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%13.1%
1 years$246,086$243,894$241,755$239,668$237,629$234,563
2 years$121,825$119,556$117,357$115,225$113,157$110,072
3 years$80,410$78,131$75,938$73,826$71,791$68,783
4 years$59,706$57,435$55,263$53,187$51,202$48,295
5 years$47,287$45,029$42,886$40,853$38,923$36,125
6 years$39,011$36,770$34,659$32,670$30,799$28,112
7 years$33,101$30,879$28,801$26,860$25,047$22,475
8 years$28,671$26,469$24,426$22,532$20,779$18,319
9 years$25,228$23,046$21,038$19,193$17,499$15,151
10 years$22,474$20,314$18,341$16,544$14,910$12,673
11 years$20,223$18,084$16,148$14,398$12,823$10,694
12 years$18,348$16,232$14,331$12,629$11,112$9,089
13 years$16,763$14,669$12,803$11,150$9,690$7,770
14 years$15,405$13,333$11,504$9,898$8,494$6,675
15 years$14,230$12,180$10,386$8,827$7,479$5,757
16 years$13,203$11,175$9,417$7,903$6,610$4,982
17 years$12,297$10,292$8,569$7,101$5,861$4,324
18 years$11,493$9,510$7,822$6,400$5,211$3,761
19 years$10,774$8,814$7,161$5,783$4,645$3,279
20 years$10,128$8,190$6,572$5,237$4,149$2,864
21 years$9,544$7,629$6,045$4,753$3,713$2,505
22 years$9,014$7,121$5,571$4,322$3,328$2,194
23 years$8,531$6,661$5,144$3,936$2,987$1,924
24 years$8,089$6,240$4,757$3,590$2,685$1,689
25 years$7,683$5,856$4,406$3,278$2,416$1,484
26 years$7,309$5,504$4,087$2,998$2,176$1,305
27 years$6,963$5,180$3,795$2,744$1,962$1,148
28 years$6,642$4,881$3,528$2,514$1,771$1,011
29 years$6,344$4,605$3,283$2,305$1,599$890
30 years$6,066$4,349$3,058$2,116$1,445$785
31 years$5,807$4,111$2,851$1,943$1,306$692
32 years$5,564$3,890$2,660$1,786$1,181$610
33 years$5,337$3,684$2,484$1,642$1,069$538
34 years$5,123$3,491$2,320$1,511$968$475
35 years$4,922$3,311$2,169$1,391$877$419
36 years$4,733$3,143$2,029$1,281$794$370
37 years$4,554$2,985$1,900$1,180$720$327
38 years$4,385$2,837$1,779$1,088$653$288
39 years$4,226$2,698$1,667$1,003$592$255
40 years$4,074$2,567$1,562$925$537$225
41 years$3,930$2,443$1,465$854$487$199
42 years$3,794$2,327$1,374$788$442$176
43 years$3,664$2,217$1,289$727$401$155
44 years$3,541$2,113$1,210$671$364$137
45 years$3,423$2,015$1,136$620$331$121
46 years$3,311$1,922$1,067$573$300$107
47 years$3,204$1,835$1,003$529$273$95
48 years$3,101$1,751$942$489$247$84
49 years$3,003$1,672$886$452$225$74
50 years$2,910$1,598$833$418$204$65

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 $3,545 every year, while hoping to spend $32,254 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: 49/46/5 Blend
58$2,980,000$2,980,000$2,980,000$2,980,000
59$3,287,617$3,129,677$3,083,487$3,444,509
60$3,588,636$3,248,713$3,152,465$3,670,875
61$3,919,277$3,372,501$3,222,674$3,912,856
62$4,282,530$3,501,239$3,294,120$4,174,901
63$4,681,683$3,635,136$3,366,808$4,458,888
64$5,120,364$3,774,407$3,440,746$4,766,879
65$5,602,567$3,919,278$3,515,936$5,101,142
66$6,132,692$4,069,986$3,592,383$5,464,165
67$6,715,588$4,226,776$3,670,089$5,858,687
68$7,356,595$4,389,906$3,749,055$6,287,715
69$8,061,601$4,559,644$3,829,281$6,754,558
70$8,837,087$4,736,270$3,910,765$7,262,851
71$9,690,199$4,920,076$3,993,505$7,816,593
72$10,628,808$5,111,369$4,077,496$8,420,183
73$11,661,587$5,310,466$4,162,733$9,078,456
74$12,798,092$5,517,702$4,249,207$9,796,734
75$14,048,851$5,733,423$4,336,909$10,580,868
76$15,425,466$5,957,993$4,425,828$11,437,300
77$16,940,720$6,191,791$4,515,950$12,373,113
78$18,608,699$6,435,214$4,607,259$13,396,104
79$20,444,922$6,688,676$4,699,738$14,514,852
80$22,466,492$6,952,608$4,793,367$15,738,800
81$24,692,251$7,227,463$4,888,122$17,078,339
82$27,142,965$7,513,713$4,983,978$18,544,910
83$29,841,512$7,811,850$5,080,906$20,151,102
84$32,813,106$8,122,390$5,178,876$21,910,777
85$36,085,526$8,445,870$5,277,852$23,839,194
86$39,689,386$8,782,854$5,377,796$25,953,153
87$43,658,418$9,133,929$5,478,667$28,271,151
88$48,029,794$9,499,709$5,580,420$30,813,554
89$52,844,474$9,880,836$5,683,005$33,602,786
90$58,147,595$10,277,981$5,786,370$36,663,542
91$63,988,892$10,691,845$5,890,456$40,023,014
92$70,423,175$11,123,161$5,995,202$43,711,147
93$77,510,838$11,572,695$6,100,541$47,760,922
94$85,318,434$12,041,248$6,206,400$52,208,657
95$93,919,303$12,529,657$6,312,702$57,094,354
96$103,394,259$13,038,798$6,419,365$62,462,071
97$113,832,359$13,569,584$6,526,299$68,360,332
98$125,331,739$14,122,974$6,633,410$74,842,588
99$138,000,544$14,699,967$6,740,596$81,967,711
100$151,957,943$15,301,609$6,847,750$89,800,549