Can I retire at age 58 with 2,990,000?

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 $2,990,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$246,911$244,712$242,566$240,472$238,427$237,422
2 years$122,233$119,957$117,751$115,611$113,537$112,522
3 years$80,679$78,393$76,192$74,073$72,032$71,040
4 years$59,907$57,627$55,449$53,366$51,374$50,411
5 years$47,446$45,180$43,030$40,990$39,054$38,123
6 years$39,142$36,893$34,775$32,780$30,902$30,005
7 years$33,213$30,983$28,898$26,950$25,131$24,268
8 years$28,768$26,558$24,508$22,608$20,849$20,020
9 years$25,312$23,124$21,109$19,257$17,558$16,762
10 years$22,550$20,382$18,403$16,600$14,960$14,198
11 years$20,291$18,145$16,202$14,447$12,866$12,137
12 years$18,410$16,286$14,379$12,672$11,150$10,453
13 years$16,819$14,718$12,846$11,187$9,723$9,058
14 years$15,457$13,378$11,542$9,931$8,523$7,889
15 years$14,278$12,221$10,421$8,856$7,504$6,901
16 years$13,247$11,213$9,448$7,930$6,632$6,058
17 years$12,338$10,326$8,598$7,125$5,881$5,335
18 years$11,531$9,542$7,849$6,421$5,229$4,711
19 years$10,810$8,844$7,185$5,802$4,660$4,170
20 years$10,162$8,218$6,594$5,255$4,163$3,698
21 years$9,576$7,655$6,065$4,769$3,725$3,285
22 years$9,045$7,145$5,590$4,336$3,339$2,923
23 years$8,560$6,683$5,161$3,949$2,997$2,605
24 years$8,116$6,261$4,773$3,602$2,694$2,324
25 years$7,709$5,876$4,421$3,289$2,424$2,075
26 years$7,333$5,523$4,100$3,008$2,184$1,855
27 years$6,986$5,197$3,808$2,753$1,969$1,659
28 years$6,664$4,897$3,540$2,522$1,777$1,486
29 years$6,365$4,620$3,294$2,313$1,604$1,331
30 years$6,086$4,363$3,068$2,123$1,449$1,193
31 years$5,826$4,125$2,860$1,950$1,310$1,070
32 years$5,583$3,903$2,669$1,792$1,185$960
33 years$5,355$3,696$2,492$1,648$1,073$862
34 years$5,140$3,503$2,328$1,516$971$774
35 years$4,939$3,323$2,177$1,396$880$695
36 years$4,749$3,154$2,036$1,285$797$625
37 years$4,570$2,995$1,906$1,184$722$561
38 years$4,400$2,846$1,785$1,091$655$505
39 years$4,240$2,707$1,672$1,006$594$454
40 years$4,088$2,575$1,567$928$539$408
41 years$3,944$2,451$1,470$856$489$367
42 years$3,807$2,335$1,379$790$443$330
43 years$3,676$2,224$1,294$730$402$297
44 years$3,553$2,120$1,214$674$365$267
45 years$3,434$2,022$1,140$622$332$241
46 years$3,322$1,929$1,071$575$301$217
47 years$3,214$1,841$1,006$531$273$195
48 years$3,112$1,757$945$491$248$176
49 years$3,013$1,678$889$453$226$158
50 years$2,919$1,603$835$419$205$142

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,990,000, adding $4,678 every year, while hoping to spend $22,323 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: 55/18/27 Blend
57$2,990,000$2,990,000$2,990,000$2,990,000
58$3,299,805$3,141,335$3,094,990$3,456,444
59$3,612,634$3,271,509$3,174,921$3,695,046
60$3,956,623$3,407,314$3,256,781$3,952,079
61$4,334,927$3,549,001$3,340,612$4,231,572
62$4,751,022$3,696,834$3,426,455$4,535,694
63$5,208,738$3,851,090$3,514,353$4,866,830
64$5,712,294$4,012,058$3,604,348$5,227,605
65$6,266,338$4,180,040$3,696,484$5,620,904
66$6,875,994$4,355,351$3,790,806$6,049,906
67$7,546,906$4,538,324$3,887,358$6,518,105
68$8,285,291$4,729,303$3,986,186$7,029,350
69$9,098,003$4,928,650$4,087,335$7,587,873
70$9,992,591$5,136,746$4,190,853$8,198,337
71$10,977,375$5,353,986$4,296,786$8,865,872
72$12,061,521$5,580,785$4,405,182$9,596,125
73$13,255,131$5,817,578$4,516,090$10,395,314
74$14,569,333$6,064,819$4,629,558$11,270,284
75$16,016,393$6,322,983$4,745,636$12,228,573
76$17,609,824$6,592,568$4,864,374$13,278,479
77$19,364,518$6,874,095$4,985,822$14,429,140
78$21,296,883$7,168,110$5,110,031$15,690,619
79$23,425,000$7,475,183$5,237,052$17,073,997
80$25,768,794$7,795,911$5,366,938$18,591,477
81$28,350,220$8,130,920$5,499,739$20,256,499
82$31,193,472$8,480,863$5,635,509$22,083,866
83$34,325,208$8,846,428$5,774,301$24,089,879
84$37,774,806$9,228,330$5,916,167$26,292,495
85$41,574,639$9,627,320$6,061,161$28,711,491
86$45,760,379$10,044,186$6,209,337$31,368,652
87$50,371,336$10,479,749$6,360,748$34,287,974
88$55,450,827$10,934,872$6,515,448$37,495,891
89$61,046,588$11,410,457$6,673,492$41,021,519
90$67,211,219$11,907,449$6,834,933$44,896,933
91$74,002,686$12,426,836$6,999,826$49,157,469
92$81,484,864$12,969,655$7,168,224$53,842,052
93$89,728,142$13,536,990$7,340,181$58,993,565
94$98,810,086$14,129,977$7,515,752$64,659,250
95$108,816,174$14,749,805$7,694,988$70,891,155
96$119,840,598$15,397,719$7,877,945$77,746,619
97$131,987,156$16,075,025$8,064,673$85,288,817
98$145,370,231$16,783,086$8,255,225$93,587,348
99$160,115,873$17,523,336$8,449,653$102,718,894
100$176,362,983$18,297,270$8,648,007$112,767,943