Can I retire at age 58 with 2,970,000?

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 $2,970,000?

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 years$245,260$243,075$240,944$238,863$236,832$233,873
2 years$121,416$119,154$116,963$114,838$112,777$109,799
3 years$80,140$77,869$75,683$73,578$71,550$68,647
4 years$59,506$57,242$55,078$53,009$51,030$48,223
5 years$47,129$44,878$42,743$40,716$38,792$36,090
6 years$38,880$36,646$34,542$32,561$30,695$28,101
7 years$32,990$30,776$28,705$26,770$24,963$22,478
8 years$28,575$26,380$24,344$22,457$20,710$18,332
9 years$25,143$22,969$20,967$19,128$17,440$15,171
10 years$22,399$20,246$18,280$16,489$14,860$12,697
11 years$20,155$18,024$16,093$14,350$12,780$10,721
12 years$18,286$16,177$14,282$12,587$11,075$9,118
13 years$16,707$14,619$12,760$11,112$9,658$7,800
14 years$15,354$13,289$11,465$9,864$8,466$6,705
15 years$14,182$12,139$10,352$8,797$7,454$5,786
16 years$13,158$11,138$9,385$7,877$6,588$5,011
17 years$12,256$10,257$8,540$7,077$5,841$4,352
18 years$11,454$9,478$7,796$6,378$5,194$3,789
19 years$10,738$8,784$7,137$5,763$4,629$3,306
20 years$10,094$8,163$6,550$5,220$4,135$2,889
21 years$9,512$7,603$6,025$4,737$3,700$2,529
22 years$8,984$7,098$5,553$4,307$3,317$2,217
23 years$8,503$6,638$5,127$3,923$2,977$1,946
24 years$8,062$6,220$4,742$3,578$2,676$1,709
25 years$7,657$5,837$4,392$3,267$2,408$1,503
26 years$7,284$5,486$4,073$2,987$2,169$1,322
27 years$6,939$5,163$3,782$2,735$1,956$1,164
28 years$6,619$4,865$3,516$2,505$1,765$1,026
29 years$6,322$4,589$3,272$2,298$1,593$904
30 years$6,046$4,334$3,048$2,109$1,440$798
31 years$5,787$4,097$2,841$1,937$1,302$704
32 years$5,545$3,877$2,651$1,780$1,177$621
33 years$5,319$3,671$2,475$1,637$1,066$548
34 years$5,106$3,480$2,313$1,506$965$484
35 years$4,906$3,300$2,162$1,386$874$428
36 years$4,717$3,132$2,023$1,277$792$378
37 years$4,539$2,975$1,893$1,176$718$334
38 years$4,371$2,827$1,773$1,084$651$295
39 years$4,211$2,689$1,661$1,000$590$261
40 years$4,060$2,558$1,557$922$535$231
41 years$3,917$2,435$1,460$851$485$204
42 years$3,781$2,319$1,369$785$441$180
43 years$3,652$2,210$1,285$725$400$160
44 years$3,529$2,106$1,206$669$363$141
45 years$3,411$2,008$1,133$618$329$125
46 years$3,300$1,916$1,064$571$299$110
47 years$3,193$1,828$999$527$272$98
48 years$3,091$1,745$939$487$247$86
49 years$2,993$1,667$883$450$224$76
50 years$2,900$1,592$830$416$203$68

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,970,000, adding $6,639 every year, while hoping to spend $35,434 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: 54/23/23 Blend
57$2,970,000$2,970,000$2,970,000$2,970,000
58$3,279,788$3,122,378$3,076,343$3,435,827
59$3,576,625$3,237,673$3,141,699$3,659,121
60$3,902,552$3,357,430$3,208,057$3,897,829
61$4,260,498$3,481,830$3,275,413$4,156,951
62$4,653,691$3,611,062$3,343,761$4,438,452
63$5,085,686$3,745,323$3,413,096$4,744,495
64$5,560,401$3,884,818$3,483,409$5,077,458
65$6,082,149$4,029,762$3,554,691$5,439,957
66$6,655,686$4,180,377$3,626,931$5,834,874
67$7,286,247$4,336,898$3,700,114$6,265,377
68$7,979,604$4,499,565$3,774,228$6,734,957
69$8,742,113$4,668,633$3,849,254$7,247,452
70$9,580,779$4,844,367$3,925,174$7,807,091
71$10,503,318$5,027,040$4,001,967$8,418,527
72$11,518,233$5,216,942$4,079,610$9,086,884
73$12,634,892$5,414,371$4,158,076$9,817,803
74$13,863,617$5,619,642$4,237,338$10,617,495
75$15,215,781$5,833,079$4,317,363$11,492,799
76$16,703,915$6,055,024$4,398,119$12,451,247
77$18,341,827$6,285,833$4,479,569$13,501,132
78$20,144,730$6,525,875$4,561,671$14,651,589
79$22,129,388$6,775,539$4,644,383$15,912,675
80$24,314,274$7,035,228$4,727,657$17,295,470
81$26,719,739$7,305,364$4,811,444$18,812,176
82$29,368,213$7,586,387$4,895,687$20,476,231
83$32,284,407$7,878,757$4,980,329$22,302,439
84$35,495,553$8,182,952$5,065,307$24,307,106
85$39,031,658$8,499,475$5,150,553$26,508,193
86$42,925,785$8,828,847$5,235,994$28,925,485
87$47,214,369$9,171,615$5,321,555$31,580,776
88$51,937,559$9,528,348$5,407,151$34,498,077
89$57,139,595$9,899,642$5,492,695$37,703,838
90$62,869,228$10,286,119$5,578,094$41,227,195
91$69,180,176$10,688,426$5,663,248$45,100,251
92$76,131,638$11,107,242$5,748,050$49,358,369
93$83,788,844$11,543,276$5,832,389$54,040,514
94$92,223,676$11,997,266$5,916,144$59,189,609
95$101,515,344$12,469,986$5,999,188$64,852,949
96$111,751,135$12,962,242$6,081,387$71,082,638
97$123,027,236$13,474,876$6,162,598$77,936,084
98$135,449,640$14,008,771$6,242,671$85,476,541
99$149,135,148$14,564,846$6,321,446$93,773,697
100$164,212,472$15,144,062$6,398,753$102,904,339