Can I retire at age 59 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$242,782$240,620$238,510$236,451$234,440$227,941
2 years$120,189$117,951$115,782$113,678$111,638$105,139
3 years$79,330$77,082$74,918$72,835$70,828$64,532
4 years$58,905$56,664$54,521$52,473$50,515$44,471
5 years$46,653$44,425$42,311$40,305$38,401$32,625
6 years$38,487$36,276$34,193$32,232$30,385$24,883
7 years$32,657$30,465$28,415$26,500$24,711$19,483
8 years$28,287$26,114$24,098$22,230$20,500$15,543
9 years$24,889$22,737$20,756$18,935$17,264$12,573
10 years$22,172$20,041$18,095$16,322$14,710$10,279
11 years$19,951$17,842$15,931$14,205$12,651$8,474
12 years$18,102$16,014$14,138$12,460$10,963$7,031
13 years$16,538$14,472$12,632$11,000$9,560$5,865
14 years$15,199$13,154$11,349$9,765$8,380$4,913
15 years$14,039$12,017$10,247$8,708$7,379$4,130
16 years$13,025$11,025$9,290$7,797$6,521$3,482
17 years$12,132$10,154$8,454$7,006$5,782$2,943
18 years$11,338$9,383$7,717$6,314$5,141$2,492
19 years$10,629$8,696$7,065$5,705$4,583$2,114
20 years$9,992$8,080$6,484$5,167$4,093$1,795
21 years$9,416$7,527$5,964$4,689$3,663$1,527
22 years$8,893$7,026$5,497$4,264$3,283$1,300
23 years$8,417$6,571$5,075$3,883$2,947$1,107
24 years$7,981$6,157$4,694$3,542$2,649$944
25 years$7,580$5,778$4,347$3,234$2,384$806
26 years$7,210$5,430$4,032$2,957$2,147$688
27 years$6,869$5,110$3,744$2,707$1,936$587
28 years$6,553$4,816$3,480$2,480$1,747$502
29 years$6,259$4,543$3,239$2,274$1,577$429
30 years$5,985$4,290$3,017$2,087$1,425$366
31 years$5,729$4,056$2,813$1,917$1,289$313
32 years$5,489$3,838$2,624$1,762$1,166$268
33 years$5,265$3,634$2,450$1,620$1,055$229
34 years$5,054$3,444$2,289$1,491$955$196
35 years$4,856$3,267$2,140$1,372$865$168
36 years$4,669$3,101$2,002$1,264$784$143
37 years$4,493$2,945$1,874$1,164$710$123
38 years$4,327$2,799$1,755$1,073$644$105
39 years$4,169$2,661$1,644$990$584$90
40 years$4,019$2,532$1,541$913$530$77
41 years$3,878$2,410$1,445$842$481$66
42 years$3,743$2,296$1,356$777$436$56
43 years$3,615$2,187$1,272$717$396$48
44 years$3,493$2,085$1,194$662$359$41
45 years$3,377$1,988$1,121$612$326$35
46 years$3,266$1,897$1,053$565$296$30
47 years$3,161$1,810$989$522$269$26
48 years$3,060$1,728$930$482$244$22
49 years$2,963$1,650$874$446$222$19
50 years$2,870$1,576$821$412$201$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $2,940,000, adding $6,159 every year, while hoping to spend $23,073 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: 41/29/30 Blend
58$2,940,000$2,940,000$2,940,000$2,940,000
59$3,246,233$3,090,413$3,044,843$3,350,481
60$3,552,799$3,217,294$3,122,296$3,553,649
61$3,889,862$3,349,618$3,201,570$3,770,825
62$4,260,507$3,487,629$3,282,702$4,005,482
63$4,668,136$3,631,580$3,365,729$4,259,245
64$5,116,494$3,781,735$3,450,689$4,533,899
65$5,609,709$3,938,373$3,537,620$4,831,404
66$6,152,329$4,101,783$3,626,560$5,153,917
67$6,749,364$4,272,268$3,717,547$5,503,806
68$7,406,337$4,450,146$3,810,623$5,883,673
69$8,129,329$4,635,750$3,905,825$6,296,380
70$8,925,045$4,829,425$4,003,194$6,745,075
71$9,800,869$5,031,537$4,102,770$7,233,218
72$10,764,939$5,242,464$4,204,595$7,764,613
73$11,826,222$5,462,604$4,308,708$8,343,445
74$12,994,599$5,692,374$4,415,152$8,974,319
75$14,280,957$5,932,209$4,523,969$9,662,299
76$15,697,292$6,182,565$4,635,199$10,412,956
77$17,256,823$6,443,917$4,748,885$11,232,422
78$18,974,116$6,716,766$4,865,069$12,127,442
79$20,865,221$7,001,633$4,983,795$13,105,441
80$22,947,825$7,299,065$5,105,103$14,174,589
81$25,241,417$7,609,632$5,229,038$15,343,878
82$27,767,472$7,933,934$5,355,641$16,623,207
83$30,549,654$8,272,598$5,484,955$18,023,472
84$33,614,041$8,626,277$5,617,023$19,556,669
85$36,989,367$8,995,659$5,751,888$21,236,001
86$40,707,298$9,381,461$5,889,591$23,076,007
87$44,802,726$9,784,436$6,030,176$25,092,695
88$49,314,100$10,205,370$6,173,683$27,303,689
89$54,283,792$10,645,087$6,320,156$29,728,397
90$59,758,492$11,104,449$6,469,634$32,388,190
91$65,789,650$11,584,359$6,622,158$35,306,601
92$72,433,964$12,085,762$6,777,770$38,509,548
93$79,753,912$12,609,648$6,936,509$42,025,572
94$87,818,342$13,157,052$7,098,413$45,886,110
95$96,703,124$13,729,059$7,263,521$50,125,781
96$106,491,865$14,326,805$7,431,871$54,782,718
97$117,276,695$14,951,478$7,603,499$59,898,921
98$129,159,142$15,604,324$7,778,440$65,520,652
99$142,251,085$16,286,647$7,956,728$71,698,867
100$156,675,814$16,999,812$8,138,398$78,489,698