Can I retire at age 58 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$84,231$83,480$82,748$82,034$81,336$80,353
2 years$41,698$40,922$40,169$39,439$38,732$37,742
3 years$27,523$26,743$25,992$25,269$24,573$23,608
4 years$20,436$19,659$18,916$18,205$17,526$16,593
5 years$16,186$15,413$14,679$13,983$13,323$12,424
6 years$13,353$12,586$11,863$11,182$10,542$9,679
7 years$11,330$10,569$9,858$9,194$8,573$7,747
8 years$9,814$9,060$8,361$7,712$7,112$6,322
9 years$8,635$7,888$7,201$6,569$5,990$5,235
10 years$7,692$6,953$6,278$5,663$5,103$4,384
11 years$6,922$6,190$5,527$4,928$4,389$3,704
12 years$6,280$5,556$4,905$4,323$3,804$3,152
13 years$5,738$5,021$4,382$3,816$3,317$2,698
14 years$5,273$4,564$3,938$3,388$2,907$2,321
15 years$4,871$4,169$3,555$3,021$2,560$2,004
16 years$4,519$3,825$3,223$2,705$2,262$1,737
17 years$4,209$3,523$2,933$2,431$2,006$1,510
18 years$3,934$3,255$2,677$2,190$1,784$1,315
19 years$3,688$3,017$2,451$1,979$1,590$1,148
20 years$3,467$2,803$2,249$1,793$1,420$1,004
21 years$3,267$2,611$2,069$1,627$1,271$880
22 years$3,085$2,438$1,907$1,479$1,139$772
23 years$2,920$2,280$1,761$1,347$1,023$678
24 years$2,769$2,136$1,628$1,229$919$596
25 years$2,630$2,005$1,508$1,122$827$524
26 years$2,502$1,884$1,399$1,026$745$462
27 years$2,383$1,773$1,299$939$672$407
28 years$2,273$1,671$1,208$860$606$359
29 years$2,171$1,576$1,124$789$547$317
30 years$2,076$1,488$1,047$724$494$279
31 years$1,988$1,407$976$665$447$247
32 years$1,905$1,331$910$611$404$218
33 years$1,827$1,261$850$562$366$193
34 years$1,754$1,195$794$517$331$170
35 years$1,685$1,133$743$476$300$151
36 years$1,620$1,076$695$438$272$133
37 years$1,559$1,022$650$404$246$118
38 years$1,501$971$609$372$223$104
39 years$1,446$923$570$343$203$92
40 years$1,395$879$535$317$184$82
41 years$1,345$836$501$292$167$72
42 years$1,299$796$470$270$151$64
43 years$1,254$759$441$249$137$57
44 years$1,212$723$414$230$125$50
45 years$1,172$690$389$212$113$44
46 years$1,133$658$365$196$103$39
47 years$1,097$628$343$181$93$35
48 years$1,061$599$323$167$85$31
49 years$1,028$572$303$155$77$27
50 years$996$547$285$143$70$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,020,000, adding $3,654 every year, while hoping to spend $50,276 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: 55/32/13 Blend
57$1,020,000$1,020,000$1,020,000$1,020,000
58$1,127,809$1,073,749$1,057,939$1,185,854
59$1,189,352$1,072,870$1,039,887$1,224,794
60$1,255,488$1,070,262$1,019,545$1,261,399
61$1,326,631$1,065,788$996,783$1,300,091
62$1,403,238$1,059,303$971,466$1,341,081
63$1,485,810$1,050,650$943,451$1,384,600
64$1,574,896$1,039,665$912,591$1,430,907
65$1,671,102$1,026,175$878,729$1,480,289
66$1,775,091$1,009,994$841,702$1,533,064
67$1,887,593$990,927$801,342$1,589,588
68$2,009,411$968,765$757,471$1,650,253
69$2,141,426$943,290$709,901$1,715,495
70$2,284,610$914,269$658,441$1,785,797
71$2,440,028$881,456$602,887$1,861,698
72$2,608,853$844,591$543,026$1,943,792
73$2,792,378$803,397$478,639$2,032,739
74$2,992,020$757,584$409,493$2,129,272
75$3,209,343$706,842$335,348$2,234,201
76$3,446,065$650,846$255,952$2,348,425
77$3,704,078$589,252$171,040$2,472,940
78$3,985,464$521,695$80,340$2,608,848
79$4,292,513$447,790$0$2,757,371
80$4,627,748$367,130$0$2,922,143
81$4,993,945$279,286$0$3,114,419
82$5,394,160$183,804$0$3,324,744
83$5,831,759$80,205$0$3,554,996
84$6,310,445$0$0$3,807,250
85$6,834,299$0$0$4,095,075
86$7,407,811$0$0$4,441,194
87$8,035,929$0$0$4,820,363
88$8,724,100$0$0$5,235,881
89$9,478,322$0$0$5,691,384
90$10,305,202$0$0$6,190,873
91$11,212,016$0$0$6,738,757
92$12,206,780$0$0$7,339,893
93$13,298,320$0$0$7,999,628
94$14,496,361$0$0$8,723,855
95$15,811,612$0$0$9,519,064
96$17,255,873$0$0$10,392,403
97$18,842,140$0$0$11,351,749
98$20,584,731$0$0$12,405,776
99$22,499,417$0$0$13,564,043
100$24,603,576$0$0$14,837,078