Can I retire at age 58 with 1,190,000?

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 $1,190,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$98,269$97,394$96,540$95,706$94,892$93,014
2 years$48,648$47,742$46,864$46,013$45,187$43,303
3 years$32,110$31,200$30,324$29,481$28,668$26,837
4 years$23,842$22,935$22,068$21,239$20,447$18,682
5 years$18,883$17,982$17,126$16,314$15,543$13,850
6 years$15,578$14,683$13,840$13,046$12,299$10,679
7 years$13,218$12,331$11,501$10,726$10,002$8,457
8 years$11,449$10,570$9,754$8,998$8,298$6,826
9 years$10,074$9,203$8,401$7,664$6,988$5,589
10 years$8,975$8,112$7,324$6,607$5,954$4,626
11 years$8,076$7,222$6,448$5,750$5,121$3,862
12 years$7,327$6,482$5,723$5,043$4,437$3,247
13 years$6,694$5,858$5,113$4,452$3,870$2,745
14 years$6,152$5,324$4,594$3,952$3,392$2,331
15 years$5,682$4,864$4,148$3,525$2,987$1,987
16 years$5,272$4,463$3,760$3,156$2,640$1,699
17 years$4,910$4,110$3,422$2,836$2,340$1,457
18 years$4,589$3,798$3,124$2,556$2,081$1,252
19 years$4,302$3,520$2,860$2,309$1,855$1,078
20 years$4,044$3,271$2,624$2,091$1,657$930
21 years$3,811$3,046$2,414$1,898$1,483$803
22 years$3,600$2,844$2,225$1,726$1,329$694
23 years$3,407$2,660$2,054$1,572$1,193$601
24 years$3,230$2,492$1,900$1,433$1,072$520
25 years$3,068$2,339$1,760$1,309$965$451
26 years$2,919$2,198$1,632$1,197$869$391
27 years$2,780$2,069$1,515$1,096$784$340
28 years$2,652$1,949$1,409$1,004$707$295
29 years$2,533$1,839$1,311$921$638$256
30 years$2,422$1,737$1,221$845$577$223
31 years$2,319$1,642$1,138$776$522$193
32 years$2,222$1,553$1,062$713$472$168
33 years$2,131$1,471$992$656$427$146
34 years$2,046$1,394$927$603$387$127
35 years$1,966$1,322$866$555$350$111
36 years$1,890$1,255$810$512$317$96
37 years$1,819$1,192$759$471$288$84
38 years$1,751$1,133$710$434$261$73
39 years$1,687$1,077$666$401$236$64
40 years$1,627$1,025$624$369$214$55
41 years$1,570$976$585$341$195$48
42 years$1,515$929$549$315$176$42
43 years$1,463$885$515$290$160$37
44 years$1,414$844$483$268$145$32
45 years$1,367$805$454$248$132$28
46 years$1,322$768$426$229$120$24
47 years$1,279$733$400$211$109$21
48 years$1,238$699$376$195$99$18
49 years$1,199$668$354$180$90$16
50 years$1,162$638$333$167$82$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,190,000, adding $2,132 every year, while hoping to spend $52,628 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: 83/12/5 Blend
57$1,190,000$1,190,000$1,190,000$1,190,000
58$1,313,579$1,250,509$1,232,064$1,422,357
59$1,391,568$1,255,788$1,217,343$1,498,960
60$1,475,749$1,259,562$1,200,364$1,575,717
61$1,566,696$1,261,702$1,180,997$1,658,339
62$1,665,043$1,262,069$1,159,105$1,747,382
63$1,771,486$1,260,519$1,134,543$1,843,455
64$1,886,789$1,256,896$1,107,162$1,947,231
65$2,011,793$1,251,036$1,076,803$2,059,451
66$2,147,423$1,242,763$1,043,303$2,180,930
67$2,294,696$1,231,894$1,006,489$2,312,566
68$2,454,730$1,218,232$966,182$2,455,348
69$2,628,756$1,201,569$922,192$2,610,367
70$2,818,127$1,181,684$874,324$2,778,822
71$3,024,333$1,158,343$822,370$2,962,036
72$3,249,012$1,131,300$766,118$3,161,467
73$3,493,970$1,100,292$705,341$3,378,719
74$3,761,190$1,065,041$639,805$3,615,561
75$4,052,858$1,025,254$569,264$3,873,944
76$4,371,378$980,621$493,464$4,156,014
77$4,719,400$930,812$412,136$4,464,138
78$5,099,837$875,481$325,001$4,800,925
79$5,515,899$814,258$231,767$5,169,249
80$5,971,119$746,755$132,130$5,572,277
81$6,469,389$672,562$25,772$6,013,501
82$7,014,993$591,243$0$6,496,768
83$7,612,648$502,340$0$7,030,998
84$8,267,552$405,368$0$7,617,956
85$8,985,425$299,815$0$8,261,434
86$9,772,571$185,138$0$8,967,130
87$10,635,931$60,768$0$9,741,320
88$11,583,150$0$0$10,590,922
89$12,622,650$0$0$11,533,316
90$13,763,706$0$0$12,576,613
91$15,016,536$0$0$13,722,133
92$16,392,397$0$0$14,980,172
93$17,903,687$0$0$16,362,069
94$19,564,066$0$0$17,880,319
95$21,388,580$0$0$19,548,684
96$23,393,808$0$0$21,382,325
97$25,598,012$0$0$23,397,949
98$28,021,313$0$0$25,613,956
99$30,685,878$0$0$28,050,623
100$33,616,130$0$0$30,730,287