$46
50 years$1,094$600$313$157$77$41

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,120,000, adding $6,454 every year, while hoping to spend $34,712 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: 85/9/6 Blend
59$1,120,000$1,120,000$1,120,000$1,120,000
60$1,240,897$1,181,537$1,164,177$1,345,468
61$1,330,536$1,202,499$1,166,244$1,435,599
62$1,428,153$1,223,325$1,167,216$1,529,172
63$1,534,528$1,243,971$1,167,021$1,630,862
64$1,650,516$1,264,391$1,165,582$1,741,462
65$1,777,057$1,284,535$1,162,818$1,861,842
66$1,915,188$1,304,349$1,158,644$1,992,964
67$2,066,050$1,323,775$1,152,971$2,135,885
68$2,230,899$1,342,751$1,145,707$2,291,771
69$2,411,117$1,361,212$1,136,755$2,461,903
70$2,608,226$1,379,087$1,126,011$2,647,695
71$2,823,902$1,396,299$1,113,369$2,850,704
72$3,059,991$1,412,769$1,098,718$3,072,642
73$3,318,524$1,428,409$1,081,939$3,315,399
74$3,601,740$1,443,127$1,062,911$3,581,054
75$3,912,103$1,456,825$1,041,503$3,871,898
76$4,252,326$1,469,399$1,017,583$4,190,457
77$4,625,400$1,480,736$991,009$4,539,510
78$5,034,617$1,490,718$961,633$4,922,122
79$5,483,603$1,499,218$929,303$5,341,669
80$5,976,352$1,506,102$893,856$5,801,868
81$6,517,264$1,511,225$855,125$6,306,817
82$7,111,186$1,514,436$812,932$6,861,032
83$7,763,457$1,515,573$767,095$7,469,487
84$8,479,957$1,514,464$717,421$8,137,663
85$9,267,167$1,510,926$663,708$8,871,598
86$10,132,222$1,504,767$605,747$9,677,948
87$11,082,988$1,495,779$543,318$10,564,045
88$12,128,125$1,483,745$476,192$11,537,970
89$13,277,179$1,468,433$404,130$12,608,624
90$14,540,664$1,449,599$326,881$13,785,820
91$15,930,164$1,426,982$244,184$15,080,369
92$17,458,444$1,400,307$155,767$16,504,182
93$19,139,565$1,369,282$61,345$18,070,387
94$20,989,022$1,333,598$0$19,793,451
95$23,023,886$1,292,928$0$21,691,838
96$25,262,967$1,246,926$0$23,784,946
97$27,726,989$1,195,225$0$26,088,221
98$30,438,789$1,137,438$0$28,623,019
99$33,423,527$1,073,154$0$31,412,868
100$36,708,927$1,001,939$0$34,483,696