Can I retire at age 58 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.1%
1 years$85,056$84,299$83,560$82,838$82,134$79,125
2 years$42,107$41,323$40,563$39,826$39,111$36,114
3 years$27,793$27,005$26,247$25,517$24,814$21,921
4 years$20,637$19,852$19,101$18,384$17,697$14,932
5 years$16,344$15,564$14,823$14,120$13,453$10,823
6 years$13,484$12,709$11,979$11,292$10,645$8,151
7 years$11,441$10,673$9,955$9,284$8,657$6,299
8 years$9,910$9,149$8,443$7,788$7,182$4,957
9 years$8,720$7,966$7,272$6,634$6,048$3,954
10 years$7,768$7,021$6,339$5,718$5,154$3,187
11 years$6,990$6,251$5,581$4,977$4,432$2,588
12 years$6,342$5,610$4,953$4,365$3,841$2,115
13 years$5,794$5,070$4,425$3,854$3,349$1,737
14 years$5,325$4,609$3,976$3,421$2,936$1,432
15 years$4,918$4,210$3,590$3,051$2,585$1,184
16 years$4,563$3,863$3,255$2,732$2,285$982
17 years$4,250$3,557$2,962$2,454$2,026$816
18 years$3,972$3,287$2,704$2,212$1,801$679
19 years$3,724$3,046$2,475$1,999$1,605$566
20 years$3,501$2,831$2,272$1,810$1,434$473
21 years$3,299$2,637$2,089$1,643$1,283$395
22 years$3,116$2,461$1,926$1,494$1,150$330
23 years$2,949$2,302$1,778$1,360$1,033$276
24 years$2,796$2,157$1,644$1,241$928$231
25 years$2,655$2,024$1,523$1,133$835$194
26 years$2,526$1,902$1,413$1,036$752$162
27 years$2,407$1,790$1,312$948$678$136
28 years$2,296$1,687$1,219$869$612$114
29 years$2,193$1,592$1,135$797$553$96
30 years$2,097$1,503$1,057$731$499$80
31 years$2,007$1,421$985$672$451$67
32 years$1,923$1,344$919$617$408$56
33 years$1,845$1,273$858$568$370$47
34 years$1,771$1,207$802$522$335$40
35 years$1,701$1,145$750$481$303$33
36 years$1,636$1,086$701$443$275$28
37 years$1,574$1,032$657$408$249$24
38 years$1,516$981$615$376$226$20
39 years$1,461$932$576$347$205$17
40 years$1,408$887$540$320$186$14
41 years$1,359$844$506$295$168$12
42 years$1,311$804$475$272$153$10
43 years$1,266$766$446$251$139$8
44 years$1,224$730$418$232$126$7
45 years$1,183$697$393$214$114$6
46 years$1,144$664$369$198$104$5
47 years$1,107$634$347$183$94$4
48 years$1,072$605$326$169$86$3
49 years$1,038$578$306$156$78$3
50 years$1,006$552$288$144$71$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,030,000, adding $6,053 every year, while hoping to spend $27,275 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: 60/12/28 Blend
57$1,030,000$1,030,000$1,030,000$1,030,000
58$1,141,304$1,086,714$1,070,749$1,200,801
59$1,228,696$1,110,942$1,077,598$1,266,314
60$1,324,089$1,135,444$1,083,763$1,334,325
61$1,428,268$1,160,203$1,089,192$1,407,969
62$1,542,102$1,185,203$1,093,830$1,487,799
63$1,666,543$1,210,425$1,097,620$1,574,427
64$1,802,642$1,235,847$1,100,502$1,668,529
65$1,951,555$1,261,448$1,102,413$1,770,848
66$2,114,557$1,287,202$1,103,287$1,882,204
67$2,293,049$1,313,082$1,103,054$2,003,501
68$2,488,576$1,339,059$1,101,642$2,135,734
69$2,702,838$1,365,100$1,098,975$2,280,002
70$2,937,708$1,391,171$1,094,971$2,437,517
71$3,195,250$1,417,233$1,089,548$2,609,613
72$3,477,734$1,443,246$1,082,616$2,797,762
73$3,787,663$1,469,166$1,074,084$3,003,585
74$4,127,794$1,494,945$1,063,855$3,228,873
75$4,501,163$1,520,531$1,051,828$3,475,596
76$4,911,114$1,545,869$1,037,897$3,745,928
77$5,361,331$1,570,900$1,021,950$4,042,267
78$5,855,873$1,595,560$1,003,871$4,367,252
79$6,399,210$1,619,780$983,539$4,723,798
80$6,996,267$1,643,488$960,826$5,115,114
81$7,652,472$1,666,604$935,598$5,544,740
82$8,373,800$1,689,043$907,717$6,016,577
83$9,166,838$1,710,717$877,036$6,534,926
84$10,038,842$1,731,529$843,403$7,104,529
85$10,997,806$1,751,375$806,659$7,730,613
86$12,052,536$1,770,147$766,636$8,418,938
87$13,212,737$1,787,726$723,161$9,175,856
88$14,489,099$1,803,988$676,050$10,008,368
89$15,893,404$1,818,800$625,114$10,924,191
90$17,438,630$1,832,020$570,154$11,931,831
91$19,139,078$1,843,497$510,962$13,040,666
92$21,010,505$1,853,070$447,321$14,261,031
93$23,070,275$1,860,568$379,004$15,604,319
94$25,337,516$1,865,809$305,774$17,083,089
95$27,833,310$1,868,601$227,385$18,711,182
96$30,580,883$1,868,737$143,577$20,503,855
97$33,605,828$1,866,001$54,082$22,477,926
98$36,936,347$1,860,159$0$24,651,932
99$40,603,515$1,850,968$0$27,058,679
100$44,641,573$1,838,165$0$29,726,359