Can I retire at age 60 with 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 $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%11.3%
1 years$80,102$79,388$78,692$78,013$77,349$76,926
2 years$39,654$38,916$38,200$37,506$36,833$36,406
3 years$26,174$25,432$24,718$24,030$23,368$22,951
4 years$19,435$18,695$17,988$17,313$16,666$16,262
5 years$15,392$14,657$13,960$13,298$12,670$12,279
6 years$12,698$11,969$11,282$10,634$10,025$9,648
7 years$10,775$10,051$9,375$8,743$8,153$7,791
8 years$9,333$8,616$7,951$7,334$6,764$6,416
9 years$8,212$7,502$6,848$6,247$5,696$5,363
10 years$7,315$6,612$5,970$5,385$4,853$4,534
11 years$6,583$5,887$5,256$4,687$4,174$3,869
12 years$5,972$5,283$4,665$4,111$3,617$3,326
13 years$5,456$4,775$4,168$3,629$3,154$2,877
14 years$5,015$4,340$3,745$3,222$2,765$2,500
15 years$4,632$3,965$3,381$2,873$2,434$2,183
16 years$4,297$3,638$3,065$2,573$2,152$1,912
17 years$4,003$3,350$2,789$2,311$1,908$1,681
18 years$3,741$3,096$2,546$2,083$1,696$1,481
19 years$3,507$2,869$2,331$1,882$1,512$1,308
20 years$3,297$2,666$2,139$1,705$1,350$1,158
21 years$3,107$2,483$1,968$1,547$1,209$1,026
22 years$2,934$2,318$1,814$1,407$1,083$911
23 years$2,777$2,168$1,674$1,281$972$810
24 years$2,633$2,031$1,549$1,168$874$721
25 years$2,501$1,906$1,434$1,067$786$642
26 years$2,379$1,792$1,330$976$708$573
27 years$2,266$1,686$1,235$893$639$511
28 years$2,162$1,589$1,148$818$576$457
29 years$2,065$1,499$1,069$750$520$408
30 years$1,975$1,415$995$689$470$365
31 years$1,890$1,338$928$632$425$326
32 years$1,811$1,266$866$581$385$292
33 years$1,737$1,199$808$535$348$262
34 years$1,668$1,136$755$492$315$234
35 years$1,602$1,078$706$453$285$210
36 years$1,541$1,023$661$417$259$188
37 years$1,482$972$618$384$234$169
38 years$1,427$923$579$354$212$151
39 years$1,375$878$542$326$193$136
40 years$1,326$835$508$301$175$122
41 years$1,279$795$477$278$159$109
42 years$1,235$757$447$256$144$98
43 years$1,193$722$420$237$131$88
44 years$1,152$688$394$219$119$79
45 years$1,114$656$370$202$108$71
46 years$1,078$626$347$186$98$64
47 years$1,043$597$326$172$89$57
48 years$1,009$570$307$159$81$51
49 years$978$544$288$147$73$46
50 years$947$520$271$136$66$41

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $970,000, adding $2,257 every year, while hoping to spend $30,415 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: 54/37/9 Blend
59$970,000$970,000$970,000$970,000
60$1,071,268$1,019,858$1,004,823$1,126,614
61$1,148,176$1,037,470$1,006,123$1,181,981
62$1,231,909$1,054,925$1,006,448$1,238,692
63$1,323,132$1,072,184$1,005,732$1,299,689
64$1,422,575$1,089,204$1,003,907$1,365,384
65$1,531,042$1,105,940$1,000,902$1,436,232
66$1,649,418$1,122,341$996,643$1,512,733
67$1,778,679$1,138,356$991,050$1,595,440
68$1,919,896$1,153,928$984,043$1,684,961
69$2,074,251$1,168,996$975,534$1,781,968
70$2,243,044$1,183,496$965,433$1,887,202
71$2,427,706$1,197,359$953,647$2,001,477
72$2,629,814$1,210,511$940,075$2,125,696
73$2,851,102$1,222,873$924,616$2,260,850
74$3,093,483$1,234,363$907,159$2,408,034
75$3,359,062$1,244,890$887,592$2,568,457
76$3,650,156$1,254,359$865,796$2,743,449
77$3,969,318$1,262,669$841,646$2,934,478
78$4,319,360$1,269,711$815,013$3,143,165
79$4,703,380$1,275,372$785,761$3,371,296
80$5,124,788$1,279,528$753,747$3,620,838
81$5,587,342$1,282,051$718,823$3,893,966
82$6,095,181$1,282,802$680,834$4,193,073
83$6,652,864$1,281,634$639,617$4,520,801
84$7,265,415$1,278,392$595,002$4,880,064
85$7,938,365$1,272,911$546,813$5,274,072
86$8,677,810$1,265,016$494,863$5,706,368
87$9,490,465$1,254,521$438,960$6,180,858
88$10,383,728$1,241,228$378,900$6,701,849
89$11,365,749$1,224,928$314,474$7,274,091
90$12,445,507$1,205,401$245,460$7,902,819
91$13,632,894$1,182,411$171,628$8,593,810
92$14,938,809$1,155,709$92,738$9,353,430
93$16,375,262$1,125,034$8,540$10,188,700
94$17,955,484$1,090,105$0$11,107,360
95$19,694,050$1,050,627$0$12,125,756
96$21,607,025$1,006,290$0$13,246,871
97$23,712,105$956,761$0$14,480,288
98$26,028,789$901,692$0$15,837,474
99$28,578,564$840,714$0$17,331,073
100$31,385,104$773,434$0$18,975,019