Can I retire at age 58 with 2,020,000?

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 $2,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.1%
1 years$166,810$165,324$163,874$162,459$161,078$157,696
2 years$82,579$81,041$79,551$78,105$76,704$73,313
3 years$54,506$52,961$51,474$50,043$48,664$45,370
4 years$40,472$38,932$37,460$36,053$34,708$31,535
5 years$32,054$30,523$29,071$27,692$26,384$23,343
6 years$26,444$24,925$23,493$22,146$20,877$17,969
7 years$22,438$20,932$19,523$18,207$16,978$14,206
8 years$19,435$17,942$16,557$15,274$14,085$11,446
9 years$17,101$15,622$14,261$13,010$11,862$9,355
10 years$15,234$13,770$12,433$11,214$10,107$7,729
11 years$13,708$12,259$10,946$9,760$8,692$6,441
12 years$12,437$11,003$9,714$8,561$7,533$5,404
13 years$11,363$9,943$8,679$7,558$6,569$4,559
14 years$10,443$9,038$7,798$6,709$5,758$3,864
15 years$9,646$8,256$7,040$5,983$5,070$3,287
16 years$8,949$7,575$6,383$5,357$4,481$2,805
17 years$8,335$6,976$5,808$4,814$3,973$2,400
18 years$7,790$6,447$5,302$4,338$3,532$2,058
19 years$7,303$5,975$4,854$3,920$3,149$1,768
20 years$6,865$5,552$4,455$3,550$2,812$1,521
21 years$6,470$5,171$4,098$3,222$2,517$1,311
22 years$6,110$4,827$3,777$2,929$2,256$1,131
23 years$5,783$4,515$3,487$2,668$2,025$976
24 years$5,483$4,230$3,225$2,433$1,820$844
25 years$5,208$3,970$2,987$2,222$1,638$729
26 years$4,954$3,731$2,770$2,032$1,475$631
27 years$4,720$3,511$2,572$1,860$1,330$547
28 years$4,502$3,309$2,391$1,704$1,200$473
29 years$4,300$3,121$2,225$1,563$1,084$410
30 years$4,112$2,948$2,073$1,434$979$356
31 years$3,936$2,787$1,932$1,317$885$308
32 years$3,772$2,637$1,803$1,210$801$267
33 years$3,618$2,497$1,683$1,113$725$232
34 years$3,473$2,367$1,573$1,024$656$201
35 years$3,337$2,245$1,471$943$594$175
36 years$3,208$2,131$1,376$868$538$152
37 years$3,087$2,023$1,288$800$488$132
38 years$2,973$1,923$1,206$737$442$114
39 years$2,864$1,829$1,130$680$401$99
40 years$2,762$1,740$1,059$627$364$86
41 years$2,664$1,656$993$579$330$75
42 years$2,572$1,577$931$534$300$65
43 years$2,484$1,503$874$493$272$56
44 years$2,400$1,432$820$455$247$49
45 years$2,320$1,366$770$420$224$43
46 years$2,244$1,303$723$388$203$37
47 years$2,172$1,244$680$359$185$32
48 years$2,102$1,187$639$331$168$28
49 years$2,036$1,134$600$306$152$24
50 years$1,972$1,083$564$283$138$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,020,000, adding $6,335 every year, while hoping to spend $22,348 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: 36/36/28 Blend
57$2,020,000$2,020,000$2,020,000$2,020,000
58$2,232,575$2,125,515$2,094,205$2,293,991
59$2,436,519$2,205,887$2,140,582$2,420,604
60$2,660,517$2,289,448$2,187,765$2,554,726
61$2,906,590$2,376,331$2,235,755$2,699,095
62$3,176,965$2,466,675$2,284,556$2,854,649
63$3,474,097$2,560,623$2,334,170$3,022,416
64$3,800,688$2,658,327$2,384,598$3,203,525
65$4,159,717$2,759,944$2,435,841$3,399,218
66$4,554,465$2,865,638$2,487,898$3,610,858
67$4,988,546$2,975,580$2,540,769$3,839,944
68$5,465,944$3,089,949$2,594,450$4,088,123
69$5,991,046$3,208,932$2,648,940$4,357,206
70$6,568,687$3,332,724$2,704,234$4,649,183
71$7,204,194$3,461,529$2,760,327$4,966,242
72$7,903,436$3,595,558$2,817,212$5,310,791
73$8,672,880$3,735,034$2,874,882$5,685,476
74$9,519,651$3,880,187$2,933,327$6,093,209
75$10,451,599$4,031,261$2,992,538$6,537,194
76$11,477,377$4,188,506$3,052,502$7,020,953
77$12,606,514$4,352,188$3,113,206$7,548,365
78$13,849,514$4,522,581$3,174,634$8,123,695
79$15,217,951$4,699,974$3,236,770$8,751,638
80$16,724,575$4,884,665$3,299,595$9,437,362
81$18,383,438$5,076,970$3,363,088$10,186,554
82$20,210,023$5,277,217$3,427,226$11,005,472
83$22,221,391$5,485,746$3,491,984$11,901,008
84$24,436,343$5,702,917$3,557,335$12,880,748
85$26,875,592$5,929,103$3,623,249$13,953,042
86$29,561,968$6,164,694$3,689,693$15,127,084
87$32,520,624$6,410,099$3,756,632$16,412,998
88$35,779,277$6,665,744$3,824,030$17,821,930
89$39,368,472$6,932,074$3,891,843$19,366,154
90$43,321,866$7,209,556$3,960,030$21,059,185
91$47,676,547$7,498,674$4,028,541$22,915,907
92$52,473,385$7,799,939$4,097,327$24,952,713
93$57,757,416$8,113,882$4,166,333$27,187,652
94$63,578,268$8,441,058$4,235,501$29,640,608
95$69,990,629$8,782,047$4,304,768$32,333,477
96$77,054,763$9,137,458$4,374,068$35,290,378
97$84,837,080$9,507,924$4,443,330$38,537,874
98$93,410,758$9,894,108$4,512,478$42,105,228
99$102,856,441$10,296,706$4,581,432$46,024,670
100$113,262,995$10,716,440$4,650,106$50,331,705