Can I retire at age 59 with 2,960,000?

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 $2,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$244,434$242,257$240,132$238,059$236,035$229,862
2 years$121,007$118,753$116,569$114,451$112,397$106,221
3 years$79,870$77,607$75,428$73,330$71,310$65,322
4 years$59,306$57,049$54,892$52,830$50,859$45,106
5 years$46,970$44,727$42,599$40,579$38,662$33,161
6 years$38,749$36,523$34,426$32,451$30,592$25,347
7 years$32,879$30,672$28,608$26,680$24,879$19,892
8 years$28,479$26,292$24,262$22,381$20,640$15,906
9 years$25,058$22,892$20,897$19,064$17,382$12,898
10 years$22,323$20,178$18,218$16,433$14,810$10,572
11 years$20,087$17,963$16,039$14,302$12,737$8,737
12 years$18,225$16,123$14,234$12,545$11,038$7,269
13 years$16,650$14,570$12,717$11,075$9,625$6,079
14 years$15,302$13,244$11,427$9,831$8,437$5,107
15 years$14,135$12,099$10,317$8,768$7,429$4,305
16 years$13,114$11,100$9,354$7,850$6,566$3,640
17 years$12,214$10,223$8,511$7,054$5,822$3,085
18 years$11,416$9,446$7,770$6,357$5,176$2,620
19 years$10,702$8,755$7,113$5,744$4,614$2,229
20 years$10,060$8,135$6,528$5,202$4,121$1,899
21 years$9,480$7,578$6,004$4,721$3,688$1,620
22 years$8,954$7,074$5,534$4,293$3,306$1,384
23 years$8,474$6,616$5,110$3,909$2,967$1,183
24 years$8,035$6,199$4,726$3,566$2,667$1,011
25 years$7,631$5,817$4,377$3,256$2,400$866
26 years$7,260$5,467$4,059$2,977$2,162$741
27 years$6,916$5,145$3,769$2,725$1,949$635
28 years$6,597$4,848$3,504$2,497$1,759$544
29 years$6,301$4,574$3,261$2,290$1,588$467
30 years$6,025$4,319$3,037$2,101$1,435$400
31 years$5,768$4,083$2,832$1,930$1,297$343
32 years$5,527$3,864$2,642$1,774$1,173$295
33 years$5,301$3,659$2,467$1,631$1,062$253
34 years$5,089$3,468$2,305$1,501$962$217
35 years$4,889$3,289$2,155$1,382$871$186
36 years$4,701$3,122$2,016$1,272$789$160
37 years$4,524$2,965$1,887$1,172$715$137
38 years$4,356$2,818$1,767$1,081$648$118
39 years$4,197$2,680$1,655$996$588$101
40 years$4,047$2,549$1,552$919$533$87
41 years$3,904$2,427$1,455$848$484$75
42 years$3,769$2,311$1,365$782$439$64
43 years$3,640$2,202$1,281$722$398$55
44 years$3,517$2,099$1,202$667$362$47
45 years$3,400$2,002$1,129$616$328$41
46 years$3,288$1,909$1,060$569$298$35
47 years$3,182$1,822$996$526$271$30
48 years$3,080$1,740$936$486$246$26
49 years$2,983$1,661$880$449$223$22
50 years$2,890$1,587$827$415$203$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $2,960,000, adding $5,542 every year, while hoping to spend $57,940 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: 56/31/13 Blend
58$2,960,000$2,960,000$2,960,000$2,960,000
59$3,267,637$3,110,757$3,064,877$3,439,454
60$3,539,288$3,201,536$3,105,902$3,647,292
61$3,836,706$3,294,822$3,146,360$3,866,755
62$4,162,457$3,390,675$3,186,171$4,104,456
63$4,519,369$3,489,159$3,225,249$4,362,148
64$4,910,554$3,590,338$3,263,504$4,641,762
65$5,339,442$3,694,276$3,300,843$4,945,422
66$5,809,809$3,801,040$3,337,165$5,275,467
67$6,325,814$3,910,695$3,372,365$5,634,472
68$6,892,039$4,023,311$3,406,331$6,025,271
69$7,513,531$4,138,957$3,438,947$6,450,985
70$8,195,847$4,257,702$3,470,088$6,915,052
71$8,945,112$4,379,618$3,499,624$7,421,255
72$9,768,070$4,504,775$3,527,418$7,973,762
73$10,672,152$4,633,249$3,553,326$8,577,165
74$11,665,545$4,765,111$3,577,195$9,236,517
75$12,757,265$4,900,437$3,598,866$9,957,388
76$13,957,250$5,039,301$3,618,171$10,745,910
77$15,276,442$5,181,780$3,634,934$11,608,840
78$16,726,903$5,327,951$3,648,967$12,553,619
79$18,321,917$5,477,890$3,660,078$13,588,446
80$20,076,122$5,631,676$3,668,059$14,722,351
81$22,005,644$5,789,387$3,672,698$15,965,284
82$24,128,253$5,951,100$3,673,767$17,328,206
83$26,463,527$6,116,896$3,671,029$18,823,191
84$29,033,036$6,286,852$3,664,238$20,463,546
85$31,860,546$6,461,049$3,653,131$22,263,927
86$34,972,246$6,639,565$3,637,435$24,240,486
87$38,396,990$6,822,479$3,616,864$26,411,015
88$42,166,572$7,009,869$3,591,117$28,795,122
89$46,316,023$7,201,813$3,559,881$31,414,407
90$50,883,945$7,398,389$3,522,824$34,292,675
91$55,912,871$7,599,674$3,479,602$37,456,152
92$61,449,668$7,805,743$3,429,854$40,933,737
93$67,545,980$8,016,670$3,373,200$44,757,275
94$74,258,712$8,232,528$3,309,243$48,961,852
95$81,650,568$8,453,390$3,237,571$53,586,134
96$89,790,644$8,679,324$3,157,747$58,672,725
97$98,755,076$8,910,397$3,069,318$64,268,573
98$108,627,763$9,146,676$2,971,810$70,425,409
99$119,501,154$9,388,222$2,864,724$77,200,240
100$131,477,121$9,635,094$2,747,542$84,655,885