Can I retire at age 58 with 2,340,000?

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 $2,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$193,235$191,514$189,834$188,195$186,595$182,232
2 years$95,661$93,879$92,153$90,479$88,855$84,484
3 years$63,140$61,351$59,629$57,970$56,373$52,131
4 years$46,883$45,100$43,395$41,764$40,206$36,125
5 years$37,132$35,359$33,676$32,079$30,564$26,656
6 years$30,633$28,873$27,215$25,654$24,184$20,453
7 years$25,992$24,247$22,616$21,092$19,668$16,114
8 years$22,514$20,785$19,180$17,693$16,317$12,939
9 years$19,810$18,097$16,520$15,071$13,741$10,537
10 years$17,647$15,951$14,402$12,991$11,708$8,673
11 years$15,880$14,201$12,680$11,306$10,069$7,200
12 years$14,408$12,746$11,253$9,917$8,726$6,018
13 years$13,163$11,518$10,054$8,755$7,609$5,057
14 years$12,097$10,470$9,033$7,772$6,670$4,268
15 years$11,174$9,564$8,156$6,931$5,873$3,616
16 years$10,367$8,775$7,394$6,206$5,190$3,072
17 years$9,656$8,082$6,729$5,576$4,602$2,617
18 years$9,024$7,468$6,142$5,025$4,092$2,235
19 years$8,460$6,921$5,623$4,541$3,647$1,911
20 years$7,953$6,431$5,161$4,112$3,258$1,637
21 years$7,495$5,991$4,747$3,732$2,915$1,404
22 years$7,078$5,592$4,375$3,394$2,613$1,205
23 years$6,699$5,230$4,039$3,091$2,346$1,036
24 years$6,352$4,900$3,736$2,819$2,108$891
25 years$6,033$4,599$3,460$2,574$1,897$767
26 years$5,739$4,322$3,209$2,354$1,709$660
27 years$5,467$4,067$2,980$2,154$1,541$569
28 years$5,215$3,833$2,770$1,974$1,390$490
29 years$4,981$3,616$2,578$1,810$1,255$423
30 years$4,763$3,415$2,401$1,661$1,134$365
31 years$4,560$3,228$2,239$1,526$1,026$315
32 years$4,369$3,054$2,089$1,402$928$272
33 years$4,191$2,893$1,950$1,289$840$234
34 years$4,023$2,741$1,822$1,186$760$202
35 years$3,865$2,600$1,704$1,092$688$175
36 years$3,716$2,468$1,594$1,006$624$151
37 years$3,576$2,344$1,492$927$565$130
38 years$3,444$2,228$1,397$854$513$113
39 years$3,318$2,118$1,309$788$465$97
40 years$3,199$2,015$1,227$726$422$84
41 years$3,086$1,918$1,150$670$382$73
42 years$2,979$1,827$1,079$619$347$63
43 years$2,877$1,741$1,012$571$315$54
44 years$2,780$1,659$950$527$286$47
45 years$2,688$1,582$892$487$260$40
46 years$2,600$1,510$838$450$236$35
47 years$2,516$1,441$787$416$214$30
48 years$2,435$1,375$740$384$194$26
49 years$2,358$1,313$695$355$177$23
50 years$2,285$1,254$654$328$160$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,340,000, adding $5,356 every year, while hoping to spend $39,883 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: 59/30/11 Blend
57$2,340,000$2,340,000$2,340,000$2,340,000
58$2,584,205$2,460,185$2,423,915$2,729,547
59$2,805,358$2,538,299$2,462,681$2,906,094
60$3,047,733$2,618,903$2,501,409$3,093,555
61$3,313,451$2,702,079$2,540,055$3,296,997
62$3,604,850$2,787,908$2,578,574$3,517,960
63$3,924,505$2,876,475$2,616,916$3,758,140
64$4,275,251$2,967,869$2,655,029$4,019,401
65$4,660,212$3,062,181$2,692,859$4,303,799
66$5,082,830$3,159,503$2,730,345$4,613,591
67$5,546,893$3,259,934$2,767,427$4,951,268
68$6,056,578$3,363,572$2,804,037$5,319,566
69$6,616,484$3,470,522$2,840,107$5,721,502
70$7,231,677$3,580,889$2,875,563$6,160,395
71$7,907,740$3,694,784$2,910,326$6,639,900
72$8,650,821$3,812,321$2,944,314$7,164,042
73$9,467,697$3,933,617$2,977,440$7,737,253
74$10,365,831$4,058,792$3,009,613$8,364,414
75$11,353,445$4,187,973$3,040,735$9,050,900
76$12,439,601$4,321,288$3,070,703$9,802,630
77$13,634,279$4,458,871$3,099,411$10,626,125
78$14,948,479$4,600,859$3,126,745$11,528,567
79$16,394,318$4,747,395$3,152,585$12,517,864
80$17,985,147$4,898,625$3,176,805$13,602,730
81$19,735,676$5,054,702$3,199,272$14,792,762
82$21,662,115$5,215,783$3,219,848$16,098,533
83$23,782,323$5,382,028$3,238,385$17,531,689
84$26,115,978$5,553,605$3,254,729$19,105,059
85$28,684,763$5,730,688$3,268,718$20,832,778
86$31,512,571$5,913,453$3,280,182$22,730,417
87$34,625,727$6,102,086$3,288,941$24,815,130
88$38,053,239$6,296,776$3,294,809$27,105,816
89$41,827,072$6,497,720$3,297,587$29,623,298
90$45,982,446$6,705,122$3,297,069$32,390,515
91$50,558,172$6,919,189$3,293,038$35,432,745
92$55,597,016$7,140,140$3,285,265$38,777,833
93$61,146,103$7,368,198$3,273,512$42,456,464
94$67,257,359$7,603,593$3,257,529$46,502,444
95$73,988,005$7,846,565$3,237,052$50,953,022
96$81,401,095$8,097,360$3,211,807$55,849,241
97$89,566,109$8,356,233$3,181,504$61,236,323
98$98,559,611$8,623,447$3,145,843$67,164,097
99$108,465,969$8,899,274$3,104,507$73,687,469
100$119,378,154$9,183,995$3,057,164$80,866,935