Can I retire at age 58 with 2,940,000?

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 $2,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$242,782$240,620$238,510$236,451$234,440$228,125
2 years$120,189$117,951$115,782$113,678$111,638$105,321
3 years$79,330$77,082$74,918$72,835$70,828$64,706
4 years$58,905$56,664$54,521$52,473$50,515$44,636
5 years$46,653$44,425$42,311$40,305$38,401$32,780
6 years$38,487$36,276$34,193$32,232$30,385$25,029
7 years$32,657$30,465$28,415$26,500$24,711$19,620
8 years$28,287$26,114$24,098$22,230$20,500$15,671
9 years$24,889$22,737$20,756$18,935$17,264$12,692
10 years$22,172$20,041$18,095$16,322$14,710$10,389
11 years$19,951$17,842$15,931$14,205$12,651$8,575
12 years$18,102$16,014$14,138$12,460$10,963$7,125
13 years$16,538$14,472$12,632$11,000$9,560$5,951
14 years$15,199$13,154$11,349$9,765$8,380$4,992
15 years$14,039$12,017$10,247$8,708$7,379$4,202
16 years$13,025$11,025$9,290$7,797$6,521$3,548
17 years$12,132$10,154$8,454$7,006$5,782$3,003
18 years$11,338$9,383$7,717$6,314$5,141$2,547
19 years$10,629$8,696$7,065$5,705$4,583$2,163
20 years$9,992$8,080$6,484$5,167$4,093$1,840
21 years$9,416$7,527$5,964$4,689$3,663$1,568
22 years$8,893$7,026$5,497$4,264$3,283$1,337
23 years$8,417$6,571$5,075$3,883$2,947$1,141
24 years$7,981$6,157$4,694$3,542$2,649$974
25 years$7,580$5,778$4,347$3,234$2,384$832
26 years$7,210$5,430$4,032$2,957$2,147$712
27 years$6,869$5,110$3,744$2,707$1,936$609
28 years$6,553$4,816$3,480$2,480$1,747$521
29 years$6,259$4,543$3,239$2,274$1,577$446
30 years$5,985$4,290$3,017$2,087$1,425$382
31 years$5,729$4,056$2,813$1,917$1,289$327
32 years$5,489$3,838$2,624$1,762$1,166$280
33 years$5,265$3,634$2,450$1,620$1,055$240
34 years$5,054$3,444$2,289$1,491$955$206
35 years$4,856$3,267$2,140$1,372$865$176
36 years$4,669$3,101$2,002$1,264$784$151
37 years$4,493$2,945$1,874$1,164$710$129
38 years$4,327$2,799$1,755$1,073$644$111
39 years$4,169$2,661$1,644$990$584$95
40 years$4,019$2,532$1,541$913$530$82
41 years$3,878$2,410$1,445$842$481$70
42 years$3,743$2,296$1,356$777$436$60
43 years$3,615$2,187$1,272$717$396$51
44 years$3,493$2,085$1,194$662$359$44
45 years$3,377$1,988$1,121$612$326$38
46 years$3,266$1,897$1,053$565$296$32
47 years$3,161$1,810$989$522$269$28
48 years$3,060$1,728$930$482$244$24
49 years$2,963$1,650$874$446$222$20
50 years$2,870$1,576$821$412$201$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,940,000, adding $5,187 every year, while hoping to spend $37,570 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: 71/23/6 Blend
57$2,940,000$2,940,000$2,940,000$2,940,000
58$3,245,230$3,089,410$3,043,840$3,472,805
59$3,536,270$3,200,817$3,105,835$3,735,128
60$3,855,736$3,316,424$3,168,647$4,016,980
61$4,206,489$3,436,397$3,232,264$4,324,418
62$4,591,679$3,560,908$3,296,673$4,659,948
63$5,014,776$3,690,138$3,361,858$5,026,328
64$5,479,603$3,824,276$3,427,801$5,426,593
65$5,990,373$3,963,515$3,494,482$5,864,084
66$6,551,725$4,108,061$3,561,881$6,342,481
67$7,168,769$4,258,125$3,629,973$6,865,832
68$7,847,139$4,413,928$3,698,732$7,438,594
69$8,593,038$4,575,701$3,768,130$8,065,677
70$9,413,301$4,743,684$3,838,136$8,752,485
71$10,315,460$4,918,127$3,908,716$9,504,969
72$11,307,812$5,099,291$3,979,833$10,329,681
73$12,399,500$5,287,447$4,051,448$11,233,838
74$13,600,596$5,482,879$4,123,519$12,225,387
75$14,922,199$5,685,882$4,195,999$13,313,081
76$16,376,537$5,896,764$4,268,839$14,506,558
77$17,977,085$6,115,846$4,341,985$15,816,434
78$19,738,687$6,343,462$4,415,382$17,254,404
79$21,677,703$6,579,962$4,488,967$18,833,347
80$23,812,158$6,825,709$4,562,676$20,567,449
81$26,161,911$7,081,082$4,636,439$22,472,338
82$28,748,848$7,346,477$4,710,182$24,565,228
83$31,597,083$7,622,307$4,783,825$26,865,080
84$34,733,188$7,909,002$4,857,285$29,392,784
85$38,186,440$8,207,010$4,930,472$32,171,352
86$41,989,105$8,516,801$5,003,290$35,226,133
87$46,176,732$8,838,863$5,075,639$38,585,055
88$50,788,496$9,173,705$5,147,410$42,278,887
89$55,867,565$9,521,859$5,218,491$46,341,524
90$61,461,506$9,883,879$5,288,760$50,810,311
91$67,622,736$10,260,346$5,358,090$55,726,392
92$74,409,014$10,651,862$5,426,345$61,135,097
93$81,883,989$11,059,058$5,493,382$67,086,368
94$90,117,796$11,482,593$5,559,051$73,635,231
95$99,187,724$11,923,152$5,623,192$80,842,315
96$109,178,938$12,381,453$5,685,635$88,774,417
97$120,185,289$12,858,244$5,746,204$97,505,137
98$132,310,197$13,354,305$5,804,709$107,115,570
99$145,667,624$13,870,453$5,860,954$117,695,069
100$160,383,154$14,407,539$5,914,729$129,342,085