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

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 $2,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$191,583$189,877$188,212$186,587$185,000$180,235
2 years$94,843$93,077$91,365$89,705$88,095$83,327
3 years$62,601$60,827$59,119$57,475$55,891$51,268
4 years$46,483$44,714$43,024$41,408$39,862$35,419
5 years$36,814$35,056$33,388$31,805$30,303$26,053
6 years$30,371$28,626$26,983$25,435$23,977$19,925
7 years$25,770$24,040$22,423$20,911$19,500$15,645
8 years$22,321$20,607$19,016$17,542$16,177$12,518
9 years$19,640$17,942$16,379$14,942$13,624$10,157
10 years$17,497$15,815$14,279$12,880$11,608$8,330
11 years$15,744$14,079$12,571$11,209$9,983$6,889
12 years$14,284$12,637$11,157$9,832$8,651$5,735
13 years$13,050$11,420$9,968$8,680$7,544$4,800
14 years$11,994$10,380$8,956$7,705$6,613$4,035
15 years$11,078$9,483$8,086$6,872$5,823$3,404
16 years$10,278$8,700$7,331$6,153$5,146$2,880
17 years$9,573$8,013$6,671$5,528$4,563$2,443
18 years$8,947$7,404$6,090$4,982$4,057$2,076
19 years$8,388$6,862$5,575$4,502$3,616$1,768
20 years$7,885$6,376$5,116$4,077$3,230$1,507
21 years$7,431$5,939$4,706$3,700$2,891$1,287
22 years$7,018$5,544$4,337$3,365$2,591$1,100
23 years$6,642$5,185$4,005$3,064$2,326$941
24 years$6,298$4,858$3,704$2,795$2,090$805
25 years$5,981$4,559$3,430$2,552$1,881$690
26 years$5,690$4,285$3,182$2,334$1,694$591
27 years$5,420$4,033$2,954$2,136$1,528$507
28 years$5,171$3,800$2,746$1,957$1,378$435
29 years$4,939$3,585$2,556$1,795$1,245$373
30 years$4,723$3,386$2,381$1,647$1,125$320
31 years$4,521$3,200$2,219$1,513$1,017$275
32 years$4,332$3,028$2,071$1,390$920$236
33 years$4,155$2,868$1,933$1,278$832$203
34 years$3,989$2,718$1,807$1,176$754$174
35 years$3,832$2,578$1,689$1,083$683$150
36 years$3,685$2,447$1,580$997$618$129
37 years$3,546$2,324$1,479$919$561$110
38 years$3,414$2,209$1,385$847$508$95
39 years$3,290$2,100$1,297$781$461$82
40 years$3,172$1,998$1,216$720$418$70
41 years$3,060$1,902$1,140$665$379$60
42 years$2,954$1,811$1,070$613$344$52
43 years$2,853$1,726$1,004$566$312$45
44 years$2,756$1,645$942$523$283$38
45 years$2,665$1,569$885$483$257$33
46 years$2,577$1,497$831$446$234$28
47 years$2,494$1,428$781$412$212$24
48 years$2,414$1,363$734$381$193$21
49 years$2,338$1,302$690$352$175$18
50 years$2,265$1,244$648$325$159$15

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 $5,870 every year, while hoping to spend $42,631 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: 63/10/27 Blend
57$2,320,000$2,320,000$2,320,000$2,320,000
58$2,562,695$2,439,735$2,403,775$2,705,393
59$2,778,731$2,513,923$2,438,942$2,876,994
60$3,015,373$2,590,317$2,473,859$3,059,154
61$3,274,680$2,668,981$2,508,472$3,257,206
62$3,558,915$2,749,979$2,542,723$3,472,713
63$3,870,575$2,833,378$2,576,555$3,707,397
64$4,212,406$2,919,246$2,609,902$3,963,156
65$4,587,435$3,007,653$2,642,697$4,242,080
66$4,998,996$3,098,671$2,674,871$4,546,470
67$5,450,761$3,192,374$2,706,346$4,878,864
68$5,946,776$3,288,836$2,737,045$5,242,056
69$6,491,494$3,388,137$2,766,884$5,639,123
70$7,089,826$3,490,355$2,795,774$6,073,457
71$7,747,178$3,595,572$2,823,622$6,548,795
72$8,469,506$3,703,871$2,850,330$7,069,255
73$9,263,374$3,815,339$2,875,794$7,639,371
74$10,136,011$3,930,064$2,899,906$8,264,143
75$11,095,381$4,048,134$2,922,550$8,949,078
76$12,150,261$4,169,643$2,943,606$9,700,244
77$13,310,317$4,294,685$2,962,946$10,524,328
78$14,586,202$4,423,358$2,980,438$11,428,698
79$15,989,652$4,555,759$2,995,940$12,421,473
80$17,533,597$4,691,992$3,009,304$13,511,600
81$19,232,284$4,832,159$3,020,375$14,708,937
82$21,101,409$4,976,368$3,028,991$16,024,349
83$23,158,270$5,124,727$3,034,979$17,469,808
84$25,421,923$5,277,348$3,038,160$19,058,504
85$27,913,366$5,434,345$3,038,346$20,804,977
86$30,655,736$5,595,835$3,035,337$22,725,246
87$33,674,527$5,761,936$3,028,927$24,836,965
88$36,997,830$5,932,772$3,018,897$27,159,589
89$40,656,597$6,108,467$3,005,018$29,714,557
90$44,684,936$6,289,147$2,987,052$32,525,495
91$49,120,428$6,474,944$2,964,747$35,618,438
92$54,004,486$6,665,990$2,937,840$39,022,078
93$59,382,741$6,862,422$2,906,056$42,768,033
94$65,305,477$7,064,377$2,869,105$46,891,147
95$71,828,102$7,271,998$2,826,686$51,429,817
96$79,011,671$7,485,428$2,778,482$56,426,361
97$86,923,462$7,704,814$2,724,162$61,927,409
98$95,637,613$7,930,308$2,663,380$67,984,352
99$105,235,818$8,162,062$2,595,771$74,653,821
100$115,808,100$8,400,231$2,520,958$81,998,228