Can I retire at age 58 with 2,840,000?

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$234,525$232,436$230,397$228,408$226,466$223,821
2 years$116,101$113,939$111,843$109,812$107,841$105,179
3 years$76,632$74,460$72,370$70,357$68,419$65,822
4 years$56,901$54,736$52,667$50,689$48,797$46,286
5 years$45,066$42,914$40,872$38,934$37,094$34,676
6 years$37,178$35,042$33,030$31,136$29,352$27,029
7 years$31,546$29,429$27,448$25,598$23,871$21,645
8 years$27,324$25,226$23,278$21,474$19,803$17,673
9 years$24,042$21,964$20,050$18,291$16,677$14,643
10 years$21,418$19,360$17,480$15,767$14,210$12,270
11 years$19,273$17,235$15,389$13,722$12,221$10,373
12 years$17,486$15,469$13,657$12,036$10,590$8,833
13 years$15,975$13,980$12,202$10,626$9,235$7,566
14 years$14,682$12,707$10,963$9,433$8,095$6,512
15 years$13,561$11,608$9,899$8,412$7,128$5,628
16 years$12,582$10,650$8,974$7,532$6,300$4,881
17 years$11,719$9,808$8,166$6,768$5,586$4,245
18 years$10,953$9,063$7,455$6,099$4,966$3,701
19 years$10,268$8,400$6,825$5,511$4,427$3,234
20 years$9,652$7,806$6,263$4,991$3,954$2,830
21 years$9,096$7,271$5,761$4,530$3,538$2,481
22 years$8,591$6,787$5,310$4,119$3,172$2,178
23 years$8,131$6,348$4,903$3,751$2,847$1,915
24 years$7,709$5,947$4,534$3,421$2,559$1,685
25 years$7,322$5,581$4,199$3,124$2,303$1,484
26 years$6,965$5,245$3,895$2,857$2,074$1,308
27 years$6,635$4,937$3,617$2,615$1,870$1,153
28 years$6,330$4,652$3,362$2,396$1,687$1,018
29 years$6,046$4,388$3,129$2,197$1,524$899
30 years$5,781$4,144$2,914$2,016$1,377$794
31 years$5,534$3,918$2,717$1,852$1,245$702
32 years$5,303$3,707$2,535$1,702$1,126$620
33 years$5,086$3,511$2,367$1,565$1,019$548
34 years$4,882$3,327$2,211$1,440$923$485
35 years$4,691$3,156$2,068$1,326$836$429
36 years$4,511$2,995$1,934$1,221$757$380
37 years$4,340$2,845$1,810$1,125$686$336
38 years$4,179$2,704$1,695$1,037$622$298
39 years$4,027$2,571$1,588$956$564$264
40 years$3,883$2,446$1,489$882$512$233
41 years$3,746$2,328$1,396$813$464$207
42 years$3,616$2,217$1,309$751$421$183
43 years$3,492$2,113$1,229$693$382$162
44 years$3,374$2,014$1,153$640$347$144
45 years$3,262$1,920$1,083$591$315$127
46 years$3,155$1,832$1,017$546$286$113
47 years$3,053$1,748$956$504$260$100
48 years$2,955$1,669$898$466$236$89
49 years$2,862$1,594$844$431$214$79
50 years$2,773$1,522$794$398$195$70

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,840,000, adding $3,448 every year, while hoping to spend $57,444 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: 56/31/13 Blend
57$2,840,000$2,840,000$2,840,000$2,840,000
58$3,133,237$2,982,717$2,938,697$3,298,089
59$3,391,707$3,067,750$2,976,023$3,495,221
60$3,674,616$3,155,024$3,012,674$3,703,262
61$3,984,395$3,244,589$3,048,568$3,928,534
62$4,323,724$3,336,494$3,083,615$4,172,693
63$4,695,551$3,430,790$3,117,724$4,437,564
64$5,103,125$3,527,527$3,150,795$4,725,154
65$5,550,023$3,626,755$3,182,726$5,037,674
66$6,040,186$3,728,526$3,213,408$5,377,559
67$6,577,954$3,832,893$3,242,726$5,747,487
68$7,168,106$3,939,905$3,270,558$6,150,410
69$7,815,908$4,049,616$3,296,778$6,589,576
70$8,527,161$4,162,078$3,321,250$7,068,565
71$9,308,254$4,277,342$3,343,834$7,591,318
72$10,166,225$4,395,461$3,364,382$8,162,175
73$11,108,828$4,516,486$3,382,736$8,785,917
74$12,144,604$4,640,470$3,398,734$9,467,811
75$13,282,964$4,767,463$3,412,201$10,213,656
76$14,534,274$4,897,516$3,422,958$11,029,844
77$15,909,955$5,030,680$3,430,812$11,923,414
78$17,422,592$5,167,004$3,435,566$12,902,120
79$19,086,047$5,306,538$3,437,007$13,974,506
80$20,915,594$5,449,329$3,434,918$15,149,984
81$22,928,062$5,595,424$3,429,065$16,438,924
82$25,141,993$5,744,868$3,419,208$17,852,751
83$27,577,816$5,897,706$3,405,091$19,404,052
84$30,258,040$6,053,981$3,386,448$21,106,696
85$33,207,467$6,213,732$3,363,000$22,975,966
86$36,453,422$6,376,999$3,334,455$25,028,699
87$40,026,018$6,543,819$3,300,506$27,283,446
88$43,958,430$6,714,224$3,260,831$29,760,652
89$48,287,215$6,888,247$3,215,094$32,482,840
90$53,052,655$7,065,914$3,162,944$35,474,832
91$58,299,134$7,247,253$3,104,011$38,763,977
92$64,075,560$7,432,282$3,037,909$42,380,411
93$70,435,824$7,621,021$2,964,236$46,357,346
94$77,439,308$7,813,481$2,882,568$50,731,373
95$85,151,447$8,009,671$2,792,464$55,542,818
96$93,644,344$8,209,594$2,693,461$60,836,117
97$102,997,451$8,413,249$2,585,076$66,660,236
98$113,298,319$8,620,626$2,466,803$73,069,134
99$124,643,422$8,831,710$2,338,116$80,122,271
100$137,139,068$9,046,482$2,198,460$87,885,173