Can I retire at age 58 with 1,120,000?

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$92,489$91,665$90,861$90,076$89,310$88,488
2 years$45,786$44,934$44,107$43,306$42,529$41,700
3 years$30,221$29,365$28,540$27,747$26,982$26,173
4 years$22,440$21,586$20,770$19,990$19,244$18,461
5 years$17,772$16,924$16,118$15,354$14,629$13,874
6 years$14,662$13,820$13,026$12,279$11,575$10,849
7 years$12,441$11,606$10,825$10,095$9,414$8,717
8 years$10,776$9,948$9,180$8,469$7,810$7,142
9 years$9,482$8,662$7,907$7,213$6,577$5,938
10 years$8,447$7,635$6,893$6,218$5,604$4,994
11 years$7,601$6,797$6,069$5,411$4,819$4,238
12 years$6,896$6,100$5,386$4,747$4,176$3,622
13 years$6,300$5,513$4,812$4,191$3,642$3,115
14 years$5,790$5,011$4,324$3,720$3,193$2,692
15 years$5,348$4,578$3,904$3,317$2,811$2,336
16 years$4,962$4,200$3,539$2,970$2,484$2,034
17 years$4,622$3,868$3,221$2,669$2,203$1,776
18 years$4,319$3,574$2,940$2,405$1,959$1,555
19 years$4,049$3,313$2,691$2,173$1,746$1,365
20 years$3,807$3,078$2,470$1,968$1,559$1,200
21 years$3,587$2,867$2,272$1,786$1,395$1,057
22 years$3,388$2,677$2,094$1,624$1,251$932
23 years$3,206$2,503$1,933$1,479$1,123$823
24 years$3,040$2,345$1,788$1,349$1,009$727
25 years$2,888$2,201$1,656$1,232$908$644
26 years$2,747$2,069$1,536$1,127$818$570
27 years$2,617$1,947$1,426$1,031$737$505
28 years$2,496$1,834$1,326$945$665$448
29 years$2,384$1,731$1,234$866$601$397
30 years$2,280$1,634$1,149$795$543$353
31 years$2,182$1,545$1,071$730$491$313
32 years$2,091$1,462$1,000$671$444$278
33 years$2,006$1,384$933$617$402$247
34 years$1,925$1,312$872$568$364$220
35 years$1,850$1,245$815$523$330$196
36 years$1,779$1,181$763$481$299$174
37 years$1,712$1,122$714$444$271$155
38 years$1,648$1,066$669$409$245$138
39 years$1,588$1,014$626$377$222$123
40 years$1,531$965$587$348$202$109
41 years$1,477$918$551$321$183$97
42 years$1,426$874$516$296$166$86
43 years$1,377$833$485$273$151$77
44 years$1,331$794$455$252$137$69
45 years$1,286$757$427$233$124$61
46 years$1,244$723$401$215$113$54
47 years$1,204$689$377$199$102$48
48 years$1,166$658$354$184$93$43
49 years$1,129$629$333$170$84$38
50 years$1,094$600$313$157$77$34

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,120,000, adding $6,081 every year, while hoping to spend $48,093 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: 72/19/9 Blend
57$1,120,000$1,120,000$1,120,000$1,120,000
58$1,240,513$1,181,153$1,163,793$1,327,400
59$1,315,874$1,187,858$1,151,609$1,392,325
60$1,397,311$1,193,281$1,137,405$1,456,838
61$1,485,392$1,197,307$1,121,063$1,526,150
62$1,580,741$1,199,815$1,102,459$1,600,720
63$1,684,048$1,200,676$1,081,462$1,681,058
64$1,796,067$1,199,756$1,057,937$1,767,723
65$1,917,629$1,196,907$1,031,742$1,861,333
66$2,049,650$1,191,978$1,002,728$1,962,569
67$2,193,134$1,184,805$970,739$2,072,181
68$2,349,187$1,175,214$935,612$2,190,999
69$2,519,027$1,163,022$897,178$2,319,934
70$2,703,993$1,148,035$855,258$2,459,996
71$2,905,558$1,130,047$809,667$2,612,294
72$3,125,344$1,108,838$760,210$2,778,055
73$3,365,136$1,084,178$706,684$2,958,628
74$3,626,898$1,055,821$648,877$3,155,506
75$3,912,794$1,023,509$586,566$3,370,331
76$4,225,203$986,965$519,520$3,604,916
77$4,566,748$945,900$447,498$3,861,261
78$4,940,312$900,005$370,245$4,141,571
79$5,349,075$848,956$287,499$4,448,278
80$5,796,534$792,409$198,984$4,784,063
81$6,286,543$729,999$104,412$5,151,885
82$6,823,343$661,342$3,483$5,555,006
83$7,411,608$586,031$0$5,997,022
84$8,056,482$503,637$0$6,491,910
85$8,763,634$413,706$0$7,035,043
86$9,539,305$315,758$0$7,630,943
87$10,390,371$209,287$0$8,284,964
88$11,324,404$93,757$0$9,003,010
89$12,349,746$0$0$9,791,584
90$13,475,586$0$0$10,664,424
91$14,712,046$0$0$11,644,610
92$16,070,276$0$0$12,721,386
93$17,562,560$0$0$13,904,498
94$19,202,431$0$0$15,204,681
95$21,004,795$0$0$16,633,763
96$22,986,078$0$0$18,204,775
97$25,164,374$0$0$19,932,073
98$27,559,618$0$0$21,831,474
99$30,193,774$0$0$23,920,402
100$33,091,040$0$0$26,218,058