Can I retire at age 58 with 1,230,000?

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 $1,230,000?

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$101,572$100,667$99,785$98,923$98,082$96,141
2 years$50,283$49,347$48,439$47,559$46,706$44,758
3 years$33,189$32,249$31,343$30,472$29,632$27,739
4 years$24,644$23,706$22,810$21,953$21,134$19,310
5 years$19,518$18,586$17,701$16,862$16,066$14,316
6 years$16,102$15,177$14,305$13,485$12,712$11,038
7 years$13,663$12,745$11,888$11,087$10,338$8,741
8 years$11,834$10,925$10,082$9,300$8,577$7,055
9 years$10,413$9,512$8,683$7,922$7,223$5,777
10 years$9,276$8,385$7,570$6,829$6,154$4,782
11 years$8,347$7,464$6,665$5,943$5,293$3,992
12 years$7,573$6,700$5,915$5,213$4,587$3,356
13 years$6,919$6,055$5,285$4,602$4,000$2,837
14 years$6,359$5,503$4,748$4,085$3,506$2,409
15 years$5,873$5,027$4,287$3,643$3,087$2,054
16 years$5,449$4,613$3,887$3,262$2,728$1,757
17 years$5,076$4,248$3,537$2,931$2,419$1,506
18 years$4,744$3,925$3,229$2,641$2,151$1,294
19 years$4,447$3,638$2,956$2,387$1,917$1,114
20 years$4,180$3,381$2,713$2,162$1,712$961
21 years$3,939$3,149$2,495$1,962$1,532$830
22 years$3,721$2,939$2,300$1,784$1,374$717
23 years$3,521$2,749$2,123$1,625$1,233$621
24 years$3,339$2,576$1,964$1,482$1,108$538
25 years$3,171$2,417$1,819$1,353$997$466
26 years$3,017$2,272$1,687$1,237$898$404
27 years$2,874$2,138$1,566$1,132$810$351
28 years$2,741$2,015$1,456$1,038$731$305
29 years$2,618$1,901$1,355$951$660$265
30 years$2,504$1,795$1,262$873$596$230
31 years$2,397$1,697$1,177$802$539$200
32 years$2,297$1,606$1,098$737$488$174
33 years$2,203$1,520$1,025$678$441$151
34 years$2,115$1,441$958$624$400$132
35 years$2,032$1,367$895$574$362$114
36 years$1,954$1,297$838$529$328$100
37 years$1,880$1,232$784$487$297$87
38 years$1,810$1,171$734$449$269$75
39 years$1,744$1,113$688$414$244$66
40 years$1,682$1,059$645$382$222$57
41 years$1,622$1,008$605$352$201$50
42 years$1,566$960$567$325$182$43
43 years$1,512$915$532$300$166$38
44 years$1,461$872$500$277$150$33
45 years$1,413$832$469$256$136$29
46 years$1,366$793$441$236$124$25
47 years$1,322$757$414$218$112$22
48 years$1,280$723$389$202$102$19
49 years$1,240$690$366$187$93$16
50 years$1,201$659$344$172$84$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,230,000, adding $2,832 every year, while hoping to spend $33,623 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: 77/7/16 Blend
57$1,230,000$1,230,000$1,230,000$1,230,000
58$1,358,381$1,293,191$1,274,126$1,458,034
59$1,461,161$1,320,783$1,281,035$1,551,795
60$1,573,298$1,348,600$1,287,048$1,650,083
61$1,695,711$1,376,617$1,292,100$1,756,949
62$1,829,411$1,404,809$1,296,123$1,873,239
63$1,975,511$1,433,145$1,299,043$1,999,882
64$2,135,237$1,461,593$1,300,786$2,137,905
65$2,309,940$1,490,120$1,301,270$2,288,437
66$2,501,105$1,518,687$1,300,414$2,452,723
67$2,710,369$1,547,254$1,298,129$2,632,134
68$2,939,534$1,575,776$1,294,323$2,828,181
69$3,190,583$1,604,206$1,288,900$3,042,527
70$3,465,703$1,632,493$1,281,759$3,277,008
71$3,767,301$1,660,580$1,272,793$3,533,644
72$4,098,026$1,688,409$1,261,892$3,814,661
73$4,460,798$1,715,915$1,248,940$4,122,513
74$4,858,834$1,743,029$1,233,814$4,459,904
75$5,295,675$1,769,678$1,216,386$4,829,812
76$5,775,223$1,795,781$1,196,524$5,235,522
77$6,301,775$1,821,254$1,174,087$5,680,650
78$6,880,066$1,846,006$1,148,930$6,169,183
79$7,515,312$1,869,939$1,120,898$6,705,513
80$8,213,257$1,892,949$1,089,831$7,294,483
81$8,980,231$1,914,926$1,055,562$7,941,427
82$9,823,208$1,935,750$1,017,916$8,652,225
83$10,749,868$1,955,294$976,709$9,433,355
84$11,768,675$1,973,424$931,750$10,291,958
85$12,888,953$1,989,996$882,837$11,235,901
86$14,120,976$2,004,855$829,762$12,273,857
87$15,476,062$2,017,839$772,305$13,415,381
88$16,966,681$2,028,774$710,238$14,671,005
89$18,606,573$2,037,475$643,322$16,052,335
90$20,410,877$2,043,745$571,306$17,572,160
91$22,396,273$2,047,374$493,931$19,244,577
92$24,581,138$2,048,141$410,924$21,085,118
93$26,985,724$2,045,810$321,999$23,110,904
94$29,632,343$2,040,130$226,862$25,340,799
95$32,545,581$2,030,835$125,200$27,795,596
96$35,752,527$2,017,642$16,691$30,498,207
97$39,283,031$2,000,253$0$33,473,883
98$43,169,985$1,978,350$0$36,767,372
99$47,449,630$1,951,597$0$40,396,563
100$52,161,904$1,919,636$0$44,392,465