Can I retire at age 61 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.2%
1 years$87,534$86,754$85,993$85,251$84,526$81,722
2 years$43,334$42,527$41,744$40,986$40,250$37,453
3 years$28,602$27,792$27,011$26,260$25,537$22,833
4 years$21,238$20,430$19,657$18,919$18,213$15,624
5 years$16,820$16,017$15,255$14,532$13,845$11,378
6 years$13,876$13,079$12,328$11,621$10,955$8,612
7 years$11,774$10,984$10,245$9,554$8,909$6,689
8 years$10,199$9,415$8,688$8,015$7,391$5,293
9 years$8,974$8,198$7,483$6,827$6,225$4,245
10 years$7,994$7,226$6,524$5,885$5,304$3,440
11 years$7,193$6,433$5,744$5,122$4,561$2,811
12 years$6,526$5,774$5,097$4,492$3,953$2,311
13 years$5,963$5,218$4,554$3,966$3,447$1,909
14 years$5,480$4,743$4,092$3,521$3,021$1,584
15 years$5,062$4,333$3,695$3,140$2,660$1,318
16 years$4,696$3,975$3,350$2,811$2,351$1,100
17 years$4,374$3,661$3,048$2,526$2,085$920
18 years$4,088$3,383$2,782$2,276$1,854$771
19 years$3,832$3,135$2,547$2,057$1,652$647
20 years$3,603$2,913$2,338$1,863$1,476$544
21 years$3,395$2,714$2,150$1,691$1,321$458
22 years$3,206$2,533$1,982$1,537$1,184$385
23 years$3,035$2,369$1,830$1,400$1,063$325
24 years$2,877$2,220$1,692$1,277$955$274
25 years$2,733$2,083$1,567$1,166$859$231
26 years$2,600$1,958$1,454$1,066$774$195
27 years$2,477$1,843$1,350$976$698$165
28 years$2,363$1,736$1,255$894$630$139
29 years$2,256$1,638$1,168$820$569$117
30 years$2,158$1,547$1,088$753$514$99
31 years$2,065$1,462$1,014$691$465$84
32 years$1,979$1,384$946$635$420$71
33 years$1,898$1,310$883$584$380$60
34 years$1,822$1,242$825$537$344$51
35 years$1,751$1,178$772$495$312$43
36 years$1,684$1,118$722$456$283$36
37 years$1,620$1,062$676$420$256$31
38 years$1,560$1,009$633$387$232$26
39 years$1,503$960$593$357$211$22
40 years$1,449$913$556$329$191$19
41 years$1,398$869$521$304$173$16
42 years$1,350$828$489$280$157$13
43 years$1,303$789$459$259$143$11
44 years$1,259$752$430$239$130$9
45 years$1,218$717$404$221$118$8
46 years$1,178$684$380$204$107$7
47 years$1,140$653$357$188$97$6
48 years$1,103$623$335$174$88$5
49 years$1,068$595$315$161$80$4
50 years$1,035$568$296$149$73$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $1,060,000, adding $2,784 every year, while hoping to spend $54,316 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: 74/5/21 Blend
60$1,060,000$1,060,000$1,060,000$1,060,000
61$1,170,992$1,114,812$1,098,382$1,251,535
62$1,232,641$1,111,646$1,077,386$1,302,241
63$1,298,758$1,106,504$1,053,866$1,350,938
64$1,369,741$1,099,233$1,027,680$1,402,919
65$1,446,028$1,089,668$998,681$1,458,498
66$1,528,098$1,077,637$966,712$1,518,025
67$1,616,478$1,062,955$931,611$1,581,884
68$1,711,748$1,045,429$893,208$1,650,501
69$1,814,541$1,024,850$851,326$1,724,344
70$1,925,558$1,001,002$805,779$1,803,932
71$2,045,566$973,651$756,374$1,889,837
72$2,175,408$942,555$702,906$1,982,690
73$2,316,011$907,451$645,165$2,083,187
74$2,468,396$868,068$582,930$2,192,098
75$2,633,682$824,113$515,968$2,310,271
76$2,813,103$775,280$444,038$2,438,644
77$3,008,015$721,244$366,888$2,578,252
78$3,219,909$661,661$284,256$2,730,234
79$3,450,426$596,169$195,865$2,895,851
80$3,701,371$524,384$101,428$3,076,493
81$3,974,732$445,899$647$3,273,693
82$4,272,693$360,287$0$3,489,146
83$4,597,662$267,095$0$3,748,671
84$4,952,286$165,845$0$4,032,088
85$5,339,480$56,032$0$4,341,601
86$5,762,452$0$0$4,679,800
87$6,224,736$0$0$5,052,993
88$6,730,219$0$0$5,464,475
89$7,283,185$0$0$5,914,655
90$7,888,348$0$0$6,407,377
91$8,550,898$0$0$6,946,874
92$9,276,554$0$0$7,537,806
93$10,071,611$0$0$8,185,307
94$10,943,003$0$0$8,895,031
95$11,898,365$0$0$9,673,204
96$12,946,109$0$0$10,526,683
97$14,095,496$0$0$11,463,021
98$15,356,731$0$0$12,490,538
99$16,741,052$0$0$13,618,398
100$18,260,839$0$0$14,856,696