Can I retire at age 60 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$245,260$243,075$240,944$238,863$236,832$230,919
2 years$121,416$119,154$116,963$114,838$112,777$106,858
3 years$80,140$77,869$75,683$73,578$71,550$65,809
4 years$59,506$57,242$55,078$53,009$51,030$45,512
5 years$47,129$44,878$42,743$40,716$38,792$33,511
6 years$38,880$36,646$34,542$32,561$30,695$25,657
7 years$32,990$30,776$28,705$26,770$24,963$20,169
8 years$28,575$26,380$24,344$22,457$20,710$16,157
9 years$25,143$22,969$20,967$19,128$17,440$13,125
10 years$22,399$20,246$18,280$16,489$14,860$10,777
11 years$20,155$18,024$16,093$14,350$12,780$8,924
12 years$18,286$16,177$14,282$12,587$11,075$7,439
13 years$16,707$14,619$12,760$11,112$9,658$6,234
14 years$15,354$13,289$11,465$9,864$8,466$5,248
15 years$14,182$12,139$10,352$8,797$7,454$4,433
16 years$13,158$11,138$9,385$7,877$6,588$3,756
17 years$12,256$10,257$8,540$7,077$5,841$3,191
18 years$11,454$9,478$7,796$6,378$5,194$2,716
19 years$10,738$8,784$7,137$5,763$4,629$2,316
20 years$10,094$8,163$6,550$5,220$4,135$1,978
21 years$9,512$7,603$6,025$4,737$3,700$1,691
22 years$8,984$7,098$5,553$4,307$3,317$1,447
23 years$8,503$6,638$5,127$3,923$2,977$1,240
24 years$8,062$6,220$4,742$3,578$2,676$1,063
25 years$7,657$5,837$4,392$3,267$2,408$912
26 years$7,284$5,486$4,073$2,987$2,169$783
27 years$6,939$5,163$3,782$2,735$1,956$672
28 years$6,619$4,865$3,516$2,505$1,765$578
29 years$6,322$4,589$3,272$2,298$1,593$496
30 years$6,046$4,334$3,048$2,109$1,440$427
31 years$5,787$4,097$2,841$1,937$1,302$367
32 years$5,545$3,877$2,651$1,780$1,177$316
33 years$5,319$3,671$2,475$1,637$1,066$272
34 years$5,106$3,480$2,313$1,506$965$234
35 years$4,906$3,300$2,162$1,386$874$201
36 years$4,717$3,132$2,023$1,277$792$173
37 years$4,539$2,975$1,893$1,176$718$149
38 years$4,371$2,827$1,773$1,084$651$128
39 years$4,211$2,689$1,661$1,000$590$110
40 years$4,060$2,558$1,557$922$535$95
41 years$3,917$2,435$1,460$851$485$82
42 years$3,781$2,319$1,369$785$441$70
43 years$3,652$2,210$1,285$725$400$61
44 years$3,529$2,106$1,206$669$363$52
45 years$3,411$2,008$1,133$618$329$45
46 years$3,300$1,916$1,064$571$299$39
47 years$3,193$1,828$999$527$272$33
48 years$3,091$1,745$939$487$247$29
49 years$2,993$1,667$883$450$224$25
50 years$2,900$1,592$830$416$203$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,970,000, adding $4,674 every year, while hoping to spend $44,962 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: 47/31/22 Blend
59$2,970,000$2,970,000$2,970,000$2,970,000
60$3,277,761$3,120,351$3,074,316$3,411,058
61$3,564,254$3,225,409$3,129,467$3,609,860
62$3,878,461$3,334,108$3,184,958$3,820,672
63$4,223,164$3,446,579$3,240,753$4,048,577
64$4,601,423$3,562,957$3,296,814$4,295,197
65$5,016,610$3,683,384$3,353,100$4,562,315
66$5,472,440$3,808,006$3,409,565$4,851,893
67$5,973,006$3,936,975$3,466,162$5,166,087
68$6,522,814$4,070,448$3,522,840$5,507,274
69$7,126,830$4,208,590$3,579,544$5,878,065
70$7,790,524$4,351,568$3,636,216$6,281,336
71$8,519,923$4,499,561$3,692,795$6,720,251
72$9,321,666$4,652,750$3,749,215$7,198,294
73$10,203,068$4,811,326$3,805,405$7,719,300
74$11,172,185$4,975,486$3,861,290$8,287,489
75$12,237,898$5,145,434$3,916,793$8,907,508
76$13,409,986$5,321,383$3,971,829$9,584,474
77$14,699,229$5,503,555$4,026,309$10,324,021
78$16,117,498$5,692,177$4,080,139$11,132,352
79$17,677,879$5,887,489$4,133,219$12,016,297
80$19,394,784$6,089,738$4,185,443$12,983,381
81$21,284,097$6,299,181$4,236,701$14,041,886
82$23,363,319$6,516,084$4,286,874$15,200,938
83$25,651,730$6,740,725$4,335,837$16,470,585
84$28,170,578$6,973,392$4,383,459$17,861,897
85$30,943,273$7,214,385$4,429,601$19,387,063
86$33,995,611$7,464,013$4,474,117$21,059,513
87$37,356,016$7,722,602$4,516,852$22,894,038
88$41,055,806$7,990,486$4,557,643$24,906,934
89$45,129,494$8,268,016$4,596,320$27,116,148
90$49,615,106$8,555,553$4,632,700$29,541,456
91$54,554,547$8,853,475$4,666,596$32,204,639
92$59,993,990$9,162,174$4,697,806$35,129,695
93$65,984,314$9,482,058$4,726,120$38,343,063
94$72,581,587$9,813,551$4,751,317$41,873,868
95$79,847,587$10,157,094$4,773,165$45,754,200
96$87,850,394$10,513,144$4,791,419$50,019,414
97$96,665,025$10,882,180$4,805,823$54,708,460
98$106,374,147$11,264,695$4,816,107$59,864,255
99$117,068,851$11,661,206$4,821,987$65,534,084
100$128,849,518$12,072,250$4,823,168$71,770,043