Can I retire at age 58 with 2,240,000?

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 $2,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$184,977$183,329$181,722$180,153$178,621$177,569
2 years$91,573$89,867$88,215$86,612$85,057$83,997
3 years$60,442$58,729$57,081$55,493$53,964$52,927
4 years$44,880$43,172$41,540$39,980$38,488$37,482
5 years$35,545$33,848$32,237$30,708$29,258$28,286
6 years$29,324$27,639$26,052$24,558$23,151$22,215
7 years$24,882$23,211$21,649$20,190$18,828$17,928
8 years$21,552$19,896$18,360$16,937$15,619$14,756
9 years$18,963$17,323$15,814$14,427$13,154$12,327
10 years$16,893$15,270$13,787$12,436$11,208$10,416
11 years$15,201$13,594$12,138$10,823$9,639$8,882
12 years$13,792$12,201$10,772$9,493$8,353$7,631
13 years$12,600$11,026$9,624$8,381$7,284$6,596
14 years$11,580$10,022$8,647$7,440$6,385$5,730
15 years$10,696$9,156$7,807$6,635$5,622$4,998
16 years$9,924$8,400$7,078$5,941$4,969$4,376
17 years$9,243$7,736$6,441$5,338$4,406$3,843
18 years$8,639$7,149$5,880$4,810$3,917$3,384
19 years$8,099$6,625$5,383$4,347$3,491$2,987
20 years$7,613$6,157$4,940$3,937$3,119$2,641
21 years$7,174$5,735$4,544$3,573$2,791$2,340
22 years$6,776$5,353$4,188$3,249$2,502$2,076
23 years$6,413$5,007$3,867$2,959$2,246$1,844
24 years$6,080$4,691$3,576$2,698$2,018$1,640
25 years$5,775$4,402$3,312$2,464$1,816$1,460
26 years$5,494$4,137$3,072$2,253$1,636$1,301
27 years$5,234$3,894$2,853$2,062$1,475$1,160
28 years$4,992$3,669$2,652$1,890$1,331$1,036
29 years$4,768$3,461$2,468$1,733$1,202$925
30 years$4,560$3,269$2,299$1,590$1,086$826
31 years$4,365$3,090$2,143$1,461$982$739
32 years$4,182$2,924$1,999$1,342$888$661
33 years$4,012$2,769$1,867$1,234$804$591
34 years$3,851$2,624$1,744$1,136$728$529
35 years$3,700$2,489$1,631$1,045$659$474
36 years$3,558$2,363$1,526$963$597$424
37 years$3,423$2,244$1,428$887$541$380
38 years$3,296$2,132$1,337$818$491$340
39 years$3,176$2,028$1,253$754$445$305
40 years$3,062$1,929$1,174$695$404$273
41 years$2,954$1,836$1,101$642$366$245
42 years$2,852$1,749$1,033$592$332$220
43 years$2,754$1,666$969$547$302$197
44 years$2,661$1,588$910$505$274$177
45 years$2,573$1,515$854$466$248$158
46 years$2,489$1,445$802$431$226$142
47 years$2,408$1,379$754$398$205$127
48 years$2,331$1,316$708$368$186$114
49 years$2,257$1,257$666$340$169$103
50 years$2,187$1,201$626$314$153$92

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,240,000, adding $4,535 every year, while hoping to spend $47,615 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: 79/15/6 Blend
57$2,240,000$2,240,000$2,240,000$2,240,000
58$2,473,158$2,354,438$2,319,718$2,666,978
59$2,674,758$2,419,143$2,346,766$2,859,323
60$2,895,325$2,485,423$2,373,125$3,063,551
61$3,136,745$2,553,305$2,398,721$3,286,143
62$3,401,091$2,622,815$2,423,476$3,528,902
63$3,690,649$2,693,980$2,447,309$3,793,819
64$4,007,935$2,766,825$2,470,134$4,083,081
65$4,355,720$2,841,376$2,491,860$4,399,102
66$4,737,058$2,917,657$2,512,391$4,744,536
67$5,155,309$2,995,694$2,531,628$5,122,308
68$5,614,177$3,075,509$2,549,464$5,535,637
69$6,117,740$3,157,125$2,565,787$5,988,073
70$6,670,489$3,240,565$2,580,481$6,483,522
71$7,277,375$3,325,848$2,593,423$7,026,288
72$7,943,847$3,412,995$2,604,483$7,621,113
73$8,675,912$3,502,024$2,613,525$8,273,217
74$9,480,183$3,592,951$2,620,407$8,988,356
75$10,363,949$3,685,793$2,624,978$9,772,865
76$11,335,238$3,780,563$2,627,080$10,633,728
77$12,402,894$3,877,273$2,626,550$11,578,636
78$13,576,663$3,975,933$2,623,212$12,616,064
79$14,867,279$4,076,550$2,616,887$13,755,347
80$16,286,571$4,179,130$2,607,381$15,006,772
81$17,847,569$4,283,675$2,594,497$16,381,673
82$19,564,632$4,390,186$2,578,024$17,892,535
83$21,453,579$4,498,660$2,557,742$19,553,118
84$23,531,839$4,609,089$2,533,421$21,378,580
85$25,818,616$4,721,464$2,504,820$23,385,623
86$28,335,070$4,835,771$2,471,687$25,592,650
87$31,104,516$4,951,992$2,433,757$28,019,941
88$34,152,642$5,070,105$2,390,753$30,689,839
89$37,507,754$5,190,083$2,342,386$33,626,965
90$41,201,041$5,311,893$2,288,352$36,858,447
91$45,266,869$5,435,498$2,228,334$40,414,179
92$49,743,107$5,560,855$2,162,000$44,327,100
93$54,671,480$5,687,913$2,089,003$48,633,509
94$60,097,966$5,816,615$2,008,980$53,373,400
95$66,073,229$5,946,900$1,921,551$58,590,848
96$72,653,094$6,078,694$1,826,319$64,334,418
97$79,899,078$6,211,918$1,722,869$70,657,627
98$87,878,966$6,346,485$1,610,767$77,619,447
99$96,667,454$6,482,296$1,489,561$85,284,864
100$106,346,850$6,619,244$1,358,777$93,725,487