Can I retire at age 58 with 2,420,000?

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 $2,420,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.9%
1 years$199,841$198,061$196,325$194,629$192,974$186,797
2 years$98,931$97,089$95,303$93,572$91,892$85,726
3 years$65,299$63,449$61,667$59,952$58,300$52,338
4 years$48,486$46,641$44,878$43,192$41,580$35,868
5 years$38,401$36,567$34,827$33,176$31,609$26,162
6 years$31,680$29,860$28,146$26,531$25,011$19,834
7 years$26,881$25,076$23,389$21,813$20,341$15,433
8 years$23,283$21,495$19,836$18,298$16,874$12,232
9 years$20,487$18,715$17,085$15,586$14,211$9,829
10 years$18,251$16,497$14,895$13,435$12,108$7,981
11 years$16,423$14,686$13,113$11,693$10,413$6,532
12 years$14,900$13,181$11,638$10,256$9,024$5,381
13 years$13,613$11,912$10,397$9,055$7,869$4,455
14 years$12,510$10,828$9,342$8,038$6,898$3,704
15 years$11,556$9,891$8,435$7,168$6,074$3,090
16 years$10,722$9,075$7,647$6,418$5,368$2,584
17 years$9,986$8,358$6,959$5,767$4,760$2,166
18 years$9,333$7,723$6,352$5,197$4,232$1,820
19 years$8,749$7,158$5,815$4,696$3,772$1,531
20 years$8,225$6,651$5,337$4,253$3,369$1,289
21 years$7,751$6,195$4,909$3,860$3,015$1,087
22 years$7,320$5,783$4,524$3,510$2,703$918
23 years$6,928$5,409$4,177$3,196$2,426$775
24 years$6,569$5,068$3,863$2,915$2,181$655
25 years$6,239$4,756$3,578$2,662$1,962$554
26 years$5,935$4,470$3,319$2,434$1,767$469
27 years$5,654$4,207$3,082$2,228$1,594$397
28 years$5,394$3,964$2,865$2,041$1,438$336
29 years$5,152$3,739$2,666$1,872$1,298$284
30 years$4,926$3,531$2,483$1,718$1,173$241
31 years$4,716$3,338$2,315$1,578$1,061$204
32 years$4,519$3,159$2,160$1,450$959$173
33 years$4,334$2,991$2,017$1,334$868$147
34 years$4,160$2,835$1,884$1,227$786$124
35 years$3,997$2,689$1,762$1,129$712$105
36 years$3,844$2,552$1,648$1,040$645$89
37 years$3,698$2,424$1,543$958$585$76
38 years$3,561$2,304$1,445$883$530$64
39 years$3,432$2,191$1,353$815$481$54
40 years$3,309$2,084$1,269$751$436$46
41 years$3,192$1,984$1,190$693$396$39
42 years$3,081$1,890$1,116$640$359$33
43 years$2,976$1,800$1,047$591$326$28
44 years$2,875$1,716$983$545$296$24
45 years$2,780$1,636$923$504$268$20
46 years$2,689$1,561$867$465$244$17
47 years$2,602$1,490$814$430$221$15
48 years$2,518$1,422$765$397$201$12
49 years$2,439$1,358$719$367$183$10
50 years$2,363$1,297$676$339$166$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,420,000, adding $6,241 every year, while hoping to spend $33,446 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: 64/12/24 Blend
57$2,420,000$2,420,000$2,420,000$2,420,000
58$2,673,278$2,545,018$2,507,508$2,827,228
59$2,910,366$2,634,137$2,555,923$3,020,997
60$3,170,516$2,726,503$2,604,839$3,228,325
61$3,456,045$2,822,238$2,654,238$3,454,098
62$3,769,505$2,921,471$2,704,098$3,700,129
63$4,113,708$3,024,337$2,754,399$3,968,411
64$4,491,751$3,130,974$2,805,116$4,261,141
65$4,907,045$3,241,527$2,856,223$4,580,736
66$5,363,349$3,356,147$2,907,691$4,929,860
67$5,864,803$3,474,991$2,959,492$5,311,444
68$6,415,968$3,598,221$3,011,590$5,728,719
69$7,021,871$3,726,008$3,063,953$6,185,241
70$7,688,047$3,858,528$3,116,540$6,684,928
71$8,420,597$3,995,964$3,169,313$7,232,096
72$9,226,240$4,138,509$3,222,227$7,831,497
73$10,112,381$4,286,360$3,275,237$8,488,368
74$11,087,178$4,439,726$3,328,291$9,208,475
75$12,159,619$4,598,822$3,381,338$9,998,173
76$13,339,609$4,763,872$3,434,321$10,864,460
77$14,638,058$4,935,111$3,487,180$11,815,047
78$16,066,989$5,112,781$3,539,850$12,858,428
79$17,639,651$5,297,136$3,592,264$14,003,963
80$19,370,640$5,488,440$3,644,350$15,261,960
81$21,276,040$5,686,969$3,696,030$16,643,781
82$23,373,573$5,893,007$3,747,224$18,161,939
83$25,682,767$6,106,854$3,797,845$19,830,223
84$28,225,139$6,328,819$3,847,802$21,663,826
85$31,024,398$6,559,227$3,896,999$23,679,487
86$34,106,672$6,798,413$3,945,334$25,895,650
87$37,500,747$7,046,731$3,992,697$28,332,635
88$41,238,347$7,304,544$4,038,976$31,012,834
89$45,354,427$7,572,235$4,084,050$33,960,917
90$49,887,505$7,850,201$4,127,792$37,204,071
91$54,880,024$8,138,855$4,170,067$40,772,249
92$60,378,756$8,438,628$4,210,734$44,698,458
93$66,435,240$8,749,971$4,249,644$49,019,064
94$73,106,267$9,073,353$4,286,640$53,774,145
95$80,454,420$9,409,261$4,321,556$59,007,858
96$88,548,661$9,758,205$4,354,218$64,768,862
97$97,464,983$10,120,715$4,384,443$71,110,775
98$107,287,127$10,497,346$4,412,038$78,092,680
99$118,107,372$10,888,674$4,436,799$85,779,683
100$130,027,407$11,295,302$4,458,515$94,243,524