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

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.5%
1 years$92,489$91,665$90,861$90,076$89,310$85,903
2 years$45,786$44,934$44,107$43,306$42,529$39,136
3 years$30,221$29,365$28,540$27,747$26,982$23,710
4 years$22,440$21,586$20,770$19,990$19,244$16,118
5 years$17,772$16,924$16,118$15,354$14,629$11,658
6 years$14,662$13,820$13,026$12,279$11,575$8,760
7 years$12,441$11,606$10,825$10,095$9,414$6,755
8 years$10,776$9,948$9,180$8,469$7,810$5,303
9 years$9,482$8,662$7,907$7,213$6,577$4,220
10 years$8,447$7,635$6,893$6,218$5,604$3,392
11 years$7,601$6,797$6,069$5,411$4,819$2,748
12 years$6,896$6,100$5,386$4,747$4,176$2,239
13 years$6,300$5,513$4,812$4,191$3,642$1,834
14 years$5,790$5,011$4,324$3,720$3,193$1,508
15 years$5,348$4,578$3,904$3,317$2,811$1,243
16 years$4,962$4,200$3,539$2,970$2,484$1,028
17 years$4,622$3,868$3,221$2,669$2,203$852
18 years$4,319$3,574$2,940$2,405$1,959$707
19 years$4,049$3,313$2,691$2,173$1,746$588
20 years$3,807$3,078$2,470$1,968$1,559$489
21 years$3,587$2,867$2,272$1,786$1,395$407
22 years$3,388$2,677$2,094$1,624$1,251$339
23 years$3,206$2,503$1,933$1,479$1,123$283
24 years$3,040$2,345$1,788$1,349$1,009$236
25 years$2,888$2,201$1,656$1,232$908$197
26 years$2,747$2,069$1,536$1,127$818$165
27 years$2,617$1,947$1,426$1,031$737$138
28 years$2,496$1,834$1,326$945$665$115
29 years$2,384$1,731$1,234$866$601$96
30 years$2,280$1,634$1,149$795$543$80
31 years$2,182$1,545$1,071$730$491$67
32 years$2,091$1,462$1,000$671$444$56
33 years$2,006$1,384$933$617$402$47
34 years$1,925$1,312$872$568$364$39
35 years$1,850$1,245$815$523$330$33
36 years$1,779$1,181$763$481$299$28
37 years$1,712$1,122$714$444$271$23
38 years$1,648$1,066$669$409$245$19
39 years$1,588$1,014$626$377$222$16
40 years$1,531$965$587$348$202$13
41 years$1,477$918$551$321$183$11
42 years$1,426$874$516$296$166$9
43 years$1,377$833$485$273$151$8
44 years$1,331$794$455$252$137$7
45 years$1,286$757$427$233$124$6
46 years$1,244$723$401$215$113$5
47 years$1,204$689$377$199$102$4
48 years$1,166$658$354$184$93$3
49 years$1,129$629$333$170$84$3
50 years$1,094$600$313$157$77$2

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 $3,728 every year, while hoping to spend $43,127 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: 68/8/24 Blend
57$1,120,000$1,120,000$1,120,000$1,120,000
58$1,238,085$1,178,725$1,161,365$1,314,443
59$1,318,483$1,190,596$1,154,384$1,377,999
60$1,405,636$1,201,603$1,145,724$1,442,201
61$1,500,188$1,211,659$1,135,283$1,511,429
62$1,602,846$1,220,669$1,122,953$1,586,180
63$1,714,389$1,228,534$1,108,625$1,667,001
64$1,835,673$1,235,148$1,092,180$1,754,495
65$1,967,640$1,240,399$1,073,496$1,849,330
66$2,111,326$1,244,166$1,052,446$1,952,239
67$2,267,873$1,246,321$1,028,894$2,064,034
68$2,438,535$1,246,729$1,002,701$2,185,609
69$2,624,693$1,245,247$973,719$2,317,951
70$2,827,869$1,241,721$941,796$2,462,149
71$3,049,735$1,235,990$906,770$2,619,403
72$3,292,135$1,227,880$868,473$2,791,039
73$3,557,096$1,217,209$826,731$2,978,517
74$3,846,852$1,203,785$781,358$3,183,449
75$4,163,862$1,187,401$732,164$3,407,613
76$4,510,832$1,167,840$678,948$3,652,971
77$4,890,745$1,144,872$621,500$3,921,684
78$5,306,882$1,118,252$559,602$4,216,139
79$5,762,860$1,087,722$493,024$4,538,966
80$6,262,659$1,053,008$421,529$4,893,068
81$6,810,666$1,013,821$344,866$5,281,644
82$7,411,710$969,854$262,775$5,708,223
83$8,071,111$920,784$174,984$6,176,698
84$8,794,728$866,265$81,209$6,691,360
85$9,589,015$805,937$0$7,256,942
86$10,461,082$739,416$0$7,883,494
87$11,418,760$666,295$0$8,594,447
88$12,470,678$586,147$0$9,375,411
89$13,626,337$498,519$0$10,233,470
90$14,896,209$402,932$0$11,176,428
91$16,291,827$298,880$0$12,212,887
92$17,825,899$185,831$0$13,352,321
93$19,512,424$63,220$0$14,605,176
94$21,366,825$0$0$15,982,956
95$23,406,095$0$0$17,504,466
96$25,648,957$0$0$19,184,070
97$28,116,036$0$0$21,031,659
98$30,830,061$0$0$23,064,263
99$33,816,071$0$0$25,300,645
100$37,101,656$0$0$27,761,479