Can I retire at age 58 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$246,086$243,894$241,755$239,668$237,629$233,885
2 years$121,825$119,556$117,357$115,225$113,157$109,394
3 years$80,410$78,131$75,938$73,826$71,791$68,128
4 years$59,706$57,435$55,263$53,187$51,202$47,666
5 years$47,287$45,029$42,886$40,853$38,923$35,524
6 years$39,011$36,770$34,659$32,670$30,799$27,540
7 years$33,101$30,879$28,801$26,860$25,047$21,931
8 years$28,671$26,469$24,426$22,532$20,779$17,805
9 years$25,228$23,046$21,038$19,193$17,499$14,665
10 years$22,474$20,314$18,341$16,544$14,910$12,213
11 years$20,223$18,084$16,148$14,398$12,823$10,261
12 years$18,348$16,232$14,331$12,629$11,112$8,682
13 years$16,763$14,669$12,803$11,150$9,690$7,388
14 years$15,405$13,333$11,504$9,898$8,494$6,317
15 years$14,230$12,180$10,386$8,827$7,479$5,422
16 years$13,203$11,175$9,417$7,903$6,610$4,670
17 years$12,297$10,292$8,569$7,101$5,861$4,033
18 years$11,493$9,510$7,822$6,400$5,211$3,491
19 years$10,774$8,814$7,161$5,783$4,645$3,028
20 years$10,128$8,190$6,572$5,237$4,149$2,631
21 years$9,544$7,629$6,045$4,753$3,713$2,289
22 years$9,014$7,121$5,571$4,322$3,328$1,994
23 years$8,531$6,661$5,144$3,936$2,987$1,739
24 years$8,089$6,240$4,757$3,590$2,685$1,519
25 years$7,683$5,856$4,406$3,278$2,416$1,327
26 years$7,309$5,504$4,087$2,998$2,176$1,160
27 years$6,963$5,180$3,795$2,744$1,962$1,015
28 years$6,642$4,881$3,528$2,514$1,771$889
29 years$6,344$4,605$3,283$2,305$1,599$778
30 years$6,066$4,349$3,058$2,116$1,445$682
31 years$5,807$4,111$2,851$1,943$1,306$598
32 years$5,564$3,890$2,660$1,786$1,181$524
33 years$5,337$3,684$2,484$1,642$1,069$460
34 years$5,123$3,491$2,320$1,511$968$403
35 years$4,922$3,311$2,169$1,391$877$354
36 years$4,733$3,143$2,029$1,281$794$310
37 years$4,554$2,985$1,900$1,180$720$272
38 years$4,385$2,837$1,779$1,088$653$239
39 years$4,226$2,698$1,667$1,003$592$210
40 years$4,074$2,567$1,562$925$537$184
41 years$3,930$2,443$1,465$854$487$162
42 years$3,794$2,327$1,374$788$442$142
43 years$3,664$2,217$1,289$727$401$125
44 years$3,541$2,113$1,210$671$364$110
45 years$3,423$2,015$1,136$620$331$96
46 years$3,311$1,922$1,067$573$300$85
47 years$3,204$1,835$1,003$529$273$74
48 years$3,101$1,751$942$489$247$65
49 years$3,003$1,672$886$452$225$57
50 years$2,910$1,598$833$418$204$50

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,980,000, adding $5,328 every year, while hoping to spend $39,832 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: 26/46/28 Blend
57$2,980,000$2,980,000$2,980,000$2,980,000
58$3,289,456$3,131,516$3,085,326$3,346,087
59$3,582,599$3,242,579$3,146,303$3,504,115
60$3,904,309$3,357,750$3,207,989$3,669,793
61$4,257,455$3,477,186$3,270,363$3,846,740
62$4,645,202$3,601,055$3,333,407$4,035,936
63$5,071,034$3,729,528$3,397,097$4,238,455
64$5,538,790$3,862,785$3,461,410$4,455,477
65$6,052,697$4,001,013$3,526,319$4,688,297
66$6,617,416$4,144,405$3,591,793$4,938,334
67$7,238,076$4,293,166$3,657,803$5,207,147
68$7,920,334$4,447,504$3,724,313$5,496,449
69$8,670,416$4,607,641$3,791,286$5,808,118
70$9,495,187$4,773,803$3,858,682$6,144,221
71$10,402,207$4,946,230$3,926,459$6,507,026
72$11,399,805$5,125,169$3,994,568$6,899,026
73$12,497,161$5,310,878$4,062,962$7,322,961
74$13,704,386$5,503,626$4,131,586$7,781,842
75$15,032,622$5,703,692$4,200,383$8,278,981
76$16,494,146$5,911,369$4,269,292$8,818,019
77$18,102,483$6,126,961$4,338,248$9,402,958
78$19,872,538$6,350,783$4,407,180$10,038,201
79$21,820,731$6,583,166$4,476,016$10,728,592
80$23,965,158$6,824,454$4,544,675$11,479,457
81$26,325,756$7,075,004$4,613,073$12,296,659
82$28,924,494$7,335,189$4,681,121$13,186,646
83$31,785,578$7,605,400$4,748,725$14,156,513
84$34,935,683$7,886,040$4,815,783$15,214,071
85$38,404,200$8,177,534$4,882,189$16,367,914
86$42,223,516$8,480,320$4,947,830$17,627,500
87$46,429,317$8,794,858$5,012,585$19,003,243
88$51,060,929$9,121,628$5,076,328$20,506,604
89$56,161,684$9,461,128$5,138,925$22,150,200
90$61,779,330$9,813,878$5,200,234$23,947,924
91$67,966,485$10,180,421$5,260,105$25,915,069
92$74,781,128$10,561,323$5,318,380$28,068,475
93$82,287,150$10,957,174$5,374,892$30,426,685
94$90,554,954$11,368,590$5,429,465$33,010,117
95$99,662,121$11,796,213$5,481,914$35,841,256
96$109,694,141$12,240,712$5,532,043$38,944,864
97$120,745,222$12,702,785$5,579,645$42,348,209
98$132,919,175$13,183,162$5,624,503$46,081,326
99$146,330,397$13,682,603$5,666,389$50,177,292
100$161,104,947$14,201,900$5,705,063$54,672,539