Can I retire at age 58 with 2,920,000?

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$241,131$238,983$236,887$234,842$232,845$228,424
2 years$119,372$117,149$114,994$112,905$110,879$106,442
3 years$78,791$76,558$74,409$72,339$70,346$66,032
4 years$58,504$56,278$54,150$52,116$50,171$46,013
5 years$46,335$44,123$42,023$40,030$38,139$34,148
6 years$38,225$36,030$33,961$32,013$30,178$26,359
7 years$32,435$30,258$28,222$26,319$24,543$20,897
8 years$28,094$25,936$23,934$22,079$20,361$16,887
9 years$24,720$22,582$20,614$18,806$17,147$13,842
10 years$22,022$19,905$17,972$16,211$14,610$11,472
11 years$19,816$17,720$15,822$14,108$12,565$9,590
12 years$17,979$15,905$14,042$12,375$10,889$8,073
13 years$16,425$14,373$12,546$10,925$9,495$6,834
14 years$15,095$13,065$11,272$9,698$8,323$5,811
15 years$13,944$11,935$10,177$8,649$7,329$4,961
16 years$12,937$10,950$9,227$7,744$6,477$4,248
17 years$12,049$10,085$8,396$6,958$5,743$3,648
18 years$11,261$9,319$7,665$6,271$5,106$3,139
19 years$10,557$8,637$7,017$5,666$4,551$2,707
20 years$9,924$8,025$6,440$5,132$4,065$2,338
21 years$9,352$7,475$5,923$4,657$3,638$2,022
22 years$8,833$6,978$5,459$4,235$3,261$1,751
23 years$8,360$6,526$5,041$3,857$2,927$1,518
24 years$7,926$6,115$4,662$3,517$2,631$1,317
25 years$7,528$5,738$4,318$3,212$2,368$1,143
26 years$7,161$5,393$4,004$2,937$2,133$993
27 years$6,822$5,076$3,718$2,688$1,923$863
28 years$6,508$4,783$3,457$2,463$1,735$751
29 years$6,216$4,512$3,217$2,259$1,567$653
30 years$5,944$4,261$2,996$2,073$1,416$569
31 years$5,690$4,028$2,793$1,904$1,280$495
32 years$5,452$3,811$2,606$1,750$1,158$431
33 years$5,229$3,609$2,434$1,609$1,048$376
34 years$5,020$3,421$2,274$1,480$949$327
35 years$4,823$3,245$2,126$1,363$859$285
36 years$4,638$3,080$1,989$1,255$778$249
37 years$4,463$2,925$1,861$1,156$706$217
38 years$4,297$2,780$1,743$1,066$640$189
39 years$4,140$2,643$1,633$983$580$165
40 years$3,992$2,515$1,531$907$526$144
41 years$3,851$2,394$1,435$836$477$125
42 years$3,718$2,280$1,346$772$433$109
43 years$3,590$2,172$1,263$713$393$95
44 years$3,469$2,071$1,186$658$357$83
45 years$3,354$1,975$1,113$608$324$73
46 years$3,244$1,884$1,046$561$294$63
47 years$3,139$1,798$983$519$267$55
48 years$3,039$1,716$923$479$243$48
49 years$2,943$1,639$868$443$220$42
50 years$2,851$1,565$816$409$200$37

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,920,000, adding $5,885 every year, while hoping to spend $23,384 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: 47/24/29 Blend
57$2,920,000$2,920,000$2,920,000$2,920,000
58$3,223,910$3,069,150$3,023,890$3,348,365
59$3,527,869$3,194,658$3,100,310$3,562,448
60$3,862,047$3,325,532$3,178,507$3,791,972
61$4,229,504$3,462,011$3,258,514$4,040,688
62$4,633,607$3,604,343$3,340,368$4,310,413
63$5,078,068$3,752,789$3,424,104$4,603,147
64$5,566,977$3,907,622$3,509,757$4,921,087
65$6,104,840$4,069,127$3,597,365$5,266,648
66$6,696,620$4,237,601$3,686,964$5,642,490
67$7,347,789$4,413,356$3,778,590$6,051,534
68$8,064,372$4,596,720$3,872,282$6,496,995
69$8,853,010$4,788,032$3,968,076$6,982,410
70$9,721,021$4,987,649$4,066,010$7,511,670
71$10,676,467$5,195,946$4,166,123$8,089,056
72$11,728,231$5,413,311$4,268,453$8,719,279
73$12,886,102$5,640,155$4,373,038$9,407,524
74$14,160,867$5,876,904$4,479,916$10,159,497
75$15,564,409$6,124,007$4,589,127$10,981,477
76$17,109,825$6,381,929$4,700,709$11,880,376
77$18,811,546$6,651,162$4,814,702$12,863,805
78$20,685,472$6,932,218$4,931,143$13,940,140
79$22,749,126$7,225,633$5,050,072$15,118,602
80$25,021,816$7,531,968$5,171,529$16,409,345
81$27,524,817$7,851,810$5,295,550$17,823,548
82$30,281,573$8,185,774$5,422,176$19,373,521
83$33,317,920$8,534,502$5,551,445$21,072,816
84$36,662,323$8,898,669$5,683,394$22,936,361
85$40,346,154$9,278,978$5,818,062$24,980,591
86$44,403,981$9,676,166$5,955,486$27,223,608
87$48,873,895$10,091,006$6,095,703$29,685,346
88$53,797,872$10,524,306$6,238,749$32,387,761
89$59,222,169$10,976,911$6,384,661$35,355,035
90$65,197,757$11,449,706$6,533,474$38,613,801
91$71,780,805$11,943,619$6,685,222$42,193,396
92$79,033,210$12,459,618$6,839,939$46,126,133
93$87,023,178$12,998,721$6,997,659$50,447,604
94$95,825,874$13,561,990$7,158,412$55,197,017
95$105,524,125$14,150,539$7,322,230$60,417,562
96$116,209,203$14,765,533$7,489,142$66,156,814
97$127,981,690$15,408,192$7,659,177$72,467,186
98$140,952,424$16,079,795$7,832,361$79,406,413
99$155,243,546$16,781,680$8,008,720$87,038,103
100$170,989,653$17,515,247$8,188,277$95,432,328