Can I retire at age 58 with 2,480,000?

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 $2,480,000?

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$204,796$202,972$201,192$199,455$197,759$192,665
2 years$101,384$99,496$97,666$95,892$94,171$89,073
3 years$66,918$65,022$63,196$61,439$59,746$54,803
4 years$49,688$47,798$45,991$44,263$42,611$37,862
5 years$39,353$37,474$35,691$33,998$32,392$27,850
6 years$32,465$30,600$28,843$27,189$25,631$21,299
7 years$27,548$25,698$23,969$22,353$20,845$16,724
8 years$23,861$22,028$20,328$18,752$17,293$13,381
9 years$20,995$19,179$17,508$15,972$14,563$10,858
10 years$18,703$16,906$15,264$13,768$12,408$8,904
11 years$16,830$15,050$13,438$11,983$10,672$7,364
12 years$15,270$13,508$11,926$10,510$9,248$6,130
13 years$13,950$12,207$10,655$9,279$8,064$5,131
14 years$12,821$11,096$9,574$8,237$7,069$4,313
15 years$11,842$10,137$8,644$7,346$6,224$3,638
16 years$10,987$9,300$7,837$6,577$5,501$3,078
17 years$10,234$8,565$7,131$5,910$4,878$2,611
18 years$9,564$7,915$6,510$5,326$4,337$2,219
19 years$8,966$7,335$5,959$4,812$3,866$1,890
20 years$8,429$6,816$5,469$4,359$3,453$1,611
21 years$7,943$6,349$5,031$3,956$3,090$1,375
22 years$7,502$5,927$4,637$3,597$2,770$1,175
23 years$7,100$5,543$4,281$3,275$2,486$1,005
24 years$6,732$5,193$3,959$2,987$2,235$861
25 years$6,394$4,874$3,667$2,728$2,011$737
26 years$6,082$4,581$3,401$2,495$1,811$632
27 years$5,794$4,311$3,158$2,283$1,633$542
28 years$5,527$4,062$2,936$2,092$1,474$465
29 years$5,279$3,832$2,732$1,918$1,331$399
30 years$5,048$3,619$2,545$1,761$1,202$342
31 years$4,832$3,421$2,373$1,617$1,087$294
32 years$4,631$3,237$2,214$1,486$983$252
33 years$4,441$3,066$2,067$1,367$890$217
34 years$4,264$2,905$1,931$1,257$806$186
35 years$4,096$2,756$1,805$1,157$730$160
36 years$3,939$2,616$1,689$1,066$661$137
37 years$3,790$2,484$1,581$982$599$118
38 years$3,650$2,361$1,480$905$543$101
39 years$3,517$2,245$1,387$835$493$87
40 years$3,391$2,136$1,300$770$447$75
41 years$3,271$2,033$1,219$710$405$64
42 years$3,157$1,936$1,143$656$368$55
43 years$3,049$1,845$1,073$605$334$48
44 years$2,947$1,759$1,007$559$303$41
45 years$2,849$1,677$946$516$275$35
46 years$2,755$1,600$888$477$250$30
47 years$2,666$1,527$834$440$227$26
48 years$2,581$1,457$784$407$206$22
49 years$2,499$1,392$737$376$187$19
50 years$2,421$1,330$693$348$170$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,480,000, adding $5,809 every year, while hoping to spend $46,433 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: 51/44/5 Blend
57$2,480,000$2,480,000$2,480,000$2,480,000
58$2,738,952$2,607,512$2,569,072$2,875,175
59$2,968,921$2,685,876$2,605,732$3,046,655
60$3,220,790$2,766,523$2,642,063$3,227,428
61$3,496,745$2,849,517$2,678,006$3,422,805
62$3,799,191$2,934,921$2,713,498$3,634,164
63$4,130,779$3,022,803$2,748,470$3,863,022
64$4,494,427$3,113,229$2,782,853$4,111,045
65$4,893,350$3,206,268$2,816,569$4,380,070
66$5,331,088$3,301,992$2,849,541$4,672,115
67$5,811,542$3,400,473$2,881,684$4,989,401
68$6,339,008$3,501,785$2,912,909$5,334,373
69$6,918,219$3,606,004$2,943,123$5,709,720
70$7,554,386$3,713,207$2,972,227$6,118,403
71$8,253,254$3,823,475$3,000,117$6,563,682
72$9,021,148$3,936,887$3,026,683$7,049,144
73$9,865,039$4,053,528$3,051,811$7,578,737
74$10,792,604$4,173,482$3,075,377$8,156,812
75$11,812,302$4,296,836$3,097,255$8,788,155
76$12,933,454$4,423,678$3,117,310$9,478,038
77$14,166,326$4,554,098$3,135,400$10,232,267
78$15,522,232$4,688,189$3,151,376$11,057,235
79$17,013,635$4,826,045$3,165,083$11,959,981
80$18,654,267$4,967,763$3,176,354$12,948,261
81$20,459,258$5,113,440$3,185,018$14,030,613
82$22,445,280$5,263,176$3,190,894$15,216,445
83$24,630,700$5,417,073$3,193,790$16,516,116
84$27,035,757$5,575,235$3,193,508$17,941,039
85$29,682,751$5,737,768$3,189,837$19,503,786
86$32,596,253$5,904,780$3,182,558$21,218,204
87$35,803,336$6,076,379$3,171,439$23,099,549
88$39,333,833$6,252,679$3,156,239$25,164,625
89$43,220,616$6,433,791$3,136,704$27,431,947
90$47,499,904$6,619,833$3,112,569$29,921,912
91$52,211,609$6,810,920$3,083,555$32,656,990
92$57,399,710$7,007,171$3,049,371$35,661,938
93$63,112,666$7,208,709$3,009,711$38,964,031
94$69,403,877$7,415,654$2,964,255$42,593,323
95$76,332,184$7,628,133$2,912,669$46,582,922
96$83,962,425$7,846,269$2,854,601$50,969,310
97$92,366,047$8,070,191$2,789,686$55,792,682
98$101,621,782$8,300,029$2,717,538$61,097,326
99$111,816,385$8,535,912$2,637,758$66,932,042
100$123,045,458$8,777,973$2,549,923$73,350,596