Can I retire at age 60 with 2,420,000?

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 $2,420,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$199,841$198,061$196,325$194,629$192,974$187,398
2 years$98,931$97,089$95,303$93,572$91,892$86,319
3 years$65,299$63,449$61,667$59,952$58,300$52,904
4 years$48,486$46,641$44,878$43,192$41,580$36,402
5 years$38,401$36,567$34,827$33,176$31,609$26,663
6 years$31,680$29,860$28,146$26,531$25,011$20,303
7 years$26,881$25,076$23,389$21,813$20,341$15,870
8 years$23,283$21,495$19,836$18,298$16,874$12,638
9 years$20,487$18,715$17,085$15,586$14,211$10,205
10 years$18,251$16,497$14,895$13,435$12,108$8,328
11 years$16,423$14,686$13,113$11,693$10,413$6,851
12 years$14,900$13,181$11,638$10,256$9,024$5,674
13 years$13,613$11,912$10,397$9,055$7,869$4,723
14 years$12,510$10,828$9,342$8,038$6,898$3,948
15 years$11,556$9,891$8,435$7,168$6,074$3,312
16 years$10,722$9,075$7,647$6,418$5,368$2,787
17 years$9,986$8,358$6,959$5,767$4,760$2,350
18 years$9,333$7,723$6,352$5,197$4,232$1,985
19 years$8,749$7,158$5,815$4,696$3,772$1,680
20 years$8,225$6,651$5,337$4,253$3,369$1,424
21 years$7,751$6,195$4,909$3,860$3,015$1,208
22 years$7,320$5,783$4,524$3,510$2,703$1,026
23 years$6,928$5,409$4,177$3,196$2,426$872
24 years$6,569$5,068$3,863$2,915$2,181$742
25 years$6,239$4,756$3,578$2,662$1,962$631
26 years$5,935$4,470$3,319$2,434$1,767$538
27 years$5,654$4,207$3,082$2,228$1,594$458
28 years$5,394$3,964$2,865$2,041$1,438$390
29 years$5,152$3,739$2,666$1,872$1,298$333
30 years$4,926$3,531$2,483$1,718$1,173$284
31 years$4,716$3,338$2,315$1,578$1,061$242
32 years$4,519$3,159$2,160$1,450$959$206
33 years$4,334$2,991$2,017$1,334$868$176
34 years$4,160$2,835$1,884$1,227$786$150
35 years$3,997$2,689$1,762$1,129$712$128
36 years$3,844$2,552$1,648$1,040$645$109
37 years$3,698$2,424$1,543$958$585$93
38 years$3,561$2,304$1,445$883$530$80
39 years$3,432$2,191$1,353$815$481$68
40 years$3,309$2,084$1,269$751$436$58
41 years$3,192$1,984$1,190$693$396$50
42 years$3,081$1,890$1,116$640$359$42
43 years$2,976$1,800$1,047$591$326$36
44 years$2,875$1,716$983$545$296$31
45 years$2,780$1,636$923$504$268$26
46 years$2,689$1,561$867$465$244$23
47 years$2,602$1,490$814$430$221$19
48 years$2,518$1,422$765$397$201$16
49 years$2,439$1,358$719$367$183$14
50 years$2,363$1,297$676$339$166$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,420,000, adding $4,634 every year, while hoping to spend $24,095 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: 49/29/22 Blend
59$2,420,000$2,420,000$2,420,000$2,420,000
60$2,671,620$2,543,360$2,505,850$2,785,750
61$2,918,488$2,642,348$2,564,159$2,964,601
62$3,189,730$2,745,378$2,623,614$3,155,985
63$3,487,805$2,852,624$2,684,228$3,363,406
64$3,815,424$2,964,266$2,746,012$3,588,386
65$4,175,574$3,080,492$2,808,981$3,832,598
66$4,571,546$3,201,499$2,873,145$4,097,880
67$5,006,963$3,327,492$2,938,515$4,386,256
68$5,485,820$3,458,687$3,005,102$4,699,950
69$6,012,518$3,595,306$3,072,916$5,041,407
70$6,591,903$3,737,585$3,141,968$5,413,321
71$7,229,318$3,885,767$3,212,265$5,818,651
72$7,930,649$4,040,110$3,283,816$6,260,655
73$8,702,379$4,200,879$3,356,627$6,742,918
74$9,551,654$4,368,355$3,430,707$7,269,385
75$10,486,346$4,542,828$3,506,059$7,844,396
76$11,515,131$4,724,603$3,582,689$8,472,729
77$12,647,565$4,914,000$3,660,601$9,159,644
78$13,894,182$5,111,351$3,739,795$9,910,930
79$15,266,585$5,317,004$3,820,275$10,732,958
80$16,777,561$5,531,322$3,902,040$11,632,745
81$18,441,202$5,754,686$3,985,087$12,618,014
82$20,273,033$5,987,494$4,069,416$13,697,269
83$22,290,161$6,230,160$4,155,020$14,879,874
84$24,511,438$6,483,119$4,241,894$16,176,140
85$26,957,638$6,746,825$4,330,031$17,597,418
86$29,651,651$7,021,752$4,419,420$19,156,213
87$32,618,699$7,308,398$4,510,050$20,866,292
88$35,886,577$7,607,281$4,601,908$22,742,819
89$39,485,913$7,918,943$4,694,977$24,802,494
90$43,450,457$8,243,951$4,789,240$27,063,709
91$47,817,399$8,582,901$4,884,675$29,546,724
92$52,627,722$8,936,411$4,981,260$32,273,850
93$57,926,586$9,305,131$5,078,968$35,269,666
94$63,763,754$9,689,740$5,177,770$38,561,243
95$70,194,067$10,090,947$5,277,636$42,178,401
96$77,277,954$10,509,495$5,378,528$46,153,991
97$85,082,006$10,946,161$5,480,410$50,524,197
98$93,679,605$11,401,757$5,583,238$55,328,882
99$103,151,615$11,877,133$5,686,966$60,611,959
100$113,587,145$12,373,179$5,791,546$66,421,805