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%14.1%
1 years$246,086$243,894$241,755$239,668$237,629$233,597
2 years$121,825$119,556$117,357$115,225$113,157$109,106
3 years$80,410$78,131$75,938$73,826$71,791$67,849
4 years$59,706$57,435$55,263$53,187$51,202$47,399
5 years$47,287$45,029$42,886$40,853$38,923$35,269
6 years$39,011$36,770$34,659$32,670$30,799$27,299
7 years$33,101$30,879$28,801$26,860$25,047$21,702
8 years$28,671$26,469$24,426$22,532$20,779$17,588
9 years$25,228$23,046$21,038$19,193$17,499$14,461
10 years$22,474$20,314$18,341$16,544$14,910$12,021
11 years$20,223$18,084$16,148$14,398$12,823$10,081
12 years$18,348$16,232$14,331$12,629$11,112$8,513
13 years$16,763$14,669$12,803$11,150$9,690$7,230
14 years$15,405$13,333$11,504$9,898$8,494$6,170
15 years$14,230$12,180$10,386$8,827$7,479$5,285
16 years$13,203$11,175$9,417$7,903$6,610$4,542
17 years$12,297$10,292$8,569$7,101$5,861$3,914
18 years$11,493$9,510$7,822$6,400$5,211$3,380
19 years$10,774$8,814$7,161$5,783$4,645$2,926
20 years$10,128$8,190$6,572$5,237$4,149$2,536
21 years$9,544$7,629$6,045$4,753$3,713$2,202
22 years$9,014$7,121$5,571$4,322$3,328$1,914
23 years$8,531$6,661$5,144$3,936$2,987$1,665
24 years$8,089$6,240$4,757$3,590$2,685$1,451
25 years$7,683$5,856$4,406$3,278$2,416$1,264
26 years$7,309$5,504$4,087$2,998$2,176$1,103
27 years$6,963$5,180$3,795$2,744$1,962$963
28 years$6,642$4,881$3,528$2,514$1,771$841
29 years$6,344$4,605$3,283$2,305$1,599$734
30 years$6,066$4,349$3,058$2,116$1,445$642
31 years$5,807$4,111$2,851$1,943$1,306$561
32 years$5,564$3,890$2,660$1,786$1,181$491
33 years$5,337$3,684$2,484$1,642$1,069$429
34 years$5,123$3,491$2,320$1,511$968$376
35 years$4,922$3,311$2,169$1,391$877$329
36 years$4,733$3,143$2,029$1,281$794$288
37 years$4,554$2,985$1,900$1,180$720$252
38 years$4,385$2,837$1,779$1,088$653$221
39 years$4,226$2,698$1,667$1,003$592$193
40 years$4,074$2,567$1,562$925$537$169
41 years$3,930$2,443$1,465$854$487$148
42 years$3,794$2,327$1,374$788$442$130
43 years$3,664$2,217$1,289$727$401$114
44 years$3,541$2,113$1,210$671$364$100
45 years$3,423$2,015$1,136$620$331$87
46 years$3,311$1,922$1,067$573$300$76
47 years$3,204$1,835$1,003$529$273$67
48 years$3,101$1,751$942$489$247$59
49 years$3,003$1,672$886$452$225$51
50 years$2,910$1,598$833$418$204$45

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 $6,054 every year, while hoping to spend $48,217 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: 39/45/16 Blend
57$2,980,000$2,980,000$2,980,000$2,980,000
58$3,290,205$3,132,265$3,086,075$3,402,543
59$3,574,503$3,234,443$3,138,156$3,585,441
60$3,886,184$3,340,012$3,190,365$3,777,971
61$4,227,989$3,449,087$3,242,657$3,985,120
62$4,602,939$3,561,788$3,294,981$4,208,234
63$5,014,360$3,678,237$3,347,285$4,448,793
64$5,465,917$3,798,563$3,399,511$4,708,422
65$5,961,646$3,922,897$3,451,599$4,988,908
66$6,505,992$4,051,377$3,503,486$5,292,217
67$7,103,853$4,184,145$3,555,103$5,620,509
68$7,760,626$4,321,348$3,606,379$5,976,162
69$8,482,253$4,463,137$3,657,235$6,361,787
70$9,275,282$4,609,670$3,707,592$6,780,261
71$10,146,927$4,761,110$3,757,363$7,234,747
72$11,105,135$4,917,626$3,806,456$7,728,725
73$12,158,662$5,079,393$3,854,776$8,266,024
74$13,317,154$5,246,592$3,902,219$8,850,860
75$14,591,239$5,419,410$3,948,678$9,487,870
76$15,992,626$5,598,042$3,994,040$10,182,161
77$17,534,217$5,782,689$4,038,183$10,939,352
78$19,230,226$5,973,559$4,080,981$11,765,630
79$21,096,314$6,170,869$4,122,299$12,667,806
80$23,149,739$6,374,842$4,161,997$13,653,378
81$25,409,513$6,585,710$4,199,925$14,730,604
82$27,896,587$6,803,714$4,235,926$15,908,576
83$30,634,045$7,029,102$4,269,836$17,197,304
84$33,647,322$7,262,132$4,301,479$18,607,813
85$36,964,444$7,503,071$4,330,674$20,152,244
86$40,616,292$7,752,197$4,357,227$21,843,970
87$44,636,896$8,009,797$4,380,936$23,697,716
88$49,063,751$8,276,168$4,401,588$25,729,704
89$53,938,172$8,551,619$4,418,960$27,957,798
90$59,305,686$8,836,469$4,432,816$30,401,679
91$65,216,460$9,131,050$4,442,910$33,083,022
92$71,725,774$9,435,706$4,448,982$36,025,704
93$78,894,540$9,750,793$4,450,760$39,256,030
94$86,789,882$10,076,681$4,447,959$42,802,973
95$95,485,763$10,413,752$4,440,279$46,698,455
96$105,063,689$10,762,404$4,427,407$50,977,640
97$115,613,472$11,123,048$4,409,012$55,679,269
98$127,234,082$11,496,113$4,384,749$60,846,021
99$140,034,577$11,882,042$4,354,257$66,524,916
100$154,135,135$12,281,293$4,317,156$72,767,761