Can I retire at age 58 with 889,000?

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 $889,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$73,413$72,759$72,121$71,498$70,890$69,802
2 years$36,343$35,666$35,010$34,374$33,757$32,664
3 years$23,988$23,308$22,654$22,024$21,417$20,352
4 years$17,812$17,134$16,486$15,867$15,275$14,246
5 years$14,107$13,433$12,794$12,187$11,612$10,623
6 years$11,638$10,969$10,339$9,746$9,188$8,240
7 years$9,875$9,212$8,592$8,013$7,472$6,565
8 years$8,553$7,896$7,287$6,722$6,199$5,333
9 years$7,526$6,875$6,276$5,726$5,220$4,395
10 years$6,705$6,060$5,472$4,935$4,448$3,663
11 years$6,033$5,395$4,817$4,295$3,825$3,079
12 years$5,474$4,842$4,275$3,768$3,315$2,607
13 years$5,001$4,376$3,820$3,326$2,891$2,220
14 years$4,596$3,978$3,432$2,953$2,534$1,899
15 years$4,245$3,634$3,099$2,633$2,231$1,632
16 years$3,939$3,334$2,809$2,358$1,972$1,406
17 years$3,668$3,070$2,556$2,118$1,748$1,215
18 years$3,429$2,837$2,334$1,909$1,555$1,053
19 years$3,214$2,629$2,136$1,725$1,386$914
20 years$3,021$2,443$1,961$1,562$1,238$794
21 years$2,847$2,276$1,803$1,418$1,108$692
22 years$2,689$2,124$1,662$1,289$993$603
23 years$2,545$1,987$1,535$1,174$891$526
24 years$2,413$1,862$1,419$1,071$801$460
25 years$2,292$1,747$1,315$978$721$402
26 years$2,180$1,642$1,219$894$649$352
27 years$2,077$1,545$1,132$819$585$308
28 years$1,981$1,456$1,052$750$528$270
29 years$1,892$1,374$979$688$477$237
30 years$1,810$1,297$912$631$431$208
31 years$1,732$1,226$850$580$390$182
32 years$1,660$1,160$793$533$352$160
33 years$1,592$1,099$741$490$319$140
34 years$1,528$1,042$692$451$289$123
35 years$1,468$988$647$415$262$108
36 years$1,412$938$605$382$237$95
37 years$1,359$891$567$352$215$83
38 years$1,308$846$531$325$195$73
39 years$1,261$805$497$299$177$64
40 years$1,215$766$466$276$160$57
41 years$1,173$729$437$255$145$50
42 years$1,132$694$410$235$132$44
43 years$1,093$661$385$217$120$38
44 years$1,056$630$361$200$109$34
45 years$1,021$601$339$185$99$30
46 years$988$573$318$171$90$26
47 years$956$547$299$158$81$23
48 years$925$522$281$146$74$20
49 years$896$499$264$135$67$18
50 years$868$477$248$125$61$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $889,000, adding $2,210 every year, while hoping to spend $55,318 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: 53/34/13 Blend
57$889,000$889,000$889,000$889,000
58$981,958$934,841$921,061$1,030,520
59$1,023,259$921,790$893,059$1,050,816
60$1,066,920$906,246$862,264$1,066,774
61$1,113,121$888,027$828,526$1,082,872
62$1,162,063$866,944$791,684$1,099,135
63$1,213,961$842,792$751,574$1,115,596
64$1,269,054$815,358$708,021$1,132,296
65$1,327,602$784,415$660,844$1,149,279
66$1,389,889$749,722$609,853$1,166,601
67$1,456,225$711,026$554,851$1,184,327
68$1,526,951$668,058$495,629$1,202,532
69$1,602,440$620,533$431,973$1,221,304
70$1,683,102$568,151$363,657$1,240,743
71$1,769,382$510,595$290,443$1,260,968
72$1,861,774$447,528$212,088$1,282,111
73$1,960,814$378,597$128,332$1,304,327
74$2,067,095$303,426$38,909$1,327,791
75$2,181,264$221,619$0$1,352,704
76$2,304,033$132,758$0$1,387,132
77$2,436,183$36,402$0$1,429,763
78$2,578,573$0$0$1,475,529
79$2,732,144$0$0$1,550,214
80$2,897,931$0$0$1,645,610
81$3,077,074$0$0$1,748,761
82$3,270,820$0$0$1,860,395
83$3,480,545$0$0$1,981,313
84$3,707,759$0$0$2,112,396
85$3,954,123$0$0$2,254,613
86$4,221,464$0$0$2,409,029
87$4,511,791$0$0$2,576,815
88$4,827,312$0$0$2,759,261
89$5,170,459$0$0$2,957,784
90$5,543,906$0$0$3,173,944
91$5,950,595$0$0$3,409,458
92$6,393,765$0$0$3,666,215
93$6,876,979$0$0$3,946,295
94$7,404,158$0$0$4,251,986
95$7,979,621$0$0$4,585,807
96$8,608,118$0$0$4,950,532
97$9,294,881$0$0$5,349,213
98$10,045,669$0$0$5,785,212
99$10,866,822$0$0$6,262,230
100$11,765,323$0$0$6,784,343