Can I retire at age 58 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%11.3%
1 years$243,608$241,438$239,321$237,255$235,237$233,951
2 years$120,598$118,352$116,175$114,065$112,018$110,720
3 years$79,600$77,344$75,173$73,082$71,069$69,799
4 years$59,105$56,856$54,707$52,652$50,687$49,456
5 years$46,811$44,576$42,455$40,442$38,531$37,342
6 years$38,618$36,400$34,310$32,341$30,488$29,343
7 years$32,768$30,568$28,512$26,590$24,795$23,694
8 years$28,383$26,203$24,180$22,305$20,570$19,513
9 years$24,974$22,814$20,826$18,999$17,323$16,309
10 years$22,248$20,110$18,157$16,378$14,760$13,790
11 years$20,019$17,902$15,985$14,253$12,694$11,767
12 years$18,163$16,068$14,186$12,502$11,000$10,115
13 years$16,594$14,521$12,674$11,038$9,593$8,748
14 years$15,250$13,199$11,388$9,798$8,409$7,604
15 years$14,087$12,058$10,282$8,738$7,404$6,639
16 years$13,070$11,063$9,322$7,824$6,544$5,816
17 years$12,173$10,188$8,483$7,030$5,802$5,112
18 years$11,377$9,414$7,744$6,335$5,159$4,504
19 years$10,666$8,725$7,089$5,724$4,598$3,978
20 years$10,026$8,108$6,506$5,185$4,107$3,520
21 years$9,448$7,552$5,984$4,705$3,675$3,121
22 years$8,924$7,050$5,515$4,278$3,295$2,771
23 years$8,445$6,593$5,092$3,896$2,957$2,463
24 years$8,008$6,178$4,710$3,554$2,658$2,192
25 years$7,606$5,797$4,362$3,245$2,392$1,953
26 years$7,235$5,449$4,046$2,967$2,155$1,742
27 years$6,892$5,128$3,757$2,716$1,943$1,555
28 years$6,575$4,832$3,492$2,489$1,753$1,389
29 years$6,280$4,558$3,250$2,282$1,583$1,241
30 years$6,005$4,305$3,027$2,094$1,430$1,110
31 years$5,748$4,070$2,822$1,923$1,293$993
32 years$5,508$3,851$2,633$1,768$1,170$889
33 years$5,283$3,647$2,459$1,626$1,058$796
34 years$5,072$3,456$2,297$1,496$958$713
35 years$4,873$3,278$2,148$1,377$868$639
36 years$4,685$3,111$2,009$1,268$786$572
37 years$4,508$2,955$1,880$1,168$713$513
38 years$4,341$2,808$1,761$1,077$646$460
39 years$4,183$2,671$1,650$993$586$413
40 years$4,033$2,541$1,546$916$531$370
41 years$3,891$2,419$1,450$845$482$332
42 years$3,756$2,303$1,360$780$438$298
43 years$3,627$2,195$1,276$720$397$267
44 years$3,505$2,092$1,198$665$360$240
45 years$3,388$1,995$1,125$614$327$215
46 years$3,277$1,903$1,057$567$297$193
47 years$3,171$1,816$993$524$270$174
48 years$3,070$1,734$933$484$245$156
49 years$2,973$1,656$877$447$223$140
50 years$2,880$1,581$824$414$202$126

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,950,000, adding $2,361 every year, while hoping to spend $41,887 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: 52/28/20 Blend
57$2,950,000$2,950,000$2,950,000$2,950,000
58$3,253,335$3,096,985$3,051,260$3,404,454
59$3,540,608$3,204,170$3,108,910$3,615,925
60$3,855,779$3,315,203$3,167,087$3,841,271
61$4,201,649$3,430,229$3,225,765$4,085,489
62$4,581,304$3,549,397$3,284,915$4,350,384
63$4,998,143$3,672,863$3,344,506$4,637,945
64$5,455,910$3,800,791$3,404,504$4,950,357
65$5,958,731$3,933,347$3,464,872$5,290,026
66$6,511,148$4,070,707$3,525,572$5,659,600
67$7,118,167$4,213,054$3,586,561$6,061,991
68$7,785,303$4,360,577$3,647,793$6,500,406
69$8,518,631$4,513,472$3,709,222$6,978,374
70$9,324,844$4,671,945$3,770,793$7,499,780
71$10,211,316$4,836,208$3,832,453$8,068,902
72$11,186,172$5,006,484$3,894,141$8,690,447
73$12,258,362$5,183,002$3,955,795$9,369,600
74$13,437,748$5,366,002$4,017,348$10,112,068
75$14,735,195$5,555,733$4,078,726$10,924,137
76$16,162,677$5,752,456$4,139,855$11,812,727
77$17,733,383$5,956,440$4,200,654$12,785,460
78$19,461,848$6,167,965$4,261,035$13,850,730
79$21,364,086$6,387,324$4,320,909$15,017,780
80$23,457,741$6,614,822$4,380,178$16,296,792
81$25,762,256$6,850,774$4,438,740$17,698,978
82$28,299,055$7,095,510$4,496,486$19,236,689
83$31,091,742$7,349,374$4,553,302$20,923,529
84$34,166,328$7,612,721$4,609,066$22,774,484
85$37,551,474$7,885,925$4,663,650$24,806,059
86$41,278,760$8,169,371$4,716,917$27,036,438
87$45,382,985$8,463,462$4,768,726$29,485,652
88$49,902,496$8,768,618$4,818,926$32,175,765
89$54,879,547$9,085,276$4,867,355$35,131,087
90$60,360,697$9,413,891$4,913,848$38,378,397
91$66,397,252$9,754,936$4,958,226$41,947,199
92$73,045,749$10,108,905$5,000,304$45,869,997
93$80,368,485$10,476,311$5,039,884$50,182,601
94$88,434,111$10,857,691$5,076,761$54,924,464
95$97,318,275$11,253,602$5,110,716$60,139,056
96$107,104,335$11,664,624$5,141,521$65,874,268
97$117,884,150$12,091,364$5,168,935$72,182,867
98$129,758,945$12,534,452$5,192,706$79,122,991
99$142,840,262$12,994,546$5,212,567$86,758,699
100$157,251,021$13,472,330$5,228,239$95,160,571