Can I retire at age 58 with 8,400,000?

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 $8,400,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.4%
1 years$693,664$687,485$681,457$675,573$669,828$660,363
2 years$343,398$337,003$330,804$324,795$318,966$309,449
3 years$226,658$220,235$214,052$208,099$202,365$193,091
4 years$168,299$161,896$155,775$149,924$144,328$135,369
5 years$133,293$126,928$120,888$115,156$109,716$101,098
6 years$109,964$103,647$97,695$92,091$86,815$78,547
7 years$93,306$87,042$81,185$75,713$70,604$62,690
8 years$80,819$74,611$68,852$63,514$58,572$51,012
9 years$71,111$64,963$59,302$54,100$49,326$42,115
10 years$63,350$57,261$51,701$46,634$42,029$35,161
11 years$57,004$50,976$45,517$40,586$36,146$29,616
12 years$51,719$45,754$40,395$35,599$31,323$25,123
13 years$47,251$41,348$36,090$31,429$27,315$21,435
14 years$43,425$37,584$32,427$27,899$23,944$18,376
15 years$40,111$34,334$29,277$24,881$21,082$15,816
16 years$37,215$31,501$26,544$22,278$18,632$13,659
17 years$34,662$29,011$24,154$20,017$16,521$11,829
18 years$32,396$26,807$22,050$18,039$14,689$10,269
19 years$30,370$24,845$20,185$16,300$13,093$8,933
20 years$28,549$23,087$18,525$14,763$11,695$7,785
21 years$26,904$21,505$17,040$13,398$10,466$6,794
22 years$25,410$20,074$15,705$12,182$9,381$5,938
23 years$24,048$18,775$14,500$11,094$8,421$5,195
24 years$22,802$17,591$13,410$10,119$7,569$4,549
25 years$21,656$16,508$12,421$9,241$6,811$3,988
26 years$20,601$15,515$11,520$8,449$6,135$3,498
27 years$19,626$14,601$10,697$7,734$5,531$3,070
28 years$18,722$13,759$9,944$7,086$4,991$2,696
29 years$17,882$12,980$9,254$6,498$4,507$2,369
30 years$17,099$12,258$8,620$5,964$4,072$2,083
31 years$16,368$11,588$8,036$5,477$3,682$1,831
32 years$15,684$10,964$7,498$5,034$3,330$1,611
33 years$15,043$10,383$7,001$4,629$3,014$1,418
34 years$14,441$9,841$6,541$4,259$2,729$1,248
35 years$13,875$9,334$6,115$3,921$2,471$1,098
36 years$13,341$8,860$5,721$3,611$2,239$967
37 years$12,837$8,415$5,354$3,327$2,030$852
38 years$12,361$7,997$5,014$3,066$1,840$750
39 years$11,911$7,604$4,698$2,827$1,669$661
40 years$11,484$7,235$4,403$2,608$1,513$582
41 years$11,079$6,887$4,129$2,406$1,373$513
42 years$10,694$6,559$3,873$2,221$1,246$452
43 years$10,329$6,249$3,634$2,050$1,131$399
44 years$9,980$5,957$3,411$1,893$1,026$351
45 years$9,649$5,680$3,203$1,748$932$310
46 years$9,332$5,419$3,009$1,615$846$273
47 years$9,030$5,171$2,826$1,492$768$241
48 years$8,741$4,937$2,656$1,378$698$212
49 years$8,465$4,714$2,497$1,274$634$187
50 years$8,201$4,503$2,347$1,177$575$165

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $8,400,000, adding $3,616 every year, while hoping to spend $28,072 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: 27/49/24 Blend
57$8,400,000$8,400,000$8,400,000$8,400,000
58$9,260,530$8,815,330$8,685,130$9,440,583
59$10,175,236$9,217,413$8,946,213$9,986,181
60$11,182,300$9,638,257$9,215,102$10,568,892
61$12,291,115$10,078,751$9,492,028$11,193,974
62$13,512,028$10,539,830$9,777,231$11,865,044
63$14,856,442$11,022,468$10,070,954$12,586,059
64$16,336,920$11,527,690$10,373,453$13,361,345
65$17,967,309$12,056,570$10,684,986$14,195,638
66$19,762,864$12,610,231$11,005,823$15,094,123
67$21,740,397$13,189,853$11,336,239$16,062,476
68$23,918,432$13,796,671$11,676,517$17,106,913
69$26,317,383$14,431,979$12,026,952$18,234,247
70$28,959,744$15,097,133$12,387,842$19,451,944
71$31,870,302$15,793,558$12,759,500$20,768,185
72$35,076,373$16,522,742$13,142,243$22,191,944
73$38,608,054$17,286,247$13,536,399$23,733,061
74$42,498,515$18,085,713$13,942,308$25,402,329
75$46,784,304$18,922,853$14,360,316$27,211,594
76$51,505,699$19,799,469$14,790,782$29,173,852
77$56,707,082$20,717,444$15,234,075$31,303,369
78$62,437,361$21,678,756$15,690,574$33,615,808
79$68,750,433$22,685,476$16,160,669$36,128,368
80$75,705,689$23,739,777$16,644,763$38,859,934
81$83,368,577$24,843,933$17,143,270$41,831,254
82$91,811,217$26,000,331$17,656,615$45,065,119
83$101,113,087$27,211,473$18,185,237$48,586,570
84$111,361,767$28,479,980$18,729,588$52,423,127
85$122,653,770$29,808,602$19,290,131$56,605,032
86$135,095,449$31,200,218$19,867,346$61,165,532
87$148,804,006$32,657,850$20,461,723$66,141,173
88$163,908,594$34,184,664$21,073,770$71,572,135
89$180,551,537$35,783,979$21,704,007$77,502,602
90$198,889,674$37,459,274$22,352,972$83,981,162
91$219,095,841$39,214,199$23,021,217$91,061,251
92$241,360,498$41,052,576$23,709,310$98,801,648
93$265,893,533$42,978,416$24,417,835$107,267,006
94$292,926,236$44,995,921$25,147,395$116,528,455
95$322,713,489$47,109,498$25,898,610$126,664,252
96$355,536,168$49,323,767$26,672,117$137,760,500
97$391,703,797$51,643,571$27,468,572$149,911,948
98$431,557,466$54,073,988$28,288,651$163,222,862
99$475,473,056$56,620,342$29,133,050$177,807,991
100$523,864,783$59,288,214$30,002,482$193,793,626