Can I retire at age 60 with 242,000?

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 $242,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$19,984$19,806$19,632$19,463$19,297$19,096
2 years$9,893$9,709$9,530$9,357$9,189$8,986
3 years$6,530$6,345$6,167$5,995$5,830$5,632
4 years$4,849$4,664$4,488$4,319$4,158$3,966
5 years$3,840$3,657$3,483$3,318$3,161$2,976
6 years$3,168$2,986$2,815$2,653$2,501$2,324
7 years$2,688$2,508$2,339$2,181$2,034$1,864
8 years$2,328$2,150$1,984$1,830$1,687$1,524
9 years$2,049$1,872$1,708$1,559$1,421$1,265
10 years$1,825$1,650$1,489$1,344$1,211$1,062
11 years$1,642$1,469$1,311$1,169$1,041$900
12 years$1,490$1,318$1,164$1,026$902$768
13 years$1,361$1,191$1,040$905$787$659
14 years$1,251$1,083$934$804$690$568
15 years$1,156$989$843$717$607$492
16 years$1,072$908$765$642$537$428
17 years$999$836$696$577$476$373
18 years$933$772$635$520$423$326
19 years$875$716$582$470$377$285
20 years$822$665$534$425$337$250
21 years$775$620$491$386$302$220
22 years$732$578$452$351$270$193
23 years$693$541$418$320$243$170
24 years$657$507$386$292$218$150
25 years$624$476$358$266$196$133
26 years$594$447$332$243$177$117
27 years$565$421$308$223$159$104
28 years$539$396$286$204$144$92
29 years$515$374$267$187$130$81
30 years$493$353$248$172$117$72
31 years$472$334$232$158$106$64
32 years$452$316$216$145$96$56
33 years$433$299$202$133$87$50
34 years$416$284$188$123$79$44
35 years$400$269$176$113$71$39
36 years$384$255$165$104$65$35
37 years$370$242$154$96$58$31
38 years$356$230$144$88$53$27
39 years$343$219$135$81$48$24
40 years$331$208$127$75$44$22
41 years$319$198$119$69$40$19
42 years$308$189$112$64$36$17
43 years$298$180$105$59$33$15
44 years$288$172$98$55$30$13
45 years$278$164$92$50$27$12
46 years$269$156$87$47$24$11
47 years$260$149$81$43$22$9
48 years$252$142$77$40$20$8
49 years$244$136$72$37$18$7
50 years$236$130$68$34$17$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $242,000, adding $6,511 every year, while hoping to spend $21,954 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: 44/27/29 Blend
59$242,000$242,000$242,000$242,000
60$273,400$260,574$256,823$282,887
61$277,928$249,983$242,068$279,700
62$282,182$238,138$226,082$273,667
63$286,111$224,953$208,802$266,710
64$289,658$210,339$190,161$258,756
65$292,759$194,202$170,087$249,728
66$295,343$176,440$148,508$239,539
67$297,331$156,950$125,347$228,099
68$298,637$135,617$100,523$215,311
69$299,161$112,326$73,954$201,067
70$298,795$86,950$45,551$185,254
71$297,420$59,358$15,225$167,748
72$294,901$29,411$0$148,418
73$291,090$0$0$132,424
74$285,822$0$0$120,582
75$278,917$0$0$116,666
76$270,171$0$0$111,840
77$259,361$0$0$105,995
78$246,240$0$0$99,011
79$230,534$0$0$90,753
80$211,940$0$0$81,075
81$190,124$0$0$69,813
82$164,713$0$0$56,787
83$135,300$0$0$41,798
84$101,431$0$0$24,626
85$62,605$0$0$5,027
86$18,270$0$0$0
87$0$0$0$0
88$0$0$0$0
89$0$0$0$0
90$0$0$0$0
91$0$0$0$0
92$0$0$0$0
93$0$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0