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

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 $2,970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16%
1 years$245,260$243,075$240,944$238,863$236,832$231,013
2 years$121,416$119,154$116,963$114,838$112,777$106,950
3 years$80,140$77,869$75,683$73,578$71,550$65,898
4 years$59,506$57,242$55,078$53,009$51,030$45,596
5 years$47,129$44,878$42,743$40,716$38,792$33,591
6 years$38,880$36,646$34,542$32,561$30,695$25,732
7 years$32,990$30,776$28,705$26,770$24,963$20,240
8 years$28,575$26,380$24,344$22,457$20,710$16,223
9 years$25,143$22,969$20,967$19,128$17,440$13,187
10 years$22,399$20,246$18,280$16,489$14,860$10,835
11 years$20,155$18,024$16,093$14,350$12,780$8,977
12 years$18,286$16,177$14,282$12,587$11,075$7,488
13 years$16,707$14,619$12,760$11,112$9,658$6,280
14 years$15,354$13,289$11,465$9,864$8,466$5,290
15 years$14,182$12,139$10,352$8,797$7,454$4,472
16 years$13,158$11,138$9,385$7,877$6,588$3,792
17 years$12,256$10,257$8,540$7,077$5,841$3,223
18 years$11,454$9,478$7,796$6,378$5,194$2,746
19 years$10,738$8,784$7,137$5,763$4,629$2,343
20 years$10,094$8,163$6,550$5,220$4,135$2,002
21 years$9,512$7,603$6,025$4,737$3,700$1,713
22 years$8,984$7,098$5,553$4,307$3,317$1,468
23 years$8,503$6,638$5,127$3,923$2,977$1,258
24 years$8,062$6,220$4,742$3,578$2,676$1,080
25 years$7,657$5,837$4,392$3,267$2,408$927
26 years$7,284$5,486$4,073$2,987$2,169$796
27 years$6,939$5,163$3,782$2,735$1,956$684
28 years$6,619$4,865$3,516$2,505$1,765$589
29 years$6,322$4,589$3,272$2,298$1,593$506
30 years$6,046$4,334$3,048$2,109$1,440$436
31 years$5,787$4,097$2,841$1,937$1,302$375
32 years$5,545$3,877$2,651$1,780$1,177$323
33 years$5,319$3,671$2,475$1,637$1,066$278
34 years$5,106$3,480$2,313$1,506$965$239
35 years$4,906$3,300$2,162$1,386$874$206
36 years$4,717$3,132$2,023$1,277$792$178
37 years$4,539$2,975$1,893$1,176$718$153
38 years$4,371$2,827$1,773$1,084$651$132
39 years$4,211$2,689$1,661$1,000$590$114
40 years$4,060$2,558$1,557$922$535$98
41 years$3,917$2,435$1,460$851$485$84
42 years$3,781$2,319$1,369$785$441$73
43 years$3,652$2,210$1,285$725$400$63
44 years$3,529$2,106$1,206$669$363$54
45 years$3,411$2,008$1,133$618$329$47
46 years$3,300$1,916$1,064$571$299$40
47 years$3,193$1,828$999$527$272$35
48 years$3,091$1,745$939$487$247$30
49 years$2,993$1,667$883$450$224$26
50 years$2,900$1,592$830$416$203$22

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 $3,670 every year, while hoping to spend $46,644 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: 70/25/5 Blend
58$2,970,000$2,970,000$2,970,000$2,970,000
59$3,276,726$3,119,316$3,073,281$3,504,195
60$3,561,323$3,222,533$3,126,607$3,758,116
61$3,873,386$3,329,245$3,180,156$4,029,727
62$4,215,666$3,439,573$3,233,886$4,325,610
63$4,591,196$3,553,645$3,287,753$4,648,134
64$5,003,314$3,671,589$3,341,709$4,999,908
65$5,455,699$3,793,544$3,395,703$5,383,801
66$5,952,401$3,919,648$3,449,680$5,802,973
67$6,497,883$4,050,049$3,503,582$6,260,901
68$7,097,063$4,184,896$3,557,348$6,761,417
69$7,755,355$4,324,348$3,610,911$7,308,733
70$8,478,727$4,468,567$3,664,201$7,907,493
71$9,273,751$4,617,720$3,717,146$8,562,808
72$10,147,668$4,771,983$3,769,665$9,280,305
73$11,108,456$4,931,536$3,821,675$10,066,181
74$12,164,906$5,096,568$3,873,088$10,927,262
75$13,326,699$5,267,274$3,923,810$11,871,064
76$14,604,507$5,443,854$3,973,741$12,905,866
77$16,010,083$5,626,520$4,022,778$14,040,784
78$17,556,379$5,815,487$4,070,809$15,285,862
79$19,257,666$6,010,982$4,117,717$16,652,160
80$21,129,665$6,213,237$4,163,378$18,151,862
81$23,189,702$6,422,497$4,207,662$19,798,389
82$25,456,864$6,639,011$4,250,431$21,606,524
83$27,952,183$6,863,042$4,291,539$23,592,554
84$30,698,835$7,094,860$4,330,835$25,774,418
85$33,722,354$7,334,746$4,368,156$28,171,880
86$37,050,878$7,582,993$4,403,333$30,806,714
87$40,715,410$7,839,901$4,436,187$33,702,904
88$44,750,112$8,105,787$4,466,530$36,886,878
89$49,192,628$8,380,976$4,494,163$40,387,749
90$54,084,439$8,665,806$4,518,880$44,237,594
91$59,471,250$8,960,628$4,540,461$48,471,750
92$65,403,427$9,265,809$4,558,676$53,129,155
93$71,936,468$9,581,725$4,573,283$58,252,707
94$79,131,529$9,908,771$4,584,030$63,889,672
95$87,055,999$10,247,355$4,590,649$70,092,127
96$95,784,137$10,597,901$4,592,861$76,917,452
97$105,397,769$10,960,849$4,590,373$84,428,870
98$115,987,068$11,336,656$4,582,876$92,696,043
99$127,651,394$11,725,798$4,570,048$101,795,727
100$140,500,242$12,128,768$4,551,550$111,812,498