Can I retire at age 58 with 2,970,000?

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$245,260$243,075$240,944$238,863$236,832$235,241
2 years$121,416$119,154$116,963$114,838$112,777$111,172
3 years$80,140$77,869$75,683$73,578$71,550$69,982
4 years$59,506$57,242$55,078$53,009$51,030$49,510
5 years$47,129$44,878$42,743$40,716$38,792$37,325
6 years$38,880$36,646$34,542$32,561$30,695$29,282
7 years$32,990$30,776$28,705$26,770$24,963$23,605
8 years$28,575$26,380$24,344$22,457$20,710$19,407
9 years$25,143$22,969$20,967$19,128$17,440$16,193
10 years$22,399$20,246$18,280$16,489$14,860$13,667
11 years$20,155$18,024$16,093$14,350$12,780$11,640
12 years$18,286$16,177$14,282$12,587$11,075$9,987
13 years$16,707$14,619$12,760$11,112$9,658$8,621
14 years$15,354$13,289$11,465$9,864$8,466$7,480
15 years$14,182$12,139$10,352$8,797$7,454$6,516
16 years$13,158$11,138$9,385$7,877$6,588$5,698
17 years$12,256$10,257$8,540$7,077$5,841$4,997
18 years$11,454$9,478$7,796$6,378$5,194$4,394
19 years$10,738$8,784$7,137$5,763$4,629$3,872
20 years$10,094$8,163$6,550$5,220$4,135$3,419
21 years$9,512$7,603$6,025$4,737$3,700$3,025
22 years$8,984$7,098$5,553$4,307$3,317$2,679
23 years$8,503$6,638$5,127$3,923$2,977$2,377
24 years$8,062$6,220$4,742$3,578$2,676$2,110
25 years$7,657$5,837$4,392$3,267$2,408$1,876
26 years$7,284$5,486$4,073$2,987$2,169$1,669
27 years$6,939$5,163$3,782$2,735$1,956$1,486
28 years$6,619$4,865$3,516$2,505$1,765$1,324
29 years$6,322$4,589$3,272$2,298$1,593$1,181
30 years$6,046$4,334$3,048$2,109$1,440$1,053
31 years$5,787$4,097$2,841$1,937$1,302$940
32 years$5,545$3,877$2,651$1,780$1,177$839
33 years$5,319$3,671$2,475$1,637$1,066$750
34 years$5,106$3,480$2,313$1,506$965$670
35 years$4,906$3,300$2,162$1,386$874$599
36 years$4,717$3,132$2,023$1,277$792$535
37 years$4,539$2,975$1,893$1,176$718$479
38 years$4,371$2,827$1,773$1,084$651$428
39 years$4,211$2,689$1,661$1,000$590$383
40 years$4,060$2,558$1,557$922$535$343
41 years$3,917$2,435$1,460$851$485$307
42 years$3,781$2,319$1,369$785$441$274
43 years$3,652$2,210$1,285$725$400$246
44 years$3,529$2,106$1,206$669$363$220
45 years$3,411$2,008$1,133$618$329$197
46 years$3,300$1,916$1,064$571$299$176
47 years$3,193$1,828$999$527$272$158
48 years$3,091$1,745$939$487$247$141
49 years$2,993$1,667$883$450$224$127
50 years$2,900$1,592$830$416$203$113

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,970,000, adding $4,287 every year, while hoping to spend $26,350 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: 64/12/24 Blend
57$2,970,000$2,970,000$2,970,000$2,970,000
58$3,277,362$3,119,952$3,073,917$3,466,302
59$3,583,617$3,244,793$3,148,857$3,719,171
60$3,920,226$3,374,869$3,225,424$3,992,010
61$4,290,259$3,510,407$3,303,646$4,289,523
62$4,697,096$3,651,647$3,383,548$4,614,129
63$5,144,460$3,798,839$3,465,158$4,968,494
64$5,636,456$3,952,243$3,548,502$5,355,551
65$6,177,604$4,112,133$3,633,606$5,778,530
66$6,772,886$4,278,793$3,720,498$6,240,987
67$7,427,789$4,452,523$3,809,203$6,746,835
68$8,148,360$4,633,633$3,899,748$7,300,386
69$8,941,263$4,822,451$3,992,159$7,906,387
70$9,813,836$5,019,316$4,086,462$8,570,063
71$10,774,171$5,224,585$4,182,681$9,297,172
72$11,831,178$5,438,631$4,280,843$10,094,051
73$12,994,678$5,661,844$4,380,971$10,967,683
74$14,275,491$5,894,631$4,483,090$11,925,756
75$15,685,542$6,137,418$4,587,224$12,976,739
76$17,237,967$6,390,652$4,693,395$14,129,960
77$18,947,243$6,654,797$4,801,627$15,395,694
78$20,829,322$6,930,342$4,911,942$16,785,256
79$22,901,781$7,217,797$5,024,360$18,311,115
80$25,183,988$7,517,695$5,138,902$19,987,003
81$27,697,287$7,830,594$5,255,587$21,828,047
82$30,465,195$8,157,078$5,374,434$23,850,912
83$33,513,628$8,497,757$5,495,461$26,073,957
84$36,871,141$8,853,271$5,618,682$28,517,407
85$40,569,203$9,224,287$5,744,114$31,203,544
86$44,642,490$9,611,505$5,871,769$34,156,915
87$49,129,211$10,015,656$6,001,661$37,404,564
88$54,071,474$10,437,506$6,133,800$40,976,288
89$59,515,676$10,877,856$6,268,194$44,904,914
90$65,512,948$11,337,544$6,404,851$49,226,609
91$72,119,632$11,817,446$6,543,777$53,981,223
92$79,397,814$12,318,482$6,684,974$59,212,661
93$87,415,914$12,841,610$6,828,443$64,969,299
94$96,249,325$13,387,837$6,974,184$71,304,436
95$105,981,129$13,958,213$7,122,192$78,276,801
96$116,702,880$14,553,841$7,272,461$85,951,101
97$128,515,467$15,175,873$7,424,981$94,398,636
98$141,530,068$15,825,514$7,579,742$103,697,964
99$155,869,198$16,504,028$7,736,726$113,935,650
100$171,667,866$17,212,735$7,895,917$125,207,074