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%12.7%
1 years$244,434$242,257$240,132$238,059$236,035$233,375
2 years$121,007$118,753$116,569$114,451$112,397$109,720
3 years$79,870$77,607$75,428$73,330$71,310$68,698
4 years$59,306$57,049$54,892$52,830$50,859$48,332
5 years$46,970$44,727$42,599$40,579$38,662$36,228
6 years$38,749$36,523$34,426$32,451$30,592$28,254
7 years$32,879$30,672$28,608$26,680$24,879$22,638
8 years$28,479$26,292$24,262$22,381$20,640$18,495
9 years$25,058$22,892$20,897$19,064$17,382$15,333
10 years$22,323$20,178$18,218$16,433$14,810$12,856
11 years$20,087$17,963$16,039$14,302$12,737$10,875
12 years$18,225$16,123$14,234$12,545$11,038$9,267
13 years$16,650$14,570$12,717$11,075$9,625$7,943
14 years$15,302$13,244$11,427$9,831$8,437$6,841
15 years$14,135$12,099$10,317$8,768$7,429$5,916
16 years$13,114$11,100$9,354$7,850$6,566$5,134
17 years$12,214$10,223$8,511$7,054$5,822$4,468
18 years$11,416$9,446$7,770$6,357$5,176$3,898
19 years$10,702$8,755$7,113$5,744$4,614$3,409
20 years$10,060$8,135$6,528$5,202$4,121$2,986
21 years$9,480$7,578$6,004$4,721$3,688$2,620
22 years$8,954$7,074$5,534$4,293$3,306$2,302
23 years$8,474$6,616$5,110$3,909$2,967$2,024
24 years$8,035$6,199$4,726$3,566$2,667$1,783
25 years$7,631$5,817$4,377$3,256$2,400$1,571
26 years$7,260$5,467$4,059$2,977$2,162$1,386
27 years$6,916$5,145$3,769$2,725$1,949$1,223
28 years$6,597$4,848$3,504$2,497$1,759$1,080
29 years$6,301$4,574$3,261$2,290$1,588$955
30 years$6,025$4,319$3,037$2,101$1,435$844
31 years$5,768$4,083$2,832$1,930$1,297$746
32 years$5,527$3,864$2,642$1,774$1,173$660
33 years$5,301$3,659$2,467$1,631$1,062$585
34 years$5,089$3,468$2,305$1,501$962$518
35 years$4,889$3,289$2,155$1,382$871$458
36 years$4,701$3,122$2,016$1,272$789$406
37 years$4,524$2,965$1,887$1,172$715$360
38 years$4,356$2,818$1,767$1,081$648$319
39 years$4,197$2,680$1,655$996$588$282
40 years$4,047$2,549$1,552$919$533$250
41 years$3,904$2,427$1,455$848$484$222
42 years$3,769$2,311$1,365$782$439$197
43 years$3,640$2,202$1,281$722$398$174
44 years$3,517$2,099$1,202$667$362$155
45 years$3,400$2,002$1,129$616$328$137
46 years$3,288$1,909$1,060$569$298$122
47 years$3,182$1,822$996$526$271$108
48 years$3,080$1,740$936$486$246$96
49 years$2,983$1,661$880$449$223$85
50 years$2,890$1,587$827$415$203$75

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 $5,789 every year, while hoping to spend $41,969 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: 70/19/11 Blend
57$2,960,000$2,960,000$2,960,000$2,960,000
58$3,267,891$3,111,011$3,065,131$3,488,863
59$3,556,562$3,218,796$3,123,159$3,743,895
60$3,873,270$3,330,456$3,181,723$4,017,235
61$4,220,831$3,446,136$3,240,799$4,315,238
62$4,602,347$3,565,988$3,300,356$4,640,324
63$5,021,233$3,690,169$3,360,366$4,995,156
64$5,481,254$3,818,842$3,420,793$5,382,666
65$5,986,554$3,952,177$3,481,602$5,806,082
66$6,541,701$4,090,352$3,542,754$6,268,957
67$7,151,725$4,233,550$3,604,206$6,775,203
68$7,822,168$4,381,961$3,665,915$7,329,131
69$8,559,138$4,535,785$3,727,831$7,935,484
70$9,369,360$4,695,229$3,789,903$8,599,486
71$10,260,246$4,860,507$3,852,077$9,326,892
72$11,239,962$5,031,842$3,914,292$10,124,039
73$12,317,503$5,209,468$3,976,486$10,997,906
74$13,502,783$5,393,626$4,038,592$11,956,179
75$14,806,721$5,584,568$4,100,540$13,007,325
76$16,241,350$5,782,556$4,162,252$14,160,669
77$17,819,929$5,987,862$4,223,648$15,426,485
78$19,557,064$6,200,769$4,284,642$16,816,088
79$21,468,851$6,421,574$4,345,145$18,341,941
80$23,573,025$6,650,582$4,405,058$20,017,777
81$25,889,127$6,888,114$4,464,281$21,858,721
82$28,438,689$7,134,502$4,522,705$23,881,437
83$31,245,435$7,390,093$4,580,215$26,104,283
84$34,335,508$7,655,246$4,636,691$28,547,483
85$37,737,714$7,930,338$4,692,005$31,233,320
86$41,483,795$8,215,758$4,746,021$34,186,341
87$45,608,727$8,511,915$4,798,597$37,433,591
88$50,151,049$8,819,231$4,849,583$41,004,869
89$55,153,231$9,138,148$4,898,818$44,933,004
90$60,662,068$9,469,125$4,946,137$49,254,169
91$66,729,128$9,812,641$4,991,361$54,008,217
92$73,411,233$10,169,194$5,034,306$59,239,060
93$80,770,999$10,539,305$5,074,775$64,995,081
94$88,877,423$10,923,513$5,112,562$71,329,590
95$97,806,537$11,322,382$5,147,450$78,301,325
96$107,642,125$11,736,500$5,179,211$85,975,009
97$118,476,512$12,166,478$5,207,604$94,421,955
98$130,411,435$12,612,955$5,232,378$103,720,744
99$143,559,005$13,076,593$5,253,266$113,957,960
100$158,042,764$13,558,087$5,269,991$125,229,010