Can I retire at age 60 with 2,930,000?

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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$241,957$239,801$237,699$235,646$233,642$232,267
2 years$119,781$117,550$115,388$113,292$111,258$109,871
3 years$79,060$76,820$74,664$72,587$70,587$69,230
4 years$58,704$56,471$54,336$52,295$50,343$49,028
5 years$46,494$44,274$42,167$40,167$38,270$37,000
6 years$38,356$36,153$34,077$32,122$30,282$29,058
7 years$32,546$30,361$28,318$26,409$24,627$23,451
8 years$28,190$26,025$24,016$22,154$20,431$19,302
9 years$24,804$22,660$20,685$18,870$17,206$16,124
10 years$22,097$19,973$18,034$16,267$14,660$13,625
11 years$19,884$17,781$15,877$14,157$12,608$11,619
12 years$18,040$15,959$14,090$12,417$10,926$9,981
13 years$16,482$14,423$12,589$10,963$9,528$8,627
14 years$15,147$13,110$11,311$9,731$8,352$7,494
15 years$13,991$11,976$10,212$8,679$7,354$6,538
16 years$12,981$10,988$9,259$7,771$6,499$5,724
17 years$12,091$10,119$8,425$6,982$5,763$5,027
18 years$11,300$9,351$7,691$6,292$5,124$4,427
19 years$10,593$8,666$7,041$5,686$4,567$3,907
20 years$9,958$8,053$6,462$5,149$4,079$3,455
21 years$9,384$7,501$5,944$4,673$3,651$3,061
22 years$8,863$7,002$5,478$4,249$3,272$2,715
23 years$8,388$6,549$5,058$3,870$2,937$2,412
24 years$7,953$6,136$4,678$3,530$2,640$2,145
25 years$7,554$5,758$4,332$3,223$2,376$1,910
26 years$7,186$5,412$4,018$2,947$2,140$1,702
27 years$6,846$5,093$3,731$2,698$1,929$1,518
28 years$6,530$4,799$3,469$2,472$1,741$1,354
29 years$6,237$4,527$3,228$2,267$1,572$1,210
30 years$5,964$4,276$3,007$2,080$1,420$1,081
31 years$5,709$4,042$2,803$1,910$1,284$966
32 years$5,471$3,824$2,615$1,756$1,162$864
33 years$5,247$3,622$2,442$1,615$1,051$773
34 years$5,037$3,433$2,282$1,486$952$692
35 years$4,840$3,256$2,133$1,368$862$619
36 years$4,654$3,090$1,995$1,259$781$555
37 years$4,478$2,935$1,868$1,160$708$497
38 years$4,312$2,789$1,749$1,070$642$445
39 years$4,155$2,652$1,639$986$582$399
40 years$4,006$2,524$1,536$910$528$358
41 years$3,865$2,402$1,440$839$479$320
42 years$3,730$2,288$1,351$775$435$287
43 years$3,603$2,180$1,268$715$394$258
44 years$3,481$2,078$1,190$660$358$231
45 years$3,366$1,981$1,117$610$325$207
46 years$3,255$1,890$1,049$563$295$186
47 years$3,150$1,804$986$520$268$167
48 years$3,049$1,722$926$481$243$150
49 years$2,953$1,644$871$444$221$134
50 years$2,861$1,571$819$411$201$120

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,930,000, adding $4,902 every year, while hoping to spend $54,729 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: 78/6/16 Blend
59$2,930,000$2,930,000$2,930,000$2,930,000
60$3,233,916$3,078,626$3,033,211$3,474,642
61$3,505,545$3,171,248$3,076,593$3,726,686
62$3,803,045$3,266,574$3,119,593$3,995,677
63$4,128,998$3,364,678$3,162,142$4,289,229
64$4,486,246$3,465,638$3,204,164$4,609,781
65$4,877,921$3,569,532$3,245,582$4,960,013
66$5,307,470$3,676,440$3,286,310$5,342,883
67$5,778,691$3,786,445$3,326,260$5,761,643
68$6,295,767$3,899,630$3,365,339$6,219,881
69$6,863,306$4,016,083$3,403,449$6,721,547
70$7,486,383$4,135,890$3,440,484$7,270,990
71$8,170,589$4,259,144$3,476,335$7,873,005
72$8,922,083$4,385,936$3,510,886$8,532,873
73$9,747,649$4,516,360$3,544,015$9,256,410
74$10,654,761$4,650,514$3,575,591$10,050,026
75$11,651,654$4,788,496$3,605,481$10,920,784
76$12,747,398$4,930,408$3,633,540$11,876,462
77$13,951,987$5,076,353$3,659,618$12,925,634
78$15,276,432$5,226,436$3,683,557$14,077,743
79$16,732,862$5,380,766$3,705,191$15,343,196
80$18,334,643$5,539,452$3,724,343$16,733,459
81$20,096,498$5,702,607$3,740,830$18,261,165
82$22,034,652$5,870,346$3,754,459$19,940,235
83$24,166,979$6,042,785$3,765,027$21,786,009
84$26,513,175$6,220,046$3,772,319$23,815,386
85$29,094,940$6,402,249$3,776,112$26,046,992
86$31,936,183$6,589,518$3,776,171$28,501,346
87$35,063,250$6,781,981$3,772,249$31,201,063
88$38,505,170$6,979,766$3,764,088$34,171,060
89$42,293,927$7,183,005$3,751,415$37,438,793
90$46,464,767$7,391,831$3,733,947$41,034,519
91$51,056,523$7,606,381$3,711,384$44,991,578
92$56,111,988$7,826,793$3,683,415$49,346,709
93$61,678,312$8,053,208$3,649,711$54,140,398
94$67,807,453$8,285,768$3,609,929$59,417,256
95$74,556,662$8,524,619$3,563,710$65,226,445
96$81,989,025$8,769,909$3,510,678$71,622,139
97$90,174,058$9,021,787$3,450,438$78,664,035
98$99,188,362$9,280,405$3,382,578$86,417,918
99$109,116,346$9,545,916$3,306,666$94,956,282
100$120,051,024$9,818,476$3,222,250$104,359,014