Can I retire at age 60 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$244,434$242,257$240,132$238,059$236,035$228,937
2 years$121,007$118,753$116,569$114,451$112,397$105,307
3 years$79,870$77,607$75,428$73,330$71,310$64,448
4 years$59,306$57,049$54,892$52,830$50,859$44,279
5 years$46,970$44,727$42,599$40,579$38,662$32,381
6 years$38,749$36,523$34,426$32,451$30,592$24,616
7 years$32,879$30,672$28,608$26,680$24,879$19,209
8 years$28,479$26,292$24,262$22,381$20,640$15,270
9 years$25,058$22,892$20,897$19,064$17,382$12,308
10 years$22,323$20,178$18,218$16,433$14,810$10,025
11 years$20,087$17,963$16,039$14,302$12,737$8,232
12 years$18,225$16,123$14,234$12,545$11,038$6,803
13 years$16,650$14,570$12,717$11,075$9,625$5,652
14 years$15,302$13,244$11,427$9,831$8,437$4,715
15 years$14,135$12,099$10,317$8,768$7,429$3,947
16 years$13,114$11,100$9,354$7,850$6,566$3,313
17 years$12,214$10,223$8,511$7,054$5,822$2,788
18 years$11,416$9,446$7,770$6,357$5,176$2,350
19 years$10,702$8,755$7,113$5,744$4,614$1,985
20 years$10,060$8,135$6,528$5,202$4,121$1,678
21 years$9,480$7,578$6,004$4,721$3,688$1,421
22 years$8,954$7,074$5,534$4,293$3,306$1,204
23 years$8,474$6,616$5,110$3,909$2,967$1,021
24 years$8,035$6,199$4,726$3,566$2,667$866
25 years$7,631$5,817$4,377$3,256$2,400$735
26 years$7,260$5,467$4,059$2,977$2,162$625
27 years$6,916$5,145$3,769$2,725$1,949$531
28 years$6,597$4,848$3,504$2,497$1,759$451
29 years$6,301$4,574$3,261$2,290$1,588$384
30 years$6,025$4,319$3,037$2,101$1,435$326
31 years$5,768$4,083$2,832$1,930$1,297$278
32 years$5,527$3,864$2,642$1,774$1,173$236
33 years$5,301$3,659$2,467$1,631$1,062$201
34 years$5,089$3,468$2,305$1,501$962$171
35 years$4,889$3,289$2,155$1,382$871$146
36 years$4,701$3,122$2,016$1,272$789$124
37 years$4,524$2,965$1,887$1,172$715$106
38 years$4,356$2,818$1,767$1,081$648$90
39 years$4,197$2,680$1,655$996$588$77
40 years$4,047$2,549$1,552$919$533$65
41 years$3,904$2,427$1,455$848$484$56
42 years$3,769$2,311$1,365$782$439$47
43 years$3,640$2,202$1,281$722$398$40
44 years$3,517$2,099$1,202$667$362$34
45 years$3,400$2,002$1,129$616$328$29
46 years$3,288$1,909$1,060$569$298$25
47 years$3,182$1,822$996$526$271$21
48 years$3,080$1,740$936$486$246$18
49 years$2,983$1,661$880$449$223$15
50 years$2,890$1,587$827$415$203$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,960,000, adding $4,205 every year, while hoping to spend $26,913 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: 34/45/21 Blend
59$2,960,000$2,960,000$2,960,000$2,960,000
60$3,266,257$3,109,377$3,063,497$3,356,193
61$3,570,780$3,233,102$3,137,489$3,546,857
62$3,905,463$3,361,986$3,213,058$3,749,554
63$4,273,352$3,496,256$3,290,228$3,967,585
64$4,677,807$3,636,145$3,369,023$4,202,323
65$5,122,526$3,781,899$3,449,468$4,455,276
66$5,611,585$3,933,774$3,531,587$4,728,097
67$6,149,475$4,092,037$3,615,403$5,022,600
68$6,741,143$4,256,968$3,700,941$5,340,776
69$7,392,041$4,428,861$3,788,223$5,684,811
70$8,108,174$4,608,020$3,877,274$6,057,104
71$8,896,160$4,794,765$3,968,115$6,460,292
72$9,763,291$4,989,431$4,060,769$6,897,268
73$10,717,600$5,192,367$4,155,259$7,371,213
74$11,767,941$5,403,938$4,251,605$7,885,621
75$12,924,066$5,624,527$4,349,829$8,444,331
76$14,196,723$5,854,531$4,449,951$9,051,562
77$15,597,755$6,094,369$4,551,991$9,711,955
78$17,140,211$6,344,478$4,655,967$10,430,607
79$18,838,470$6,605,314$4,761,899$11,213,126
80$20,708,374$6,877,355$4,869,803$12,065,678
81$22,767,382$7,161,100$4,979,695$12,995,043
82$25,034,732$7,457,071$5,091,592$14,008,679
83$27,531,621$7,765,814$5,205,507$15,114,790
84$30,281,409$8,087,901$5,321,454$16,322,400
85$33,309,834$8,423,930$5,439,444$17,641,438
86$36,645,260$8,774,525$5,559,488$19,082,829
87$40,318,941$9,140,341$5,681,596$20,658,594
88$44,365,317$9,522,062$5,805,773$22,381,961
89$48,822,339$9,920,403$5,932,026$24,267,489
90$53,731,828$10,336,113$6,060,360$26,331,202
91$59,139,868$10,769,976$6,190,775$28,590,737
92$65,097,241$11,222,810$6,323,272$31,065,509
93$71,659,906$11,695,475$6,457,848$33,776,888
94$78,889,530$12,188,867$6,594,500$36,748,402
95$86,854,065$12,703,924$6,733,219$40,005,954
96$95,628,394$13,241,631$6,873,996$43,578,062
97$105,295,033$13,803,014$7,016,818$47,496,128
98$115,944,915$14,389,150$7,161,670$51,794,724
99$127,678,243$15,001,165$7,308,532$56,511,925
100$140,605,440$15,640,238$7,457,384$61,689,654