Can I retire at age 60 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$241,131$238,983$236,887$234,842$232,845$228,424
2 years$119,372$117,149$114,994$112,905$110,879$106,442
3 years$78,791$76,558$74,409$72,339$70,346$66,032
4 years$58,504$56,278$54,150$52,116$50,171$46,013
5 years$46,335$44,123$42,023$40,030$38,139$34,148
6 years$38,225$36,030$33,961$32,013$30,178$26,359
7 years$32,435$30,258$28,222$26,319$24,543$20,897
8 years$28,094$25,936$23,934$22,079$20,361$16,887
9 years$24,720$22,582$20,614$18,806$17,147$13,842
10 years$22,022$19,905$17,972$16,211$14,610$11,472
11 years$19,816$17,720$15,822$14,108$12,565$9,590
12 years$17,979$15,905$14,042$12,375$10,889$8,073
13 years$16,425$14,373$12,546$10,925$9,495$6,834
14 years$15,095$13,065$11,272$9,698$8,323$5,811
15 years$13,944$11,935$10,177$8,649$7,329$4,961
16 years$12,937$10,950$9,227$7,744$6,477$4,248
17 years$12,049$10,085$8,396$6,958$5,743$3,648
18 years$11,261$9,319$7,665$6,271$5,106$3,139
19 years$10,557$8,637$7,017$5,666$4,551$2,707
20 years$9,924$8,025$6,440$5,132$4,065$2,338
21 years$9,352$7,475$5,923$4,657$3,638$2,022
22 years$8,833$6,978$5,459$4,235$3,261$1,751
23 years$8,360$6,526$5,041$3,857$2,927$1,518
24 years$7,926$6,115$4,662$3,517$2,631$1,317
25 years$7,528$5,738$4,318$3,212$2,368$1,143
26 years$7,161$5,393$4,004$2,937$2,133$993
27 years$6,822$5,076$3,718$2,688$1,923$863
28 years$6,508$4,783$3,457$2,463$1,735$751
29 years$6,216$4,512$3,217$2,259$1,567$653
30 years$5,944$4,261$2,996$2,073$1,416$569
31 years$5,690$4,028$2,793$1,904$1,280$495
32 years$5,452$3,811$2,606$1,750$1,158$431
33 years$5,229$3,609$2,434$1,609$1,048$376
34 years$5,020$3,421$2,274$1,480$949$327
35 years$4,823$3,245$2,126$1,363$859$285
36 years$4,638$3,080$1,989$1,255$778$249
37 years$4,463$2,925$1,861$1,156$706$217
38 years$4,297$2,780$1,743$1,066$640$189
39 years$4,140$2,643$1,633$983$580$165
40 years$3,992$2,515$1,531$907$526$144
41 years$3,851$2,394$1,435$836$477$125
42 years$3,718$2,280$1,346$772$433$109
43 years$3,590$2,172$1,263$713$393$95
44 years$3,469$2,071$1,186$658$357$83
45 years$3,354$1,975$1,113$608$324$73
46 years$3,244$1,884$1,046$561$294$63
47 years$3,139$1,798$983$519$267$55
48 years$3,039$1,716$923$479$243$48
49 years$2,943$1,639$868$443$220$42
50 years$2,851$1,565$816$409$200$37

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,920,000, adding $5,649 every year, while hoping to spend $31,616 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: 63/27/10 Blend
59$2,920,000$2,920,000$2,920,000$2,920,000
60$3,223,667$3,068,907$3,023,647$3,419,292
61$3,518,842$3,185,644$3,091,300$3,667,466
62$3,843,065$3,307,042$3,160,160$3,934,147
63$4,199,266$3,433,295$3,230,233$4,224,532
64$4,590,671$3,564,607$3,301,527$4,540,921
65$5,020,838$3,701,191$3,374,046$4,885,841
66$5,493,681$3,843,267$3,447,794$5,262,077
67$6,013,518$3,991,068$3,522,776$5,672,690
68$6,585,101$4,144,835$3,598,994$6,121,049
69$7,213,669$4,304,820$3,676,448$6,610,862
70$7,904,993$4,471,286$3,755,139$7,146,211
71$8,665,432$4,644,508$3,835,065$7,731,589
72$9,501,990$4,824,773$3,916,224$8,371,939
73$10,422,386$5,012,381$3,998,611$9,072,704
74$11,435,126$5,207,644$4,082,221$9,839,879
75$12,549,579$5,410,889$4,167,046$10,680,059
76$13,776,071$5,622,457$4,253,076$11,600,509
77$15,125,978$5,842,704$4,340,302$12,609,227
78$16,611,834$6,072,004$4,428,709$13,715,020
79$18,247,453$6,310,744$4,518,282$14,927,586
80$20,048,053$6,559,330$4,609,004$16,257,603
81$22,030,404$6,818,187$4,700,855$17,716,833
82$24,212,984$7,087,757$4,793,813$19,318,228
83$26,616,156$7,368,504$4,887,853$21,076,053
84$29,262,354$7,660,911$4,982,947$23,006,019
85$32,176,302$7,965,484$5,079,063$25,125,429
86$35,385,242$8,282,750$5,176,169$27,453,343
87$38,919,194$8,613,261$5,274,227$30,010,756
88$42,811,235$8,957,594$5,373,197$32,820,790
89$47,097,816$9,316,352$5,473,035$35,908,918
90$51,819,103$9,690,163$5,573,691$39,303,201
91$57,019,357$10,079,686$5,675,115$43,034,546
92$62,747,349$10,485,609$5,777,250$47,137,005
93$69,056,826$10,908,651$5,880,035$51,648,087
94$76,007,011$11,349,563$5,983,404$56,609,116
95$83,663,165$11,809,131$6,087,288$62,065,617
96$92,097,206$12,288,177$6,191,610$68,067,741
97$101,388,381$12,787,558$6,296,289$74,670,745
98$111,624,021$13,308,172$6,401,239$81,935,501
99$122,900,356$13,850,959$6,506,367$89,929,078
100$135,323,435$14,416,898$6,611,572$98,725,368