Can I retire at age 58 with 7,000,000?

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 $7,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$578,053$572,904$567,881$562,978$558,190$542,060
2 years$286,165$280,836$275,670$270,662$265,805$249,682
3 years$188,882$183,529$178,377$173,416$168,637$153,027
4 years$140,249$134,913$129,813$124,936$120,274$105,296
5 years$111,078$105,774$100,740$95,963$91,430$77,126
6 years$91,636$86,372$81,413$76,743$72,346$58,727
7 years$77,755$72,535$67,655$63,094$58,836$45,904
8 years$67,349$62,176$57,376$52,928$48,810$36,557
9 years$59,259$54,135$49,418$45,083$41,105$29,519
10 years$52,792$47,718$43,084$38,862$35,024$24,088
11 years$47,503$42,480$37,930$33,822$30,122$19,818
12 years$43,099$38,128$33,662$29,666$26,103$16,412
13 years$39,376$34,457$30,075$26,191$22,762$13,662
14 years$36,187$31,320$27,023$23,249$19,953$11,421
15 years$33,426$28,611$24,398$20,734$17,568$9,581
16 years$31,013$26,250$22,120$18,565$15,527$8,060
17 years$28,885$24,176$20,128$16,681$13,767$6,797
18 years$26,996$22,339$18,375$15,033$12,241$5,743
19 years$25,308$20,704$16,821$13,583$10,911$4,860
20 years$23,791$19,239$15,438$12,302$9,746$4,119
21 years$22,420$17,921$14,200$11,165$8,721$3,495
22 years$21,175$16,728$13,087$10,152$7,817$2,968
23 years$20,040$15,645$12,084$9,245$7,017$2,523
24 years$19,001$14,659$11,175$8,432$6,307$2,146
25 years$18,047$13,757$10,351$7,701$5,676$1,826
26 years$17,168$12,929$9,600$7,041$5,112$1,555
27 years$16,355$12,168$8,914$6,445$4,609$1,325
28 years$15,601$11,466$8,287$5,905$4,159$1,129
29 years$14,901$10,816$7,712$5,415$3,756$962
30 years$14,249$10,215$7,183$4,970$3,393$821
31 years$13,640$9,657$6,697$4,564$3,068$700
32 years$13,070$9,137$6,248$4,195$2,775$597
33 years$12,536$8,653$5,834$3,857$2,512$509
34 years$12,034$8,201$5,451$3,549$2,274$435
35 years$11,562$7,779$5,096$3,267$2,060$371
36 years$11,118$7,383$4,767$3,009$1,866$317
37 years$10,698$7,012$4,462$2,772$1,691$270
38 years$10,301$6,664$4,179$2,555$1,533$231
39 years$9,926$6,337$3,915$2,356$1,390$197
40 years$9,570$6,029$3,669$2,173$1,261$168
41 years$9,233$5,739$3,441$2,005$1,144$144
42 years$8,912$5,466$3,228$1,850$1,038$123
43 years$8,607$5,208$3,029$1,708$942$105
44 years$8,317$4,964$2,843$1,577$855$89
45 years$8,041$4,734$2,669$1,457$776$76
46 years$7,777$4,516$2,507$1,345$705$65
47 years$7,525$4,309$2,355$1,243$640$56
48 years$7,285$4,114$2,213$1,149$581$47
49 years$7,055$3,928$2,080$1,062$528$41
50 years$6,834$3,753$1,956$981$480$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $7,000,000, adding $5,346 every year, while hoping to spend $32,637 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: 67/21/12 Blend
57$7,000,000$7,000,000$7,000,000$7,000,000
58$7,719,514$7,348,514$7,240,014$8,215,881
59$8,472,179$7,673,866$7,447,829$8,872,375
60$9,300,522$8,014,066$7,661,512$9,585,507
61$10,212,228$8,369,808$7,881,225$10,364,365
62$11,215,764$8,741,817$8,107,135$11,215,378
63$12,320,459$9,130,854$8,339,412$12,145,627
64$13,536,596$9,537,715$8,578,232$13,162,897
65$14,875,501$9,963,236$8,823,775$14,275,760
66$16,349,657$10,408,289$9,076,226$15,493,647
67$17,972,817$10,873,791$9,335,775$16,826,938
68$19,760,139$11,360,700$9,602,617$18,287,060
69$21,728,320$11,870,022$9,876,953$19,886,589
70$23,895,765$12,402,809$10,158,987$21,639,369
71$26,282,751$12,960,164$10,448,930$23,560,641
72$28,911,622$13,543,243$10,747,000$25,667,186
73$31,807,001$14,153,255$11,053,418$27,977,477
74$34,996,020$14,791,470$11,368,412$30,511,855
75$38,508,577$15,459,215$11,692,217$33,292,716
76$42,377,618$16,157,883$12,025,073$36,344,722
77$46,639,448$16,888,932$12,367,226$39,695,032
78$51,334,073$17,653,891$12,718,929$43,373,551
79$56,505,578$18,454,361$13,080,443$47,413,213
80$62,202,543$19,292,021$13,452,034$51,850,291
81$68,478,500$20,168,627$13,833,974$56,724,730
82$75,392,440$21,086,024$14,226,546$62,080,528
83$83,009,370$22,046,140$14,630,036$67,966,141
84$91,400,925$23,050,999$15,044,741$74,434,944
85$100,646,043$24,102,722$15,470,963$81,545,725
86$110,831,712$25,203,529$15,909,014$89,363,238
87$122,053,793$26,355,748$16,359,213$97,958,815
88$134,417,920$27,561,819$16,821,886$107,411,025
89$148,040,498$28,824,299$17,297,370$117,806,424
90$163,049,806$30,145,867$17,786,009$129,240,354
91$179,587,203$31,529,331$18,288,156$141,817,852
92$197,808,463$32,977,633$18,804,175$155,654,624
93$217,885,247$34,493,858$19,334,436$170,878,141
94$240,006,724$36,081,239$19,879,321$187,628,832
95$264,381,352$37,743,162$20,439,221$206,061,407
96$291,238,852$39,483,179$21,014,536$226,346,308
97$320,832,371$41,305,010$21,605,679$248,671,316
98$353,440,874$43,212,557$22,213,070$273,243,314
99$389,371,777$45,209,907$22,837,143$300,290,234
100$428,963,851$47,301,345$23,478,340$330,063,203