Can I retire at age 58 with 2,420,000?

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 $2,420,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$199,841$198,061$196,325$194,629$192,974$188,692
2 years$98,931$97,089$95,303$93,572$91,892$87,601
3 years$65,299$63,449$61,667$59,952$58,300$54,133
4 years$48,486$46,641$44,878$43,192$41,580$37,569
5 years$38,401$36,567$34,827$33,176$31,609$27,765
6 years$31,680$29,860$28,146$26,531$25,011$21,339
7 years$26,881$25,076$23,389$21,813$20,341$16,841
8 years$23,283$21,495$19,836$18,298$16,874$13,546
9 years$20,487$18,715$17,085$15,586$14,211$11,051
10 years$18,251$16,497$14,895$13,435$12,108$9,114
11 years$16,423$14,686$13,113$11,693$10,413$7,580
12 years$14,900$13,181$11,638$10,256$9,024$6,348
13 years$13,613$11,912$10,397$9,055$7,869$5,345
14 years$12,510$10,828$9,342$8,038$6,898$4,521
15 years$11,556$9,891$8,435$7,168$6,074$3,838
16 years$10,722$9,075$7,647$6,418$5,368$3,268
17 years$9,986$8,358$6,959$5,767$4,760$2,790
18 years$9,333$7,723$6,352$5,197$4,232$2,387
19 years$8,749$7,158$5,815$4,696$3,772$2,046
20 years$8,225$6,651$5,337$4,253$3,369$1,756
21 years$7,751$6,195$4,909$3,860$3,015$1,510
22 years$7,320$5,783$4,524$3,510$2,703$1,299
23 years$6,928$5,409$4,177$3,196$2,426$1,119
24 years$6,569$5,068$3,863$2,915$2,181$965
25 years$6,239$4,756$3,578$2,662$1,962$833
26 years$5,935$4,470$3,319$2,434$1,767$719
27 years$5,654$4,207$3,082$2,228$1,594$621
28 years$5,394$3,964$2,865$2,041$1,438$536
29 years$5,152$3,739$2,666$1,872$1,298$464
30 years$4,926$3,531$2,483$1,718$1,173$401
31 years$4,716$3,338$2,315$1,578$1,061$347
32 years$4,519$3,159$2,160$1,450$959$300
33 years$4,334$2,991$2,017$1,334$868$260
34 years$4,160$2,835$1,884$1,227$786$225
35 years$3,997$2,689$1,762$1,129$712$195
36 years$3,844$2,552$1,648$1,040$645$168
37 years$3,698$2,424$1,543$958$585$146
38 years$3,561$2,304$1,445$883$530$126
39 years$3,432$2,191$1,353$815$481$109
40 years$3,309$2,084$1,269$751$436$95
41 years$3,192$1,984$1,190$693$396$82
42 years$3,081$1,890$1,116$640$359$71
43 years$2,976$1,800$1,047$591$326$62
44 years$2,875$1,716$983$545$296$53
45 years$2,780$1,636$923$504$268$46
46 years$2,689$1,561$867$465$244$40
47 years$2,602$1,490$814$430$221$35
48 years$2,518$1,422$765$397$201$30
49 years$2,439$1,358$719$367$183$26
50 years$2,363$1,297$676$339$166$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,420,000, adding $5,738 every year, while hoping to spend $27,545 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: 44/39/17 Blend
57$2,420,000$2,420,000$2,420,000$2,420,000
58$2,672,759$2,544,499$2,506,989$2,777,000
59$2,916,072$2,639,872$2,561,665$2,946,057
60$3,183,281$2,738,994$2,617,250$3,126,004
61$3,476,793$2,842,022$2,673,745$3,320,463
62$3,799,260$2,949,116$2,731,150$3,530,789
63$4,153,606$3,060,444$2,789,465$3,758,466
64$4,543,050$3,176,182$2,848,688$4,005,127
65$4,971,139$3,296,513$2,908,817$4,272,567
66$5,441,782$3,421,628$2,969,849$4,562,759
67$5,959,283$3,551,727$3,031,778$4,877,870
68$6,528,385$3,687,018$3,094,599$5,220,285
69$7,154,316$3,827,717$3,158,303$5,592,625
70$7,842,833$3,974,052$3,222,883$5,997,775
71$8,600,280$4,126,259$3,288,328$6,438,904
72$9,433,648$4,284,584$3,354,626$6,919,501
73$10,350,637$4,449,286$3,421,763$7,443,404
74$11,359,734$4,620,633$3,489,724$8,014,834
75$12,470,289$4,798,906$3,558,491$8,638,438
76$13,692,604$4,984,398$3,628,046$9,319,326
77$15,038,031$5,177,415$3,698,367$10,063,126
78$16,519,078$5,378,276$3,769,431$10,876,029
79$18,149,528$5,587,315$3,841,211$11,764,849
80$19,944,567$5,804,881$3,913,678$12,737,087
81$21,920,929$6,031,337$3,986,803$13,801,002
82$24,097,054$6,267,062$4,060,551$14,965,684
83$26,493,259$6,512,454$4,134,885$16,241,139
84$29,131,934$6,767,927$4,209,767$17,638,388
85$32,037,750$7,033,914$4,285,152$19,169,562
86$35,237,890$7,310,866$4,360,995$20,848,020
87$38,762,313$7,599,256$4,437,246$22,688,471
88$42,644,026$7,899,577$4,513,851$24,707,112
89$46,919,405$8,212,344$4,590,753$26,921,784
90$51,628,531$8,538,096$4,667,891$29,352,129
91$56,815,574$8,877,396$4,745,198$32,019,784
92$62,529,205$9,230,830$4,822,604$34,948,577
93$68,823,057$9,599,014$4,900,034$38,164,750
94$75,756,232$9,982,589$4,977,408$41,697,211
95$83,393,857$10,382,225$5,054,641$45,577,798
96$91,807,700$10,798,624$5,131,642$49,841,581
97$101,076,848$11,232,518$5,208,313$54,527,189
98$111,288,448$11,684,673$5,284,553$59,677,175
99$122,538,536$12,155,889$5,360,253$65,338,412
100$134,932,942$12,647,003$5,435,297$71,562,539