Can I retire at age 60 with 2,980,000?

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 $2,980,000?

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 years$246,086$243,894$241,755$239,668$237,629$231,791
2 years$121,825$119,556$117,357$115,225$113,157$107,311
3 years$80,410$78,131$75,938$73,826$71,791$66,120
4 years$59,706$57,435$55,263$53,187$51,202$45,750
5 years$47,287$45,029$42,886$40,853$38,923$33,705
6 years$39,011$36,770$34,659$32,670$30,799$25,819
7 years$33,101$30,879$28,801$26,860$25,047$20,308
8 years$28,671$26,469$24,426$22,532$20,779$16,277
9 years$25,228$23,046$21,038$19,193$17,499$13,231
10 years$22,474$20,314$18,341$16,544$14,910$10,871
11 years$20,223$18,084$16,148$14,398$12,823$9,008
12 years$18,348$16,232$14,331$12,629$11,112$7,513
13 years$16,763$14,669$12,803$11,150$9,690$6,301
14 years$15,405$13,333$11,504$9,898$8,494$5,308
15 years$14,230$12,180$10,386$8,827$7,479$4,487
16 years$13,203$11,175$9,417$7,903$6,610$3,805
17 years$12,297$10,292$8,569$7,101$5,861$3,234
18 years$11,493$9,510$7,822$6,400$5,211$2,755
19 years$10,774$8,814$7,161$5,783$4,645$2,351
20 years$10,128$8,190$6,572$5,237$4,149$2,009
21 years$9,544$7,629$6,045$4,753$3,713$1,719
22 years$9,014$7,121$5,571$4,322$3,328$1,472
23 years$8,531$6,661$5,144$3,936$2,987$1,262
24 years$8,089$6,240$4,757$3,590$2,685$1,083
25 years$7,683$5,856$4,406$3,278$2,416$930
26 years$7,309$5,504$4,087$2,998$2,176$799
27 years$6,963$5,180$3,795$2,744$1,962$687
28 years$6,642$4,881$3,528$2,514$1,771$591
29 years$6,344$4,605$3,283$2,305$1,599$508
30 years$6,066$4,349$3,058$2,116$1,445$437
31 years$5,807$4,111$2,851$1,943$1,306$376
32 years$5,564$3,890$2,660$1,786$1,181$324
33 years$5,337$3,684$2,484$1,642$1,069$279
34 years$5,123$3,491$2,320$1,511$968$240
35 years$4,922$3,311$2,169$1,391$877$207
36 years$4,733$3,143$2,029$1,281$794$178
37 years$4,554$2,985$1,900$1,180$720$153
38 years$4,385$2,837$1,779$1,088$653$132
39 years$4,226$2,698$1,667$1,003$592$114
40 years$4,074$2,567$1,562$925$537$98
41 years$3,930$2,443$1,465$854$487$85
42 years$3,794$2,327$1,374$788$442$73
43 years$3,664$2,217$1,289$727$401$63
44 years$3,541$2,113$1,210$671$364$54
45 years$3,423$2,015$1,136$620$331$47
46 years$3,311$1,922$1,067$573$300$40
47 years$3,204$1,835$1,003$529$273$35
48 years$3,101$1,751$942$489$247$30
49 years$3,003$1,672$886$452$225$26
50 years$2,910$1,598$833$418$204$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $2,980,000, adding $4,907 every year, while hoping to spend $34,709 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: 35/46/19 Blend
59$2,980,000$2,980,000$2,980,000$2,980,000
60$3,289,022$3,131,082$3,084,892$3,384,885
61$3,587,572$3,247,574$3,151,305$3,572,003
62$3,915,411$3,368,612$3,218,781$3,770,181
63$4,275,489$3,494,381$3,287,316$3,983,287
64$4,671,058$3,625,074$3,356,910$4,212,669
65$5,105,698$3,760,895$3,427,559$4,459,804
66$5,583,354$3,902,054$3,499,258$4,726,315
67$6,108,373$4,048,772$3,572,000$5,013,984
68$6,685,543$4,201,277$3,645,777$5,324,766
69$7,320,139$4,359,810$3,720,581$5,660,810
70$8,017,972$4,524,620$3,796,400$6,024,476
71$8,785,447$4,695,968$3,873,221$6,418,358
72$9,629,618$4,874,126$3,951,029$6,845,304
73$10,558,257$5,059,377$4,029,807$7,308,446
74$11,579,931$5,252,017$4,109,537$7,811,228
75$12,704,074$5,452,356$4,190,196$8,357,432
76$13,941,084$5,660,716$4,271,762$8,951,222
77$15,302,416$5,877,433$4,354,208$9,597,172
78$16,800,694$6,102,859$4,437,506$10,300,314
79$18,449,825$6,337,359$4,521,622$11,066,185
80$20,265,135$6,581,317$4,606,524$11,900,872
81$22,263,509$6,835,132$4,692,173$12,811,075
82$24,463,554$7,099,220$4,778,528$13,804,162
83$26,885,772$7,374,018$4,865,544$14,888,244
84$29,552,756$7,659,979$4,953,175$16,072,243
85$32,489,397$7,957,579$5,041,366$17,365,981
86$35,723,127$8,267,312$5,130,064$18,780,264
87$39,284,172$8,589,696$5,219,207$20,326,990
88$43,205,838$8,925,271$5,308,730$22,019,253
89$47,524,826$9,274,602$5,398,565$23,871,467
90$52,281,578$9,638,278$5,488,638$25,899,501
91$57,520,660$10,016,914$5,578,868$28,120,824
92$63,291,179$10,411,154$5,669,171$30,554,673
93$69,647,248$10,821,670$5,759,457$33,222,224
94$76,648,497$11,249,162$5,849,629$36,146,798
95$84,360,637$11,694,364$5,939,585$39,354,071
96$92,856,075$12,158,041$6,029,215$42,872,321
97$102,214,605$12,640,995$6,118,403$46,732,686
98$112,524,151$13,144,060$6,207,026$50,969,459
99$123,881,606$13,668,111$6,294,953$55,620,407
100$136,393,741$14,214,059$6,382,045$60,727,126