Can I retire at age 58 with 2,930,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $2,930,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$241,957$239,801$237,699$235,646$233,642$227,717
2 years$119,781$117,550$115,388$113,292$111,258$105,327
3 years$79,060$76,820$74,664$72,587$70,587$64,835
4 years$58,704$56,471$54,336$52,295$50,343$44,815
5 years$46,494$44,274$42,167$40,167$38,270$32,981
6 years$38,356$36,153$34,077$32,122$30,282$25,238
7 years$32,546$30,361$28,318$26,409$24,627$19,828
8 years$28,190$26,025$24,016$22,154$20,431$15,874
9 years$24,804$22,660$20,685$18,870$17,206$12,888
10 years$22,097$19,973$18,034$16,267$14,660$10,576
11 years$19,884$17,781$15,877$14,157$12,608$8,752
12 years$18,040$15,959$14,090$12,417$10,926$7,291
13 years$16,482$14,423$12,589$10,963$9,528$6,106
14 years$15,147$13,110$11,311$9,731$8,352$5,136
15 years$13,991$11,976$10,212$8,679$7,354$4,336
16 years$12,981$10,988$9,259$7,771$6,499$3,671
17 years$12,091$10,119$8,425$6,982$5,763$3,116
18 years$11,300$9,351$7,691$6,292$5,124$2,651
19 years$10,593$8,666$7,041$5,686$4,567$2,258
20 years$9,958$8,053$6,462$5,149$4,079$1,927
21 years$9,384$7,501$5,944$4,673$3,651$1,646
22 years$8,863$7,002$5,478$4,249$3,272$1,408
23 years$8,388$6,549$5,058$3,870$2,937$1,205
24 years$7,953$6,136$4,678$3,530$2,640$1,033
25 years$7,554$5,758$4,332$3,223$2,376$885
26 years$7,186$5,412$4,018$2,947$2,140$759
27 years$6,846$5,093$3,731$2,698$1,929$652
28 years$6,530$4,799$3,469$2,472$1,741$559
29 years$6,237$4,527$3,228$2,267$1,572$480
30 years$5,964$4,276$3,007$2,080$1,420$413
31 years$5,709$4,042$2,803$1,910$1,284$355
32 years$5,471$3,824$2,615$1,756$1,162$305
33 years$5,247$3,622$2,442$1,615$1,051$262
34 years$5,037$3,433$2,282$1,486$952$225
35 years$4,840$3,256$2,133$1,368$862$194
36 years$4,654$3,090$1,995$1,259$781$167
37 years$4,478$2,935$1,868$1,160$708$143
38 years$4,312$2,789$1,749$1,070$642$123
39 years$4,155$2,652$1,639$986$582$106
40 years$4,006$2,524$1,536$910$528$91
41 years$3,865$2,402$1,440$839$479$78
42 years$3,730$2,288$1,351$775$435$67
43 years$3,603$2,180$1,268$715$394$58
44 years$3,481$2,078$1,190$660$358$50
45 years$3,366$1,981$1,117$610$325$43
46 years$3,255$1,890$1,049$563$295$37
47 years$3,150$1,804$986$520$268$32
48 years$3,049$1,722$926$481$243$27
49 years$2,953$1,644$871$444$221$24
50 years$2,861$1,571$819$411$201$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,930,000, adding $6,083 every year, while hoping to spend $45,889 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: 65/15/20 Blend
57$2,930,000$2,930,000$2,930,000$2,930,000
58$3,235,135$3,079,845$3,034,430$3,428,653
59$3,516,293$3,181,931$3,087,257$3,661,457
60$3,824,591$3,287,483$3,140,317$3,909,990
61$4,162,749$3,396,619$3,193,568$4,180,520
62$4,533,763$3,509,467$3,246,966$4,475,203
63$4,940,933$3,626,157$3,300,465$4,796,413
64$5,387,893$3,746,823$3,354,015$5,146,766
65$5,878,646$3,871,606$3,407,563$5,529,140
66$6,417,604$4,000,650$3,461,052$5,946,706
67$7,009,624$4,134,107$3,514,422$6,402,955
68$7,660,060$4,272,132$3,567,609$6,901,732
69$8,374,807$4,414,887$3,620,545$7,447,273
70$9,160,361$4,562,540$3,673,157$8,044,242
71$10,023,877$4,715,265$3,725,367$8,697,776
72$10,973,242$4,873,241$3,777,096$9,413,534
73$12,017,139$5,036,657$3,828,255$10,197,751
74$13,165,140$5,205,706$3,878,755$11,057,293
75$14,427,788$5,380,589$3,928,497$11,999,724
76$15,816,700$5,561,515$3,977,379$13,033,377
77$17,344,675$5,748,701$4,025,292$14,167,433
78$19,025,815$5,942,372$4,072,124$15,412,004
79$20,875,660$6,142,759$4,117,751$16,778,232
80$22,911,329$6,350,106$4,162,047$18,278,394
81$25,151,686$6,564,663$4,204,877$19,926,012
82$27,617,516$6,786,690$4,246,099$21,735,988
83$30,331,723$7,016,457$4,285,564$23,724,737
84$33,319,541$7,254,246$4,323,113$25,910,349
85$36,608,777$7,500,347$4,358,580$28,312,752
86$40,230,071$7,755,062$4,391,790$30,953,905
87$44,217,183$8,018,705$4,422,560$33,858,004
88$48,607,315$8,291,602$4,450,696$37,051,706
89$53,441,460$8,574,089$4,475,993$40,564,386
90$58,764,788$8,866,519$4,498,238$44,428,411
91$64,627,074$9,169,255$4,517,206$48,679,445
92$71,083,163$9,482,676$4,532,659$53,356,786
93$78,193,493$9,807,174$4,544,351$58,503,736
94$86,024,662$10,143,159$4,552,019$64,168,010
95$94,650,056$10,491,052$4,555,391$70,402,183
96$104,150,543$10,851,295$4,554,178$77,264,193
97$114,615,235$11,224,345$4,548,079$84,817,880
98$126,142,327$11,610,676$4,536,778$93,133,591
99$138,840,027$12,010,782$4,519,943$102,288,845
100$152,827,575$12,425,176$4,497,226$112,369,062