Can I retire at age 59 with 2,980,000?

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$246,086$243,894$241,755$239,668$237,629$233,501
2 years$121,825$119,556$117,357$115,225$113,157$109,011
3 years$80,410$78,131$75,938$73,826$71,791$67,757
4 years$59,706$57,435$55,263$53,187$51,202$47,310
5 years$47,287$45,029$42,886$40,853$38,923$35,185
6 years$39,011$36,770$34,659$32,670$30,799$27,219
7 years$33,101$30,879$28,801$26,860$25,047$21,627
8 years$28,671$26,469$24,426$22,532$20,779$17,517
9 years$25,228$23,046$21,038$19,193$17,499$14,393
10 years$22,474$20,314$18,341$16,544$14,910$11,958
11 years$20,223$18,084$16,148$14,398$12,823$10,022
12 years$18,348$16,232$14,331$12,629$11,112$8,458
13 years$16,763$14,669$12,803$11,150$9,690$7,178
14 years$15,405$13,333$11,504$9,898$8,494$6,121
15 years$14,230$12,180$10,386$8,827$7,479$5,240
16 years$13,203$11,175$9,417$7,903$6,610$4,500
17 years$12,297$10,292$8,569$7,101$5,861$3,875
18 years$11,493$9,510$7,822$6,400$5,211$3,344
19 years$10,774$8,814$7,161$5,783$4,645$2,892
20 years$10,128$8,190$6,572$5,237$4,149$2,505
21 years$9,544$7,629$6,045$4,753$3,713$2,174
22 years$9,014$7,121$5,571$4,322$3,328$1,888
23 years$8,531$6,661$5,144$3,936$2,987$1,642
24 years$8,089$6,240$4,757$3,590$2,685$1,429
25 years$7,683$5,856$4,406$3,278$2,416$1,244
26 years$7,309$5,504$4,087$2,998$2,176$1,085
27 years$6,963$5,180$3,795$2,744$1,962$946
28 years$6,642$4,881$3,528$2,514$1,771$825
29 years$6,344$4,605$3,283$2,305$1,599$720
30 years$6,066$4,349$3,058$2,116$1,445$629
31 years$5,807$4,111$2,851$1,943$1,306$550
32 years$5,564$3,890$2,660$1,786$1,181$480
33 years$5,337$3,684$2,484$1,642$1,069$420
34 years$5,123$3,491$2,320$1,511$968$367
35 years$4,922$3,311$2,169$1,391$877$321
36 years$4,733$3,143$2,029$1,281$794$281
37 years$4,554$2,985$1,900$1,180$720$246
38 years$4,385$2,837$1,779$1,088$653$215
39 years$4,226$2,698$1,667$1,003$592$188
40 years$4,074$2,567$1,562$925$537$164
41 years$3,930$2,443$1,465$854$487$144
42 years$3,794$2,327$1,374$788$442$126
43 years$3,664$2,217$1,289$727$401$110
44 years$3,541$2,113$1,210$671$364$97
45 years$3,423$2,015$1,136$620$331$84
46 years$3,311$1,922$1,067$573$300$74
47 years$3,204$1,835$1,003$529$273$65
48 years$3,101$1,751$942$489$247$57
49 years$3,003$1,672$886$452$225$50
50 years$2,910$1,598$833$418$204$43

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $2,980,000, adding $4,982 every year, while hoping to spend $58,829 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: 37/33/30 Blend
58$2,980,000$2,980,000$2,980,000$2,980,000
59$3,289,099$3,131,159$3,084,969$3,381,176
60$3,561,993$3,221,992$3,125,722$3,540,858
61$3,860,751$3,315,304$3,165,868$3,707,549
62$4,187,949$3,411,155$3,205,326$3,886,505
63$4,546,423$3,509,605$3,244,007$4,078,877
64$4,939,297$3,610,715$3,281,820$4,285,931
65$5,370,012$3,714,547$3,318,668$4,509,062
66$5,842,358$3,821,164$3,354,448$4,749,804
67$6,360,508$3,930,630$3,389,052$5,009,850
68$6,929,060$4,043,011$3,422,365$5,291,059
69$7,553,077$4,158,372$3,454,267$5,595,483
70$8,238,137$4,276,778$3,484,631$5,925,379
71$8,990,384$4,398,298$3,513,324$6,283,235
72$9,816,588$4,522,999$3,540,205$6,671,791
73$10,724,204$4,650,949$3,565,125$7,094,065
74$11,721,445$4,782,219$3,587,930$7,553,381
75$12,817,362$4,916,877$3,608,454$8,053,402
76$14,021,922$5,054,993$3,626,527$8,598,166
77$15,346,109$5,196,639$3,641,967$9,192,118
78$16,802,023$5,341,884$3,654,583$9,840,157
79$18,402,994$5,490,801$3,664,176$10,547,682
80$20,163,709$5,643,461$3,670,536$11,320,642
81$22,100,351$5,799,934$3,673,443$12,165,590
82$24,230,750$5,960,293$3,672,666$13,089,751
83$26,574,547$6,124,609$3,667,962$14,101,084
84$29,153,389$6,292,952$3,659,076$15,208,358
85$31,991,122$6,465,394$3,645,742$16,421,241
86$35,114,022$6,642,004$3,627,680$17,750,383
87$38,551,042$6,822,852$3,604,597$19,207,523
88$42,334,082$7,008,007$3,576,186$20,805,597
89$46,498,295$7,197,535$3,542,124$22,558,862
90$51,082,410$7,391,503$3,502,074$24,483,027
91$56,129,105$7,589,976$3,455,683$26,595,409
92$61,685,407$7,793,018$3,402,581$28,915,088
93$67,803,132$8,000,689$3,342,381$31,463,094
94$74,539,378$8,213,049$3,274,677$34,262,603
95$81,957,061$8,430,156$3,199,046$37,339,157
96$90,125,510$8,652,062$3,115,043$40,720,906
97$99,121,119$8,878,820$3,022,204$44,438,873
98$109,028,069$9,110,478$2,920,043$48,527,248
99$119,939,120$9,347,079$2,808,053$53,023,712
100$131,956,489$9,588,665$2,685,702$57,969,791