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%12.9%
1 years$242,782$240,620$238,510$236,451$234,440$231,606
2 years$120,189$117,951$115,782$113,678$111,638$108,786
3 years$79,330$77,082$74,918$72,835$70,828$68,047
4 years$58,905$56,664$54,521$52,473$50,515$47,826
5 years$46,653$44,425$42,311$40,305$38,401$35,811
6 years$38,487$36,276$34,193$32,232$30,385$27,899
7 years$32,657$30,465$28,415$26,500$24,711$22,329
8 years$28,287$26,114$24,098$22,230$20,500$18,221
9 years$24,889$22,737$20,756$18,935$17,264$15,088
10 years$22,172$20,041$18,095$16,322$14,710$12,635
11 years$19,951$17,842$15,931$14,205$12,651$10,675
12 years$18,102$16,014$14,138$12,460$10,963$9,085
13 years$16,538$14,472$12,632$11,000$9,560$7,777
14 years$15,199$13,154$11,349$9,765$8,380$6,689
15 years$14,039$12,017$10,247$8,708$7,379$5,777
16 years$13,025$11,025$9,290$7,797$6,521$5,006
17 years$12,132$10,154$8,454$7,006$5,782$4,351
18 years$11,338$9,383$7,717$6,314$5,141$3,791
19 years$10,629$8,696$7,065$5,705$4,583$3,310
20 years$9,992$8,080$6,484$5,167$4,093$2,895
21 years$9,416$7,527$5,964$4,689$3,663$2,536
22 years$8,893$7,026$5,497$4,264$3,283$2,225
23 years$8,417$6,571$5,075$3,883$2,947$1,954
24 years$7,981$6,157$4,694$3,542$2,649$1,718
25 years$7,580$5,778$4,347$3,234$2,384$1,512
26 years$7,210$5,430$4,032$2,957$2,147$1,331
27 years$6,869$5,110$3,744$2,707$1,936$1,173
28 years$6,553$4,816$3,480$2,480$1,747$1,034
29 years$6,259$4,543$3,239$2,274$1,577$913
30 years$5,985$4,290$3,017$2,087$1,425$806
31 years$5,729$4,056$2,813$1,917$1,289$711
32 years$5,489$3,838$2,624$1,762$1,166$628
33 years$5,265$3,634$2,450$1,620$1,055$555
34 years$5,054$3,444$2,289$1,491$955$491
35 years$4,856$3,267$2,140$1,372$865$434
36 years$4,669$3,101$2,002$1,264$784$384
37 years$4,493$2,945$1,874$1,164$710$339
38 years$4,327$2,799$1,755$1,073$644$300
39 years$4,169$2,661$1,644$990$584$266
40 years$4,019$2,532$1,541$913$530$235
41 years$3,878$2,410$1,445$842$481$208
42 years$3,743$2,296$1,356$777$436$184
43 years$3,615$2,187$1,272$717$396$163
44 years$3,493$2,085$1,194$662$359$144
45 years$3,377$1,988$1,121$612$326$128
46 years$3,266$1,897$1,053$565$296$113
47 years$3,161$1,810$989$522$269$100
48 years$3,060$1,728$930$482$244$89
49 years$2,963$1,650$874$446$222$78
50 years$2,870$1,576$821$412$201$69

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 $6,860 every year, while hoping to spend $26,345 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: 33/38/29 Blend
57$2,940,000$2,940,000$2,940,000$2,940,000
58$3,246,956$3,091,136$3,045,566$3,325,340
59$3,550,115$3,214,571$3,119,562$3,509,144
60$3,883,313$3,343,171$3,195,153$3,704,288
61$4,249,586$3,477,162$3,272,366$3,914,097
62$4,652,279$3,616,779$3,351,226$4,139,888
63$5,095,079$3,762,268$3,431,759$4,383,108
64$5,582,044$3,913,886$3,513,990$4,645,344
65$6,117,649$4,071,902$3,597,945$4,928,337
66$6,706,821$4,236,598$3,683,649$5,233,999
67$7,354,993$4,408,267$3,771,127$5,564,430
68$8,068,146$4,587,216$3,860,403$5,921,936
69$8,852,873$4,773,766$3,951,503$6,309,049
70$9,716,439$4,968,253$4,044,451$6,728,552
71$10,666,847$5,171,028$4,139,271$7,183,504
72$11,712,914$5,382,458$4,235,986$7,677,263
73$12,864,360$5,602,927$4,334,620$8,213,525
74$14,131,890$5,832,835$4,435,195$8,796,349
75$15,527,301$6,072,603$4,537,733$9,430,200
76$17,063,595$6,322,670$4,642,256$10,119,987
77$18,755,094$6,583,493$4,748,784$10,871,108
78$20,617,584$6,855,554$4,857,338$11,689,501
79$22,668,455$7,139,354$4,967,937$12,581,696
80$24,926,874$7,435,419$5,080,599$13,554,878
81$27,413,957$7,744,297$5,195,341$14,616,951
82$30,152,977$8,066,563$5,312,181$15,776,611
83$33,169,574$8,402,818$5,431,133$17,043,429
84$36,492,005$8,753,691$5,552,211$18,427,933
85$40,151,408$9,119,840$5,675,427$19,941,715
86$44,182,091$9,501,952$5,800,794$21,597,528
87$48,621,865$9,900,748$5,928,321$23,409,412
88$53,512,391$10,316,981$6,058,016$25,392,821
89$58,899,581$10,751,438$6,189,885$27,564,768
90$64,834,025$11,204,946$6,323,933$29,943,979
91$71,371,472$11,678,365$6,460,162$32,551,075
92$78,573,358$12,172,600$6,598,573$35,408,756
93$86,507,378$12,688,596$6,739,163$38,542,018
94$95,248,134$13,227,341$6,881,928$41,978,382
95$104,877,833$13,789,869$7,026,862$45,748,154
96$115,487,065$14,377,265$7,173,954$49,884,708
97$127,175,656$14,990,662$7,323,192$54,424,794
98$140,053,614$15,631,246$7,474,561$59,408,887
99$154,242,164$16,300,259$7,628,040$64,881,561
100$169,874,894$16,999,000$7,783,608$70,891,907