Can I retire at age 58 with 1,340,000?

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 $1,340,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$110,656$109,670$108,709$107,770$106,853$104,696
2 years$54,780$53,760$52,771$51,813$50,883$48,718
3 years$36,157$35,133$34,146$33,197$32,282$30,179
4 years$26,848$25,826$24,850$23,916$23,024$20,998
5 years$21,263$20,248$19,285$18,370$17,502$15,559
6 years$17,542$16,534$15,585$14,691$13,849$11,990
7 years$14,885$13,885$12,951$12,078$11,263$9,490
8 years$12,893$11,902$10,983$10,132$9,344$7,655
9 years$11,344$10,363$9,460$8,630$7,869$6,264
10 years$10,106$9,135$8,248$7,439$6,705$5,182
11 years$9,093$8,132$7,261$6,474$5,766$4,324
12 years$8,250$7,299$6,444$5,679$4,997$3,632
13 years$7,538$6,596$5,757$5,014$4,357$3,069
14 years$6,927$5,996$5,173$4,451$3,820$2,604
15 years$6,399$5,477$4,670$3,969$3,363$2,219
16 years$5,937$5,025$4,234$3,554$2,972$1,896
17 years$5,529$4,628$3,853$3,193$2,635$1,624
18 years$5,168$4,276$3,517$2,878$2,343$1,395
19 years$4,845$3,963$3,220$2,600$2,089$1,200
20 years$4,554$3,683$2,955$2,355$1,866$1,034
21 years$4,292$3,430$2,718$2,137$1,670$892
22 years$4,053$3,202$2,505$1,943$1,496$771
23 years$3,836$2,995$2,313$1,770$1,343$667
24 years$3,637$2,806$2,139$1,614$1,207$577
25 years$3,455$2,633$1,981$1,474$1,086$500
26 years$3,286$2,475$1,838$1,348$979$433
27 years$3,131$2,329$1,706$1,234$882$376
28 years$2,987$2,195$1,586$1,130$796$326
29 years$2,853$2,071$1,476$1,037$719$283
30 years$2,728$1,955$1,375$951$650$246
31 years$2,611$1,849$1,282$874$587$213
32 years$2,502$1,749$1,196$803$531$185
33 years$2,400$1,656$1,117$738$481$161
34 years$2,304$1,570$1,043$679$435$140
35 years$2,213$1,489$976$625$394$122
36 years$2,128$1,413$913$576$357$106
37 years$2,048$1,342$854$531$324$92
38 years$1,972$1,276$800$489$294$80
39 years$1,900$1,213$749$451$266$70
40 years$1,832$1,154$702$416$241$61
41 years$1,767$1,099$659$384$219$53
42 years$1,706$1,046$618$354$199$46
43 years$1,648$997$580$327$180$40
44 years$1,592$950$544$302$164$35
45 years$1,539$906$511$279$149$30
46 years$1,489$864$480$258$135$26
47 years$1,441$825$451$238$123$23
48 years$1,394$788$424$220$111$20
49 years$1,350$752$398$203$101$17
50 years$1,308$718$374$188$92$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,340,000, adding $3,961 every year, while hoping to spend $53,427 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: 31/41/28 Blend
57$1,340,000$1,340,000$1,340,000$1,340,000
58$1,480,766$1,409,746$1,388,976$1,513,869
59$1,574,958$1,421,977$1,378,661$1,552,045
60$1,676,967$1,433,018$1,366,209$1,588,148
61$1,787,534$1,442,752$1,351,494$1,625,961
62$1,907,474$1,451,058$1,334,380$1,665,671
63$2,037,682$1,457,806$1,314,727$1,707,488
64$2,179,144$1,462,857$1,292,389$1,751,646
65$2,332,945$1,466,065$1,267,212$1,798,409
66$2,500,276$1,467,273$1,239,035$1,848,070
67$2,682,450$1,466,315$1,207,688$1,900,958
68$2,880,911$1,463,016$1,172,997$1,957,438
69$3,097,248$1,457,187$1,134,776$2,017,921
70$3,333,210$1,448,632$1,092,834$2,082,862
71$3,590,721$1,437,138$1,046,967$2,152,771
72$3,871,900$1,422,484$996,966$2,228,214
73$4,179,079$1,404,431$942,610$2,309,822
74$4,514,827$1,382,730$883,669$2,398,299
75$4,881,969$1,357,113$819,902$2,494,426
76$5,283,619$1,327,301$751,058$2,599,073
77$5,723,203$1,292,994$676,873$2,713,207
78$6,204,496$1,253,876$597,074$2,837,901
79$6,731,652$1,209,614$511,374$2,974,349
80$7,309,249$1,159,853$419,473$3,123,875
81$7,942,326$1,104,220$321,059$3,287,950
82$8,636,434$1,042,318$215,806$3,468,206
83$9,397,687$973,728$103,372$3,666,453
84$10,232,818$898,008$0$3,884,697
85$11,149,245$814,690$0$4,130,129
86$12,155,137$723,278$0$4,433,531
87$13,259,492$623,250$0$4,766,835
88$14,472,225$514,054$0$5,133,191
89$15,804,255$395,105$0$5,536,075
90$17,267,611$265,788$0$5,979,332
91$18,875,547$125,451$0$6,467,209
92$20,642,661$0$0$7,004,394
93$22,585,037$0$0$7,608,069
94$24,720,396$0$0$8,334,167
95$27,068,260$0$0$9,132,753
96$29,650,137$0$0$10,011,173
97$32,489,724$0$0$10,977,519
98$35,613,130$0$0$12,040,706
99$39,049,121$0$0$13,210,557
100$42,829,392$0$0$14,497,897