Can I retire at age 58 with 2,240,000?

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 $2,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$184,977$183,329$181,722$180,153$178,621$177,421
2 years$91,573$89,867$88,215$86,612$85,057$83,847
3 years$60,442$58,729$57,081$55,493$53,964$52,781
4 years$44,880$43,172$41,540$39,980$38,488$37,341
5 years$35,545$33,848$32,237$30,708$29,258$28,151
6 years$29,324$27,639$26,052$24,558$23,151$22,085
7 years$24,882$23,211$21,649$20,190$18,828$17,803
8 years$21,552$19,896$18,360$16,937$15,619$14,637
9 years$18,963$17,323$15,814$14,427$13,154$12,213
10 years$16,893$15,270$13,787$12,436$11,208$10,307
11 years$15,201$13,594$12,138$10,823$9,639$8,779
12 years$13,792$12,201$10,772$9,493$8,353$7,533
13 years$12,600$11,026$9,624$8,381$7,284$6,502
14 years$11,580$10,022$8,647$7,440$6,385$5,641
15 years$10,696$9,156$7,807$6,635$5,622$4,915
16 years$9,924$8,400$7,078$5,941$4,969$4,297
17 years$9,243$7,736$6,441$5,338$4,406$3,769
18 years$8,639$7,149$5,880$4,810$3,917$3,314
19 years$8,099$6,625$5,383$4,347$3,491$2,921
20 years$7,613$6,157$4,940$3,937$3,119$2,579
21 years$7,174$5,735$4,544$3,573$2,791$2,281
22 years$6,776$5,353$4,188$3,249$2,502$2,021
23 years$6,413$5,007$3,867$2,959$2,246$1,792
24 years$6,080$4,691$3,576$2,698$2,018$1,592
25 years$5,775$4,402$3,312$2,464$1,816$1,415
26 years$5,494$4,137$3,072$2,253$1,636$1,259
27 years$5,234$3,894$2,853$2,062$1,475$1,121
28 years$4,992$3,669$2,652$1,890$1,331$999
29 years$4,768$3,461$2,468$1,733$1,202$890
30 years$4,560$3,269$2,299$1,590$1,086$794
31 years$4,365$3,090$2,143$1,461$982$709
32 years$4,182$2,924$1,999$1,342$888$633
33 years$4,012$2,769$1,867$1,234$804$565
34 years$3,851$2,624$1,744$1,136$728$505
35 years$3,700$2,489$1,631$1,045$659$451
36 years$3,558$2,363$1,526$963$597$404
37 years$3,423$2,244$1,428$887$541$361
38 years$3,296$2,132$1,337$818$491$323
39 years$3,176$2,028$1,253$754$445$289
40 years$3,062$1,929$1,174$695$404$258
41 years$2,954$1,836$1,101$642$366$231
42 years$2,852$1,749$1,033$592$332$207
43 years$2,754$1,666$969$547$302$185
44 years$2,661$1,588$910$505$274$166
45 years$2,573$1,515$854$466$248$148
46 years$2,489$1,445$802$431$226$133
47 years$2,408$1,379$754$398$205$119
48 years$2,331$1,316$708$368$186$107
49 years$2,257$1,257$666$340$169$95
50 years$2,187$1,201$626$314$153$86

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,240,000, adding $2,009 every year, while hoping to spend $52,414 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: 57/20/23 Blend
57$2,240,000$2,240,000$2,240,000$2,240,000
58$2,470,552$2,351,832$2,317,112$2,595,900
59$2,666,781$2,411,304$2,338,967$2,741,206
60$2,881,267$2,471,933$2,359,798$2,893,738
61$3,115,820$2,533,721$2,379,515$3,058,857
62$3,372,428$2,596,667$2,398,022$3,237,789
63$3,653,281$2,660,770$2,415,222$3,431,888
64$3,960,793$2,726,025$2,431,009$3,642,642
65$4,297,620$2,792,427$2,445,274$3,871,694
66$4,666,687$2,859,965$2,457,901$4,120,851
67$5,071,217$2,928,631$2,468,768$4,392,106
68$5,514,757$2,998,410$2,477,748$4,687,656
69$6,001,216$3,069,286$2,484,706$5,009,920
70$6,534,898$3,141,239$2,489,502$5,361,564
71$7,120,545$3,214,247$2,491,988$5,745,527
72$7,763,379$3,288,284$2,492,008$6,165,047
73$8,469,154$3,363,319$2,489,400$6,623,694
74$9,244,205$3,439,320$2,483,992$7,125,399
75$10,095,514$3,516,247$2,475,606$7,674,498
76$11,030,772$3,594,058$2,464,054$8,275,768
77$12,058,449$3,672,705$2,449,139$8,934,473
78$13,187,880$3,752,137$2,430,654$9,656,416
79$14,429,346$3,832,293$2,408,382$10,447,993
80$15,794,174$3,913,111$2,382,099$11,316,252
81$17,294,846$3,994,520$2,351,565$12,268,960
82$18,945,111$4,076,442$2,316,533$13,314,680
83$20,760,118$4,158,793$2,276,743$14,462,849
84$22,756,558$4,241,482$2,231,921$15,723,866
85$24,952,820$4,324,408$2,181,784$17,109,195
86$27,369,167$4,407,462$2,126,032$18,631,469
87$30,027,922$4,490,528$2,064,355$20,304,612
88$32,953,684$4,573,478$1,996,424$22,143,973
89$36,173,555$4,656,174$1,921,900$24,166,464
90$39,717,399$4,738,468$1,840,425$26,390,730
91$43,618,121$4,820,200$1,751,627$28,837,316
92$47,911,977$4,901,197$1,655,114$31,528,869
93$52,638,917$4,981,275$1,550,479$34,490,347
94$57,842,963$5,060,234$1,437,297$37,749,259
95$63,572,621$5,137,861$1,315,121$41,335,924
96$69,881,338$5,213,926$1,183,488$45,283,756
97$76,828,010$5,288,184$1,041,910$49,629,583
98$84,477,534$5,360,372$889,881$54,413,994
99$92,901,421$5,430,209$726,871$59,681,723
100$102,178,471$5,497,394$552,326$65,482,074