Can I retire at age 58 with 1,080,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,080,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.1%
1 years$89,185$88,391$87,616$86,859$86,121$83,297
2 years$44,151$43,329$42,532$41,759$41,010$38,192
3 years$29,142$28,316$27,521$26,756$26,018$23,295
4 years$21,638$20,815$20,028$19,276$18,557$15,948
5 years$17,138$16,319$15,543$14,806$14,106$11,620
6 years$14,138$13,326$12,561$11,840$11,162$8,800
7 years$11,997$11,191$10,438$9,735$9,078$6,839
8 years$10,391$9,593$8,852$8,166$7,531$5,415
9 years$9,143$8,352$7,625$6,956$6,342$4,346
10 years$8,145$7,362$6,647$5,996$5,404$3,524
11 years$7,329$6,554$5,852$5,218$4,647$2,881
12 years$6,650$5,883$5,194$4,577$4,027$2,370
13 years$6,075$5,316$4,640$4,041$3,512$1,959
14 years$5,583$4,832$4,169$3,587$3,078$1,627
15 years$5,157$4,414$3,764$3,199$2,711$1,355
16 years$4,785$4,050$3,413$2,864$2,396$1,132
17 years$4,457$3,730$3,106$2,574$2,124$947
18 years$4,165$3,447$2,835$2,319$1,889$795
19 years$3,905$3,194$2,595$2,096$1,683$667
20 years$3,671$2,968$2,382$1,898$1,504$561
21 years$3,459$2,765$2,191$1,723$1,346$473
22 years$3,267$2,581$2,019$1,566$1,206$398
23 years$3,092$2,414$1,864$1,426$1,083$336
24 years$2,932$2,262$1,724$1,301$973$283
25 years$2,784$2,122$1,597$1,188$876$239
26 years$2,649$1,995$1,481$1,086$789$202
27 years$2,523$1,877$1,375$994$711$171
28 years$2,407$1,769$1,279$911$642$144
29 years$2,299$1,669$1,190$835$579$122
30 years$2,198$1,576$1,108$767$524$103
31 years$2,104$1,490$1,033$704$473$87
32 years$2,017$1,410$964$647$428$74
33 years$1,934$1,335$900$595$387$62
34 years$1,857$1,265$841$548$351$53
35 years$1,784$1,200$786$504$318$45
36 years$1,715$1,139$736$464$288$38
37 years$1,651$1,082$688$428$261$32
38 years$1,589$1,028$645$394$237$27
39 years$1,531$978$604$364$215$23
40 years$1,477$930$566$335$195$19
41 years$1,424$885$531$309$177$16
42 years$1,375$843$498$285$160$14
43 years$1,328$803$467$264$145$12
44 years$1,283$766$439$243$132$10
45 years$1,241$730$412$225$120$8
46 years$1,200$697$387$208$109$7
47 years$1,161$665$363$192$99$6
48 years$1,124$635$341$177$90$5
49 years$1,088$606$321$164$81$4
50 years$1,054$579$302$151$74$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,080,000, adding $5,496 every year, while hoping to spend $26,287 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: 65/29/6 Blend
57$1,080,000$1,080,000$1,080,000$1,080,000
58$1,195,829$1,138,589$1,121,849$1,272,041
59$1,289,835$1,166,411$1,131,462$1,351,212
60$1,392,547$1,194,715$1,140,516$1,434,030
61$1,504,828$1,223,497$1,148,964$1,523,811
62$1,627,624$1,252,752$1,156,758$1,621,231
63$1,761,979$1,282,473$1,163,846$1,727,030
64$1,909,040$1,312,654$1,170,174$1,842,025
65$2,070,072$1,343,284$1,175,685$1,967,118
66$2,246,469$1,374,354$1,180,320$2,103,297
67$2,439,764$1,405,852$1,184,015$2,251,656
68$2,651,645$1,437,765$1,186,705$2,413,394
69$2,883,974$1,470,076$1,188,321$2,589,837
70$3,138,798$1,502,769$1,188,789$2,782,442
71$3,418,376$1,535,825$1,188,034$2,992,814
72$3,725,192$1,569,222$1,185,975$3,222,725
73$4,061,985$1,602,937$1,182,528$3,474,121
74$4,431,771$1,636,945$1,177,606$3,749,151
75$4,837,872$1,671,215$1,171,116$4,050,180
76$5,283,948$1,705,718$1,162,962$4,379,814
77$5,774,031$1,740,419$1,153,042$4,740,925
78$6,312,563$1,775,281$1,141,250$5,136,677
79$6,904,438$1,810,262$1,127,474$5,570,555
80$7,555,045$1,845,319$1,111,599$6,046,400
81$8,270,324$1,880,405$1,093,502$6,568,445
82$9,056,819$1,915,466$1,073,056$7,141,353
83$9,921,738$1,950,448$1,050,127$7,770,263
84$10,873,024$1,985,288$1,024,576$8,460,837
85$11,919,428$2,019,924$996,255$9,219,315
86$13,070,593$2,054,283$965,012$10,052,572
87$14,337,141$2,088,290$930,687$10,968,185
88$15,730,777$2,121,864$893,113$11,974,503
89$17,264,398$2,154,917$852,114$13,080,727
90$18,952,215$2,187,356$807,508$14,296,997
91$20,809,884$2,219,080$759,104$15,634,485
92$22,854,659$2,249,982$706,701$17,105,505
93$25,105,550$2,279,946$650,090$18,723,625
94$27,583,502$2,308,850$589,054$20,503,799
95$30,311,597$2,336,561$523,365$22,462,505
96$33,315,266$2,362,939$452,785$24,617,903
97$36,622,535$2,387,835$377,064$26,990,007
98$40,264,282$2,411,087$295,944$29,600,870
99$44,274,533$2,432,525$209,153$32,474,796
100$48,690,785$2,451,968$116,409$35,638,572