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%19.2%
1 years$85,056$84,299$83,560$82,838$82,134$79,094
2 years$42,107$41,323$40,563$39,826$39,111$36,083
3 years$27,793$27,005$26,247$25,517$24,814$21,892
4 years$20,637$19,852$19,101$18,384$17,697$14,905
5 years$16,344$15,564$14,823$14,120$13,453$10,797
6 years$13,484$12,709$11,979$11,292$10,645$8,127
7 years$11,441$10,673$9,955$9,284$8,657$6,277
8 years$9,910$9,149$8,443$7,788$7,182$4,937
9 years$8,720$7,966$7,272$6,634$6,048$3,936
10 years$7,768$7,021$6,339$5,718$5,154$3,170
11 years$6,990$6,251$5,581$4,977$4,432$2,573
12 years$6,342$5,610$4,953$4,365$3,841$2,101
13 years$5,794$5,070$4,425$3,854$3,349$1,724
14 years$5,325$4,609$3,976$3,421$2,936$1,420
15 years$4,918$4,210$3,590$3,051$2,585$1,174
16 years$4,563$3,863$3,255$2,732$2,285$973
17 years$4,250$3,557$2,962$2,454$2,026$808
18 years$3,972$3,287$2,704$2,212$1,801$672
19 years$3,724$3,046$2,475$1,999$1,605$560
20 years$3,501$2,831$2,272$1,810$1,434$467
21 years$3,299$2,637$2,089$1,643$1,283$390
22 years$3,116$2,461$1,926$1,494$1,150$326
23 years$2,949$2,302$1,778$1,360$1,033$272
24 years$2,796$2,157$1,644$1,241$928$228
25 years$2,655$2,024$1,523$1,133$835$191
26 years$2,526$1,902$1,413$1,036$752$160
27 years$2,407$1,790$1,312$948$678$134
28 years$2,296$1,687$1,219$869$612$112
29 years$2,193$1,592$1,135$797$553$94
30 years$2,097$1,503$1,057$731$499$79
31 years$2,007$1,421$985$672$451$66
32 years$1,923$1,344$919$617$408$55
33 years$1,845$1,273$858$568$370$46
34 years$1,771$1,207$802$522$335$39
35 years$1,701$1,145$750$481$303$33
36 years$1,636$1,086$701$443$275$27
37 years$1,574$1,032$657$408$249$23
38 years$1,516$981$615$376$226$19
39 years$1,461$932$576$347$205$16
40 years$1,408$887$540$320$186$14
41 years$1,359$844$506$295$168$11
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 $5,090 every year, while hoping to spend $52,951 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: 46/33/21 Blend
57$1,030,000$1,030,000$1,030,000$1,030,000
58$1,140,310$1,085,720$1,069,755$1,185,696
59$1,200,283$1,082,581$1,049,253$1,214,880
60$1,264,597$1,077,514$1,026,289$1,240,868
61$1,333,641$1,070,367$1,000,724$1,267,974
62$1,407,840$1,060,982$972,416$1,296,327
63$1,487,659$1,049,189$941,211$1,326,070
64$1,573,610$1,034,810$906,952$1,357,368
65$1,666,256$1,017,653$869,472$1,390,404
66$1,766,214$997,518$828,600$1,425,384
67$1,874,163$974,192$784,153$1,462,539
68$1,990,849$947,448$735,943$1,502,127
69$2,117,090$917,047$683,771$1,544,439
70$2,253,788$882,737$627,432$1,589,799
71$2,401,932$844,250$566,710$1,638,569
72$2,562,613$801,302$501,378$1,691,155
73$2,737,027$753,593$431,202$1,748,010
74$2,926,491$700,807$355,935$1,809,637
75$3,132,455$642,608$275,320$1,876,599
76$3,356,513$578,643$189,091$1,949,525
77$3,600,418$508,537$96,965$2,029,113
78$3,866,099$431,894$0$2,116,141
79$4,155,680$348,296$0$2,211,777
80$4,471,500$257,302$0$2,339,888
81$4,816,128$158,446$0$2,479,866
82$5,192,398$51,234$0$2,632,975
83$5,603,425$0$0$2,800,615
84$6,052,642$0$0$3,007,885
85$6,543,825$0$0$3,254,976
86$7,081,134$0$0$3,525,388
87$7,669,148$0$0$3,821,443
88$8,312,910$0$0$4,145,694
89$9,017,974$0$0$4,500,953
90$9,790,454$0$0$4,890,320
91$10,637,086$0$0$5,317,206
92$11,565,287$0$0$5,785,369
93$12,583,225$0$0$6,298,947
94$13,699,898$0$0$6,862,499
95$14,925,218$0$0$7,481,047
96$16,270,100$0$0$8,160,122
97$17,746,569$0$0$8,905,817
98$19,367,871$0$0$9,724,844
99$21,148,597$0$0$10,624,597
100$23,104,821$0$0$11,613,220