Can I retire at age 58 with 2,080,000?

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 $2,080,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$171,764$170,234$168,742$167,285$165,862$164,335
2 years$85,032$83,448$81,913$80,425$78,982$77,444
3 years$56,125$54,534$53,003$51,529$50,109$48,607
4 years$41,674$40,089$38,573$37,124$35,738$34,284
5 years$33,006$31,430$29,934$28,515$27,168$25,765
6 years$27,229$25,665$24,191$22,803$21,497$20,148
7 years$23,104$21,553$20,103$18,748$17,483$16,189
8 years$20,012$18,475$17,049$15,727$14,504$13,264
9 years$17,609$16,086$14,684$13,396$12,214$11,028
10 years$15,687$14,179$12,802$11,548$10,407$9,274
11 years$14,115$12,623$11,271$10,050$8,950$7,870
12 years$12,807$11,329$10,003$8,815$7,756$6,727
13 years$11,700$10,239$8,937$7,782$6,764$5,785
14 years$10,753$9,307$8,030$6,908$5,929$4,999
15 years$9,932$8,502$7,250$6,161$5,220$4,338
16 years$9,215$7,800$6,573$5,517$4,614$3,777
17 years$8,583$7,184$5,981$4,957$4,091$3,299
18 years$8,022$6,638$5,460$4,467$3,637$2,889
19 years$7,520$6,152$4,998$4,036$3,242$2,535
20 years$7,069$5,717$4,587$3,656$2,896$2,228
21 years$6,662$5,325$4,219$3,318$2,591$1,962
22 years$6,292$4,971$3,889$3,016$2,323$1,731
23 years$5,955$4,649$3,591$2,747$2,085$1,528
24 years$5,646$4,356$3,321$2,506$1,874$1,351
25 years$5,363$4,088$3,076$2,288$1,686$1,195
26 years$5,101$3,842$2,852$2,092$1,519$1,058
27 years$4,860$3,616$2,649$1,915$1,370$938
28 years$4,636$3,407$2,462$1,755$1,236$832
29 years$4,428$3,214$2,291$1,609$1,116$738
30 years$4,234$3,035$2,134$1,477$1,008$655
31 years$4,053$2,869$1,990$1,356$912$582
32 years$3,884$2,715$1,857$1,246$825$517
33 years$3,725$2,571$1,733$1,146$746$459
34 years$3,576$2,437$1,620$1,055$676$408
35 years$3,436$2,311$1,514$971$612$363
36 years$3,304$2,194$1,417$894$554$323
37 years$3,179$2,084$1,326$824$503$287
38 years$3,061$1,980$1,242$759$456$256
39 years$2,949$1,883$1,163$700$413$228
40 years$2,844$1,791$1,090$646$375$203
41 years$2,743$1,705$1,022$596$340$180
42 years$2,648$1,624$959$550$309$161
43 years$2,558$1,547$900$508$280$143
44 years$2,471$1,475$845$469$254$127
45 years$2,389$1,407$793$433$231$113
46 years$2,311$1,342$745$400$209$101
47 years$2,236$1,280$700$369$190$90
48 years$2,165$1,222$658$341$173$80
49 years$2,096$1,167$618$315$157$71
50 years$2,031$1,115$581$292$143$64

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,080,000, adding $2,590 every year, while hoping to spend $28,512 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: 63/7/30 Blend
57$2,080,000$2,080,000$2,080,000$2,080,000
58$2,294,832$2,184,592$2,152,352$2,420,753
59$2,498,568$2,261,300$2,194,119$2,583,348
60$2,722,130$2,340,812$2,236,330$2,757,558
61$2,967,509$2,423,233$2,278,969$2,947,264
62$3,236,900$2,508,677$2,322,020$3,153,993
63$3,532,721$2,597,259$2,365,464$3,379,425
64$3,857,633$2,689,100$2,409,282$3,625,413
65$4,214,571$2,784,324$2,453,452$3,893,994
66$4,606,765$2,883,064$2,497,950$4,187,415
67$5,037,775$2,985,455$2,542,752$4,508,151
68$5,511,524$3,091,638$2,587,830$4,858,924
69$6,032,332$3,201,761$2,633,155$5,242,738
70$6,604,960$3,315,977$2,678,695$5,662,898
71$7,234,651$3,434,445$2,724,417$6,123,047
72$7,927,184$3,557,332$2,770,284$6,627,198
73$8,688,926$3,684,810$2,816,257$7,179,770
74$9,526,890$3,817,059$2,862,295$7,785,635
75$10,448,804$3,954,267$2,908,354$8,450,158
76$11,463,185$4,096,628$2,954,386$9,179,249
77$12,579,413$4,244,346$3,000,342$9,979,423
78$13,807,826$4,397,633$3,046,166$10,857,855
79$15,159,815$4,556,707$3,091,804$11,822,451
80$16,647,930$4,721,800$3,137,193$12,881,924
81$18,286,000$4,893,149$3,182,270$14,045,871
82$20,089,263$5,071,004$3,226,966$15,324,869
83$22,074,507$5,255,623$3,271,210$16,730,571
84$24,260,236$5,447,277$3,314,924$18,275,818
85$26,666,834$5,646,247$3,358,027$19,974,758
86$29,316,764$5,852,827$3,400,435$21,842,983
87$32,234,779$6,067,321$3,442,055$23,897,671
88$35,448,155$6,290,048$3,482,792$26,157,751
89$38,986,946$6,521,339$3,522,545$28,644,084
90$42,884,271$6,761,541$3,561,206$31,379,654
91$47,176,624$7,011,014$3,598,664$34,389,790
92$51,904,218$7,270,133$3,634,798$37,702,401
93$57,111,368$7,539,289$3,669,483$41,348,242
94$62,846,905$7,818,891$3,702,588$45,361,203
95$69,164,636$8,109,363$3,733,972$49,778,632
96$76,123,858$8,411,151$3,763,488$54,641,679
97$83,789,909$8,724,715$3,790,983$59,995,696
98$92,234,793$9,050,539$3,816,294$65,890,656
99$101,537,851$9,389,125$3,839,250$72,381,626
100$111,786,518$9,740,998$3,859,670$79,529,291