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%13.4%
1 years$246,911$244,712$242,566$240,472$238,427$235,058
2 years$122,233$119,957$117,751$115,611$113,537$110,149
3 years$80,679$78,393$76,192$74,073$72,032$68,731
4 years$59,907$57,627$55,449$53,366$51,374$48,185
5 years$47,446$45,180$43,030$40,990$39,054$35,986
6 years$39,142$36,893$34,775$32,780$30,902$27,959
7 years$33,213$30,983$28,898$26,950$25,131$22,315
8 years$28,768$26,558$24,508$22,608$20,849$18,158
9 years$25,312$23,124$21,109$19,257$17,558$14,991
10 years$22,550$20,382$18,403$16,600$14,960$12,516
11 years$20,291$18,145$16,202$14,447$12,866$10,542
12 years$18,410$16,286$14,379$12,672$11,150$8,942
13 years$16,819$14,718$12,846$11,187$9,723$7,630
14 years$15,457$13,378$11,542$9,931$8,523$6,541
15 years$14,278$12,221$10,421$8,856$7,504$5,630
16 years$13,247$11,213$9,448$7,930$6,632$4,862
17 years$12,338$10,326$8,598$7,125$5,881$4,211
18 years$11,531$9,542$7,849$6,421$5,229$3,655
19 years$10,810$8,844$7,185$5,802$4,660$3,180
20 years$10,162$8,218$6,594$5,255$4,163$2,771
21 years$9,576$7,655$6,065$4,769$3,725$2,418
22 years$9,045$7,145$5,590$4,336$3,339$2,113
23 years$8,560$6,683$5,161$3,949$2,997$1,849
24 years$8,116$6,261$4,773$3,602$2,694$1,619
25 years$7,709$5,876$4,421$3,289$2,424$1,419
26 years$7,333$5,523$4,100$3,008$2,184$1,245
27 years$6,986$5,197$3,808$2,753$1,969$1,093
28 years$6,664$4,897$3,540$2,522$1,777$960
29 years$6,365$4,620$3,294$2,313$1,604$843
30 years$6,086$4,363$3,068$2,123$1,449$741
31 years$5,826$4,125$2,860$1,950$1,310$652
32 years$5,583$3,903$2,669$1,792$1,185$573
33 years$5,355$3,696$2,492$1,648$1,073$505
34 years$5,140$3,503$2,328$1,516$971$444
35 years$4,939$3,323$2,177$1,396$880$391
36 years$4,749$3,154$2,036$1,285$797$344
37 years$4,570$2,995$1,906$1,184$722$303
38 years$4,400$2,846$1,785$1,091$655$267
39 years$4,240$2,707$1,672$1,006$594$235
40 years$4,088$2,575$1,567$928$539$207
41 years$3,944$2,451$1,470$856$489$183
42 years$3,807$2,335$1,379$790$443$161
43 years$3,676$2,224$1,294$730$402$142
44 years$3,553$2,120$1,214$674$365$125
45 years$3,434$2,022$1,140$622$332$110
46 years$3,322$1,929$1,071$575$301$97
47 years$3,214$1,841$1,006$531$273$86
48 years$3,112$1,757$945$491$248$75
49 years$3,013$1,678$889$453$226$67
50 years$2,919$1,603$835$419$205$59

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 $5,351 every year, while hoping to spend $37,053 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: 52/30/18 Blend
57$2,990,000$2,990,000$2,990,000$2,990,000
58$3,300,500$3,142,030$3,095,685$3,455,598
59$3,597,726$3,256,565$3,159,966$3,677,239
60$3,924,029$3,375,471$3,225,159$3,913,862
61$4,282,333$3,498,922$3,291,255$4,170,425
62$4,675,862$3,627,101$3,358,243$4,448,831
63$5,108,169$3,760,197$3,426,113$4,751,172
64$5,583,165$3,898,410$3,494,851$5,079,750
65$6,105,161$4,041,945$3,564,441$5,437,097
66$6,678,904$4,191,017$3,634,867$5,826,000
67$7,309,626$4,345,851$3,706,109$6,249,522
68$8,003,090$4,506,680$3,778,146$6,711,036
69$8,765,646$4,673,748$3,850,954$7,214,253
70$9,604,289$4,847,308$3,924,509$7,763,257
71$10,526,727$5,027,627$3,998,780$8,362,542
72$11,541,452$5,214,979$4,073,738$9,017,057
73$12,657,820$5,409,653$4,149,348$9,732,248
74$13,886,141$5,611,950$4,225,574$10,514,109
75$15,237,772$5,822,181$4,302,377$11,369,241
76$16,725,231$6,040,673$4,379,712$12,304,912
77$18,362,306$6,267,768$4,457,534$13,329,120
78$20,164,193$6,503,820$4,535,793$14,450,678
79$22,147,634$6,749,200$4,614,435$15,679,284
80$24,331,076$7,004,295$4,693,402$17,025,623
81$26,734,847$7,269,507$4,772,633$18,501,458
82$29,381,347$7,545,257$4,852,061$20,119,743
83$32,295,254$7,831,985$4,931,615$21,894,749
84$35,503,767$8,130,149$5,011,221$23,842,189
85$39,036,851$8,440,226$5,090,796$25,979,371
86$42,927,528$8,762,715$5,170,256$28,325,359
87$47,212,185$9,098,138$5,249,509$30,901,151
88$51,930,917$9,447,036$5,328,458$33,729,877
89$57,127,908$9,809,978$5,406,998$36,837,015
90$62,851,843$10,187,555$5,485,021$40,250,629
91$69,156,371$10,580,386$5,562,409$44,001,636
92$76,100,611$10,989,115$5,639,040$48,124,092
93$83,749,707$11,414,415$5,714,782$52,655,518
94$92,175,447$11,856,991$5,789,496$57,637,244
95$101,456,935$12,317,576$5,863,037$63,114,806
96$111,681,342$12,796,937$5,935,248$69,138,368
97$122,944,726$13,295,874$6,005,966$75,763,198
98$135,352,939$13,815,223$6,075,017$83,050,183
99$149,022,628$14,355,858$6,142,219$91,066,408
100$164,082,331$14,918,690$6,207,379$99,885,782