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

Use the below retirement simulation to view the chances of a successful retirement.
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%19.3%
1 years$245,260$243,075$240,944$238,863$236,832$227,976
2 years$121,416$119,154$116,963$114,838$112,777$103,956
3 years$80,140$77,869$75,683$73,578$71,550$63,042
4 years$59,506$57,242$55,078$53,009$51,030$42,899
5 years$47,129$44,878$42,743$40,716$38,792$31,060
6 years$38,880$36,646$34,542$32,561$30,695$23,367
7 years$32,990$30,776$28,705$26,770$24,963$18,037
8 years$28,575$26,380$24,344$22,457$20,710$14,179
9 years$25,143$22,969$20,967$19,128$17,440$11,296
10 years$22,399$20,246$18,280$16,489$14,860$9,091
11 years$20,155$18,024$16,093$14,350$12,780$7,374
12 years$18,286$16,177$14,282$12,587$11,075$6,018
13 years$16,707$14,619$12,760$11,112$9,658$4,935
14 years$15,354$13,289$11,465$9,864$8,466$4,063
15 years$14,182$12,139$10,352$8,797$7,454$3,356
16 years$13,158$11,138$9,385$7,877$6,588$2,778
17 years$12,256$10,257$8,540$7,077$5,841$2,305
18 years$11,454$9,478$7,796$6,378$5,194$1,916
19 years$10,738$8,784$7,137$5,763$4,629$1,595
20 years$10,094$8,163$6,550$5,220$4,135$1,329
21 years$9,512$7,603$6,025$4,737$3,700$1,109
22 years$8,984$7,098$5,553$4,307$3,317$926
23 years$8,503$6,638$5,127$3,923$2,977$773
24 years$8,062$6,220$4,742$3,578$2,676$646
25 years$7,657$5,837$4,392$3,267$2,408$540
26 years$7,284$5,486$4,073$2,987$2,169$452
27 years$6,939$5,163$3,782$2,735$1,956$378
28 years$6,619$4,865$3,516$2,505$1,765$317
29 years$6,322$4,589$3,272$2,298$1,593$265
30 years$6,046$4,334$3,048$2,109$1,440$222
31 years$5,787$4,097$2,841$1,937$1,302$186
32 years$5,545$3,877$2,651$1,780$1,177$156
33 years$5,319$3,671$2,475$1,637$1,066$130
34 years$5,106$3,480$2,313$1,506$965$109
35 years$4,906$3,300$2,162$1,386$874$92
36 years$4,717$3,132$2,023$1,277$792$77
37 years$4,539$2,975$1,893$1,176$718$64
38 years$4,371$2,827$1,773$1,084$651$54
39 years$4,211$2,689$1,661$1,000$590$45
40 years$4,060$2,558$1,557$922$535$38
41 years$3,917$2,435$1,460$851$485$32
42 years$3,781$2,319$1,369$785$441$27
43 years$3,652$2,210$1,285$725$400$22
44 years$3,529$2,106$1,206$669$363$19
45 years$3,411$2,008$1,133$618$329$16
46 years$3,300$1,916$1,064$571$299$13
47 years$3,193$1,828$999$527$272$11
48 years$3,091$1,745$939$487$247$9
49 years$2,993$1,667$883$450$224$8
50 years$2,900$1,592$830$416$203$6

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 $3,261 every year, while hoping to spend $34,164 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: 38/43/19 Blend
57$2,970,000$2,970,000$2,970,000$2,970,000
58$3,276,304$3,118,894$3,072,859$3,382,004
59$3,574,136$3,235,369$3,139,449$3,574,968
60$3,901,203$3,356,407$3,207,126$3,779,892
61$4,260,449$3,482,195$3,275,888$4,000,649
62$4,655,121$3,612,928$3,345,735$4,238,688
63$5,088,792$3,748,810$3,416,666$4,495,596
64$5,565,401$3,890,054$3,488,677$4,773,118
65$6,089,287$4,036,882$3,561,763$5,073,170
66$6,665,230$4,189,525$3,635,918$5,397,857
67$7,298,497$4,348,225$3,711,135$5,749,493
68$7,994,890$4,513,234$3,787,404$6,130,619
69$8,760,801$4,684,815$3,864,714$6,544,028
70$9,603,273$4,863,241$3,943,053$6,992,791
71$10,530,067$5,048,800$4,022,405$7,480,284
72$11,549,733$5,241,791$4,102,755$8,010,219
73$12,671,691$5,442,524$4,184,082$8,586,678
74$13,906,321$5,651,325$4,266,367$9,214,151
75$15,265,061$5,868,534$4,349,584$9,897,575
76$16,760,511$6,094,506$4,433,709$10,642,382
77$18,406,556$6,329,611$4,518,712$11,454,549
78$20,218,498$6,574,234$4,604,562$12,340,650
79$22,213,193$6,828,781$4,691,223$13,307,921
80$24,409,218$7,093,670$4,778,658$14,364,322
81$26,827,042$7,369,343$4,866,827$15,518,617
82$29,489,218$7,656,259$4,955,683$16,780,447
83$32,420,599$7,954,897$5,045,180$18,160,427
84$35,648,571$8,265,757$5,135,264$19,670,242
85$39,203,310$8,589,364$5,225,880$21,322,752
86$43,118,067$8,926,263$5,316,967$23,132,116
87$47,429,484$9,277,024$5,408,460$25,113,924
88$52,177,938$9,642,244$5,500,289$27,285,339
89$57,407,919$10,022,545$5,592,380$29,665,258
90$63,168,454$10,418,578$5,684,652$32,274,490
91$69,513,569$10,831,021$5,777,021$35,135,947
92$76,502,797$11,260,585$5,869,395$38,274,863
93$84,201,740$11,708,011$5,961,678$41,719,025
94$92,682,689$12,174,075$6,053,764$45,499,034
95$102,025,303$12,659,585$6,145,546$49,648,594
96$112,317,368$13,165,388$6,236,905$54,204,822
97$123,655,615$13,692,368$6,327,717$59,208,603
98$136,146,643$14,241,449$6,417,851$64,704,965
99$149,907,917$14,813,597$6,507,166$70,743,508
100$165,068,883$15,409,821$6,595,514$77,378,863