Can I retire at age 58 with 893,000?

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 $893,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16%
1 years$73,743$73,086$72,445$71,820$71,209$69,459
2 years$36,506$35,827$35,168$34,529$33,909$32,157
3 years$24,096$23,413$22,756$22,123$21,513$19,814
4 years$17,892$17,211$16,560$15,938$15,343$13,710
5 years$14,170$13,494$12,852$12,242$11,664$10,100
6 years$11,690$11,019$10,386$9,790$9,229$7,737
7 years$9,919$9,253$8,631$8,049$7,506$6,086
8 years$8,592$7,932$7,320$6,752$6,227$4,878
9 years$7,560$6,906$6,304$5,751$5,244$3,965
10 years$6,735$6,087$5,496$4,958$4,468$3,258
11 years$6,060$5,419$4,839$4,315$3,843$2,699
12 years$5,498$4,864$4,294$3,785$3,330$2,252
13 years$5,023$4,396$3,837$3,341$2,904$1,888
14 years$4,616$3,996$3,447$2,966$2,545$1,590
15 years$4,264$3,650$3,112$2,645$2,241$1,345
16 years$3,956$3,349$2,822$2,368$1,981$1,140
17 years$3,685$3,084$2,568$2,128$1,756$969
18 years$3,444$2,850$2,344$1,918$1,562$826
19 years$3,229$2,641$2,146$1,733$1,392$704
20 years$3,035$2,454$1,969$1,569$1,243$602
21 years$2,860$2,286$1,811$1,424$1,113$515
22 years$2,701$2,134$1,670$1,295$997$441
23 years$2,557$1,996$1,542$1,179$895$378
24 years$2,424$1,870$1,426$1,076$805$325
25 years$2,302$1,755$1,320$982$724$279
26 years$2,190$1,649$1,225$898$652$239
27 years$2,086$1,552$1,137$822$588$206
28 years$1,990$1,463$1,057$753$531$177
29 years$1,901$1,380$984$691$479$152
30 years$1,818$1,303$916$634$433$131
31 years$1,740$1,232$854$582$391$113
32 years$1,667$1,166$797$535$354$97
33 years$1,599$1,104$744$492$320$84
34 years$1,535$1,046$695$453$290$72
35 years$1,475$992$650$417$263$62
36 years$1,418$942$608$384$238$53
37 years$1,365$895$569$354$216$46
38 years$1,314$850$533$326$196$40
39 years$1,266$808$499$301$177$34
40 years$1,221$769$468$277$161$29
41 years$1,178$732$439$256$146$25
42 years$1,137$697$412$236$132$22
43 years$1,098$664$386$218$120$19
44 years$1,061$633$363$201$109$16
45 years$1,026$604$341$186$99$14
46 years$992$576$320$172$90$12
47 years$960$550$300$159$82$10
48 years$929$525$282$147$74$9
49 years$900$501$265$135$67$8
50 years$872$479$250$125$61$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $893,000, adding $2,622 every year, while hoping to spend $59,464 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: 51/44/5 Blend
57$893,000$893,000$893,000$893,000
58$986,791$939,462$925,620$1,035,842
59$1,024,174$922,226$893,359$1,052,195
60$1,063,378$902,153$858,024$1,063,287
61$1,104,524$879,040$819,450$1,073,906
62$1,147,747$852,675$777,463$1,084,018
63$1,193,191$822,830$731,883$1,093,593
64$1,241,015$789,267$682,519$1,102,598
65$1,291,389$751,732$629,174$1,111,003
66$1,344,501$709,956$571,641$1,118,779
67$1,400,554$663,658$509,705$1,125,899
68$1,459,770$612,537$443,140$1,132,336
69$1,522,392$556,276$371,710$1,138,070
70$1,588,683$494,541$295,170$1,143,082
71$1,658,933$426,978$213,262$1,147,358
72$1,733,456$353,212$125,719$1,150,888
73$1,812,599$272,850$32,260$1,153,670
74$1,896,737$185,473$0$1,155,709
75$1,986,284$90,640$0$1,160,618
76$2,081,691$0$0$1,166,889
77$2,183,453$0$0$1,178,717
78$2,292,112$0$0$1,238,260
79$2,408,262$0$0$1,301,965
80$2,532,552$0$0$1,370,195
81$2,665,698$0$0$1,443,352
82$2,808,482$0$0$1,521,872
83$2,961,763$0$0$1,606,238
84$3,126,483$0$0$1,696,976
85$3,303,676$0$0$1,794,667
86$3,494,480$0$0$1,899,948
87$3,700,141$0$0$2,013,517
88$3,922,031$0$0$2,136,143
89$4,161,654$0$0$2,268,670
90$4,420,665$0$0$2,412,026
91$4,700,883$0$0$2,567,232
92$5,004,306$0$0$2,735,407
93$5,333,133$0$0$2,917,785
94$5,689,779$0$0$3,115,721
95$6,076,902$0$0$3,330,707
96$6,497,424$0$0$3,564,383
97$6,954,561$0$0$3,818,554
98$7,451,850$0$0$4,095,203
99$7,993,182$0$0$4,396,517
100$8,582,838$0$0$4,724,898