Can I retire at age 59 with 2,970,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $2,970,000?

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$245,260$243,075$240,944$238,863$236,832$233,776
2 years$121,416$119,154$116,963$114,838$112,777$109,702
3 years$80,140$77,869$75,683$73,578$71,550$68,553
4 years$59,506$57,242$55,078$53,009$51,030$48,133
5 years$47,129$44,878$42,743$40,716$38,792$36,003
6 years$38,880$36,646$34,542$32,561$30,695$28,018
7 years$32,990$30,776$28,705$26,770$24,963$22,399
8 years$28,575$26,380$24,344$22,457$20,710$18,258
9 years$25,143$22,969$20,967$19,128$17,440$15,100
10 years$22,399$20,246$18,280$16,489$14,860$12,630
11 years$20,155$18,024$16,093$14,350$12,780$10,658
12 years$18,286$16,177$14,282$12,587$11,075$9,058
13 years$16,707$14,619$12,760$11,112$9,658$7,744
14 years$15,354$13,289$11,465$9,864$8,466$6,652
15 years$14,182$12,139$10,352$8,797$7,454$5,737
16 years$13,158$11,138$9,385$7,877$6,588$4,965
17 years$12,256$10,257$8,540$7,077$5,841$4,309
18 years$11,454$9,478$7,796$6,378$5,194$3,749
19 years$10,738$8,784$7,137$5,763$4,629$3,268
20 years$10,094$8,163$6,550$5,220$4,135$2,854
21 years$9,512$7,603$6,025$4,737$3,700$2,497
22 years$8,984$7,098$5,553$4,307$3,317$2,187
23 years$8,503$6,638$5,127$3,923$2,977$1,918
24 years$8,062$6,220$4,742$3,578$2,676$1,683
25 years$7,657$5,837$4,392$3,267$2,408$1,479
26 years$7,284$5,486$4,073$2,987$2,169$1,300
27 years$6,939$5,163$3,782$2,735$1,956$1,144
28 years$6,619$4,865$3,516$2,505$1,765$1,007
29 years$6,322$4,589$3,272$2,298$1,593$887
30 years$6,046$4,334$3,048$2,109$1,440$782
31 years$5,787$4,097$2,841$1,937$1,302$689
32 years$5,545$3,877$2,651$1,780$1,177$608
33 years$5,319$3,671$2,475$1,637$1,066$536
34 years$5,106$3,480$2,313$1,506$965$473
35 years$4,906$3,300$2,162$1,386$874$418
36 years$4,717$3,132$2,023$1,277$792$369
37 years$4,539$2,975$1,893$1,176$718$325
38 years$4,371$2,827$1,773$1,084$651$287
39 years$4,211$2,689$1,661$1,000$590$254
40 years$4,060$2,558$1,557$922$535$224
41 years$3,917$2,435$1,460$851$485$198
42 years$3,781$2,319$1,369$785$441$175
43 years$3,652$2,210$1,285$725$400$155
44 years$3,529$2,106$1,206$669$363$137
45 years$3,411$2,008$1,133$618$329$121
46 years$3,300$1,916$1,064$571$299$107
47 years$3,193$1,828$999$527$272$94
48 years$3,091$1,745$939$487$247$83
49 years$2,993$1,667$883$450$224$74
50 years$2,900$1,592$830$416$203$65

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $2,970,000, adding $4,271 every year, while hoping to spend $38,477 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: 50/44/6 Blend
58$2,970,000$2,970,000$2,970,000$2,970,000
59$3,277,346$3,119,936$3,073,901$3,436,139
60$3,570,696$3,231,873$3,135,937$3,656,669
61$3,892,678$3,348,006$3,198,762$3,891,675
62$4,246,172$3,468,499$3,262,362$4,146,108
63$4,634,350$3,593,525$3,326,720$4,421,795
64$5,060,707$3,723,261$3,391,818$4,720,741
65$5,529,093$3,857,894$3,457,638$5,045,153
66$6,043,748$3,997,619$3,524,156$5,397,457
67$6,609,345$4,142,637$3,591,350$5,780,317
68$7,231,030$4,293,158$3,659,192$6,196,667
69$7,914,475$4,449,402$3,727,655$6,649,729
70$8,665,926$4,611,597$3,796,706$7,143,051
71$9,492,267$4,779,982$3,866,311$7,680,531
72$10,401,080$4,954,803$3,936,435$8,266,462
73$11,400,721$5,136,320$4,007,037$8,905,562
74$12,500,396$5,324,800$4,078,074$9,603,027
75$13,710,247$5,520,526$4,149,499$10,364,572
76$15,041,449$5,723,789$4,221,265$11,196,485
77$16,506,315$5,934,893$4,293,316$12,105,690
78$18,118,414$6,154,157$4,365,596$13,099,804
79$19,892,692$6,381,911$4,438,043$14,187,214
80$21,845,622$6,618,500$4,510,593$15,377,151
81$23,995,353$6,864,284$4,583,176$16,679,777
82$26,361,883$7,119,638$4,655,716$18,106,279
83$28,967,248$7,384,953$4,728,136$19,668,975
84$31,835,729$7,660,637$4,800,349$21,381,426
85$34,994,079$7,947,114$4,872,267$23,258,566
86$38,471,782$8,244,829$4,943,795$25,316,837
87$42,301,321$8,554,244$5,014,830$27,574,347
88$46,518,495$8,875,840$5,085,265$30,051,036
89$51,162,746$9,210,122$5,154,987$32,768,862
90$56,277,542$9,557,613$5,223,874$35,752,011
91$61,910,777$9,918,862$5,291,800$39,027,117
92$68,115,229$10,294,439$5,358,628$42,623,517
93$74,949,056$10,684,940$5,424,215$46,573,522
94$82,476,344$11,090,987$5,488,411$50,912,721
95$90,767,715$11,513,229$5,551,056$55,680,317
96$99,900,986$11,952,342$5,611,982$60,919,489
97$109,961,913$12,409,033$5,671,009$66,677,804
98$121,044,992$12,884,039$5,727,952$73,007,658
99$133,254,354$13,378,130$5,782,611$79,966,771
100$146,704,749$13,892,108$5,834,779$87,618,728