Can I retire at age 60 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$102,398$101,486$100,596$99,727$98,879$98,256
2 years$50,692$49,748$48,833$47,946$47,085$46,457
3 years$33,459$32,511$31,598$30,719$29,873$29,258
4 years$24,844$23,899$22,995$22,132$21,306$20,710
5 years$19,677$18,737$17,845$16,999$16,196$15,621
6 years$16,233$15,300$14,422$13,594$12,815$12,262
7 years$13,774$12,849$11,985$11,177$10,422$9,890
8 years$11,930$11,014$10,164$9,376$8,646$8,136
9 years$10,497$9,590$8,754$7,986$7,282$6,792
10 years$9,352$8,453$7,632$6,884$6,204$5,736
11 years$8,415$7,525$6,719$5,991$5,336$4,888
12 years$7,635$6,754$5,963$5,255$4,624$4,197
13 years$6,975$6,104$5,328$4,640$4,032$3,625
14 years$6,410$5,548$4,787$4,118$3,535$3,147
15 years$5,921$5,068$4,322$3,673$3,112$2,744
16 years$5,494$4,650$3,918$3,289$2,750$2,401
17 years$5,117$4,283$3,566$2,955$2,439$2,107
18 years$4,782$3,957$3,255$2,663$2,168$1,854
19 years$4,483$3,668$2,980$2,406$1,933$1,635
20 years$4,214$3,408$2,735$2,179$1,726$1,445
21 years$3,971$3,174$2,515$1,978$1,545$1,279
22 years$3,751$2,963$2,318$1,798$1,385$1,134
23 years$3,550$2,771$2,141$1,638$1,243$1,006
24 years$3,366$2,597$1,980$1,494$1,117$894
25 years$3,197$2,437$1,834$1,364$1,005$796
26 years$3,041$2,290$1,701$1,247$906$708
27 years$2,897$2,155$1,579$1,142$817$631
28 years$2,764$2,031$1,468$1,046$737$563
29 years$2,640$1,916$1,366$959$665$502
30 years$2,524$1,810$1,272$880$601$448
31 years$2,416$1,711$1,186$809$543$401
32 years$2,315$1,619$1,107$743$492$358
33 years$2,221$1,533$1,033$683$445$320
34 years$2,132$1,453$966$629$403$286
35 years$2,048$1,378$903$579$365$256
36 years$1,969$1,308$844$533$331$229
37 years$1,895$1,242$790$491$300$205
38 years$1,825$1,180$740$453$272$183
39 years$1,758$1,123$693$417$246$164
40 years$1,695$1,068$650$385$223$147
41 years$1,635$1,017$609$355$203$132
42 years$1,579$968$572$328$184$118
43 years$1,525$922$536$303$167$106
44 years$1,473$879$504$279$152$95
45 years$1,424$839$473$258$138$85
46 years$1,378$800$444$238$125$76
47 years$1,333$763$417$220$113$68
48 years$1,290$729$392$203$103$61
49 years$1,250$696$369$188$94$55
50 years$1,211$665$346$174$85$49

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $1,240,000, adding $3,765 every year, while hoping to spend $50,527 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: 48/26/26 Blend
59$1,240,000$1,240,000$1,240,000$1,240,000
60$1,370,364$1,304,644$1,285,424$1,425,829
61$1,456,380$1,314,811$1,274,725$1,475,285
62$1,549,477$1,323,783$1,261,974$1,523,670
63$1,650,323$1,331,448$1,247,050$1,575,216
64$1,759,654$1,337,686$1,229,824$1,630,247
65$1,878,278$1,342,372$1,210,162$1,689,120
66$2,007,084$1,345,370$1,187,924$1,752,231
67$2,147,051$1,346,537$1,162,964$1,820,018
68$2,299,255$1,345,722$1,135,128$1,892,969
69$2,464,879$1,342,763$1,104,255$1,971,623
70$2,645,227$1,337,489$1,070,178$2,056,578
71$2,841,732$1,329,717$1,032,721$2,148,494
72$3,055,971$1,319,256$991,699$2,248,104
73$3,289,680$1,305,900$946,921$2,356,219
74$3,544,771$1,289,432$898,186$2,473,738
75$3,823,347$1,269,623$845,285$2,601,654
76$4,127,723$1,246,229$787,996$2,741,067
77$4,460,448$1,218,993$726,092$2,893,193
78$4,824,331$1,187,640$659,333$3,059,378
79$5,222,460$1,151,882$587,468$3,241,111
80$5,658,239$1,111,412$510,237$3,440,038
81$6,135,415$1,065,907$427,365$3,657,980
82$6,658,114$1,015,023$338,568$3,896,950
83$7,230,880$958,397$243,548$4,159,172
84$7,858,717$895,646$141,995$4,447,106
85$8,547,138$826,365$33,584$4,763,470
86$9,302,214$750,124$0$5,111,266
87$10,130,630$666,470$0$5,516,594
88$11,039,751$574,925$0$5,971,762
89$12,037,691$474,981$0$6,471,598
90$13,133,384$366,104$0$7,020,681
91$14,336,676$247,730$0$7,624,063
92$15,658,409$119,261$0$8,287,317
93$17,110,531$0$0$9,016,589
94$18,706,200$0$0$9,824,361
95$20,459,914$0$0$10,749,786
96$22,387,647$0$0$11,767,190
97$24,506,994$0$0$12,885,878
98$26,837,342$0$0$14,116,103
99$29,400,051$0$0$15,469,160
100$32,218,653$0$0$16,957,496