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

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 $1,220,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$100,746$99,849$98,974$98,119$97,285$93,647
2 years$49,874$48,946$48,045$47,173$46,326$42,703
3 years$32,919$31,987$31,089$30,224$29,391$25,896
4 years$24,443$23,513$22,625$21,775$20,962$17,622
5 years$19,359$18,435$17,558$16,725$15,935$12,759
6 years$15,971$15,053$14,189$13,375$12,609$9,598
7 years$13,552$12,642$11,791$10,996$10,254$7,409
8 years$11,738$10,836$10,000$9,225$8,507$5,824
9 years$10,328$9,435$8,613$7,857$7,164$4,640
10 years$9,201$8,317$7,509$6,773$6,104$3,734
11 years$8,279$7,404$6,611$5,895$5,250$3,029
12 years$7,512$6,645$5,867$5,170$4,549$2,472
13 years$6,863$6,005$5,242$4,565$3,967$2,027
14 years$6,307$5,459$4,710$4,052$3,478$1,669
15 years$5,826$4,987$4,252$3,614$3,062$1,378
16 years$5,405$4,575$3,855$3,236$2,706$1,141
17 years$5,034$4,213$3,508$2,907$2,399$947
18 years$4,705$3,893$3,202$2,620$2,133$787
19 years$4,411$3,608$2,932$2,367$1,902$655
20 years$4,146$3,353$2,691$2,144$1,699$546
21 years$3,907$3,123$2,475$1,946$1,520$455
22 years$3,690$2,915$2,281$1,769$1,362$380
23 years$3,493$2,727$2,106$1,611$1,223$318
24 years$3,312$2,555$1,948$1,470$1,099$265
25 years$3,145$2,398$1,804$1,342$989$222
26 years$2,992$2,253$1,673$1,227$891$186
27 years$2,850$2,121$1,554$1,123$803$155
28 years$2,719$1,998$1,444$1,029$725$130
29 years$2,597$1,885$1,344$944$655$109
30 years$2,483$1,780$1,252$866$591$91
31 years$2,377$1,683$1,167$795$535$76
32 years$2,278$1,592$1,089$731$484$64
33 years$2,185$1,508$1,017$672$438$54
34 years$2,097$1,429$950$619$396$45
35 years$2,015$1,356$888$569$359$38
36 years$1,938$1,287$831$524$325$32
37 years$1,864$1,222$778$483$295$26
38 years$1,795$1,161$728$445$267$22
39 years$1,730$1,104$682$411$242$19
40 years$1,668$1,051$640$379$220$16
41 years$1,609$1,000$600$349$199$13
42 years$1,553$953$563$323$181$11
43 years$1,500$908$528$298$164$9
44 years$1,450$865$495$275$149$8
45 years$1,401$825$465$254$135$6
46 years$1,355$787$437$234$123$5
47 years$1,312$751$411$217$112$5
48 years$1,270$717$386$200$101$4
49 years$1,230$685$363$185$92$3
50 years$1,191$654$341$171$84$3

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 $3,690 every year, while hoping to spend $31,600 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: 64/17/19 Blend
57$1,220,000$1,220,000$1,220,000$1,220,000
58$1,348,246$1,283,586$1,264,676$1,427,827
59$1,452,145$1,312,860$1,273,421$1,511,035
60$1,565,583$1,342,509$1,281,399$1,597,979
61$1,689,498$1,372,518$1,288,552$1,692,218
62$1,824,927$1,402,871$1,294,818$1,794,466
63$1,973,006$1,433,548$1,300,132$1,905,511
64$2,134,991$1,464,530$1,304,424$2,026,219
65$2,312,261$1,495,794$1,307,624$2,157,547
66$2,506,338$1,527,313$1,309,655$2,300,547
67$2,718,894$1,559,061$1,310,438$2,456,379
68$2,951,773$1,591,008$1,309,890$2,626,322
69$3,207,007$1,623,119$1,307,923$2,811,785
70$3,486,829$1,655,360$1,304,447$3,014,321
71$3,793,704$1,687,691$1,299,364$3,235,641
72$4,130,344$1,720,070$1,292,575$3,477,630
73$4,499,736$1,752,450$1,283,973$3,742,366
74$4,905,170$1,784,782$1,273,447$4,032,141
75$5,350,273$1,817,011$1,260,883$4,349,478
76$5,839,037$1,849,081$1,246,159$4,697,160
77$6,375,860$1,880,927$1,229,146$5,078,253
78$6,965,588$1,912,483$1,209,713$5,496,135
79$7,613,559$1,943,676$1,187,720$5,954,533
80$8,325,654$1,974,428$1,163,020$6,457,551
81$9,108,351$2,004,655$1,135,462$7,009,713
82$9,968,788$2,034,268$1,104,885$7,616,006
83$10,914,829$2,063,171$1,071,123$8,281,927
84$11,955,136$2,091,261$1,034,000$9,013,533
85$13,099,254$2,118,428$993,333$9,817,500
86$14,357,701$2,144,553$948,933$10,701,187
87$15,742,062$2,169,512$900,598$11,672,704
88$17,265,104$2,193,170$848,119$12,740,991
89$18,940,893$2,215,384$791,280$13,915,900
90$20,784,927$2,236,001$729,851$15,208,289
91$22,814,282$2,254,858$663,594$16,630,127
92$25,047,775$2,271,781$592,260$18,194,603
93$27,506,136$2,286,587$515,589$19,916,257
94$30,212,211$2,299,078$433,309$21,811,111
95$33,191,168$2,309,045$345,138$23,896,825
96$36,470,745$2,316,266$250,777$26,192,862
97$40,081,503$2,320,504$149,920$28,720,675
98$44,057,116$2,321,509$42,242$31,503,905
99$48,434,691$2,319,012$0$34,568,610
100$53,255,117$2,312,731$0$37,958,242