Can I retire at age 58 with 1,940,000?

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 $1,940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$160,203$158,776$157,384$156,025$154,698$152,324
2 years$79,309$77,832$76,400$75,012$73,666$71,279
3 years$52,347$50,864$49,436$48,061$46,737$44,412
4 years$38,869$37,390$35,977$34,625$33,333$31,089
5 years$30,784$29,314$27,919$26,596$25,339$23,182
6 years$25,396$23,937$22,563$21,269$20,050$17,982
7 years$21,549$20,103$18,750$17,486$16,306$14,327
8 years$18,665$17,232$15,901$14,669$13,527$11,638
9 years$16,423$15,003$13,696$12,494$11,392$9,591
10 years$14,631$13,225$11,940$10,770$9,707$7,993
11 years$13,165$11,773$10,512$9,373$8,348$6,720
12 years$11,945$10,567$9,329$8,222$7,234$5,689
13 years$10,913$9,549$8,335$7,259$6,308$4,845
14 years$10,029$8,680$7,489$6,443$5,530$4,145
15 years$9,264$7,929$6,762$5,746$4,869$3,560
16 years$8,595$7,275$6,130$5,145$4,303$3,068
17 years$8,005$6,700$5,578$4,623$3,816$2,652
18 years$7,482$6,191$5,092$4,166$3,393$2,297
19 years$7,014$5,738$4,662$3,765$3,024$1,994
20 years$6,593$5,332$4,278$3,409$2,701$1,734
21 years$6,213$4,967$3,935$3,094$2,417$1,510
22 years$5,868$4,636$3,627$2,813$2,167$1,316
23 years$5,554$4,336$3,349$2,562$1,945$1,149
24 years$5,266$4,063$3,097$2,337$1,748$1,004
25 years$5,002$3,813$2,869$2,134$1,573$878
26 years$4,758$3,583$2,660$1,951$1,417$768
27 years$4,533$3,372$2,470$1,786$1,277$673
28 years$4,324$3,178$2,297$1,637$1,153$589
29 years$4,130$2,998$2,137$1,501$1,041$516
30 years$3,949$2,831$1,991$1,377$940$453
31 years$3,780$2,676$1,856$1,265$850$397
32 years$3,622$2,532$1,732$1,163$769$349
33 years$3,474$2,398$1,617$1,069$696$306
34 years$3,335$2,273$1,511$984$630$269
35 years$3,204$2,156$1,412$905$571$236
36 years$3,081$2,046$1,321$834$517$207
37 years$2,965$1,943$1,237$768$469$182
38 years$2,855$1,847$1,158$708$425$160
39 years$2,751$1,756$1,085$653$385$141
40 years$2,652$1,671$1,017$602$350$123
41 years$2,559$1,591$954$556$317$109
42 years$2,470$1,515$894$513$288$95
43 years$2,385$1,443$839$473$261$84
44 years$2,305$1,376$788$437$237$74
45 years$2,228$1,312$740$404$215$65
46 years$2,155$1,251$695$373$195$57
47 years$2,086$1,194$653$345$177$50
48 years$2,019$1,140$613$318$161$44
49 years$1,955$1,089$577$294$146$39
50 years$1,894$1,040$542$272$133$34

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,940,000, adding $6,334 every year, while hoping to spend $34,508 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: 67/24/9 Blend
57$1,940,000$1,940,000$1,940,000$1,940,000
58$2,144,414$2,041,594$2,011,524$2,283,857
59$2,326,427$2,104,915$2,042,193$2,440,634
60$2,525,850$2,170,183$2,072,734$2,607,245
61$2,744,421$2,237,457$2,103,105$2,788,485
62$2,984,056$2,306,796$2,133,262$2,985,781
63$3,246,864$2,378,263$2,163,161$3,200,702
64$3,535,169$2,451,923$2,192,752$3,434,975
65$3,851,530$2,527,841$2,221,983$3,690,502
66$4,198,768$2,606,087$2,250,801$3,969,377
67$4,579,986$2,686,729$2,279,147$4,273,904
68$4,998,607$2,769,841$2,306,961$4,606,623
69$5,458,398$2,855,497$2,334,177$4,970,328
70$5,963,511$2,943,772$2,360,728$5,368,098
71$6,518,518$3,034,746$2,386,542$5,803,322
72$7,128,458$3,128,500$2,411,542$6,279,734
73$7,798,881$3,225,117$2,435,649$6,801,444
74$8,535,902$3,324,682$2,458,778$7,372,982
75$9,346,257$3,427,285$2,480,840$7,999,337
76$10,237,369$3,533,015$2,501,742$8,686,001
77$11,217,415$3,641,967$2,521,385$9,439,027
78$12,295,404$3,754,236$2,539,664$10,265,083
79$13,481,263$3,869,922$2,556,471$11,171,512
80$14,785,929$3,989,125$2,571,690$12,166,404
81$16,221,453$4,111,952$2,585,200$13,258,673
82$17,801,112$4,238,508$2,596,876$14,458,136
83$19,539,536$4,368,906$2,606,581$15,775,612
84$21,452,845$4,503,258$2,614,178$17,223,018
85$23,558,800$4,641,682$2,619,518$18,813,484
86$25,876,972$4,784,299$2,622,446$20,561,476
87$28,428,925$4,931,232$2,622,800$22,482,932
88$31,238,422$5,082,609$2,620,410$24,595,413
89$34,331,644$5,238,560$2,615,097$26,918,267
90$37,737,442$5,399,219$2,606,673$29,472,812
91$41,487,607$5,564,727$2,594,942$32,282,537
92$45,617,168$5,735,224$2,579,698$35,373,323
93$50,164,726$5,910,857$2,560,725$38,773,687
94$55,172,816$6,091,776$2,537,796$42,515,051
95$60,688,305$6,278,135$2,510,675$46,632,037
96$66,762,843$6,470,094$2,479,113$51,162,797
97$73,453,339$6,667,815$2,442,850$56,149,366
98$80,822,508$6,871,467$2,401,613$61,638,066
99$88,939,455$7,081,220$2,355,119$67,679,938
100$97,880,333$7,297,252$2,303,068$74,331,225