Can I retire at age 58 with 1,060,000?

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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$87,534$86,754$85,993$85,251$84,526$81,886
2 years$43,334$42,527$41,744$40,986$40,250$37,614
3 years$28,602$27,792$27,011$26,260$25,537$22,987
4 years$21,238$20,430$19,657$18,919$18,213$15,769
5 years$16,820$16,017$15,255$14,532$13,845$11,514
6 years$13,876$13,079$12,328$11,621$10,955$8,738
7 years$11,774$10,984$10,245$9,554$8,909$6,807
8 years$10,199$9,415$8,688$8,015$7,391$5,402
9 years$8,974$8,198$7,483$6,827$6,225$4,346
10 years$7,994$7,226$6,524$5,885$5,304$3,533
11 years$7,193$6,433$5,744$5,122$4,561$2,896
12 years$6,526$5,774$5,097$4,492$3,953$2,388
13 years$5,963$5,218$4,554$3,966$3,447$1,980
14 years$5,480$4,743$4,092$3,521$3,021$1,649
15 years$5,062$4,333$3,695$3,140$2,660$1,377
16 years$4,696$3,975$3,350$2,811$2,351$1,153
17 years$4,374$3,661$3,048$2,526$2,085$968
18 years$4,088$3,383$2,782$2,276$1,854$815
19 years$3,832$3,135$2,547$2,057$1,652$686
20 years$3,603$2,913$2,338$1,863$1,476$579
21 years$3,395$2,714$2,150$1,691$1,321$489
22 years$3,206$2,533$1,982$1,537$1,184$413
23 years$3,035$2,369$1,830$1,400$1,063$350
24 years$2,877$2,220$1,692$1,277$955$296
25 years$2,733$2,083$1,567$1,166$859$251
26 years$2,600$1,958$1,454$1,066$774$212
27 years$2,477$1,843$1,350$976$698$180
28 years$2,363$1,736$1,255$894$630$153
29 years$2,256$1,638$1,168$820$569$130
30 years$2,158$1,547$1,088$753$514$110
31 years$2,065$1,462$1,014$691$465$93
32 years$1,979$1,384$946$635$420$79
33 years$1,898$1,310$883$584$380$67
34 years$1,822$1,242$825$537$344$57
35 years$1,751$1,178$772$495$312$48
36 years$1,684$1,118$722$456$283$41
37 years$1,620$1,062$676$420$256$35
38 years$1,560$1,009$633$387$232$30
39 years$1,503$960$593$357$211$25
40 years$1,449$913$556$329$191$21
41 years$1,398$869$521$304$173$18
42 years$1,350$828$489$280$157$15
43 years$1,303$789$459$259$143$13
44 years$1,259$752$430$239$130$11
45 years$1,218$717$404$221$118$9
46 years$1,178$684$380$204$107$8
47 years$1,140$653$357$188$97$7
48 years$1,103$623$335$174$88$6
49 years$1,068$595$315$161$80$5
50 years$1,035$568$296$149$73$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,060,000, adding $4,589 every year, while hoping to spend $49,796 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: 61/23/16 Blend
57$1,060,000$1,060,000$1,060,000$1,060,000
58$1,172,854$1,116,674$1,100,244$1,239,398
59$1,239,502$1,118,408$1,084,119$1,286,504
60$1,311,280$1,118,558$1,065,786$1,331,891
61$1,388,657$1,116,995$1,045,116$1,380,246
62$1,472,152$1,113,579$1,021,979$1,431,862
63$1,562,331$1,108,164$996,235$1,487,063
64$1,659,818$1,100,594$967,739$1,546,207
65$1,765,301$1,090,704$936,339$1,609,690
66$1,879,533$1,078,320$901,878$1,677,951
67$2,003,342$1,063,255$864,188$1,751,475
68$2,137,642$1,045,313$823,097$1,830,798
69$2,283,433$1,024,285$778,422$1,916,515
70$2,441,820$999,951$729,976$2,009,283
71$2,614,014$972,078$677,559$2,109,828
72$2,801,351$940,417$620,964$2,218,953
73$3,005,298$904,707$559,976$2,337,547
74$3,227,472$864,671$494,369$2,466,592
75$3,469,650$820,015$423,906$2,607,172
76$3,733,789$770,430$348,341$2,760,489
77$4,022,042$715,588$267,417$2,927,868
78$4,336,780$655,142$180,866$3,110,776
79$4,680,613$588,726$88,407$3,310,831
80$5,056,414$515,951$0$3,529,824
81$5,467,346$436,410$0$3,771,484
82$5,916,890$349,670$0$4,052,463
83$6,408,882$255,273$0$4,360,120
84$6,947,544$152,737$0$4,697,177
85$7,537,526$41,553$0$5,066,635
86$8,183,948$0$0$5,471,808
87$8,892,449$0$0$5,936,296
88$9,669,240$0$0$6,457,167
89$10,521,161$0$0$7,028,500
90$11,455,746$0$0$7,655,360
91$12,481,294$0$0$8,343,323
92$13,606,945$0$0$9,098,532
93$14,842,768$0$0$9,927,755
94$16,199,855$0$0$10,838,446
95$17,690,422$0$0$11,838,815
96$19,327,931$0$0$12,937,910
97$21,127,207$0$0$14,145,697
98$23,104,587$0$0$15,473,153
99$25,278,064$0$0$16,932,374
100$27,667,466$0$0$18,536,687