Can I retire at age 58 with 1,960,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.1%
1 years$161,855$160,413$159,007$157,634$156,293$151,169
2 years$80,126$78,634$77,188$75,785$74,425$69,312
3 years$52,887$51,388$49,946$48,556$47,218$42,276
4 years$39,270$37,776$36,348$34,982$33,677$28,943
5 years$31,102$29,617$28,207$26,870$25,600$21,088
6 years$25,658$24,184$22,796$21,488$20,257$15,970
7 years$21,771$20,310$18,943$17,666$16,474$12,412
8 years$18,858$17,409$16,065$14,820$13,667$9,827
9 years$16,593$15,158$13,837$12,623$11,510$7,887
10 years$14,782$13,361$12,064$10,881$9,807$6,395
11 years$13,301$11,894$10,621$9,470$8,434$5,228
12 years$12,068$10,676$9,425$8,307$7,309$4,301
13 years$11,025$9,648$8,421$7,333$6,373$3,556
14 years$10,132$8,770$7,566$6,510$5,587$2,952
15 years$9,359$8,011$6,831$5,806$4,919$2,459
16 years$8,684$7,350$6,194$5,198$4,348$2,054
17 years$8,088$6,769$5,636$4,671$3,855$1,719
18 years$7,559$6,255$5,145$4,209$3,428$1,442
19 years$7,086$5,797$4,710$3,803$3,055$1,211
20 years$6,661$5,387$4,323$3,445$2,729$1,019
21 years$6,278$5,018$3,976$3,126$2,442$858
22 years$5,929$4,684$3,664$2,842$2,189$723
23 years$5,611$4,381$3,383$2,589$1,965$609
24 years$5,320$4,104$3,129$2,361$1,766$514
25 years$5,053$3,852$2,898$2,156$1,589$434
26 years$4,807$3,620$2,688$1,972$1,431$367
27 years$4,579$3,407$2,496$1,805$1,291$310
28 years$4,368$3,210$2,320$1,653$1,165$262
29 years$4,172$3,029$2,159$1,516$1,052$222
30 years$3,990$2,860$2,011$1,392$950$187
31 years$3,819$2,704$1,875$1,278$859$158
32 years$3,660$2,558$1,749$1,174$777$134
33 years$3,510$2,423$1,633$1,080$703$113
34 years$3,370$2,296$1,526$994$637$96
35 years$3,237$2,178$1,427$915$577$81
36 years$3,113$2,067$1,335$843$522$69
37 years$2,995$1,963$1,249$776$474$58
38 years$2,884$1,866$1,170$715$429$49
39 years$2,779$1,774$1,096$660$389$42
40 years$2,680$1,688$1,027$608$353$35
41 years$2,585$1,607$963$561$320$30
42 years$2,495$1,530$904$518$291$25
43 years$2,410$1,458$848$478$264$21
44 years$2,329$1,390$796$442$239$18
45 years$2,251$1,325$747$408$217$15
46 years$2,178$1,264$702$377$197$13
47 years$2,107$1,207$660$348$179$11
48 years$2,040$1,152$620$322$163$9
49 years$1,975$1,100$583$297$148$8
50 years$1,914$1,051$548$275$134$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,960,000, adding $6,428 every year, while hoping to spend $28,744 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: 47/24/29 Blend
57$1,960,000$1,960,000$1,960,000$1,960,000
58$2,166,550$2,062,670$2,032,290$2,250,089
59$2,356,955$2,133,158$2,069,789$2,380,275
60$2,565,818$2,206,136$2,107,580$2,518,220
61$2,794,991$2,281,696$2,145,643$2,667,418
62$3,046,514$2,359,934$2,183,957$2,828,943
63$3,322,636$2,440,948$2,222,497$3,003,978
64$3,625,831$2,524,841$2,261,237$3,193,823
65$3,958,828$2,611,719$2,300,150$3,399,908
66$4,324,629$2,701,695$2,339,206$3,623,810
67$4,726,546$2,794,882$2,378,374$3,867,262
68$5,168,223$2,891,401$2,417,619$4,132,172
69$5,653,678$2,991,375$2,456,905$4,420,641
70$6,187,335$3,094,935$2,496,194$4,734,982
71$6,774,071$3,202,214$2,535,443$5,077,742
72$7,419,255$3,313,352$2,574,610$5,451,725
73$8,128,807$3,428,494$2,613,647$5,860,019
74$8,909,246$3,547,791$2,652,505$6,306,023
75$9,767,756$3,671,399$2,691,130$6,793,482
76$10,712,251$3,799,482$2,729,467$7,326,520
77$11,751,452$3,932,208$2,767,457$7,909,678
78$12,894,969$4,069,755$2,805,035$8,547,960
79$14,153,387$4,212,305$2,842,135$9,246,873
80$15,538,373$4,360,048$2,878,687$10,012,488
81$17,062,780$4,513,183$2,914,615$10,851,489
82$18,740,770$4,671,915$2,949,842$11,771,240
83$20,587,949$4,836,460$2,984,282$12,779,852
84$22,621,512$5,007,039$3,017,848$13,886,262
85$24,860,407$5,183,884$3,050,447$15,100,314
86$27,325,512$5,367,238$3,081,980$16,432,852
87$30,039,831$5,557,350$3,112,343$17,895,824
88$33,028,716$5,754,481$3,141,428$19,502,393
89$36,320,098$5,958,904$3,169,120$21,267,061
90$39,944,759$6,170,902$3,195,296$23,205,805
91$43,936,615$6,390,767$3,219,829$25,336,228
92$48,333,042$6,618,806$3,242,586$27,677,726
93$53,175,223$6,855,339$3,263,423$30,251,666
94$58,508,542$7,100,696$3,282,194$33,081,594
95$64,383,007$7,355,224$3,298,740$36,193,451
96$70,853,724$7,619,281$3,312,899$39,615,822
97$77,981,420$7,893,241$3,324,497$43,380,200
98$85,833,010$8,177,496$3,333,353$47,521,288
99$94,482,234$8,472,449$3,339,277$52,077,323
100$104,010,347$8,778,524$3,342,068$57,090,440