Can I retire at age 58 with 2,440,000?

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 $2,440,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$201,493$199,698$197,947$196,238$194,569$188,795
2 years$99,749$97,891$96,091$94,345$92,652$86,882
3 years$65,839$63,973$62,177$60,448$58,782$53,198
4 years$48,887$47,027$45,249$43,549$41,924$36,568
5 years$38,719$36,870$35,115$33,450$31,870$26,756
6 years$31,942$30,107$28,378$26,750$25,218$20,351
7 years$27,103$25,284$23,582$21,993$20,509$15,890
8 years$23,476$21,673$20,000$18,449$17,014$12,639
9 years$20,656$18,870$17,226$15,715$14,328$10,193
10 years$18,402$16,633$15,018$13,546$12,208$8,308
11 years$16,558$14,807$13,221$11,789$10,500$6,826
12 years$15,023$13,290$11,734$10,341$9,099$5,645
13 years$13,725$12,011$10,483$9,129$7,934$4,693
14 years$12,614$10,917$9,419$8,104$6,955$3,918
15 years$11,651$9,973$8,504$7,227$6,124$3,282
16 years$10,810$9,150$7,710$6,471$5,412$2,757
17 years$10,069$8,427$7,016$5,814$4,799$2,322
18 years$9,410$7,787$6,405$5,240$4,267$1,959
19 years$8,822$7,217$5,863$4,735$3,803$1,655
20 years$8,293$6,706$5,381$4,288$3,397$1,401
21 years$7,815$6,247$4,950$3,892$3,040$1,187
22 years$7,381$5,831$4,562$3,539$2,725$1,006
23 years$6,985$5,454$4,212$3,223$2,446$854
24 years$6,623$5,110$3,895$2,939$2,199$725
25 years$6,291$4,795$3,608$2,684$1,978$616
26 years$5,984$4,507$3,346$2,454$1,782$524
27 years$5,701$4,241$3,107$2,247$1,607$446
28 years$5,438$3,997$2,889$2,058$1,450$379
29 years$5,194$3,770$2,688$1,888$1,309$323
30 years$4,967$3,561$2,504$1,732$1,183$275
31 years$4,754$3,366$2,334$1,591$1,069$234
32 years$4,556$3,185$2,178$1,462$967$199
33 years$4,370$3,016$2,033$1,345$875$170
34 years$4,195$2,859$1,900$1,237$793$144
35 years$4,030$2,711$1,776$1,139$718$123
36 years$3,875$2,573$1,662$1,049$650$105
37 years$3,729$2,444$1,555$966$590$89
38 years$3,591$2,323$1,457$891$534$76
39 years$3,460$2,209$1,365$821$485$65
40 years$3,336$2,102$1,279$758$440$55
41 years$3,218$2,000$1,199$699$399$47
42 years$3,106$1,905$1,125$645$362$40
43 years$3,000$1,815$1,056$595$328$34
44 years$2,899$1,730$991$550$298$29
45 years$2,803$1,650$930$508$271$25
46 years$2,711$1,574$874$469$246$21
47 years$2,623$1,502$821$433$223$18
48 years$2,539$1,434$772$400$203$15
49 years$2,459$1,369$725$370$184$13
50 years$2,382$1,308$682$342$167$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,440,000, adding $3,720 every year, while hoping to spend $48,436 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: 67/14/19 Blend
57$2,440,000$2,440,000$2,440,000$2,440,000
58$2,692,717$2,563,397$2,525,577$2,860,223
59$2,915,839$2,637,468$2,558,648$3,046,851
60$3,160,095$2,713,545$2,591,204$3,244,894
61$3,427,592$2,791,675$2,623,176$3,460,286
62$3,720,646$2,871,907$2,654,492$3,694,732
63$4,041,809$2,954,288$2,685,075$3,950,109
64$4,393,893$3,038,868$2,714,845$4,228,485
65$4,779,995$3,125,697$2,743,717$4,532,134
66$5,203,523$3,214,825$2,771,600$4,863,566
67$5,668,234$3,306,303$2,798,400$5,225,543
68$6,178,266$3,400,183$2,824,018$5,621,107
69$6,738,174$3,496,518$2,848,348$6,053,610
70$7,352,979$3,595,359$2,871,279$6,526,744
71$8,028,212$3,696,759$2,892,696$7,044,579
72$8,769,962$3,800,773$2,912,474$7,611,594
73$9,584,942$3,907,455$2,930,485$8,232,728
74$10,480,543$4,016,858$2,946,594$8,913,421
75$11,464,911$4,129,036$2,960,657$9,659,666
76$12,547,018$4,244,045$2,972,525$10,478,067
77$13,736,749$4,361,939$2,982,040$11,375,900
78$15,044,996$4,482,772$2,989,037$12,361,182
79$16,483,758$4,606,600$2,993,342$13,442,747
80$18,066,255$4,733,477$2,994,773$14,630,328
81$19,807,053$4,863,458$2,993,138$15,934,651
82$21,722,201$4,996,595$2,988,236$17,367,533
83$23,829,381$5,132,944$2,979,857$18,941,997
84$26,148,076$5,272,556$2,967,781$20,672,393
85$28,699,753$5,415,485$2,951,775$22,574,533
86$31,508,065$5,561,781$2,931,596$24,665,842
87$34,599,074$5,711,495$2,906,991$26,965,519
88$38,001,497$5,864,676$2,877,694$29,494,723
89$41,746,978$6,021,373$2,843,424$32,276,770
90$45,870,381$6,181,632$2,803,890$35,337,352
91$50,410,126$6,345,497$2,758,786$38,704,781
92$55,408,544$6,513,013$2,707,792$42,410,259
93$60,912,285$6,684,219$2,650,571$46,488,166
94$66,972,746$6,859,154$2,586,774$50,976,391
95$73,646,568$7,037,855$2,516,033$55,916,686
96$80,996,162$7,220,354$2,437,964$61,355,061
97$89,090,301$7,406,681$2,352,166$67,342,220
98$98,004,766$7,596,863$2,258,218$73,934,039
99$107,823,065$7,790,922$2,155,681$81,192,091
100$118,637,218$7,988,877$2,044,096$89,184,230