Can I retire at age 58 with 1,010,000?

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 $1,010,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$83,405$82,662$81,937$81,230$80,539$77,527
2 years$41,290$40,521$39,775$39,053$38,352$35,352
3 years$27,253$26,481$25,737$25,021$24,332$21,439
4 years$20,236$19,466$18,730$18,027$17,354$14,589
5 years$16,027$15,262$14,535$13,846$13,192$10,563
6 years$13,222$12,462$11,747$11,073$10,438$7,946
7 years$11,219$10,466$9,762$9,104$8,489$6,134
8 years$9,717$8,971$8,279$7,637$7,043$4,822
9 years$8,550$7,811$7,130$6,505$5,931$3,841
10 years$7,617$6,885$6,216$5,607$5,053$3,092
11 years$6,854$6,129$5,473$4,880$4,346$2,508
12 years$6,219$5,501$4,857$4,280$3,766$2,046
13 years$5,681$4,972$4,339$3,779$3,284$1,678
14 years$5,221$4,519$3,899$3,355$2,879$1,382
15 years$4,823$4,128$3,520$2,992$2,535$1,141
16 years$4,475$3,788$3,192$2,679$2,240$945
17 years$4,168$3,488$2,904$2,407$1,986$784
18 years$3,895$3,223$2,651$2,169$1,766$652
19 years$3,652$2,987$2,427$1,960$1,574$542
20 years$3,433$2,776$2,227$1,775$1,406$452
21 years$3,235$2,586$2,049$1,611$1,258$377
22 years$3,055$2,414$1,888$1,465$1,128$315
23 years$2,891$2,257$1,743$1,334$1,013$263
24 years$2,742$2,115$1,612$1,217$910$220
25 years$2,604$1,985$1,493$1,111$819$184
26 years$2,477$1,865$1,385$1,016$738$154
27 years$2,360$1,756$1,286$930$665$129
28 years$2,251$1,654$1,196$852$600$108
29 years$2,150$1,561$1,113$781$542$90
30 years$2,056$1,474$1,036$717$490$76
31 years$1,968$1,393$966$659$443$63
32 years$1,886$1,318$901$605$400$53
33 years$1,809$1,248$842$557$362$44
34 years$1,736$1,183$786$512$328$37
35 years$1,668$1,122$735$471$297$31
36 years$1,604$1,065$688$434$269$26
37 years$1,544$1,012$644$400$244$22
38 years$1,486$962$603$369$221$18
39 years$1,432$914$565$340$201$15
40 years$1,381$870$529$314$182$13
41 years$1,332$828$496$289$165$11
42 years$1,286$789$466$267$150$9
43 years$1,242$751$437$246$136$8
44 years$1,200$716$410$228$123$6
45 years$1,160$683$385$210$112$5
46 years$1,122$652$362$194$102$4
47 years$1,086$622$340$179$92$4
48 years$1,051$594$319$166$84$3
49 years$1,018$567$300$153$76$3
50 years$986$541$282$142$69$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,010,000, adding $6,545 every year, while hoping to spend $31,902 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: 50/43/7 Blend
57$1,010,000$1,010,000$1,010,000$1,010,000
58$1,119,771$1,066,241$1,050,586$1,173,446
59$1,200,044$1,084,544$1,051,837$1,229,051
60$1,287,436$1,102,673$1,052,061$1,285,477
61$1,382,639$1,120,589$1,051,190$1,346,034
62$1,486,415$1,138,244$1,049,151$1,411,116
63$1,599,603$1,155,592$1,045,871$1,481,157
64$1,723,125$1,172,579$1,041,271$1,556,637
65$1,857,998$1,189,149$1,035,267$1,638,085
66$2,005,340$1,205,244$1,027,775$1,726,084
67$2,166,383$1,220,799$1,018,704$1,821,278
68$2,342,481$1,235,745$1,007,958$1,924,375
69$2,535,128$1,250,011$995,438$2,036,158
70$2,745,968$1,263,518$981,042$2,157,489
71$2,976,809$1,276,182$964,659$2,289,322
72$3,229,644$1,287,916$946,176$2,432,705
73$3,506,668$1,298,625$925,473$2,588,797
74$3,810,298$1,308,207$902,427$2,758,876
75$4,143,196$1,316,557$876,906$2,944,349
76$4,508,294$1,323,560$848,773$3,146,772
77$4,908,820$1,329,094$817,887$3,367,858
78$5,348,330$1,333,031$784,097$3,609,499
79$5,830,744$1,335,233$747,248$3,873,780
80$6,360,375$1,335,555$707,177$4,163,001
81$6,941,979$1,333,842$663,712$4,479,700
82$7,580,790$1,329,930$616,676$4,826,675
83$8,282,578$1,323,644$565,882$5,207,012
84$9,053,697$1,314,799$511,136$5,624,116
85$9,901,149$1,303,199$452,234$6,081,742
86$10,832,647$1,288,636$388,964$6,584,029
87$11,856,687$1,270,889$321,104$7,135,544
88$12,982,631$1,249,725$248,423$7,741,324
89$14,220,793$1,224,895$170,679$8,406,923
90$15,582,536$1,196,137$87,619$9,138,464
91$17,080,381$1,163,174$0$9,942,704
92$18,728,122$1,125,711$0$10,827,165
93$20,540,956$1,083,437$0$11,806,974
94$22,535,630$1,036,022$0$12,884,659
95$24,730,596$983,118$0$14,070,228
96$27,146,182$924,356$0$15,374,717
97$29,804,790$859,347$0$16,810,293
98$32,731,101$787,677$0$18,390,370
99$35,952,311$708,912$0$20,129,736
100$39,498,389$622,590$0$22,044,695