Can I retire at age 60 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$242,782$240,620$238,510$236,451$234,440$227,482
2 years$120,189$117,951$115,782$113,678$111,638$104,686
3 years$79,330$77,082$74,918$72,835$70,828$64,099
4 years$58,905$56,664$54,521$52,473$50,515$44,061
5 years$46,653$44,425$42,311$40,305$38,401$32,239
6 years$38,487$36,276$34,193$32,232$30,385$24,522
7 years$32,657$30,465$28,415$26,500$24,711$19,146
8 years$28,287$26,114$24,098$22,230$20,500$15,229
9 years$24,889$22,737$20,756$18,935$17,264$12,282
10 years$22,172$20,041$18,095$16,322$14,710$10,010
11 years$19,951$17,842$15,931$14,205$12,651$8,225
12 years$18,102$16,014$14,138$12,460$10,963$6,802
13 years$16,538$14,472$12,632$11,000$9,560$5,655
14 years$15,199$13,154$11,349$9,765$8,380$4,721
15 years$14,039$12,017$10,247$8,708$7,379$3,955
16 years$13,025$11,025$9,290$7,797$6,521$3,322
17 years$12,132$10,154$8,454$7,006$5,782$2,797
18 years$11,338$9,383$7,717$6,314$5,141$2,360
19 years$10,629$8,696$7,065$5,705$4,583$1,994
20 years$9,992$8,080$6,484$5,167$4,093$1,688
21 years$9,416$7,527$5,964$4,689$3,663$1,430
22 years$8,893$7,026$5,497$4,264$3,283$1,212
23 years$8,417$6,571$5,075$3,883$2,947$1,029
24 years$7,981$6,157$4,694$3,542$2,649$874
25 years$7,580$5,778$4,347$3,234$2,384$742
26 years$7,210$5,430$4,032$2,957$2,147$631
27 years$6,869$5,110$3,744$2,707$1,936$537
28 years$6,553$4,816$3,480$2,480$1,747$457
29 years$6,259$4,543$3,239$2,274$1,577$389
30 years$5,985$4,290$3,017$2,087$1,425$331
31 years$5,729$4,056$2,813$1,917$1,289$282
32 years$5,489$3,838$2,624$1,762$1,166$240
33 years$5,265$3,634$2,450$1,620$1,055$204
34 years$5,054$3,444$2,289$1,491$955$174
35 years$4,856$3,267$2,140$1,372$865$148
36 years$4,669$3,101$2,002$1,264$784$126
37 years$4,493$2,945$1,874$1,164$710$108
38 years$4,327$2,799$1,755$1,073$644$92
39 years$4,169$2,661$1,644$990$584$78
40 years$4,019$2,532$1,541$913$530$67
41 years$3,878$2,410$1,445$842$481$57
42 years$3,743$2,296$1,356$777$436$48
43 years$3,615$2,187$1,272$717$396$41
44 years$3,493$2,085$1,194$662$359$35
45 years$3,377$1,988$1,121$612$326$30
46 years$3,266$1,897$1,053$565$296$26
47 years$3,161$1,810$989$522$269$22
48 years$3,060$1,728$930$482$244$19
49 years$2,963$1,650$874$446$222$16
50 years$2,870$1,576$821$412$201$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,940,000, adding $6,360 every year, while hoping to spend $28,415 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: 66/29/5 Blend
59$2,940,000$2,940,000$2,940,000$2,940,000
60$3,246,440$3,090,620$3,045,050$3,458,206
61$3,547,344$3,211,827$3,116,826$3,720,702
62$3,877,987$3,338,021$3,190,054$4,003,438
63$4,241,374$3,469,416$3,264,753$4,311,650
64$4,640,813$3,606,236$3,340,941$4,647,813
65$5,079,949$3,748,715$3,418,636$5,014,651
66$5,562,799$3,897,098$3,497,855$5,415,160
67$6,093,788$4,051,639$3,578,617$5,852,638
68$6,677,790$4,212,605$3,660,937$6,330,712
69$7,320,178$4,380,276$3,744,831$6,853,374
70$8,026,868$4,554,941$3,830,315$7,425,018
71$8,804,382$4,736,907$3,917,404$8,050,480
72$9,659,904$4,926,490$4,006,111$8,735,083
73$10,601,349$5,124,023$4,096,451$9,484,686
74$11,637,440$5,329,854$4,188,436$10,305,740
75$12,777,787$5,544,345$4,282,077$11,205,345
76$14,032,980$5,767,875$4,377,384$12,191,319
77$15,414,685$6,000,843$4,474,368$13,272,270
78$16,935,760$6,243,661$4,573,036$14,457,675
79$18,610,371$6,496,764$4,673,397$15,757,970
80$20,454,129$6,760,605$4,775,455$17,184,647
81$22,484,232$7,035,657$4,879,215$18,750,360
82$24,719,636$7,322,416$4,984,681$20,469,046
83$27,181,224$7,621,400$5,091,853$22,356,052
84$29,892,009$7,933,149$5,200,731$24,428,281
85$32,877,352$8,258,231$5,311,313$26,704,349
86$36,165,194$8,597,237$5,423,594$29,204,761
87$39,786,329$8,950,787$5,537,570$31,952,100
88$43,774,686$9,319,527$5,653,230$34,971,240
89$48,167,656$9,704,135$5,770,565$38,289,583
90$53,006,439$10,105,320$5,889,561$41,937,309
91$58,336,437$10,523,822$6,010,202$45,947,664
92$64,207,679$10,960,415$6,132,470$50,357,272
93$70,675,298$11,415,911$6,256,343$55,206,475
94$77,800,045$11,891,157$6,381,797$60,539,717
95$85,648,865$12,387,039$6,508,803$66,405,957
96$94,295,531$12,904,487$6,637,330$72,859,132
97$103,821,338$13,444,469$6,767,343$79,958,663
98$114,315,868$14,008,002$6,898,803$87,770,012
99$125,877,840$14,596,147$7,031,666$96,365,301
100$138,616,039$15,210,017$7,165,886$105,823,986