Can I retire at age 60 with 971,000?

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 $971,000?

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$80,184$79,470$78,773$78,093$77,429$76,684
2 years$39,695$38,956$38,239$37,545$36,871$36,121
3 years$26,201$25,458$24,743$24,055$23,392$22,660
4 years$19,455$18,714$18,007$17,330$16,684$15,975
5 years$15,408$14,672$13,974$13,311$12,683$11,999
6 years$12,711$11,981$11,293$10,645$10,035$9,378
7 years$10,786$10,062$9,385$8,752$8,161$7,531
8 years$9,342$8,625$7,959$7,342$6,771$6,167
9 years$8,220$7,509$6,855$6,254$5,702$5,124
10 years$7,323$6,619$5,976$5,391$4,858$4,307
11 years$6,589$5,893$5,261$4,692$4,178$3,652
12 years$5,979$5,289$4,669$4,115$3,621$3,120
13 years$5,462$4,780$4,172$3,633$3,157$2,681
14 years$5,020$4,345$3,748$3,225$2,768$2,315
15 years$4,637$3,969$3,384$2,876$2,437$2,008
16 years$4,302$3,641$3,068$2,575$2,154$1,747
17 years$4,007$3,354$2,792$2,314$1,910$1,525
18 years$3,745$3,099$2,549$2,085$1,698$1,334
19 years$3,511$2,872$2,333$1,884$1,513$1,170
20 years$3,300$2,669$2,141$1,707$1,352$1,028
21 years$3,110$2,486$1,970$1,549$1,210$904
22 years$2,937$2,320$1,815$1,408$1,084$797
23 years$2,780$2,170$1,676$1,282$973$703
24 years$2,636$2,033$1,550$1,170$875$621
25 years$2,503$1,908$1,436$1,068$787$549
26 years$2,381$1,793$1,332$977$709$486
27 years$2,269$1,688$1,237$894$639$430
28 years$2,164$1,590$1,150$819$577$381
29 years$2,067$1,500$1,070$751$521$338
30 years$1,977$1,417$996$689$471$300
31 years$1,892$1,339$929$633$426$266
32 years$1,813$1,267$867$582$385$236
33 years$1,739$1,200$809$535$348$210
34 years$1,669$1,138$756$492$315$186
35 years$1,604$1,079$707$453$286$166
36 years$1,542$1,024$661$417$259$147
37 years$1,484$973$619$385$235$131
38 years$1,429$924$580$354$213$116
39 years$1,377$879$543$327$193$103
40 years$1,328$836$509$301$175$92
41 years$1,281$796$477$278$159$82
42 years$1,236$758$448$257$144$73
43 years$1,194$722$420$237$131$65
44 years$1,154$689$394$219$119$58
45 years$1,115$657$370$202$108$51
46 years$1,079$626$348$187$98$46
47 years$1,044$598$327$172$89$41
48 years$1,010$571$307$159$81$36
49 years$979$545$289$147$73$32
50 years$948$521$271$136$67$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $971,000, adding $3,699 every year, while hoping to spend $59,683 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: 54/22/24 Blend
59$971,000$971,000$971,000$971,000
60$1,073,858$1,022,395$1,007,344$1,124,559
61$1,119,889$1,008,990$977,588$1,146,452
62$1,168,615$992,928$944,834$1,163,764
63$1,220,248$974,015$908,920$1,181,370
64$1,275,019$952,048$869,675$1,199,316
65$1,333,181$926,808$826,920$1,217,660
66$1,395,011$898,068$780,467$1,236,467
67$1,460,812$865,583$730,123$1,255,812
68$1,530,916$829,097$675,683$1,275,784
69$1,605,685$788,338$616,933$1,296,482
70$1,685,516$743,019$553,652$1,318,022
71$1,770,846$692,834$485,607$1,340,536
72$1,862,152$637,462$412,554$1,364,174
73$1,959,957$576,564$334,241$1,389,105
74$2,064,837$509,779$250,402$1,415,523
75$2,177,420$436,729$160,760$1,443,647
76$2,298,399$357,011$65,028$1,473,725
77$2,428,533$270,201$0$1,506,035
78$2,568,655$175,852$0$1,550,403
79$2,719,680$73,491$0$1,616,062
80$2,882,614$0$0$1,686,825
81$3,058,562$0$0$1,772,276
82$3,248,736$0$0$1,883,939
83$3,454,472$0$0$2,004,815
84$3,677,235$0$0$2,135,774
85$3,918,638$0$0$2,277,775
86$4,180,453$0$0$2,431,871
87$4,464,630$0$0$2,599,220
88$4,773,312$0$0$2,781,097
89$5,108,859$0$0$2,978,903
90$5,473,865$0$0$3,194,181
91$5,871,184$0$0$3,428,626
92$6,303,958$0$0$3,684,108
93$6,775,644$0$0$3,962,680
94$7,290,044$0$0$4,266,604
95$7,851,347$0$0$4,598,370
96$8,464,161$0$0$4,960,718
97$9,133,559$0$0$5,356,665
98$9,865,126$0$0$5,789,533
99$10,665,012$0$0$6,262,977
100$11,539,985$0$0$6,781,024