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%16.2%
1 years$184,977$183,329$181,722$180,153$178,621$174,091
2 years$91,573$89,867$88,215$86,612$85,057$80,523
3 years$60,442$58,729$57,081$55,493$53,964$49,567
4 years$44,880$43,172$41,540$39,980$38,488$34,262
5 years$35,545$33,848$32,237$30,708$29,258$25,215
6 years$29,324$27,639$26,052$24,558$23,151$19,294
7 years$24,882$23,211$21,649$20,190$18,828$15,159
8 years$21,552$19,896$18,360$16,937$15,619$12,136
9 years$18,963$17,323$15,814$14,427$13,154$9,853
10 years$16,893$15,270$13,787$12,436$11,208$8,085
11 years$15,201$13,594$12,138$10,823$9,639$6,691
12 years$13,792$12,201$10,772$9,493$8,353$5,574
13 years$12,600$11,026$9,624$8,381$7,284$4,668
14 years$11,580$10,022$8,647$7,440$6,385$3,927
15 years$10,696$9,156$7,807$6,635$5,622$3,315
16 years$9,924$8,400$7,078$5,941$4,969$2,807
17 years$9,243$7,736$6,441$5,338$4,406$2,382
18 years$8,639$7,149$5,880$4,810$3,917$2,026
19 years$8,099$6,625$5,383$4,347$3,491$1,727
20 years$7,613$6,157$4,940$3,937$3,119$1,473
21 years$7,174$5,735$4,544$3,573$2,791$1,259
22 years$6,776$5,353$4,188$3,249$2,502$1,077
23 years$6,413$5,007$3,867$2,959$2,246$922
24 years$6,080$4,691$3,576$2,698$2,018$789
25 years$5,775$4,402$3,312$2,464$1,816$677
26 years$5,494$4,137$3,072$2,253$1,636$580
27 years$5,234$3,894$2,853$2,062$1,475$498
28 years$4,992$3,669$2,652$1,890$1,331$428
29 years$4,768$3,461$2,468$1,733$1,202$367
30 years$4,560$3,269$2,299$1,590$1,086$315
31 years$4,365$3,090$2,143$1,461$982$271
32 years$4,182$2,924$1,999$1,342$888$233
33 years$4,012$2,769$1,867$1,234$804$200
34 years$3,851$2,624$1,744$1,136$728$172
35 years$3,700$2,489$1,631$1,045$659$148
36 years$3,558$2,363$1,526$963$597$127
37 years$3,423$2,244$1,428$887$541$109
38 years$3,296$2,132$1,337$818$491$94
39 years$3,176$2,028$1,253$754$445$81
40 years$3,062$1,929$1,174$695$404$70
41 years$2,954$1,836$1,101$642$366$60
42 years$2,852$1,749$1,033$592$332$52
43 years$2,754$1,666$969$547$302$44
44 years$2,661$1,588$910$505$274$38
45 years$2,573$1,515$854$466$248$33
46 years$2,489$1,445$802$431$226$28
47 years$2,408$1,379$754$398$205$24
48 years$2,331$1,316$708$368$186$21
49 years$2,257$1,257$666$340$169$18
50 years$2,187$1,201$626$314$153$15

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 $4,624 every year, while hoping to spend $23,836 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: 64/26/10 Blend
57$2,240,000$2,240,000$2,240,000$2,240,000
58$2,473,250$2,354,530$2,319,810$2,625,872
59$2,700,160$2,444,540$2,372,162$2,818,319
60$2,949,416$2,538,163$2,425,469$3,025,223
61$3,223,272$2,635,548$2,479,738$3,250,605
62$3,524,212$2,736,856$2,534,975$3,496,261
63$3,854,970$2,842,251$2,591,186$3,764,164
64$4,218,562$2,951,906$2,648,375$4,056,489
65$4,618,307$3,066,001$2,706,547$4,375,628
66$5,057,863$3,184,724$2,765,706$4,724,211
67$5,541,262$3,308,272$2,825,854$5,105,136
68$6,072,944$3,436,851$2,886,993$5,521,591
69$6,657,801$3,570,673$2,949,124$5,977,085
70$7,301,224$3,709,964$3,012,247$6,475,481
71$8,009,153$3,854,956$3,076,362$7,021,032
72$8,788,131$4,005,894$3,141,464$7,618,419
73$9,645,370$4,163,032$3,207,553$8,272,798
74$10,588,814$4,326,636$3,274,622$8,989,843
75$11,627,216$4,496,985$3,342,665$9,775,805
76$12,770,224$4,674,369$3,411,676$10,637,564
77$14,028,465$4,859,091$3,481,645$11,582,699
78$15,413,651$5,051,469$3,552,563$12,619,554
79$16,938,685$5,251,832$3,624,415$13,757,321
80$18,617,787$5,460,529$3,697,190$15,006,120
81$20,466,625$5,677,919$3,770,870$16,377,099
82$22,502,465$5,904,380$3,845,437$17,882,536
83$24,744,329$6,140,308$3,920,873$19,535,955
84$27,213,183$6,386,115$3,997,154$21,352,249
85$29,932,124$6,642,231$4,074,255$23,347,827
86$32,926,608$6,909,108$4,152,150$25,540,761
87$36,224,684$7,187,216$4,230,809$27,950,959
88$39,857,260$7,477,048$4,310,200$30,600,351
89$43,858,395$7,779,118$4,390,286$33,513,094
90$48,265,621$8,093,964$4,471,029$36,715,803
91$53,120,293$8,422,147$4,552,388$40,237,793
92$58,467,987$8,764,256$4,634,317$44,111,365
93$64,358,923$9,120,906$4,716,767$48,372,099
94$70,848,441$9,492,738$4,799,687$53,059,196
95$77,997,524$9,880,425$4,883,019$58,215,843
96$85,873,374$10,284,668$4,966,702$63,889,623
97$94,550,044$10,706,202$5,050,673$70,132,958
98$104,109,138$11,145,796$5,134,860$77,003,602
99$114,640,582$11,604,252$5,219,189$84,565,191
100$126,243,471$12,082,410$5,303,582$92,887,837