Can I retire at age 58 with 2,840,000?

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 $2,840,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$234,525$232,436$230,397$228,408$226,466$224,381
2 years$116,101$113,939$111,843$109,812$107,841$105,740
3 years$76,632$74,460$72,370$70,357$68,419$66,367
4 years$56,901$54,736$52,667$50,689$48,797$46,811
5 years$45,066$42,914$40,872$38,934$37,094$35,180
6 years$37,178$35,042$33,030$31,136$29,352$27,510
7 years$31,546$29,429$27,448$25,598$23,871$22,104
8 years$27,324$25,226$23,278$21,474$19,803$18,110
9 years$24,042$21,964$20,050$18,291$16,677$15,058
10 years$21,418$19,360$17,480$15,767$14,210$12,663
11 years$19,273$17,235$15,389$13,722$12,221$10,746
12 years$17,486$15,469$13,657$12,036$10,590$9,185
13 years$15,975$13,980$12,202$10,626$9,235$7,898
14 years$14,682$12,707$10,963$9,433$8,095$6,825
15 years$13,561$11,608$9,899$8,412$7,128$5,923
16 years$12,582$10,650$8,974$7,532$6,300$5,157
17 years$11,719$9,808$8,166$6,768$5,586$4,504
18 years$10,953$9,063$7,455$6,099$4,966$3,944
19 years$10,268$8,400$6,825$5,511$4,427$3,461
20 years$9,652$7,806$6,263$4,991$3,954$3,043
21 years$9,096$7,271$5,761$4,530$3,538$2,679
22 years$8,591$6,787$5,310$4,119$3,172$2,363
23 years$8,131$6,348$4,903$3,751$2,847$2,086
24 years$7,709$5,947$4,534$3,421$2,559$1,844
25 years$7,322$5,581$4,199$3,124$2,303$1,632
26 years$6,965$5,245$3,895$2,857$2,074$1,445
27 years$6,635$4,937$3,617$2,615$1,870$1,281
28 years$6,330$4,652$3,362$2,396$1,687$1,136
29 years$6,046$4,388$3,129$2,197$1,524$1,008
30 years$5,781$4,144$2,914$2,016$1,377$894
31 years$5,534$3,918$2,717$1,852$1,245$794
32 years$5,303$3,707$2,535$1,702$1,126$706
33 years$5,086$3,511$2,367$1,565$1,019$627
34 years$4,882$3,327$2,211$1,440$923$558
35 years$4,691$3,156$2,068$1,326$836$496
36 years$4,511$2,995$1,934$1,221$757$441
37 years$4,340$2,845$1,810$1,125$686$392
38 years$4,179$2,704$1,695$1,037$622$349
39 years$4,027$2,571$1,588$956$564$311
40 years$3,883$2,446$1,489$882$512$277
41 years$3,746$2,328$1,396$813$464$246
42 years$3,616$2,217$1,309$751$421$219
43 years$3,492$2,113$1,229$693$382$195
44 years$3,374$2,014$1,153$640$347$174
45 years$3,262$1,920$1,083$591$315$155
46 years$3,155$1,832$1,017$546$286$138
47 years$3,053$1,748$956$504$260$123
48 years$2,955$1,669$898$466$236$110
49 years$2,862$1,594$844$431$214$98
50 years$2,773$1,522$794$398$195$87

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $2,840,000, adding $2,392 every year, while hoping to spend $32,981 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: 64/25/11 Blend
57$2,840,000$2,840,000$2,840,000$2,840,000
58$3,132,147$2,981,627$2,937,607$3,324,734
59$3,416,535$3,092,636$3,000,926$3,564,668
60$3,728,824$3,207,978$3,065,260$3,822,571
61$4,071,827$3,327,832$3,130,609$4,103,438
62$4,448,641$3,452,382$3,196,971$4,409,500
63$4,862,676$3,581,822$3,264,343$4,743,214
64$5,317,691$3,716,354$3,332,721$5,107,283
65$5,817,827$3,856,187$3,402,098$5,504,682
66$6,367,645$4,001,540$3,472,469$5,938,685
67$6,972,171$4,152,642$3,543,823$6,412,895
68$7,636,943$4,309,731$3,616,151$6,931,280
69$8,368,059$4,473,057$3,689,441$7,498,204
70$9,172,243$4,642,878$3,763,678$8,118,476
71$10,056,898$4,819,465$3,838,848$8,797,388
72$11,030,184$5,003,102$3,914,932$9,540,766
73$12,101,091$5,194,082$3,991,911$10,355,026
74$13,279,525$5,392,714$4,069,762$11,247,231
75$14,576,398$5,599,319$4,148,460$12,225,162
76$16,003,737$5,814,232$4,227,980$13,297,384
77$17,574,792$6,037,803$4,308,291$14,473,331
78$19,304,162$6,270,397$4,389,360$15,763,393
79$21,207,935$6,512,395$4,471,153$17,179,011
80$23,303,839$6,764,196$4,553,630$18,732,787
81$25,611,404$7,026,215$4,636,750$20,438,603
82$28,152,153$7,298,886$4,720,468$22,311,746
83$30,949,804$7,582,662$4,804,734$24,369,056
84$34,030,487$7,878,017$4,889,497$26,629,083
85$37,423,001$8,185,443$4,974,699$29,112,258
86$41,159,075$8,505,458$5,060,279$31,841,091
87$45,273,674$8,838,599$5,146,172$34,840,374
88$49,805,329$9,185,431$5,232,309$38,137,422
89$54,796,495$9,546,539$5,318,614$41,762,325
90$60,293,958$9,922,540$5,405,007$45,748,231
91$66,349,270$10,314,073$5,491,404$50,131,658
92$73,019,243$10,721,809$5,577,713$54,952,839
93$80,366,476$11,146,448$5,663,837$60,256,098
94$88,459,954$11,588,722$5,749,673$66,090,269
95$97,375,694$12,049,394$5,835,112$72,509,152
96$107,197,464$12,529,263$5,920,037$79,572,024
97$118,017,571$13,029,163$6,004,324$87,344,194
98$129,937,738$13,549,967$6,087,843$95,897,616
99$143,070,056$14,092,584$6,170,455$105,311,572
100$157,538,049$14,657,968$6,252,013$115,673,412