Can I retire at age 60 with 947,000?

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 $947,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$78,202$77,506$76,826$76,163$75,515$74,789
2 years$38,714$37,993$37,294$36,617$35,960$35,228
3 years$25,553$24,829$24,132$23,461$22,814$22,100
4 years$18,974$18,252$17,562$16,902$16,271$15,580
5 years$15,027$14,310$13,629$12,982$12,369$11,703
6 years$12,397$11,685$11,014$10,382$9,787$9,146
7 years$10,519$9,813$9,153$8,536$7,960$7,345
8 years$9,111$8,412$7,762$7,160$6,603$6,014
9 years$8,017$7,324$6,686$6,099$5,561$4,998
10 years$7,142$6,456$5,829$5,257$4,738$4,200
11 years$6,427$5,747$5,131$4,576$4,075$3,562
12 years$5,831$5,158$4,554$4,013$3,531$3,043
13 years$5,327$4,661$4,069$3,543$3,079$2,615
14 years$4,896$4,237$3,656$3,145$2,699$2,258
15 years$4,522$3,871$3,301$2,805$2,377$1,958
16 years$4,196$3,551$2,993$2,512$2,101$1,704
17 years$3,908$3,271$2,723$2,257$1,863$1,487
18 years$3,652$3,022$2,486$2,034$1,656$1,301
19 years$3,424$2,801$2,276$1,838$1,476$1,141
20 years$3,219$2,603$2,088$1,664$1,318$1,002
21 years$3,033$2,424$1,921$1,510$1,180$882
22 years$2,865$2,263$1,771$1,373$1,058$777
23 years$2,711$2,117$1,635$1,251$949$686
24 years$2,571$1,983$1,512$1,141$853$606
25 years$2,442$1,861$1,400$1,042$768$536
26 years$2,323$1,749$1,299$953$692$474
27 years$2,213$1,646$1,206$872$624$420
28 years$2,111$1,551$1,121$799$563$372
29 years$2,016$1,463$1,043$733$508$330
30 years$1,928$1,382$972$672$459$292
31 years$1,845$1,306$906$617$415$259
32 years$1,768$1,236$845$567$375$230
33 years$1,696$1,171$789$522$340$205
34 years$1,628$1,109$737$480$308$182
35 years$1,564$1,052$689$442$279$161
36 years$1,504$999$645$407$252$143
37 years$1,447$949$604$375$229$128
38 years$1,394$902$565$346$207$113
39 years$1,343$857$530$319$188$101
40 years$1,295$816$496$294$171$90
41 years$1,249$776$465$271$155$80
42 years$1,206$739$437$250$140$71
43 years$1,164$705$410$231$127$63
44 years$1,125$672$385$213$116$56
45 years$1,088$640$361$197$105$50
46 years$1,052$611$339$182$95$45
47 years$1,018$583$319$168$87$40
48 years$985$557$299$155$79$35
49 years$954$531$281$144$71$31
50 years$925$508$265$133$65$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $947,000, adding $4,656 every year, while hoping to spend $55,721 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: 53/23/24 Blend
59$947,000$947,000$947,000$947,000
60$1,048,397$998,206$983,527$1,096,765
61$1,096,046$987,831$957,189$1,120,262
62$1,146,689$975,081$928,100$1,139,686
63$1,200,571$959,779$896,111$1,159,671
64$1,257,961$941,740$861,063$1,180,291
65$1,319,156$920,768$822,791$1,201,630
66$1,384,478$896,655$781,123$1,223,784
67$1,454,283$869,178$735,879$1,246,862
68$1,528,958$838,106$686,869$1,270,989
69$1,608,930$803,191$633,897$1,296,304
70$1,694,665$764,172$576,757$1,322,967
71$1,786,676$720,772$515,234$1,351,157
72$1,885,526$672,699$449,103$1,381,077
73$1,991,832$619,644$378,131$1,412,954
74$2,106,272$561,279$302,071$1,447,044
75$2,229,589$497,260$220,668$1,483,637
76$2,362,602$427,220$133,655$1,523,055
77$2,506,209$350,775$40,753$1,565,661
78$2,661,396$267,516$0$1,611,861
79$2,829,248$177,014$0$1,677,061
80$3,010,957$78,814$0$1,758,927
81$3,207,834$0$0$1,847,661
82$3,421,319$0$0$1,950,958
83$3,652,999$0$0$2,084,783
84$3,904,614$0$0$2,230,204
85$4,178,084$0$0$2,388,342
86$4,475,516$0$0$2,560,425
87$4,799,231$0$0$2,747,807
88$5,151,782$0$0$2,951,978
89$5,535,979$0$0$3,174,578
90$5,954,913$0$0$3,417,410
91$6,411,988$0$0$3,682,459
92$6,910,950$0$0$3,971,913
93$7,455,921$0$0$4,288,177
94$8,051,441$0$0$4,633,901
95$8,702,507$0$0$5,012,001
96$9,414,621$0$0$5,425,689
97$10,193,841$0$0$5,878,500
98$11,046,837$0$0$6,374,329
99$11,980,956$0$0$6,917,463
100$13,004,286$0$0$7,512,625