Can I retire at age 58 with 893,000?

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 $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%12.5%
1 years$73,743$73,086$72,445$71,820$71,209$70,465
2 years$36,506$35,827$35,168$34,529$33,909$33,160
3 years$24,096$23,413$22,756$22,123$21,513$20,782
4 years$17,892$17,211$16,560$15,938$15,343$14,636
5 years$14,170$13,494$12,852$12,242$11,664$10,982
6 years$11,690$11,019$10,386$9,790$9,229$8,574
7 years$9,919$9,253$8,631$8,049$7,506$6,878
8 years$8,592$7,932$7,320$6,752$6,227$5,625
9 years$7,560$6,906$6,304$5,751$5,244$4,669
10 years$6,735$6,087$5,496$4,958$4,468$3,919
11 years$6,060$5,419$4,839$4,315$3,843$3,320
12 years$5,498$4,864$4,294$3,785$3,330$2,832
13 years$5,023$4,396$3,837$3,341$2,904$2,431
14 years$4,616$3,996$3,447$2,966$2,545$2,096
15 years$4,264$3,650$3,112$2,645$2,241$1,815
16 years$3,956$3,349$2,822$2,368$1,981$1,578
17 years$3,685$3,084$2,568$2,128$1,756$1,375
18 years$3,444$2,850$2,344$1,918$1,562$1,201
19 years$3,229$2,641$2,146$1,733$1,392$1,052
20 years$3,035$2,454$1,969$1,569$1,243$923
21 years$2,860$2,286$1,811$1,424$1,113$811
22 years$2,701$2,134$1,670$1,295$997$713
23 years$2,557$1,996$1,542$1,179$895$629
24 years$2,424$1,870$1,426$1,076$805$554
25 years$2,302$1,755$1,320$982$724$489
26 years$2,190$1,649$1,225$898$652$432
27 years$2,086$1,552$1,137$822$588$382
28 years$1,990$1,463$1,057$753$531$338
29 years$1,901$1,380$984$691$479$299
30 years$1,818$1,303$916$634$433$265
31 years$1,740$1,232$854$582$391$235
32 years$1,667$1,166$797$535$354$208
33 years$1,599$1,104$744$492$320$184
34 years$1,535$1,046$695$453$290$164
35 years$1,475$992$650$417$263$145
36 years$1,418$942$608$384$238$129
37 years$1,365$895$569$354$216$114
38 years$1,314$850$533$326$196$101
39 years$1,266$808$499$301$177$90
40 years$1,221$769$468$277$161$80
41 years$1,178$732$439$256$146$71
42 years$1,137$697$412$236$132$63
43 years$1,098$664$386$218$120$56
44 years$1,061$633$363$201$109$50
45 years$1,026$604$341$186$99$44
46 years$992$576$320$172$90$39
47 years$960$550$300$159$82$35
48 years$929$525$282$147$74$31
49 years$900$501$265$135$67$28
50 years$872$479$250$125$61$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $893,000, adding $5,512 every year, while hoping to spend $43,394 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: 42/40/18 Blend
57$893,000$893,000$893,000$893,000
58$989,772$942,443$928,601$1,025,913
59$1,044,557$942,451$913,538$1,052,022
60$1,103,477$941,006$896,517$1,075,619
61$1,166,906$937,990$877,425$1,100,262
62$1,235,258$933,279$856,145$1,126,069
63$1,308,985$926,740$832,557$1,153,170
64$1,388,586$918,235$806,532$1,181,715
65$1,474,608$907,615$777,937$1,211,870
66$1,567,652$894,722$746,632$1,243,821
67$1,668,380$879,391$712,472$1,277,778
68$1,777,518$861,444$675,303$1,313,974
69$1,895,865$840,695$634,966$1,352,671
70$2,024,301$816,947$591,295$1,394,163
71$2,163,791$789,989$544,115$1,438,777
72$2,315,399$759,600$493,244$1,486,877
73$2,480,295$725,545$438,493$1,538,872
74$2,659,765$687,577$379,662$1,595,215
75$2,855,225$645,432$316,545$1,656,415
76$3,068,233$598,833$248,924$1,723,035
77$3,300,504$547,487$176,574$1,795,703
78$3,553,924$491,083$99,259$1,875,121
79$3,830,572$429,294$16,731$1,962,064
80$4,132,734$361,772$0$2,057,400
81$4,462,926$288,153$0$2,175,791
82$4,823,921$208,049$0$2,308,924
83$5,218,769$121,051$0$2,454,822
84$5,650,830$26,729$0$2,614,860
85$6,123,803$0$0$2,790,558
86$6,641,762$0$0$3,016,775
87$7,209,193$0$0$3,277,600
88$7,831,036$0$0$3,563,552
89$8,512,732$0$0$3,877,148
90$9,260,273$0$0$4,221,159
91$10,080,259$0$0$4,598,638
92$10,979,961$0$0$5,012,948
93$11,967,384$0$0$5,467,793
94$13,051,350$0$0$5,967,253
95$14,241,575$0$0$6,515,824
96$15,548,760$0$0$7,118,455
97$16,984,696$0$0$7,780,603
98$18,562,372$0$0$8,508,275
99$20,296,095$0$0$9,308,093
100$22,201,630$0$0$10,187,350