Can I retire at age 58 with 2,220,000?

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 $2,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$183,326$181,693$180,099$178,544$177,026$170,745
2 years$90,755$89,065$87,427$85,839$84,298$78,037
3 years$59,902$58,205$56,571$54,998$53,482$47,438
4 years$44,479$42,787$41,169$39,623$38,144$32,362
5 years$35,228$33,545$31,949$30,434$28,996$23,493
6 years$29,062$27,392$25,820$24,338$22,944$17,723
7 years$24,659$23,004$21,456$20,010$18,660$13,719
8 years$21,359$19,719$18,197$16,786$15,480$10,817
9 years$18,794$17,169$15,673$14,298$13,036$8,644
10 years$16,742$15,133$13,664$12,325$11,108$6,979
11 years$15,065$13,472$12,029$10,726$9,553$5,679
12 years$13,669$12,092$10,676$9,408$8,278$4,650
13 years$12,488$10,928$9,538$8,306$7,219$3,826
14 years$11,477$9,933$8,570$7,373$6,328$3,161
15 years$10,601$9,074$7,738$6,576$5,572$2,620
16 years$9,835$8,325$7,015$5,888$4,924$2,177
17 years$9,161$7,667$6,384$5,290$4,366$1,813
18 years$8,562$7,085$5,827$4,768$3,882$1,513
19 years$8,026$6,566$5,335$4,308$3,460$1,264
20 years$7,545$6,102$4,896$3,902$3,091$1,057
21 years$7,110$5,683$4,503$3,541$2,766$885
22 years$6,715$5,305$4,150$3,220$2,479$742
23 years$6,356$4,962$3,832$2,932$2,226$622
24 years$6,026$4,649$3,544$2,674$2,000$522
25 years$5,724$4,363$3,283$2,442$1,800$439
26 years$5,445$4,100$3,044$2,233$1,621$368
27 years$5,187$3,859$2,827$2,044$1,462$309
28 years$4,948$3,636$2,628$1,873$1,319$260
29 years$4,726$3,430$2,446$1,717$1,191$219
30 years$4,519$3,240$2,278$1,576$1,076$184
31 years$4,326$3,062$2,124$1,448$973$155
32 years$4,145$2,898$1,982$1,330$880$130
33 years$3,976$2,744$1,850$1,223$797$109
34 years$3,817$2,601$1,729$1,126$721$92
35 years$3,667$2,467$1,616$1,036$653$77
36 years$3,526$2,341$1,512$954$592$65
37 years$3,393$2,224$1,415$879$536$55
38 years$3,267$2,113$1,325$810$486$46
39 years$3,148$2,010$1,242$747$441$39
40 years$3,035$1,912$1,164$689$400$33
41 years$2,928$1,820$1,091$636$363$28
42 years$2,826$1,733$1,024$587$329$23
43 years$2,730$1,652$960$542$299$19
44 years$2,638$1,574$902$500$271$16
45 years$2,550$1,501$847$462$246$14
46 years$2,466$1,432$795$427$224$12
47 years$2,387$1,367$747$394$203$10
48 years$2,310$1,305$702$364$184$8
49 years$2,237$1,246$660$337$167$7
50 years$2,167$1,190$620$311$152$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,220,000, adding $4,276 every year, while hoping to spend $33,015 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: 79/14/7 Blend
57$2,220,000$2,220,000$2,220,000$2,220,000
58$2,450,851$2,333,191$2,298,781$2,642,223
59$2,665,710$2,412,389$2,340,662$2,847,486
60$2,901,378$2,494,362$2,382,840$3,067,843
61$3,159,943$2,579,210$2,425,290$3,308,579
62$3,443,704$2,667,039$2,467,984$3,571,709
63$3,755,195$2,757,956$2,510,894$3,859,452
64$4,097,204$2,852,076$2,553,989$4,174,251
65$4,472,807$2,949,516$2,597,235$4,518,798
66$4,885,388$3,050,397$2,640,598$4,896,055
67$5,338,678$3,154,847$2,684,038$5,309,286
68$5,836,785$3,262,996$2,727,515$5,762,084
69$6,384,237$3,374,982$2,770,986$6,258,407
70$6,986,019$3,490,947$2,814,405$6,802,614
71$7,647,627$3,611,037$2,857,721$7,399,506
72$8,375,114$3,735,407$2,900,884$8,054,373
73$9,175,148$3,864,214$2,943,836$8,773,040
74$10,055,078$3,997,625$2,986,519$9,561,923
75$11,022,998$4,135,811$3,028,870$10,428,091
76$12,087,829$4,278,951$3,070,822$11,379,331
77$13,259,398$4,427,229$3,112,304$12,424,221
78$14,548,533$4,580,840$3,153,243$13,572,211
79$15,967,165$4,739,983$3,193,558$14,833,711
80$17,528,440$4,904,867$3,233,167$16,220,191
81$19,246,843$5,075,707$3,271,980$17,744,286
82$21,138,333$5,252,729$3,309,904$19,419,917
83$23,220,498$5,436,168$3,346,840$21,262,423
84$25,512,714$5,626,265$3,382,685$23,288,700
85$28,036,333$5,823,275$3,417,327$25,517,368
86$30,814,884$6,027,459$3,450,652$27,968,938
87$33,874,290$6,239,093$3,482,537$30,666,012
88$37,243,118$6,458,459$3,512,853$33,633,493
89$40,952,847$6,685,855$3,541,464$36,898,819
90$45,038,163$6,921,587$3,568,229$40,492,220
91$49,537,287$7,165,976$3,592,996$44,447,010
92$54,492,336$7,419,355$3,615,607$48,799,892
93$59,949,721$7,682,070$3,635,897$53,591,309
94$65,960,583$7,954,482$3,653,690$58,865,824
95$72,581,277$8,236,966$3,668,802$64,672,541
96$79,873,902$8,529,912$3,681,042$71,065,565
97$87,906,888$8,833,726$3,690,206$78,104,517
98$96,755,644$9,148,832$3,696,081$85,855,091
99$106,503,264$9,475,669$3,698,443$94,389,677
100$117,241,315$9,814,694$3,697,059$103,788,042