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%18.3%
1 years$246,086$243,894$241,755$239,668$237,629$229,655
2 years$121,825$119,556$117,357$115,225$113,157$105,202
3 years$80,410$78,131$75,938$73,826$71,791$64,105
4 years$59,706$57,435$55,263$53,187$51,202$43,843
5 years$47,287$45,029$42,886$40,853$38,923$31,911
6 years$39,011$36,770$34,659$32,670$30,799$24,140
7 years$33,101$30,879$28,801$26,860$25,047$18,740
8 years$28,671$26,469$24,426$22,532$20,779$14,819
9 years$25,228$23,046$21,038$19,193$17,499$11,879
10 years$22,474$20,314$18,341$16,544$14,910$9,621
11 years$20,223$18,084$16,148$14,398$12,823$7,854
12 years$18,348$16,232$14,331$12,629$11,112$6,453
13 years$16,763$14,669$12,803$11,150$9,690$5,328
14 years$15,405$13,333$11,504$9,898$8,494$4,417
15 years$14,230$12,180$10,386$8,827$7,479$3,674
16 years$13,203$11,175$9,417$7,903$6,610$3,064
17 years$12,297$10,292$8,569$7,101$5,861$2,561
18 years$11,493$9,510$7,822$6,400$5,211$2,145
19 years$10,774$8,814$7,161$5,783$4,645$1,799
20 years$10,128$8,190$6,572$5,237$4,149$1,511
21 years$9,544$7,629$6,045$4,753$3,713$1,270
22 years$9,014$7,121$5,571$4,322$3,328$1,068
23 years$8,531$6,661$5,144$3,936$2,987$900
24 years$8,089$6,240$4,757$3,590$2,685$758
25 years$7,683$5,856$4,406$3,278$2,416$639
26 years$7,309$5,504$4,087$2,998$2,176$539
27 years$6,963$5,180$3,795$2,744$1,962$455
28 years$6,642$4,881$3,528$2,514$1,771$384
29 years$6,344$4,605$3,283$2,305$1,599$324
30 years$6,066$4,349$3,058$2,116$1,445$273
31 years$5,807$4,111$2,851$1,943$1,306$231
32 years$5,564$3,890$2,660$1,786$1,181$195
33 years$5,337$3,684$2,484$1,642$1,069$165
34 years$5,123$3,491$2,320$1,511$968$139
35 years$4,922$3,311$2,169$1,391$877$118
36 years$4,733$3,143$2,029$1,281$794$99
37 years$4,554$2,985$1,900$1,180$720$84
38 years$4,385$2,837$1,779$1,088$653$71
39 years$4,226$2,698$1,667$1,003$592$60
40 years$4,074$2,567$1,562$925$537$51
41 years$3,930$2,443$1,465$854$487$43
42 years$3,794$2,327$1,374$788$442$36
43 years$3,664$2,217$1,289$727$401$31
44 years$3,541$2,113$1,210$671$364$26
45 years$3,423$2,015$1,136$620$331$22
46 years$3,311$1,922$1,067$573$300$18
47 years$3,204$1,835$1,003$529$273$16
48 years$3,101$1,751$942$489$247$13
49 years$3,003$1,672$886$452$225$11
50 years$2,910$1,598$833$418$204$9

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 $5,783 every year, while hoping to spend $53,679 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: 77/14/9 Blend
58$2,980,000$2,980,000$2,980,000$2,980,000
59$3,289,925$3,131,985$3,085,795$3,538,094
60$3,568,383$3,228,338$3,132,055$3,798,408
61$3,873,445$3,327,614$3,178,066$4,076,283
62$4,207,768$3,429,898$3,223,762$4,379,405
63$4,574,277$3,535,280$3,269,075$4,710,264
64$4,976,196$3,643,851$3,313,932$5,071,599
65$5,417,074$3,755,705$3,358,254$5,466,431
66$5,900,820$3,870,940$3,401,960$5,898,084
67$6,431,741$3,989,653$3,444,964$6,370,218
68$7,014,581$4,111,949$3,487,172$6,886,865
69$7,654,565$4,237,931$3,528,489$7,452,465
70$8,357,449$4,367,708$3,568,812$8,071,910
71$9,129,574$4,501,391$3,608,032$8,750,587
72$9,977,925$4,639,093$3,646,036$9,494,428
73$10,910,198$4,780,933$3,682,702$10,309,971
74$11,934,870$4,927,031$3,717,905$11,204,414
75$13,061,281$5,077,510$3,751,509$12,185,690
76$14,299,721$5,232,497$3,783,374$13,262,535
77$15,661,527$5,392,124$3,813,352$14,444,574
78$17,159,190$5,556,525$3,841,286$15,742,412
79$18,806,469$5,725,837$3,867,011$17,167,731
80$20,618,529$5,900,203$3,890,355$18,733,401
81$22,612,072$6,079,766$3,911,136$20,453,602
82$24,805,507$6,264,678$3,929,162$22,343,957
83$27,219,113$6,455,091$3,944,233$24,421,679
84$29,875,234$6,651,163$3,956,137$26,705,731
85$32,798,493$6,853,055$3,964,653$29,217,010
86$36,016,018$7,060,934$3,969,548$31,978,539
87$39,557,701$7,274,969$3,970,577$35,015,683
88$43,456,480$7,495,335$3,967,484$38,356,396
89$47,748,646$7,722,211$3,960,000$42,031,472
90$52,474,191$7,955,783$3,947,843$46,074,849
91$57,677,179$8,196,237$3,930,717$50,523,916
92$63,406,167$8,443,769$3,908,311$55,419,876
93$69,714,659$8,698,575$3,880,302$60,808,128
94$76,661,609$8,960,861$3,846,347$66,738,697
95$84,311,985$9,230,835$3,806,091$73,266,707
96$92,737,371$9,508,710$3,759,160$80,452,899
97$102,016,653$9,794,706$3,705,161$88,364,205
98$112,236,753$10,089,049$3,643,686$97,074,379
99$123,493,458$10,391,967$3,574,305$106,664,693
100$135,892,315$10,703,699$3,496,569$117,224,704