Can I retire at age 60 with 989,000?

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 $989,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$81,671$80,943$80,233$79,541$78,864$76,066
2 years$40,431$39,678$38,948$38,241$37,554$34,765
3 years$26,686$25,930$25,202$24,501$23,826$21,133
4 years$19,815$19,061$18,341$17,652$16,993$14,417
5 years$15,694$14,944$14,233$13,558$12,918$10,466
6 years$12,947$12,203$11,502$10,843$10,221$7,895
7 years$10,986$10,248$9,559$8,914$8,313$6,112
8 years$9,515$8,785$8,106$7,478$6,896$4,819
9 years$8,373$7,649$6,982$6,370$5,808$3,851
10 years$7,459$6,742$6,087$5,491$4,948$3,109
11 years$6,712$6,002$5,359$4,779$4,256$2,530
12 years$6,089$5,387$4,756$4,191$3,688$2,072
13 years$5,563$4,868$4,249$3,700$3,216$1,705
14 years$5,113$4,425$3,818$3,285$2,819$1,408
15 years$4,723$4,042$3,447$2,929$2,482$1,167
16 years$4,382$3,709$3,125$2,623$2,194$970
17 years$4,081$3,416$2,844$2,357$1,945$808
18 years$3,814$3,156$2,596$2,124$1,730$674
19 years$3,576$2,925$2,377$1,919$1,542$563
20 years$3,361$2,718$2,181$1,738$1,377$471
21 years$3,168$2,532$2,006$1,577$1,232$394
22 years$2,992$2,363$1,849$1,434$1,104$331
23 years$2,831$2,210$1,707$1,306$991$277
24 years$2,685$2,071$1,579$1,191$891$233
25 years$2,550$1,944$1,462$1,088$802$195
26 years$2,426$1,827$1,356$995$722$164
27 years$2,311$1,719$1,259$911$651$138
28 years$2,204$1,620$1,171$834$588$116
29 years$2,105$1,528$1,090$765$531$97
30 years$2,013$1,443$1,015$702$479$82
31 years$1,927$1,364$946$645$433$69
32 years$1,847$1,291$883$593$392$58
33 years$1,771$1,223$824$545$355$49
34 years$1,700$1,159$770$501$321$41
35 years$1,634$1,099$720$462$291$35
36 years$1,571$1,043$674$425$264$29
37 years$1,511$991$630$392$239$24
38 years$1,455$942$590$361$217$21
39 years$1,402$895$553$333$196$17
40 years$1,352$852$518$307$178$15
41 years$1,304$811$486$283$162$12
42 years$1,259$772$456$261$147$10
43 years$1,216$736$428$241$133$9
44 years$1,175$701$402$223$121$7
45 years$1,136$669$377$206$110$6
46 years$1,099$638$354$190$100$5
47 years$1,063$609$333$176$90$4
48 years$1,029$581$313$162$82$4
49 years$997$555$294$150$75$3
50 years$966$530$276$139$68$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $989,000, adding $3,521 every year, while hoping to spend $56,643 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: 30/40/30 Blend
59$989,000$989,000$989,000$989,000
60$1,093,510$1,041,093$1,025,763$1,116,176
61$1,144,780$1,031,839$999,859$1,125,061
62$1,199,382$1,020,233$971,188$1,129,468
63$1,257,594$1,006,100$939,598$1,133,106
64$1,319,725$989,254$904,931$1,135,951
65$1,386,109$969,500$867,018$1,137,979
66$1,457,115$946,628$825,686$1,139,172
67$1,533,146$920,419$780,753$1,139,512
68$1,614,647$890,639$732,027$1,138,991
69$1,702,101$857,041$679,311$1,137,603
70$1,796,043$819,364$622,395$1,135,351
71$1,897,058$777,331$561,063$1,132,244
72$2,005,787$730,649$495,088$1,128,303
73$2,122,936$679,010$424,233$1,123,557
74$2,249,280$622,086$348,249$1,118,048
75$2,385,670$559,531$266,879$1,111,833
76$2,533,041$490,981$179,852$1,104,984
77$2,692,421$416,049$86,887$1,097,592
78$2,864,939$334,327$0$1,089,767
79$3,051,838$245,384$0$1,085,591
80$3,254,483$148,765$0$1,111,215
81$3,474,376$43,990$0$1,139,093
82$3,713,167$0$0$1,169,556
83$3,972,674$0$0$1,233,549
84$4,254,895$0$0$1,324,337
85$4,562,028$0$0$1,423,282
86$4,896,492$0$0$1,531,181
87$5,260,949$0$0$1,648,911
88$5,658,329$0$0$1,777,439
89$6,091,856$0$0$1,917,827
90$6,565,079$0$0$2,071,245
91$7,081,903$0$0$2,238,984
92$7,646,630$0$0$2,422,460
93$8,263,994$0$0$2,623,237
94$8,939,207$0$0$2,843,034
95$9,678,009$0$0$3,083,746
96$10,486,720$0$0$3,347,458
97$11,372,298$0$0$3,636,467
98$12,342,407$0$0$3,953,304
99$13,405,486$0$0$4,300,754
100$14,570,830$0$0$4,681,887