Can I retire at age 58 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$244,434$242,257$240,132$238,059$236,035$229,769
2 years$121,007$118,753$116,569$114,451$112,397$106,129
3 years$79,870$77,607$75,428$73,330$71,310$65,234
4 years$59,306$57,049$54,892$52,830$50,859$45,023
5 years$46,970$44,727$42,599$40,579$38,662$33,082
6 years$38,749$36,523$34,426$32,451$30,592$25,273
7 years$32,879$30,672$28,608$26,680$24,879$19,822
8 years$28,479$26,292$24,262$22,381$20,640$15,842
9 years$25,058$22,892$20,897$19,064$17,382$12,838
10 years$22,323$20,178$18,218$16,433$14,810$10,516
11 years$20,087$17,963$16,039$14,302$12,737$8,685
12 years$18,225$16,123$14,234$12,545$11,038$7,221
13 years$16,650$14,570$12,717$11,075$9,625$6,035
14 years$15,302$13,244$11,427$9,831$8,437$5,066
15 years$14,135$12,099$10,317$8,768$7,429$4,268
16 years$13,114$11,100$9,354$7,850$6,566$3,606
17 years$12,214$10,223$8,511$7,054$5,822$3,054
18 years$11,416$9,446$7,770$6,357$5,176$2,592
19 years$10,702$8,755$7,113$5,744$4,614$2,204
20 years$10,060$8,135$6,528$5,202$4,121$1,876
21 years$9,480$7,578$6,004$4,721$3,688$1,599
22 years$8,954$7,074$5,534$4,293$3,306$1,364
23 years$8,474$6,616$5,110$3,909$2,967$1,165
24 years$8,035$6,199$4,726$3,566$2,667$996
25 years$7,631$5,817$4,377$3,256$2,400$852
26 years$7,260$5,467$4,059$2,977$2,162$729
27 years$6,916$5,145$3,769$2,725$1,949$624
28 years$6,597$4,848$3,504$2,497$1,759$534
29 years$6,301$4,574$3,261$2,290$1,588$458
30 years$6,025$4,319$3,037$2,101$1,435$392
31 years$5,768$4,083$2,832$1,930$1,297$336
32 years$5,527$3,864$2,642$1,774$1,173$288
33 years$5,301$3,659$2,467$1,631$1,062$247
34 years$5,089$3,468$2,305$1,501$962$212
35 years$4,889$3,289$2,155$1,382$871$182
36 years$4,701$3,122$2,016$1,272$789$156
37 years$4,524$2,965$1,887$1,172$715$134
38 years$4,356$2,818$1,767$1,081$648$115
39 years$4,197$2,680$1,655$996$588$98
40 years$4,047$2,549$1,552$919$533$84
41 years$3,904$2,427$1,455$848$484$72
42 years$3,769$2,311$1,365$782$439$62
43 years$3,640$2,202$1,281$722$398$53
44 years$3,517$2,099$1,202$667$362$46
45 years$3,400$2,002$1,129$616$328$39
46 years$3,288$1,909$1,060$569$298$34
47 years$3,182$1,822$996$526$271$29
48 years$3,080$1,740$936$486$246$25
49 years$2,983$1,661$880$449$223$21
50 years$2,890$1,587$827$415$203$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,960,000, adding $2,099 every year, while hoping to spend $25,370 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: 46/45/9 Blend
57$2,960,000$2,960,000$2,960,000$2,960,000
58$3,264,085$3,107,205$3,061,325$3,405,980
59$3,570,028$3,232,465$3,136,886$3,629,324
60$3,906,327$3,363,012$3,214,128$3,868,672
61$4,276,052$3,499,078$3,293,080$4,127,730
62$4,682,584$3,640,908$3,373,773$4,408,330
63$5,129,648$3,788,753$3,456,236$4,712,484
64$5,621,351$3,942,881$3,540,498$5,042,401
65$6,162,215$4,103,568$3,626,591$5,400,507
66$6,757,222$4,271,104$3,714,543$5,789,468
67$7,411,864$4,445,793$3,804,385$6,212,214
68$8,132,189$4,627,952$3,896,147$6,671,963
69$8,924,864$4,817,913$3,989,859$7,172,254
70$9,797,232$5,016,023$4,085,551$7,716,977
71$10,757,385$5,222,644$4,183,253$8,310,407
72$11,814,241$5,438,155$4,282,994$8,957,247
73$12,977,623$5,662,955$4,384,804$9,662,666
74$14,258,357$5,897,456$4,488,712$10,432,352
75$15,668,372$6,142,095$4,594,747$11,272,559
76$17,220,813$6,397,324$4,702,937$12,190,167
77$18,930,161$6,663,618$4,813,311$13,192,744
78$20,812,378$6,941,475$4,925,897$14,288,619
79$22,885,047$7,231,414$5,040,721$15,486,953
80$25,167,548$7,533,980$5,157,812$16,797,829
81$27,681,233$7,849,740$5,277,193$18,232,342
82$30,449,631$8,179,290$5,398,892$19,802,704
83$33,498,671$8,523,252$5,522,932$21,522,353
84$36,856,923$8,882,279$5,649,338$23,406,084
85$40,555,870$9,257,052$5,778,132$25,470,178
86$44,630,206$9,648,284$5,909,336$27,732,563
87$49,118,159$10,056,723$6,042,972$30,212,971
88$54,061,858$10,483,148$6,179,057$32,933,128
89$59,507,723$10,928,378$6,317,612$35,916,956
90$65,506,911$11,393,269$6,458,651$39,190,789
91$72,115,792$11,878,715$6,602,192$42,783,630
92$79,396,484$12,385,654$6,748,248$46,727,410
93$87,417,442$12,915,067$6,896,830$51,057,293
94$96,254,096$13,467,981$7,047,949$55,812,005
95$105,989,571$14,045,469$7,201,613$61,034,190
96$116,715,468$14,648,658$7,357,827$66,770,814
97$128,532,727$15,278,724$7,516,596$73,073,602
98$141,552,584$15,936,900$7,677,921$79,999,525
99$155,897,616$16,624,476$7,841,800$87,611,327
100$171,702,902$17,342,804$8,008,229$95,978,121