Can I retire at age 58 with 7,400,000?

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 $7,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$611,085$605,642$600,331$595,148$590,086$579,358
2 years$302,517$296,883$291,423$286,129$280,994$270,223
3 years$199,675$194,016$188,570$183,325$178,274$167,797
4 years$148,264$142,623$137,231$132,076$127,146$117,044
5 years$117,425$111,818$106,497$101,447$96,655$86,955
6 years$96,873$91,308$86,065$81,128$76,480$67,194
7 years$82,198$76,680$71,520$66,700$62,198$53,329
8 years$71,197$65,729$60,655$55,953$51,600$43,145
9 years$62,646$57,229$52,242$47,659$43,454$35,409
10 years$55,808$50,444$45,546$41,083$37,025$29,382
11 years$50,218$44,908$40,098$35,754$31,843$24,594
12 years$45,562$40,307$35,586$31,361$27,594$20,729
13 years$41,626$36,426$31,794$27,687$24,063$17,570
14 years$38,255$33,110$28,567$24,578$21,093$14,962
15 years$35,336$30,246$25,792$21,919$18,572$12,790
16 years$32,785$27,751$23,384$19,626$16,414$10,968
17 years$30,536$25,557$21,279$17,634$14,554$9,432
18 years$28,539$23,616$19,425$15,892$12,941$8,129
19 years$26,754$21,887$17,782$14,360$11,534$7,019
20 years$25,150$20,339$16,320$13,005$10,303$6,072
21 years$23,701$18,945$15,011$11,803$9,220$5,259
22 years$22,385$17,684$13,835$10,732$8,264$4,561
23 years$21,185$16,540$12,774$9,774$7,418$3,960
24 years$20,087$15,496$11,814$8,914$6,668$3,441
25 years$19,078$14,543$10,942$8,141$6,000$2,992
26 years$18,149$13,668$10,148$7,444$5,405$2,604
27 years$17,289$12,863$9,423$6,813$4,873$2,267
28 years$16,493$12,121$8,760$6,242$4,397$1,975
29 years$15,753$11,434$8,152$5,724$3,970$1,721
30 years$15,063$10,799$7,594$5,254$3,587$1,501
31 years$14,419$10,208$7,079$4,825$3,243$1,309
32 years$13,817$9,659$6,605$4,434$2,934$1,142
33 years$13,252$9,147$6,167$4,078$2,655$996
34 years$12,722$8,670$5,762$3,752$2,404$870
35 years$12,223$8,223$5,387$3,454$2,177$759
36 years$11,753$7,805$5,040$3,181$1,973$663
37 years$11,309$7,413$4,717$2,931$1,788$579
38 years$10,890$7,045$4,417$2,701$1,621$506
39 years$10,493$6,699$4,139$2,491$1,470$442
40 years$10,117$6,373$3,879$2,297$1,333$386
41 years$9,760$6,067$3,637$2,120$1,210$337
42 years$9,421$5,778$3,412$1,956$1,098$294
43 years$9,099$5,505$3,202$1,806$996$257
44 years$8,792$5,248$3,005$1,667$904$225
45 years$8,500$5,004$2,822$1,540$821$196
46 years$8,221$4,774$2,650$1,422$745$172
47 years$7,955$4,556$2,490$1,314$677$150
48 years$7,701$4,349$2,340$1,214$615$131
49 years$7,458$4,153$2,199$1,122$558$115
50 years$7,225$3,967$2,068$1,037$507$100

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $7,400,000, adding $2,880 every year, while hoping to spend $32,926 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: 38/35/27 Blend
57$7,400,000$7,400,000$7,400,000$7,400,000
58$8,157,771$7,765,571$7,650,871$8,402,022
59$8,954,830$8,111,051$7,872,142$8,926,854
60$9,832,086$8,472,356$8,099,722$9,490,444
61$10,797,684$8,850,226$8,333,788$10,098,922
62$11,860,599$9,245,438$8,574,521$10,756,382
63$13,030,720$9,658,805$8,822,107$11,467,316
64$14,318,944$10,091,177$9,076,738$12,236,652
65$15,737,278$10,543,446$9,338,611$13,069,803
66$17,298,954$11,016,548$9,607,927$13,972,707
67$19,018,548$11,511,460$9,884,894$14,951,887
68$20,912,128$12,029,209$10,169,725$16,014,506
69$22,997,393$12,570,868$10,462,640$17,168,433
70$25,293,851$13,137,565$10,763,862$18,422,312
71$27,822,995$13,730,477$11,073,622$19,785,642
72$30,608,511$14,350,840$11,392,159$21,268,861
73$33,676,497$14,999,950$11,719,715$22,883,442
74$37,055,715$15,679,163$12,056,541$24,641,997
75$40,777,856$16,389,900$12,402,893$26,558,390
76$44,877,843$17,133,650$12,759,035$28,647,866
77$49,394,159$17,911,975$13,125,238$30,927,189
78$54,369,210$18,726,509$13,501,781$33,414,795
79$59,849,727$19,578,966$13,888,949$36,130,962
80$65,887,205$20,471,141$14,287,034$39,097,996
81$72,538,389$21,404,916$14,696,339$42,340,433
82$79,865,811$22,382,263$15,117,173$45,885,270
83$87,938,378$23,405,248$15,549,852$49,762,210
84$96,832,023$24,476,036$15,994,703$54,003,938
85$106,630,424$25,596,896$16,452,060$58,646,419
86$117,425,791$26,770,207$16,922,267$63,729,237
87$129,319,735$27,998,461$17,405,677$69,295,957
88$142,424,232$29,284,269$17,902,650$75,394,530
89$156,862,674$30,630,370$18,413,560$82,077,736
90$172,771,040$32,039,631$18,938,788$89,403,677
91$190,299,173$33,515,059$19,478,724$97,436,315
92$209,612,198$35,059,807$20,033,770$106,246,068
93$230,892,081$36,677,176$20,604,340$115,910,463
94$254,339,344$38,370,629$21,190,857$126,514,860
95$280,174,961$40,143,793$21,793,754$138,153,248
96$308,642,440$42,000,472$22,413,478$150,929,119
97$340,010,125$43,944,651$23,050,486$164,956,436
98$374,573,728$45,980,510$23,705,247$180,360,697
99$412,659,120$48,112,426$24,378,244$197,280,105
100$454,625,406$50,344,991$25,069,971$215,866,864