The switch must be momentary. The output will never reset if pin 2 stays low.
The datasheet of the NE555 from Philips shows how to capacitor-couple a continuous switch closure to work.
The datasheet also shows that a 555 needs a supply bypass capacitor close to the IC.
And a 120K resistor and a 470uF cap is 62 Seconds.
However, Electrolytic Caps usually have High Leakage, and that can result in it Not operating as expected.
Electrolytic caps also have Very Poor Tollerances.
So Electrolytic caps are typically + or - 20% of rated value. Sometimes even WORSE.
A Tantalum cap would be Better for tollerance and leakage.
So I would recomment a 1.2 Meg Resistor and a 47uf Tantalum.
And a 120K resistor and a 470uF cap is 62 Seconds.
However, Electrolytic Caps usually have High Leakage, and that can result in it Not operating as expected.
Electrolytic caps also have Very Poor Tollerances.
So Electrolytic caps are typically + or - 20% of rated value. Sometimes even WORSE.
A Tantalum cap would be Better for tollerance and leakage.
So I would recomment a 1.2 Meg Resistor and a 47uf Tantalum.
If you want a consistent 60sec period it would be better to avoid electrolytic caps altogether. That would probably mean using e.g. a CD4060, or using the 555 to drive a counting IC (e.g. CD4024).