Can I retire at age 58 with 6,200,000?

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 $6,200,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$511,990$507,430$502,980$498,637$494,397$490,870
2 years$253,460$248,740$244,165$239,729$235,427$231,870
3 years$167,295$162,554$157,991$153,597$149,365$145,889
4 years$124,221$119,495$114,977$110,658$106,528$103,159
5 years$98,383$93,685$89,227$84,996$80,981$77,730
6 years$81,164$76,501$72,109$67,972$64,077$60,948
7 years$68,869$64,245$59,923$55,883$52,112$49,105
8 years$59,652$55,070$50,819$46,879$43,232$40,348
9 years$52,487$47,949$43,770$39,931$36,408$33,646
10 years$46,758$42,264$38,160$34,421$31,021$28,380
11 years$42,074$37,625$33,596$29,956$26,679$24,157
12 years$38,174$33,771$29,815$26,276$23,120$20,714
13 years$34,876$30,519$26,638$23,198$20,161$17,869
14 years$32,052$27,741$23,934$20,592$17,673$15,493
15 years$29,606$25,342$21,609$18,365$15,561$13,489
16 years$27,468$23,250$19,592$16,443$13,752$11,786
17 years$25,584$21,413$17,828$14,774$12,194$10,329
18 years$23,911$19,786$16,275$13,315$10,842$9,076
19 years$22,416$18,338$14,899$12,031$9,664$7,993
20 years$21,072$17,040$13,673$10,896$8,632$7,053
21 years$19,857$15,872$12,577$9,889$7,725$6,234
22 years$18,755$14,816$11,591$8,991$6,924$5,519
23 years$17,750$13,857$10,703$8,189$6,215$4,891
24 years$16,830$12,984$9,898$7,469$5,587$4,340
25 years$15,985$12,184$9,168$6,821$5,027$3,855
26 years$15,206$11,451$8,503$6,237$4,528$3,427
27 years$14,486$10,777$7,895$5,708$4,083$3,049
28 years$13,818$10,155$7,340$5,230$3,684$2,715
29 years$13,198$9,580$6,830$4,796$3,326$2,418
30 years$12,621$9,048$6,362$4,402$3,006$2,156
31 years$12,081$8,553$5,931$4,043$2,717$1,922
32 years$11,576$8,093$5,534$3,715$2,458$1,715
33 years$11,103$7,664$5,167$3,416$2,224$1,530
34 years$10,659$7,264$4,828$3,143$2,014$1,366
35 years$10,241$6,890$4,514$2,894$1,824$1,220
36 years$9,847$6,539$4,222$2,665$1,653$1,090
37 years$9,475$6,211$3,952$2,455$1,498$974
38 years$9,124$5,902$3,701$2,263$1,358$870
39 years$8,791$5,613$3,467$2,087$1,232$778
40 years$8,476$5,340$3,250$1,925$1,117$695
41 years$8,177$5,083$3,047$1,776$1,013$622
42 years$7,894$4,841$2,859$1,639$920$556
43 years$7,624$4,612$2,682$1,513$835$497
44 years$7,366$4,397$2,518$1,397$758$445
45 years$7,122$4,193$2,364$1,290$688$398
46 years$6,888$4,000$2,221$1,192$624$356
47 years$6,665$3,817$2,086$1,101$567$318
48 years$6,452$3,644$1,960$1,017$515$285
49 years$6,248$3,480$1,843$940$468$255
50 years$6,053$3,324$1,732$869$425$228

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $6,200,000, adding $6,444 every year, while hoping to spend $21,587 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: 42/38/20 Blend
57$6,200,000$6,200,000$6,200,000$6,200,000
58$6,839,047$6,510,447$6,414,347$7,085,971
59$7,513,661$6,806,490$6,606,259$7,557,906
60$8,256,363$7,116,317$6,803,877$8,066,057
61$9,074,074$7,440,578$7,007,369$8,615,896
62$9,974,421$7,779,958$7,216,908$9,211,261
63$10,965,810$8,135,174$7,432,672$9,856,364
64$12,057,502$8,506,977$7,654,845$10,555,830
65$13,259,701$8,896,152$7,883,617$11,314,733
66$14,583,653$9,303,526$8,119,180$12,138,649
67$16,041,749$9,729,963$8,361,736$13,033,698
68$17,647,644$10,176,367$8,611,491$14,006,604
69$19,416,383$10,643,689$8,868,656$15,064,752
70$21,364,548$11,132,923$9,133,449$16,216,259
71$23,510,407$11,645,112$9,406,095$17,470,043
72$25,874,095$12,181,349$9,686,825$18,835,905
73$28,477,796$12,742,778$9,975,877$20,324,620
74$31,345,957$13,330,600$10,273,495$21,948,031
75$34,505,519$13,946,074$10,579,932$23,719,162
76$37,986,168$14,590,517$10,895,445$25,652,331
77$41,820,617$15,265,313$11,220,303$27,763,286
78$46,044,916$15,971,909$11,554,778$30,069,346
79$50,698,788$16,711,824$11,899,155$32,589,561
80$55,826,011$17,486,649$12,253,723$35,344,886
81$61,474,822$18,298,053$12,618,781$38,358,376
82$67,698,381$19,147,785$12,994,637$41,655,395
83$74,555,267$20,037,677$13,381,608$45,263,852
84$82,110,031$20,969,650$13,780,019$49,214,458
85$90,433,811$21,945,720$14,190,206$53,541,010
86$99,604,996$22,967,996$14,612,514$58,280,702
87$109,709,970$24,038,692$15,047,298$63,474,473
88$120,843,927$25,160,129$15,494,922$69,167,382
89$133,111,769$26,334,737$15,955,764$75,409,030
90$146,629,097$27,565,066$16,430,210$82,254,017
91$161,523,300$28,853,789$16,918,657$89,762,451
92$177,934,760$30,203,708$17,421,515$98,000,510
93$196,018,175$31,617,760$17,939,205$107,041,051
94$215,944,022$33,099,023$18,472,162$116,964,295
95$237,900,162$34,650,726$19,020,830$127,858,570
96$262,093,620$36,276,252$19,585,669$139,821,141
97$288,752,531$37,979,150$20,167,150$152,959,108
98$318,128,300$39,763,139$20,765,760$167,390,415
99$350,497,972$41,632,119$21,381,999$183,244,949
100$386,166,849$43,590,176$22,016,380$200,665,750