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

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 $2,920,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.9%
1 years$241,131$238,983$236,887$234,842$232,845$229,082
2 years$119,372$117,149$114,994$112,905$110,879$107,098
3 years$78,791$76,558$74,409$72,339$70,346$66,665
4 years$58,504$56,278$54,150$52,116$50,171$46,618
5 years$46,335$44,123$42,023$40,030$38,139$34,725
6 years$38,225$36,030$33,961$32,013$30,178$26,906
7 years$32,435$30,258$28,222$26,319$24,543$21,415
8 years$28,094$25,936$23,934$22,079$20,361$17,375
9 years$24,720$22,582$20,614$18,806$17,147$14,302
10 years$22,022$19,905$17,972$16,211$14,610$11,904
11 years$19,816$17,720$15,822$14,108$12,565$9,996
12 years$17,979$15,905$14,042$12,375$10,889$8,452
13 years$16,425$14,373$12,546$10,925$9,495$7,188
14 years$15,095$13,065$11,272$9,698$8,323$6,141
15 years$13,944$11,935$10,177$8,649$7,329$5,268
16 years$12,937$10,950$9,227$7,744$6,477$4,534
17 years$12,049$10,085$8,396$6,958$5,743$3,912
18 years$11,261$9,319$7,665$6,271$5,106$3,384
19 years$10,557$8,637$7,017$5,666$4,551$2,933
20 years$9,924$8,025$6,440$5,132$4,065$2,546
21 years$9,352$7,475$5,923$4,657$3,638$2,214
22 years$8,833$6,978$5,459$4,235$3,261$1,928
23 years$8,360$6,526$5,041$3,857$2,927$1,680
24 years$7,926$6,115$4,662$3,517$2,631$1,465
25 years$7,528$5,738$4,318$3,212$2,368$1,279
26 years$7,161$5,393$4,004$2,937$2,133$1,118
27 years$6,822$5,076$3,718$2,688$1,923$977
28 years$6,508$4,783$3,457$2,463$1,735$855
29 years$6,216$4,512$3,217$2,259$1,567$748
30 years$5,944$4,261$2,996$2,073$1,416$655
31 years$5,690$4,028$2,793$1,904$1,280$573
32 years$5,452$3,811$2,606$1,750$1,158$502
33 years$5,229$3,609$2,434$1,609$1,048$440
34 years$5,020$3,421$2,274$1,480$949$386
35 years$4,823$3,245$2,126$1,363$859$338
36 years$4,638$3,080$1,989$1,255$778$297
37 years$4,463$2,925$1,861$1,156$706$260
38 years$4,297$2,780$1,743$1,066$640$228
39 years$4,140$2,643$1,633$983$580$200
40 years$3,992$2,515$1,531$907$526$176
41 years$3,851$2,394$1,435$836$477$154
42 years$3,718$2,280$1,346$772$433$135
43 years$3,590$2,172$1,263$713$393$119
44 years$3,469$2,071$1,186$658$357$104
45 years$3,354$1,975$1,113$608$324$91
46 years$3,244$1,884$1,046$561$294$80
47 years$3,139$1,798$983$519$267$70
48 years$3,039$1,716$923$479$243$62
49 years$2,943$1,639$868$443$220$54
50 years$2,851$1,565$816$409$200$48

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 $3,888 every year, while hoping to spend $52,543 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: 61/24/15 Blend
57$2,920,000$2,920,000$2,920,000$2,920,000
58$3,221,850$3,067,090$3,021,830$3,406,105
59$3,494,574$3,161,473$3,067,156$3,624,958
60$3,793,354$3,258,718$3,112,240$3,857,414
61$4,120,793$3,358,913$3,157,017$4,109,836
62$4,479,758$3,462,143$3,201,421$4,384,159
63$4,873,404$3,568,499$3,245,379$4,682,520
64$5,305,208$3,678,072$3,288,816$5,007,265
65$5,779,000$3,790,958$3,331,652$5,360,980
66$6,298,997$3,907,255$3,373,802$5,746,514
67$6,869,846$4,027,062$3,415,176$6,166,999
68$7,496,665$4,150,482$3,455,679$6,625,889
69$8,185,092$4,277,622$3,495,211$7,126,984
70$8,941,336$4,408,591$3,533,665$7,674,471
71$9,772,241$4,543,500$3,570,931$8,272,959
72$10,685,343$4,682,465$3,606,891$8,927,527
73$11,688,945$4,825,603$3,641,419$9,643,766
74$12,792,197$4,973,037$3,674,386$10,427,837
75$14,005,176$5,124,891$3,705,653$11,286,525
76$15,338,986$5,281,293$3,735,074$12,227,305
77$16,805,862$5,442,375$3,762,498$13,258,409
78$18,419,281$5,608,273$3,787,763$14,388,908
79$20,194,094$5,779,125$3,810,700$15,628,793
80$22,146,664$5,955,075$3,831,131$16,989,073
81$24,295,018$6,136,268$3,848,868$18,481,873
82$26,659,021$6,322,855$3,863,716$20,120,555
83$29,260,558$6,514,992$3,875,467$21,919,838
84$32,123,744$6,712,836$3,883,905$23,895,940
85$35,275,152$6,916,551$3,888,802$26,066,727
86$38,744,059$7,126,304$3,889,918$28,451,888
87$42,562,726$7,342,266$3,887,003$31,073,113
88$46,766,701$7,564,613$3,879,795$33,954,301
89$51,395,152$7,793,527$3,868,015$37,121,785
90$56,491,240$8,029,192$3,851,376$40,604,582
91$62,102,523$8,271,799$3,829,574$44,434,661
92$68,281,406$8,521,543$3,802,290$48,647,251
93$75,085,634$8,778,624$3,769,192$53,281,168
94$82,578,839$9,043,246$3,729,930$58,379,185
95$90,831,136$9,315,621$3,684,139$63,988,430
96$99,919,790$9,595,964$3,631,435$70,160,839
97$109,929,938$9,884,496$3,571,418$76,953,635
98$120,955,398$10,181,443$3,503,667$84,429,879
99$133,099,553$10,487,038$3,427,744$92,659,056
100$146,476,323$10,801,518$3,343,189$101,717,734