Can I retire at age 58 with 2,400,000?

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 $2,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$198,190$196,424$194,702$193,021$191,379$189,618
2 years$98,114$96,286$94,516$92,799$91,133$89,358
3 years$64,759$62,924$61,158$59,457$57,819$56,085
4 years$48,086$46,256$44,507$42,835$41,237$39,558
5 years$38,084$36,265$34,539$32,902$31,347$29,729
6 years$31,418$29,613$27,913$26,312$24,804$23,248
7 years$26,659$24,869$23,196$21,632$20,172$18,679
8 years$23,091$21,318$19,672$18,147$16,735$15,304
9 years$20,318$18,561$16,943$15,457$14,093$12,725
10 years$18,100$16,360$14,772$13,324$12,008$10,701
11 years$16,287$14,565$13,005$11,596$10,327$9,081
12 years$14,777$13,072$11,541$10,171$8,950$7,762
13 years$13,500$11,814$10,311$8,980$7,804$6,675
14 years$12,407$10,738$9,265$7,971$6,841$5,768
15 years$11,460$9,810$8,365$7,109$6,023$5,005
16 years$10,633$9,000$7,584$6,365$5,324$4,358
17 years$9,904$8,289$6,901$5,719$4,720$3,806
18 years$9,256$7,659$6,300$5,154$4,197$3,333
19 years$8,677$7,099$5,767$4,657$3,741$2,925
20 years$8,157$6,596$5,293$4,218$3,341$2,571
21 years$7,687$6,144$4,868$3,828$2,990$2,264
22 years$7,260$5,735$4,487$3,481$2,680$1,997
23 years$6,871$5,364$4,143$3,170$2,406$1,763
24 years$6,515$5,026$3,832$2,891$2,163$1,559
25 years$6,188$4,717$3,549$2,640$1,946$1,379
26 years$5,886$4,433$3,291$2,414$1,753$1,221
27 years$5,607$4,172$3,056$2,210$1,580$1,082
28 years$5,349$3,931$2,841$2,025$1,426$960
29 years$5,109$3,708$2,644$1,857$1,288$851
30 years$4,885$3,502$2,463$1,704$1,163$756
31 years$4,677$3,311$2,296$1,565$1,052$671
32 years$4,481$3,133$2,142$1,438$951$596
33 years$4,298$2,967$2,000$1,323$861$530
34 years$4,126$2,812$1,869$1,217$780$471
35 years$3,964$2,667$1,747$1,120$706$419
36 years$3,812$2,531$1,634$1,032$640$373
37 years$3,668$2,404$1,530$951$580$332
38 years$3,532$2,285$1,433$876$526$295
39 years$3,403$2,173$1,342$808$477$263
40 years$3,281$2,067$1,258$745$432$234
41 years$3,165$1,968$1,180$687$392$208
42 years$3,056$1,874$1,107$634$356$185
43 years$2,951$1,785$1,038$586$323$165
44 years$2,852$1,702$975$541$293$147
45 years$2,757$1,623$915$499$266$131
46 years$2,666$1,548$860$461$242$117
47 years$2,580$1,477$808$426$219$104
48 years$2,498$1,410$759$394$199$93
49 years$2,419$1,347$713$364$181$82
50 years$2,343$1,287$671$336$164$73

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,400,000, adding $2,787 every year, while hoping to spend $28,319 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: 56/21/23 Blend
57$2,400,000$2,400,000$2,400,000$2,400,000
58$2,647,675$2,520,475$2,483,275$2,779,239
59$2,887,606$2,613,847$2,536,333$2,962,966
60$3,151,062$2,710,845$2,590,220$3,159,798
61$3,440,411$2,811,617$2,644,933$3,373,639
62$3,758,264$2,916,317$2,700,469$3,606,134
63$4,107,496$3,025,106$2,756,824$3,859,091
64$4,491,275$3,138,150$2,813,992$4,134,502
65$4,913,091$3,255,626$2,871,967$4,434,556
66$5,376,789$3,377,715$2,930,741$4,761,665
67$5,886,606$3,504,607$2,990,305$5,118,483
68$6,447,207$3,636,500$3,050,647$5,507,931
69$7,063,734$3,773,601$3,111,756$5,933,225
70$7,741,854$3,916,125$3,173,619$6,397,904
71$8,487,806$4,064,299$3,236,218$6,905,868
72$9,308,468$4,218,356$3,299,538$7,461,407
73$10,211,418$4,378,541$3,363,558$8,069,248
74$11,205,003$4,545,110$3,428,258$8,734,592
75$12,298,423$4,718,330$3,493,614$9,463,170
76$13,501,812$4,898,478$3,559,600$10,261,293
77$14,826,339$5,085,846$3,626,189$11,135,910
78$16,284,309$5,280,736$3,693,350$12,094,674
79$17,889,281$5,483,464$3,761,049$13,146,014
80$19,656,196$5,694,362$3,829,252$14,299,216
81$21,601,515$5,913,773$3,897,919$15,564,505
82$23,743,379$6,142,057$3,967,009$16,953,144
83$26,101,776$6,379,590$4,036,476$18,477,543
84$28,698,731$6,626,765$4,106,273$20,151,367
85$31,558,516$6,883,990$4,176,347$21,989,673
86$34,707,872$7,151,693$4,246,642$24,009,045
87$38,176,270$7,430,321$4,317,099$26,227,755
88$41,996,182$7,720,340$4,387,655$28,665,929
89$46,203,393$8,022,236$4,458,242$31,345,742
90$50,837,333$8,336,519$4,528,786$34,291,621
91$55,941,451$8,663,720$4,599,212$37,530,481
92$61,563,630$9,004,392$4,669,436$41,091,971
93$67,756,629$9,359,117$4,739,371$45,008,760
94$74,578,590$9,728,498$4,808,924$49,316,837
95$82,093,581$10,113,169$4,877,998$54,055,857
96$90,372,202$10,513,790$4,946,486$59,269,511
97$99,492,252$10,931,051$5,014,279$65,005,934
98$109,539,462$11,365,674$5,081,258$71,318,164
99$120,608,307$11,818,411$5,147,300$78,264,641
100$132,802,893$12,290,052$5,212,273$85,909,752