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

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 $2,980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$246,086$243,894$241,755$239,668$237,629$233,213
2 years$121,825$119,556$117,357$115,225$113,157$108,724
3 years$80,410$78,131$75,938$73,826$71,791$67,480
4 years$59,706$57,435$55,263$53,187$51,202$47,046
5 years$47,287$45,029$42,886$40,853$38,923$34,933
6 years$39,011$36,770$34,659$32,670$30,799$26,980
7 years$33,101$30,879$28,801$26,860$25,047$21,401
8 years$28,671$26,469$24,426$22,532$20,779$17,304
9 years$25,228$23,046$21,038$19,193$17,499$14,193
10 years$22,474$20,314$18,341$16,544$14,910$11,770
11 years$20,223$18,084$16,148$14,398$12,823$9,845
12 years$18,348$16,232$14,331$12,629$11,112$8,293
13 years$16,763$14,669$12,803$11,150$9,690$7,025
14 years$15,405$13,333$11,504$9,898$8,494$5,978
15 years$14,230$12,180$10,386$8,827$7,479$5,106
16 years$13,203$11,175$9,417$7,903$6,610$4,376
17 years$12,297$10,292$8,569$7,101$5,861$3,760
18 years$11,493$9,510$7,822$6,400$5,211$3,238
19 years$10,774$8,814$7,161$5,783$4,645$2,794
20 years$10,128$8,190$6,572$5,237$4,149$2,415
21 years$9,544$7,629$6,045$4,753$3,713$2,091
22 years$9,014$7,121$5,571$4,322$3,328$1,812
23 years$8,531$6,661$5,144$3,936$2,987$1,572
24 years$8,089$6,240$4,757$3,590$2,685$1,364
25 years$7,683$5,856$4,406$3,278$2,416$1,186
26 years$7,309$5,504$4,087$2,998$2,176$1,031
27 years$6,963$5,180$3,795$2,744$1,962$897
28 years$6,642$4,881$3,528$2,514$1,771$781
29 years$6,344$4,605$3,283$2,305$1,599$680
30 years$6,066$4,349$3,058$2,116$1,445$592
31 years$5,807$4,111$2,851$1,943$1,306$516
32 years$5,564$3,890$2,660$1,786$1,181$450
33 years$5,337$3,684$2,484$1,642$1,069$392
34 years$5,123$3,491$2,320$1,511$968$342
35 years$4,922$3,311$2,169$1,391$877$298
36 years$4,733$3,143$2,029$1,281$794$260
37 years$4,554$2,985$1,900$1,180$720$227
38 years$4,385$2,837$1,779$1,088$653$198
39 years$4,226$2,698$1,667$1,003$592$173
40 years$4,074$2,567$1,562$925$537$151
41 years$3,930$2,443$1,465$854$487$132
42 years$3,794$2,327$1,374$788$442$115
43 years$3,664$2,217$1,289$727$401$100
44 years$3,541$2,113$1,210$671$364$88
45 years$3,423$2,015$1,136$620$331$77
46 years$3,311$1,922$1,067$573$300$67
47 years$3,204$1,835$1,003$529$273$58
48 years$3,101$1,751$942$489$247$51
49 years$3,003$1,672$886$452$225$44
50 years$2,910$1,598$833$418$204$39

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 $3,271 every year, while hoping to spend $33,651 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: 46/38/16 Blend
58$2,980,000$2,980,000$2,980,000$2,980,000
59$3,287,334$3,129,394$3,083,204$3,423,454
60$3,586,838$3,246,930$3,150,687$3,636,067
61$3,915,763$3,369,097$3,219,303$3,862,930
62$4,277,075$3,496,087$3,289,054$4,108,324
63$4,674,041$3,628,100$3,359,941$4,373,984
64$5,110,260$3,765,344$3,431,966$4,661,818
65$5,589,696$3,908,035$3,505,127$4,973,922
66$6,116,718$4,056,402$3,579,421$5,312,600
67$6,696,137$4,210,680$3,654,846$5,680,386
68$7,333,256$4,371,116$3,731,396$6,080,066
69$8,033,916$4,537,968$3,809,066$6,514,700
70$8,804,552$4,711,505$3,887,846$6,987,659
71$9,652,255$4,892,007$3,967,727$7,502,647
72$10,584,837$5,079,768$4,048,698$8,063,738
73$11,610,906$5,275,092$4,130,745$8,675,417
74$12,739,947$5,478,300$4,213,853$9,342,615
75$13,982,408$5,689,723$4,298,004$10,070,760
76$15,349,805$5,909,711$4,383,178$10,865,824
77$16,854,823$6,138,625$4,469,353$11,734,379
78$18,511,443$6,376,845$4,556,504$12,683,658
79$20,335,067$6,624,767$4,644,604$13,721,624
80$22,342,667$6,882,804$4,733,622$14,857,040
81$24,552,945$7,151,388$4,823,524$16,099,552
82$26,986,509$7,430,969$4,914,275$17,459,781
83$29,666,064$7,722,018$5,005,835$18,949,418
84$32,616,633$8,025,027$5,098,161$20,581,335
85$35,865,785$8,340,510$5,191,205$22,369,708
86$39,443,902$8,669,001$5,284,918$24,330,140
87$43,384,461$9,011,063$5,379,243$26,479,818
88$47,724,352$9,367,281$5,474,123$28,837,664
89$52,504,223$9,738,265$5,569,494$31,424,520
90$57,768,869$10,124,655$5,665,287$34,263,334
91$63,567,649$10,527,119$5,761,430$37,379,382
92$69,954,955$10,946,353$5,857,843$40,800,503
93$76,990,723$11,383,087$5,954,444$44,557,355
94$84,741,001$11,838,083$6,051,142$48,683,709
95$93,278,570$12,312,136$6,147,842$53,216,760
96$102,683,632$12,806,078$6,244,442$58,197,480
97$113,044,565$13,320,779$6,340,834$63,670,998
98$124,458,761$13,857,147$6,436,902$69,687,026
99$137,033,539$14,416,132$6,532,522$76,300,327
100$150,887,164$14,998,726$6,627,566$83,571,225