Can I retire at age 58 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.5%
1 years$242,782$240,620$238,510$236,451$234,440$225,494
2 years$120,189$117,951$115,782$113,678$111,638$102,731
3 years$79,330$77,082$74,918$72,835$70,828$62,239
4 years$58,905$56,664$54,521$52,473$50,515$42,310
5 years$46,653$44,425$42,311$40,305$38,401$30,601
6 years$38,487$36,276$34,193$32,232$30,385$22,996
7 years$32,657$30,465$28,415$26,500$24,711$17,731
8 years$28,287$26,114$24,098$22,230$20,500$13,921
9 years$24,889$22,737$20,756$18,935$17,264$11,077
10 years$22,172$20,041$18,095$16,322$14,710$8,904
11 years$19,951$17,842$15,931$14,205$12,651$7,213
12 years$18,102$16,014$14,138$12,460$10,963$5,878
13 years$16,538$14,472$12,632$11,000$9,560$4,814
14 years$15,199$13,154$11,349$9,765$8,380$3,958
15 years$14,039$12,017$10,247$8,708$7,379$3,264
16 years$13,025$11,025$9,290$7,797$6,521$2,699
17 years$12,132$10,154$8,454$7,006$5,782$2,236
18 years$11,338$9,383$7,717$6,314$5,141$1,856
19 years$10,629$8,696$7,065$5,705$4,583$1,542
20 years$9,992$8,080$6,484$5,167$4,093$1,283
21 years$9,416$7,527$5,964$4,689$3,663$1,069
22 years$8,893$7,026$5,497$4,264$3,283$891
23 years$8,417$6,571$5,075$3,883$2,947$743
24 years$7,981$6,157$4,694$3,542$2,649$620
25 years$7,580$5,778$4,347$3,234$2,384$518
26 years$7,210$5,430$4,032$2,957$2,147$432
27 years$6,869$5,110$3,744$2,707$1,936$361
28 years$6,553$4,816$3,480$2,480$1,747$302
29 years$6,259$4,543$3,239$2,274$1,577$252
30 years$5,985$4,290$3,017$2,087$1,425$211
31 years$5,729$4,056$2,813$1,917$1,289$176
32 years$5,489$3,838$2,624$1,762$1,166$148
33 years$5,265$3,634$2,450$1,620$1,055$123
34 years$5,054$3,444$2,289$1,491$955$103
35 years$4,856$3,267$2,140$1,372$865$86
36 years$4,669$3,101$2,002$1,264$784$72
37 years$4,493$2,945$1,874$1,164$710$60
38 years$4,327$2,799$1,755$1,073$644$51
39 years$4,169$2,661$1,644$990$584$42
40 years$4,019$2,532$1,541$913$530$35
41 years$3,878$2,410$1,445$842$481$30
42 years$3,743$2,296$1,356$777$436$25
43 years$3,615$2,187$1,272$717$396$21
44 years$3,493$2,085$1,194$662$359$17
45 years$3,377$1,988$1,121$612$326$15
46 years$3,266$1,897$1,053$565$296$12
47 years$3,161$1,810$989$522$269$10
48 years$3,060$1,728$930$482$244$9
49 years$2,963$1,650$874$446$222$7
50 years$2,870$1,576$821$412$201$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,940,000, adding $6,907 every year, while hoping to spend $40,430 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: 47/28/25 Blend
57$2,940,000$2,940,000$2,940,000$2,940,000
58$3,247,005$3,091,185$3,045,615$3,376,108
59$3,535,182$3,199,635$3,104,625$3,575,979
60$3,851,398$3,312,045$3,164,258$3,788,280
61$4,198,471$3,428,566$3,224,491$4,017,928
62$4,579,503$3,549,354$3,285,300$4,266,570
63$4,997,913$3,674,573$3,346,658$4,536,018
64$5,457,468$3,804,394$3,408,538$4,828,267
65$5,962,314$3,938,994$3,470,909$5,145,507
66$6,517,023$4,078,557$3,533,737$5,490,153
67$7,126,628$4,223,276$3,596,986$5,864,859
68$7,796,677$4,373,349$3,660,618$6,272,545
69$8,533,279$4,528,984$3,724,589$6,716,428
70$9,343,166$4,690,397$3,788,856$7,200,046
71$10,233,756$4,857,814$3,853,370$7,727,295
72$11,213,221$5,031,468$3,918,080$8,302,461
73$12,290,563$5,211,603$3,982,929$8,930,266
74$13,475,702$5,398,474$4,047,858$9,615,907
75$14,779,567$5,592,343$4,112,805$10,365,106
76$16,214,201$5,793,486$4,177,703$11,184,164
77$17,792,872$6,002,189$4,242,478$12,080,018
78$19,530,199$6,218,750$4,307,055$13,060,309
79$21,442,291$6,443,481$4,371,353$14,133,450
80$23,546,897$6,676,703$4,435,286$15,308,707
81$25,863,574$6,918,755$4,498,761$16,596,284
82$28,413,870$7,169,986$4,561,681$18,007,421
83$31,221,532$7,430,762$4,623,944$19,554,497
84$34,312,723$7,701,464$4,685,441$21,251,148
85$37,716,272$7,982,487$4,746,055$23,112,392
86$41,463,949$8,274,247$4,805,665$25,154,774
87$45,590,759$8,577,171$4,864,142$27,396,516
88$50,135,273$8,891,710$4,921,348$29,857,696
89$55,139,998$9,218,330$4,977,140$32,560,426
90$60,651,768$9,557,519$5,031,364$35,529,070
91$66,722,195$9,909,784$5,083,862$38,790,466
92$73,408,150$10,275,655$5,134,462$42,374,183
93$80,772,302$10,655,682$5,182,987$46,312,795
94$88,883,707$11,050,441$5,229,247$50,642,190
95$97,818,464$11,460,531$5,273,046$55,401,907
96$107,660,427$11,886,577$5,314,172$60,635,507
97$118,502,001$12,329,230$5,352,408$66,390,987
98$130,445,013$12,789,170$5,387,522$72,721,224
99$143,601,670$13,267,105$5,419,269$79,684,483
100$158,095,621$13,763,773$5,447,395$87,344,957