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%13.1%
1 years$246,911$244,712$242,566$240,472$238,427$235,350
2 years$122,233$119,957$117,751$115,611$113,537$110,441
3 years$80,679$78,393$76,192$74,073$72,032$69,014
4 years$59,907$57,627$55,449$53,366$51,374$48,457
5 years$47,446$45,180$43,030$40,990$39,054$36,246
6 years$39,142$36,893$34,775$32,780$30,902$28,207
7 years$33,213$30,983$28,898$26,950$25,131$22,550
8 years$28,768$26,558$24,508$22,608$20,849$18,381
9 years$25,312$23,124$21,109$19,257$17,558$15,202
10 years$22,550$20,382$18,403$16,600$14,960$12,715
11 years$20,291$18,145$16,202$14,447$12,866$10,730
12 years$18,410$16,286$14,379$12,672$11,150$9,119
13 years$16,819$14,718$12,846$11,187$9,723$7,796
14 years$15,457$13,378$11,542$9,931$8,523$6,697
15 years$14,278$12,221$10,421$8,856$7,504$5,776
16 years$13,247$11,213$9,448$7,930$6,632$4,998
17 years$12,338$10,326$8,598$7,125$5,881$4,338
18 years$11,531$9,542$7,849$6,421$5,229$3,774
19 years$10,810$8,844$7,185$5,802$4,660$3,290
20 years$10,162$8,218$6,594$5,255$4,163$2,874
21 years$9,576$7,655$6,065$4,769$3,725$2,514
22 years$9,045$7,145$5,590$4,336$3,339$2,202
23 years$8,560$6,683$5,161$3,949$2,997$1,931
24 years$8,116$6,261$4,773$3,602$2,694$1,695
25 years$7,709$5,876$4,421$3,289$2,424$1,489
26 years$7,333$5,523$4,100$3,008$2,184$1,309
27 years$6,986$5,197$3,808$2,753$1,969$1,152
28 years$6,664$4,897$3,540$2,522$1,777$1,014
29 years$6,365$4,620$3,294$2,313$1,604$893
30 years$6,086$4,363$3,068$2,123$1,449$787
31 years$5,826$4,125$2,860$1,950$1,310$694
32 years$5,583$3,903$2,669$1,792$1,185$612
33 years$5,355$3,696$2,492$1,648$1,073$540
34 years$5,140$3,503$2,328$1,516$971$476
35 years$4,939$3,323$2,177$1,396$880$420
36 years$4,749$3,154$2,036$1,285$797$371
37 years$4,570$2,995$1,906$1,184$722$328
38 years$4,400$2,846$1,785$1,091$655$289
39 years$4,240$2,707$1,672$1,006$594$256
40 years$4,088$2,575$1,567$928$539$226
41 years$3,944$2,451$1,470$856$489$199
42 years$3,807$2,335$1,379$790$443$176
43 years$3,676$2,224$1,294$730$402$156
44 years$3,553$2,120$1,214$674$365$138
45 years$3,434$2,022$1,140$622$332$122
46 years$3,322$1,929$1,071$575$301$107
47 years$3,214$1,841$1,006$531$273$95
48 years$3,112$1,757$945$491$248$84
49 years$3,013$1,678$889$453$226$74
50 years$2,919$1,603$835$419$205$66

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 $4,671 every year, while hoping to spend $22,193 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: 43/28/29 Blend
57$2,990,000$2,990,000$2,990,000$2,990,000
58$3,299,798$3,141,328$3,094,983$3,413,602
59$3,612,764$3,271,640$3,175,052$3,626,090
60$3,956,909$3,407,593$3,257,059$3,853,728
61$4,335,390$3,549,441$3,341,046$4,099,962
62$4,751,684$3,697,448$3,427,056$4,366,531
63$5,209,624$3,851,891$3,515,130$4,655,346
64$5,713,431$4,013,060$3,605,313$4,968,504
65$6,267,759$4,181,257$3,697,648$5,308,314
66$6,877,731$4,356,800$3,792,181$5,677,309
67$7,548,997$4,540,021$3,888,956$6,078,278
68$8,287,779$4,731,266$3,988,020$6,514,284
69$9,100,933$4,930,898$4,089,420$6,988,699
70$9,996,015$5,139,299$4,193,202$7,505,227
71$10,981,348$5,356,864$4,299,414$8,067,944
72$12,066,107$5,584,012$4,408,105$8,681,335
73$13,260,398$5,821,176$4,519,325$9,350,330
74$14,575,358$6,068,813$4,633,122$10,080,357
75$16,023,259$6,327,400$4,749,546$10,877,386
76$17,617,625$6,597,436$4,868,650$11,747,986
77$19,373,356$6,879,444$4,990,483$12,699,388
78$21,306,872$7,173,970$5,115,097$13,739,549
79$23,436,265$7,481,587$5,242,545$14,877,225
80$25,781,474$7,802,894$5,372,880$16,122,056
81$28,364,467$8,138,519$5,506,154$17,484,653
82$31,209,453$8,489,117$5,642,421$18,976,696
83$34,343,111$8,855,377$5,781,736$20,611,046
84$37,794,836$9,238,018$5,924,151$22,401,859
85$41,597,021$9,637,793$6,069,722$24,364,723
86$45,785,364$10,055,491$6,218,505$26,516,802
87$50,399,199$10,491,938$6,370,552$28,876,993
88$55,481,872$10,947,999$6,525,921$31,466,109
89$61,081,150$11,424,578$6,684,667$34,307,065
90$67,249,668$11,922,623$6,846,844$37,425,098
91$74,045,430$12,443,127$7,012,509$40,848,004
92$81,532,353$12,987,129$7,181,716$44,606,390
93$89,780,872$13,555,717$7,354,523$48,733,971
94$98,868,604$14,150,031$7,530,983$53,267,878
95$108,881,084$14,771,264$7,711,153$58,249,007
96$119,912,564$15,420,666$7,895,086$63,722,407
97$132,066,912$16,099,545$8,082,838$69,737,697
98$145,458,586$16,809,272$8,274,462$76,349,532
99$160,213,718$17,551,282$8,470,013$83,618,119
100$176,471,301$18,327,080$8,669,543$91,609,780