Can I retire at age 58 with 2,990,000?

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 $2,990,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.4%
1 years$246,911$244,712$242,566$240,472$238,427$230,334
2 years$122,233$119,957$117,751$115,611$113,537$105,464
3 years$80,679$78,393$76,192$74,073$72,032$64,234
4 years$59,907$57,627$55,449$53,366$51,374$43,909
5 years$47,446$45,180$43,030$40,990$39,054$31,943
6 years$39,142$36,893$34,775$32,780$30,902$24,150
7 years$33,213$30,983$28,898$26,950$25,131$18,738
8 years$28,768$26,558$24,508$22,608$20,849$14,808
9 years$25,312$23,124$21,109$19,257$17,558$11,863
10 years$22,550$20,382$18,403$16,600$14,960$9,602
11 years$20,291$18,145$16,202$14,447$12,866$7,834
12 years$18,410$16,286$14,379$12,672$11,150$6,432
13 years$16,819$14,718$12,846$11,187$9,723$5,307
14 years$15,457$13,378$11,542$9,931$8,523$4,397
15 years$14,278$12,221$10,421$8,856$7,504$3,654
16 years$13,247$11,213$9,448$7,930$6,632$3,046
17 years$12,338$10,326$8,598$7,125$5,881$2,544
18 years$11,531$9,542$7,849$6,421$5,229$2,129
19 years$10,810$8,844$7,185$5,802$4,660$1,784
20 years$10,162$8,218$6,594$5,255$4,163$1,497
21 years$9,576$7,655$6,065$4,769$3,725$1,257
22 years$9,045$7,145$5,590$4,336$3,339$1,057
23 years$8,560$6,683$5,161$3,949$2,997$889
24 years$8,116$6,261$4,773$3,602$2,694$749
25 years$7,709$5,876$4,421$3,289$2,424$631
26 years$7,333$5,523$4,100$3,008$2,184$531
27 years$6,986$5,197$3,808$2,753$1,969$448
28 years$6,664$4,897$3,540$2,522$1,777$378
29 years$6,365$4,620$3,294$2,313$1,604$319
30 years$6,086$4,363$3,068$2,123$1,449$269
31 years$5,826$4,125$2,860$1,950$1,310$227
32 years$5,583$3,903$2,669$1,792$1,185$191
33 years$5,355$3,696$2,492$1,648$1,073$162
34 years$5,140$3,503$2,328$1,516$971$136
35 years$4,939$3,323$2,177$1,396$880$115
36 years$4,749$3,154$2,036$1,285$797$97
37 years$4,570$2,995$1,906$1,184$722$82
38 years$4,400$2,846$1,785$1,091$655$69
39 years$4,240$2,707$1,672$1,006$594$58
40 years$4,088$2,575$1,567$928$539$49
41 years$3,944$2,451$1,470$856$489$42
42 years$3,807$2,335$1,379$790$443$35
43 years$3,676$2,224$1,294$730$402$30
44 years$3,553$2,120$1,214$674$365$25
45 years$3,434$2,022$1,140$622$332$21
46 years$3,322$1,929$1,071$575$301$18
47 years$3,214$1,841$1,006$531$273$15
48 years$3,112$1,757$945$491$248$13
49 years$3,013$1,678$889$453$226$11
50 years$2,919$1,603$835$419$205$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,990,000, adding $5,958 every year, while hoping to spend $43,926 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: 53/19/28 Blend
57$2,990,000$2,990,000$2,990,000$2,990,000
58$3,301,126$3,142,656$3,096,311$3,449,981
59$3,591,104$3,249,909$3,153,300$3,661,061
60$3,909,187$3,360,945$3,210,727$3,885,697
61$4,258,196$3,475,904$3,268,558$4,129,298
62$4,641,238$3,594,929$3,326,761$4,393,697
63$5,061,735$3,718,171$3,385,297$4,680,912
64$5,523,455$3,845,784$3,444,128$4,993,165
65$6,030,552$3,977,932$3,503,211$5,332,900
66$6,587,599$4,114,782$3,562,499$5,702,811
67$7,199,636$4,256,508$3,621,945$6,105,860
68$7,872,214$4,403,292$3,681,495$6,545,311
69$8,611,448$4,555,322$3,741,094$7,024,758
70$9,424,077$4,712,794$3,800,682$7,548,157
71$10,317,523$4,875,911$3,860,195$8,119,867
72$11,299,965$5,044,885$3,919,566$8,744,686
73$12,380,413$5,219,936$3,978,722$9,427,901
74$13,568,793$5,401,291$4,037,588$10,175,332
75$14,876,044$5,589,188$4,096,081$10,993,392
76$16,314,217$5,783,875$4,154,116$11,889,144
77$17,896,589$5,985,606$4,211,601$12,870,368
78$19,637,790$6,194,650$4,268,438$13,945,633
79$21,553,939$6,411,283$4,324,526$15,124,380
80$23,662,799$6,635,793$4,379,755$16,417,009
81$25,983,938$6,868,481$4,434,011$17,834,977
82$28,538,921$7,109,657$4,487,171$19,390,904
83$31,351,507$7,359,647$4,539,108$21,098,697
84$34,447,878$7,618,787$4,589,686$22,973,675
85$37,856,883$7,887,429$4,638,761$25,032,715
86$41,610,308$8,165,936$4,686,183$27,294,412
87$45,743,182$8,454,689$4,731,792$29,779,256
88$50,294,100$8,754,083$4,775,421$32,509,818
89$55,305,594$9,064,528$4,816,893$35,510,970
90$60,824,526$9,386,452$4,856,021$38,810,114
91$66,902,539$9,720,299$4,892,609$42,437,446
92$73,596,538$10,066,534$4,926,451$46,426,233
93$80,969,228$10,425,637$4,957,330$50,813,133
94$89,089,706$10,798,110$4,985,017$55,638,536
95$98,034,113$11,184,475$5,009,273$60,946,950
96$107,886,354$11,585,276$5,029,845$66,787,414
97$118,738,886$12,001,078$5,046,468$73,213,964
98$130,693,591$12,432,470$5,058,864$80,286,146
99$143,862,742$12,880,065$5,066,741$88,069,568
100$158,370,056$13,344,502$5,069,791$96,636,530