Can I retire at age 58 with 1,220,000?

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 $1,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.3%
1 years$100,746$99,849$98,974$98,119$97,285$95,555
2 years$49,874$48,946$48,045$47,173$46,326$44,589
3 years$32,919$31,987$31,089$30,224$29,391$27,702
4 years$24,443$23,513$22,625$21,775$20,962$19,332
5 years$19,359$18,435$17,558$16,725$15,935$14,370
6 years$15,971$15,053$14,189$13,375$12,609$11,111
7 years$13,552$12,642$11,791$10,996$10,254$8,823
8 years$11,738$10,836$10,000$9,225$8,507$7,142
9 years$10,328$9,435$8,613$7,857$7,164$5,865
10 years$9,201$8,317$7,509$6,773$6,104$4,870
11 years$8,279$7,404$6,611$5,895$5,250$4,079
12 years$7,512$6,645$5,867$5,170$4,549$3,440
13 years$6,863$6,005$5,242$4,565$3,967$2,918
14 years$6,307$5,459$4,710$4,052$3,478$2,486
15 years$5,826$4,987$4,252$3,614$3,062$2,127
16 years$5,405$4,575$3,855$3,236$2,706$1,825
17 years$5,034$4,213$3,508$2,907$2,399$1,571
18 years$4,705$3,893$3,202$2,620$2,133$1,355
19 years$4,411$3,608$2,932$2,367$1,902$1,171
20 years$4,146$3,353$2,691$2,144$1,699$1,013
21 years$3,907$3,123$2,475$1,946$1,520$878
22 years$3,690$2,915$2,281$1,769$1,362$762
23 years$3,493$2,727$2,106$1,611$1,223$662
24 years$3,312$2,555$1,948$1,470$1,099$576
25 years$3,145$2,398$1,804$1,342$989$501
26 years$2,992$2,253$1,673$1,227$891$437
27 years$2,850$2,121$1,554$1,123$803$380
28 years$2,719$1,998$1,444$1,029$725$332
29 years$2,597$1,885$1,344$944$655$289
30 years$2,483$1,780$1,252$866$591$252
31 years$2,377$1,683$1,167$795$535$220
32 years$2,278$1,592$1,089$731$484$192
33 years$2,185$1,508$1,017$672$438$168
34 years$2,097$1,429$950$619$396$147
35 years$2,015$1,356$888$569$359$128
36 years$1,938$1,287$831$524$325$112
37 years$1,864$1,222$778$483$295$98
38 years$1,795$1,161$728$445$267$86
39 years$1,730$1,104$682$411$242$75
40 years$1,668$1,051$640$379$220$65
41 years$1,609$1,000$600$349$199$57
42 years$1,553$953$563$323$181$50
43 years$1,500$908$528$298$164$44
44 years$1,450$865$495$275$149$38
45 years$1,401$825$465$254$135$33
46 years$1,355$787$437$234$123$29
47 years$1,312$751$411$217$112$26
48 years$1,270$717$386$200$101$22
49 years$1,230$685$363$185$92$20
50 years$1,191$654$341$171$84$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,220,000, adding $4,187 every year, while hoping to spend $48,991 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: 43/41/16 Blend
57$1,220,000$1,220,000$1,220,000$1,220,000
58$1,348,759$1,284,099$1,265,189$1,400,313
59$1,434,206$1,294,894$1,255,447$1,447,747
60$1,526,727$1,304,575$1,243,736$1,493,931
61$1,626,992$1,313,038$1,229,940$1,542,918
62$1,735,736$1,320,168$1,213,934$1,594,988
63$1,853,770$1,325,845$1,195,590$1,650,453
64$1,981,985$1,329,942$1,174,772$1,709,658
65$2,121,361$1,332,322$1,151,340$1,772,984
66$2,272,975$1,332,841$1,125,145$1,840,856
67$2,438,013$1,331,346$1,096,033$1,913,746
68$2,617,781$1,327,672$1,063,840$1,992,173
69$2,813,715$1,321,648$1,028,399$2,076,717
70$3,027,395$1,313,090$989,532$2,168,019
71$3,260,561$1,301,803$947,052$2,266,788
72$3,515,127$1,287,580$900,768$2,373,811
73$3,793,202$1,270,204$850,475$2,489,960
74$4,097,106$1,249,441$795,963$2,616,200
75$4,429,393$1,225,046$737,011$2,753,598
76$4,792,877$1,196,759$673,386$2,903,339
77$5,190,654$1,164,304$604,848$3,066,730
78$5,626,134$1,127,389$531,145$3,245,221
79$6,103,074$1,085,705$452,012$3,440,416
80$6,625,609$1,038,925$367,176$3,654,088
81$7,198,293$986,704$276,348$3,888,199
82$7,826,142$928,676$179,229$4,144,920
83$8,514,680$864,453$75,505$4,426,650
84$9,269,994$793,628$0$4,736,043
85$10,098,784$715,766$0$5,082,040
86$11,008,432$630,411$0$5,476,022
87$12,007,072$537,081$0$5,908,733
88$13,103,660$435,264$0$6,384,196
89$14,308,064$324,423$0$6,906,855
90$15,631,153$203,986$0$7,481,616
91$17,084,903$73,354$0$8,113,894
92$18,682,506$0$0$8,809,667
93$20,438,495$0$0$9,606,261
94$22,368,882$0$0$10,518,514
95$24,491,306$0$0$11,521,688
96$26,825,203$0$0$12,624,990
97$29,391,985$0$0$13,838,564
98$32,215,243$0$0$15,173,585
99$35,320,969$0$0$16,642,369
100$38,737,801$0$0$18,258,482