Can I retire at age 58 with 2,320,000?

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 $2,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$191,583$189,877$188,212$186,587$185,000$184,221
2 years$94,843$93,077$91,365$89,705$88,095$87,308
3 years$62,601$60,827$59,119$57,475$55,891$55,121
4 years$46,483$44,714$43,024$41,408$39,862$39,115
5 years$36,814$35,056$33,388$31,805$30,303$29,580
6 years$30,371$28,626$26,983$25,435$23,977$23,281
7 years$25,770$24,040$22,423$20,911$19,500$18,830
8 years$22,321$20,607$19,016$17,542$16,177$15,534
9 years$19,640$17,942$16,379$14,942$13,624$13,006
10 years$17,497$15,815$14,279$12,880$11,608$11,017
11 years$15,744$14,079$12,571$11,209$9,983$9,418
12 years$14,284$12,637$11,157$9,832$8,651$8,111
13 years$13,050$11,420$9,968$8,680$7,544$7,028
14 years$11,994$10,380$8,956$7,705$6,613$6,121
15 years$11,078$9,483$8,086$6,872$5,823$5,354
16 years$10,278$8,700$7,331$6,153$5,146$4,701
17 years$9,573$8,013$6,671$5,528$4,563$4,140
18 years$8,947$7,404$6,090$4,982$4,057$3,655
19 years$8,388$6,862$5,575$4,502$3,616$3,235
20 years$7,885$6,376$5,116$4,077$3,230$2,869
21 years$7,431$5,939$4,706$3,700$2,891$2,549
22 years$7,018$5,544$4,337$3,365$2,591$2,268
23 years$6,642$5,185$4,005$3,064$2,326$2,021
24 years$6,298$4,858$3,704$2,795$2,090$1,803
25 years$5,981$4,559$3,430$2,552$1,881$1,610
26 years$5,690$4,285$3,182$2,334$1,694$1,439
27 years$5,420$4,033$2,954$2,136$1,528$1,288
28 years$5,171$3,800$2,746$1,957$1,378$1,153
29 years$4,939$3,585$2,556$1,795$1,245$1,033
30 years$4,723$3,386$2,381$1,647$1,125$926
31 years$4,521$3,200$2,219$1,513$1,017$830
32 years$4,332$3,028$2,071$1,390$920$745
33 years$4,155$2,868$1,933$1,278$832$669
34 years$3,989$2,718$1,807$1,176$754$600
35 years$3,832$2,578$1,689$1,083$683$539
36 years$3,685$2,447$1,580$997$618$485
37 years$3,546$2,324$1,479$919$561$436
38 years$3,414$2,209$1,385$847$508$392
39 years$3,290$2,100$1,297$781$461$352
40 years$3,172$1,998$1,216$720$418$317
41 years$3,060$1,902$1,140$665$379$285
42 years$2,954$1,811$1,070$613$344$256
43 years$2,853$1,726$1,004$566$312$231
44 years$2,756$1,645$942$523$283$207
45 years$2,665$1,569$885$483$257$187
46 years$2,577$1,497$831$446$234$168
47 years$2,494$1,428$781$412$212$151
48 years$2,414$1,363$734$381$193$136
49 years$2,338$1,302$690$352$175$123
50 years$2,265$1,244$648$325$159$110

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,320,000, adding $2,976 every year, while hoping to spend $36,760 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: 60/10/30 Blend
57$2,320,000$2,320,000$2,320,000$2,320,000
58$2,559,710$2,436,750$2,400,790$2,692,226
59$2,781,688$2,517,038$2,442,104$2,863,442
60$3,025,076$2,600,029$2,483,570$3,046,026
61$3,292,018$2,685,815$2,525,154$3,244,517
62$3,584,878$2,774,494$2,566,821$3,460,477
63$3,906,257$2,866,165$2,608,531$3,695,625
64$4,259,022$2,960,934$2,650,244$3,951,854
65$4,646,331$3,058,909$2,691,915$4,231,249
66$5,071,661$3,160,199$2,733,499$4,536,109
67$5,538,843$3,264,922$2,774,944$4,868,962
68$6,052,100$3,373,198$2,816,199$5,232,597
69$6,616,080$3,485,151$2,857,208$5,630,083
70$7,235,906$3,600,909$2,897,910$6,064,802
71$7,917,221$3,720,606$2,938,243$6,540,481
72$8,666,242$3,844,381$2,978,139$7,061,224
73$9,489,821$3,972,377$3,017,528$7,631,554
74$10,395,502$4,104,743$3,056,335$8,256,452
75$11,391,600$4,241,633$3,094,479$8,941,409
76$12,487,278$4,383,207$3,131,878$9,692,471
77$13,692,627$4,529,631$3,168,443$10,516,304
78$15,018,768$4,681,076$3,204,079$11,420,248
79$16,477,955$4,837,721$3,238,688$12,412,394
80$18,083,688$4,999,751$3,272,166$13,501,656
81$19,850,843$5,167,357$3,304,402$14,697,855
82$21,795,809$5,340,739$3,335,281$16,011,815
83$23,936,649$5,520,102$3,364,679$17,455,459
84$26,293,260$5,705,660$3,392,469$19,041,930
85$28,887,571$5,897,635$3,418,515$20,785,705
86$31,743,741$6,096,258$3,442,674$22,702,741
87$34,888,395$6,301,767$3,464,795$24,810,620
88$38,350,868$6,514,409$3,484,722$27,128,715
89$42,163,484$6,734,443$3,502,288$29,678,375
90$46,361,863$6,962,134$3,517,318$32,483,126
91$50,985,254$7,197,760$3,529,630$35,568,892
92$56,076,907$7,441,608$3,539,030$38,964,240
93$61,684,481$7,693,976$3,545,316$42,700,651
94$67,860,490$7,955,173$3,548,277$46,812,816
95$74,662,805$8,225,521$3,547,688$51,338,961
96$82,155,192$8,505,353$3,543,318$56,321,213
97$90,407,922$8,795,016$3,534,919$61,805,995
98$99,498,427$9,094,868$3,522,235$67,844,464
99$109,512,033$9,405,283$3,504,997$74,492,993
100$120,542,767$9,726,649$3,482,921$81,813,705