Can I retire at age 61 with 2,950,000?

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 $2,950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$243,608$241,438$239,321$237,255$235,237$230,676
2 years$120,598$118,352$116,175$114,065$112,018$107,441
3 years$79,600$77,344$75,173$73,082$71,069$66,619
4 years$59,105$56,856$54,707$52,652$50,687$46,399
5 years$46,811$44,576$42,455$40,442$38,531$34,417
6 years$38,618$36,400$34,310$32,341$30,488$26,552
7 years$32,768$30,568$28,512$26,590$24,795$21,038
8 years$28,383$26,203$24,180$22,305$20,570$16,991
9 years$24,974$22,814$20,826$18,999$17,323$13,919
10 years$22,248$20,110$18,157$16,378$14,760$11,529
11 years$20,019$17,902$15,985$14,253$12,694$9,632
12 years$18,163$16,068$14,186$12,502$11,000$8,102
13 years$16,594$14,521$12,674$11,038$9,593$6,854
14 years$15,250$13,199$11,388$9,798$8,409$5,825
15 years$14,087$12,058$10,282$8,738$7,404$4,969
16 years$13,070$11,063$9,322$7,824$6,544$4,252
17 years$12,173$10,188$8,483$7,030$5,802$3,649
18 years$11,377$9,414$7,744$6,335$5,159$3,138
19 years$10,666$8,725$7,089$5,724$4,598$2,704
20 years$10,026$8,108$6,506$5,185$4,107$2,333
21 years$9,448$7,552$5,984$4,705$3,675$2,016
22 years$8,924$7,050$5,515$4,278$3,295$1,745
23 years$8,445$6,593$5,092$3,896$2,957$1,511
24 years$8,008$6,178$4,710$3,554$2,658$1,310
25 years$7,606$5,797$4,362$3,245$2,392$1,136
26 years$7,235$5,449$4,046$2,967$2,155$987
27 years$6,892$5,128$3,757$2,716$1,943$857
28 years$6,575$4,832$3,492$2,489$1,753$745
29 years$6,280$4,558$3,250$2,282$1,583$647
30 years$6,005$4,305$3,027$2,094$1,430$563
31 years$5,748$4,070$2,822$1,923$1,293$490
32 years$5,508$3,851$2,633$1,768$1,170$426
33 years$5,283$3,647$2,459$1,626$1,058$371
34 years$5,072$3,456$2,297$1,496$958$323
35 years$4,873$3,278$2,148$1,377$868$281
36 years$4,685$3,111$2,009$1,268$786$245
37 years$4,508$2,955$1,880$1,168$713$213
38 years$4,341$2,808$1,761$1,077$646$186
39 years$4,183$2,671$1,650$993$586$162
40 years$4,033$2,541$1,546$916$531$141
41 years$3,891$2,419$1,450$845$482$123
42 years$3,756$2,303$1,360$780$438$107
43 years$3,627$2,195$1,276$720$397$93
44 years$3,505$2,092$1,198$665$360$81
45 years$3,388$1,995$1,125$614$327$71
46 years$3,277$1,903$1,057$567$297$62
47 years$3,171$1,816$993$524$270$54
48 years$3,070$1,734$933$484$245$47
49 years$2,973$1,656$877$447$223$41
50 years$2,880$1,581$824$414$202$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $2,950,000, adding $6,614 every year, while hoping to spend $21,792 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: 84/9/7 Blend
60$2,950,000$2,950,000$2,950,000$2,950,000
61$3,257,722$3,101,372$3,055,647$3,528,839
62$3,566,824$3,230,153$3,134,825$3,835,628
63$3,906,723$3,364,514$3,215,925$4,168,886
64$4,280,538$3,504,705$3,298,988$4,534,233
65$4,691,706$3,650,988$3,384,057$4,934,880
66$5,144,011$3,803,637$3,471,174$5,374,357
67$5,641,624$3,962,940$3,560,382$5,856,558
68$6,189,141$4,129,195$3,651,726$6,385,767
69$6,791,625$4,302,717$3,745,251$6,966,704
70$7,454,654$4,483,834$3,841,000$7,604,567
71$8,184,377$4,672,890$3,939,022$8,305,084
72$8,987,566$4,870,244$4,039,362$9,074,560
73$9,871,684$5,076,273$4,142,067$9,919,944
74$10,844,955$5,291,369$4,247,185$10,848,889
75$11,916,440$5,515,946$4,354,765$11,869,824
76$13,096,124$5,750,433$4,464,857$12,992,037
77$14,395,007$5,995,284$4,577,508$14,225,757
78$15,825,214$6,250,969$4,692,771$15,582,257
79$17,400,102$6,517,982$4,810,695$17,073,950
80$19,134,391$6,796,842$4,931,332$18,714,516
81$21,044,301$7,088,090$5,054,734$20,519,024
82$23,147,706$7,392,292$5,180,953$22,504,076
83$25,464,300$7,710,042$5,310,043$24,687,964
84$28,015,785$8,041,961$5,442,056$27,090,839
85$30,826,077$8,388,699$5,577,047$29,734,905
86$33,921,528$8,750,937$5,715,069$32,644,624
87$37,331,178$9,129,386$5,856,178$35,846,949
88$41,087,026$9,524,794$6,000,428$39,371,575
89$45,224,335$9,937,941$6,147,874$43,251,223
90$49,781,961$10,369,645$6,298,573$47,521,942
91$54,802,726$10,820,762$6,452,579$52,223,455
92$60,333,812$11,292,188$6,609,949$57,399,530
93$66,427,218$11,784,862$6,770,740$63,098,391
94$73,140,241$12,299,767$6,935,006$69,373,174
95$80,536,022$12,837,931$7,102,805$76,282,430
96$88,684,140$13,400,434$7,274,192$83,890,673
97$97,661,269$13,988,402$7,449,225$92,268,989
98$107,551,903$14,603,018$7,627,959$101,495,707
99$118,449,151$15,245,520$7,810,449$111,657,139
100$130,455,617$15,917,204$7,996,752$122,848,389