Can I retire at age 58 with 7,200,000?

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 $7,200,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$594,569$589,273$584,106$579,063$574,138$566,260
2 years$294,341$288,859$283,547$278,396$273,399$265,476
3 years$194,278$188,773$183,473$178,371$173,456$165,733
4 years$144,257$138,768$133,522$128,506$123,710$116,249
5 years$114,251$108,796$103,618$98,705$94,042$86,863
6 years$94,255$88,840$83,739$78,935$74,413$67,525
7 years$79,977$74,608$69,587$64,897$60,517$53,923
8 years$69,273$63,953$59,016$54,440$50,205$43,903
9 years$60,953$55,682$50,830$46,371$42,280$36,267
10 years$54,300$49,081$44,315$39,972$36,025$30,297
11 years$48,860$43,694$39,014$34,788$30,982$25,535
12 years$44,331$39,217$34,624$30,514$26,849$21,675
13 years$40,501$35,441$30,934$26,939$23,413$18,505
14 years$37,221$32,215$27,795$23,913$20,523$15,875
15 years$34,381$29,429$25,095$21,327$18,070$13,673
16 years$31,899$27,000$22,752$19,096$15,971$11,816
17 years$29,711$24,866$20,704$17,157$14,161$10,241
18 years$27,768$22,978$18,900$15,462$12,591$8,897
19 years$26,031$21,296$17,302$13,971$11,223$7,745
20 years$24,471$19,789$15,879$12,654$10,024$6,754
21 years$23,060$18,433$14,605$11,484$8,971$5,899
22 years$21,780$17,206$13,461$10,442$8,041$5,159
23 years$20,613$16,092$12,429$9,509$7,218$4,517
24 years$19,544$15,078$11,495$8,673$6,488$3,959
25 years$18,563$14,150$10,646$7,921$5,838$3,473
26 years$17,658$13,298$9,874$7,242$5,259$3,049
27 years$16,822$12,515$9,169$6,629$4,741$2,678
28 years$16,047$11,793$8,524$6,074$4,278$2,354
29 years$15,327$11,125$7,932$5,570$3,863$2,070
30 years$14,656$10,507$7,388$5,112$3,490$1,821
31 years$14,030$9,932$6,888$4,695$3,156$1,603
32 years$13,444$9,398$6,427$4,314$2,854$1,411
33 years$12,894$8,900$6,000$3,968$2,583$1,243
34 years$12,378$8,435$5,606$3,650$2,339$1,095
35 years$11,893$8,001$5,242$3,360$2,118$965
36 years$11,435$7,594$4,903$3,095$1,919$850
37 years$11,004$7,212$4,590$2,852$1,740$749
38 years$10,596$6,854$4,298$2,628$1,577$661
39 years$10,209$6,518$4,027$2,423$1,430$582
40 years$9,844$6,201$3,774$2,235$1,297$514
41 years$9,496$5,903$3,539$2,062$1,177$453
42 years$9,167$5,622$3,320$1,903$1,068$399
43 years$8,853$5,356$3,115$1,757$969$352
44 years$8,555$5,106$2,924$1,622$880$311
45 years$8,270$4,869$2,746$1,498$799$274
46 years$7,999$4,645$2,579$1,384$725$242
47 years$7,740$4,432$2,423$1,279$658$213
48 years$7,493$4,231$2,277$1,181$598$188
49 years$7,256$4,041$2,140$1,092$543$166
50 years$7,030$3,860$2,012$1,009$493$147

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $7,200,000, adding $3,801 every year, while hoping to spend $54,179 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: 43/36/21 Blend
57$7,200,000$7,200,000$7,200,000$7,200,000
58$7,938,321$7,556,721$7,445,121$8,230,956
59$8,690,383$7,869,354$7,636,886$8,751,230
60$9,517,341$8,195,490$7,833,260$9,308,999
61$10,426,774$8,535,735$8,034,339$9,912,203
62$11,427,038$8,890,719$8,240,223$10,565,060
63$12,527,336$9,261,104$8,451,010$11,272,205
64$13,737,809$9,647,582$8,666,804$12,038,724
65$15,069,630$10,050,878$8,887,705$12,870,210
66$16,535,109$10,471,748$9,113,820$13,772,804
67$18,147,810$10,910,984$9,345,254$14,753,256
68$19,922,680$11,369,416$9,582,113$15,818,984
69$21,876,187$11,847,910$9,824,507$16,978,144
70$24,026,475$12,347,374$10,072,545$18,239,699
71$26,393,538$12,868,758$10,326,338$19,613,508
72$28,999,407$13,413,055$10,585,998$21,110,410
73$31,868,357$13,981,306$10,851,639$22,742,324
74$35,027,136$14,574,597$11,123,377$24,522,363
75$38,505,220$15,194,068$11,401,326$26,464,947
76$42,335,086$15,840,911$11,685,603$28,585,944
77$46,552,521$16,516,372$11,976,328$30,902,807
78$51,196,962$17,221,758$12,273,618$33,434,744
79$56,311,862$17,958,434$12,577,595$36,202,887
80$61,945,106$18,727,831$12,888,378$39,230,493
81$68,149,457$19,531,445$13,206,089$42,543,157
82$74,983,060$20,370,844$13,530,851$46,169,049
83$82,509,985$21,247,668$13,862,787$50,139,177
84$90,800,833$22,163,634$14,202,021$54,487,671
85$99,933,405$23,120,539$14,548,675$59,252,104
86$109,993,432$24,120,265$14,902,876$64,473,838
87$121,075,387$25,164,783$15,264,747$70,198,411
88$133,283,375$26,256,155$15,634,414$76,475,961
89$146,732,113$27,396,541$16,012,001$83,361,691
90$161,548,018$28,588,201$16,397,633$90,916,385
91$177,870,396$29,833,504$16,791,434$99,206,978
92$195,852,758$31,134,927$17,193,528$108,307,174
93$215,664,268$32,495,067$17,604,040$118,298,141
94$237,491,340$33,916,641$18,023,092$129,269,266
95$261,539,396$35,402,496$18,450,805$141,318,993
96$288,034,808$36,955,612$18,887,300$154,555,743
97$317,227,031$38,579,110$19,332,698$169,098,927
98$349,390,961$40,276,259$19,787,115$185,080,067
99$384,829,524$42,050,481$20,250,669$202,644,026
100$423,876,543$43,905,362$20,723,474$221,950,369