Can I retire at age 58 with 941,000?

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 $941,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$77,707$77,015$76,339$75,680$75,037$73,015
2 years$38,469$37,752$37,058$36,385$35,732$33,710
3 years$25,391$24,672$23,979$23,312$22,670$20,710
4 years$18,854$18,136$17,451$16,795$16,168$14,286
5 years$14,932$14,219$13,542$12,900$12,291$10,492
6 years$12,319$11,611$10,944$10,316$9,725$8,011
7 years$10,453$9,751$9,095$8,482$7,909$6,280
8 years$9,054$8,358$7,713$7,115$6,562$5,016
9 years$7,966$7,277$6,643$6,060$5,526$4,062
10 years$7,097$6,415$5,792$5,224$4,708$3,325
11 years$6,386$5,711$5,099$4,547$4,049$2,745
12 years$5,794$5,125$4,525$3,988$3,509$2,280
13 years$5,293$4,632$4,043$3,521$3,060$1,905
14 years$4,865$4,210$3,633$3,125$2,682$1,598
15 years$4,493$3,846$3,280$2,787$2,362$1,345
16 years$4,169$3,529$2,974$2,496$2,087$1,136
17 years$3,883$3,250$2,706$2,242$1,851$961
18 years$3,629$3,003$2,470$2,021$1,646$815
19 years$3,402$2,783$2,261$1,826$1,467$692
20 years$3,198$2,586$2,075$1,654$1,310$589
21 years$3,014$2,409$1,909$1,501$1,172$502
22 years$2,847$2,249$1,759$1,365$1,051$428
23 years$2,694$2,103$1,624$1,243$943$365
24 years$2,554$1,971$1,502$1,134$848$312
25 years$2,426$1,849$1,391$1,035$763$266
26 years$2,308$1,738$1,290$947$687$228
27 years$2,199$1,636$1,198$866$620$195
28 years$2,097$1,541$1,114$794$559$167
29 years$2,003$1,454$1,037$728$505$143
30 years$1,915$1,373$966$668$456$122
31 years$1,834$1,298$900$614$412$105
32 years$1,757$1,228$840$564$373$90
33 years$1,685$1,163$784$519$338$77
34 years$1,618$1,102$733$477$306$66
35 years$1,554$1,046$685$439$277$56
36 years$1,495$992$641$404$251$48
37 years$1,438$943$600$373$227$41
38 years$1,385$896$562$344$206$36
39 years$1,334$852$526$317$187$30
40 years$1,286$810$493$292$170$26
41 years$1,241$771$463$270$154$22
42 years$1,198$735$434$249$140$19
43 years$1,157$700$407$230$127$16
44 years$1,118$667$382$212$115$14
45 years$1,081$636$359$196$104$12
46 years$1,045$607$337$181$95$10
47 years$1,012$579$317$167$86$9
48 years$979$553$298$154$78$8
49 years$948$528$280$143$71$7
50 years$919$504$263$132$64$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $941,000, adding $2,673 every year, while hoping to spend $24,518 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: 69/15/16 Blend
57$941,000$941,000$941,000$941,000
58$1,039,739$989,866$975,281$1,107,396
59$1,119,706$1,012,283$981,866$1,175,213
60$1,207,007$1,034,976$987,849$1,246,224
61$1,302,365$1,057,933$993,186$1,323,298
62$1,406,576$1,081,141$997,827$1,407,029
63$1,520,514$1,104,585$1,001,722$1,498,074
64$1,645,144$1,128,247$1,004,817$1,597,152
65$1,781,526$1,152,108$1,007,056$1,705,059
66$1,930,830$1,176,150$1,008,380$1,822,670
67$2,094,341$1,200,348$1,008,728$1,950,951
68$2,273,478$1,224,678$1,008,034$2,090,964
69$2,469,800$1,249,115$1,006,230$2,243,880
70$2,685,026$1,273,629$1,003,246$2,410,991
71$2,921,050$1,298,187$999,005$2,593,718
72$3,179,955$1,322,757$993,431$2,793,628
73$3,464,040$1,347,301$986,440$3,012,448
74$3,775,832$1,371,780$977,946$3,252,082
75$4,118,119$1,396,149$967,859$3,514,625
76$4,493,970$1,420,362$956,084$3,802,389
77$4,906,765$1,444,370$942,523$4,117,921
78$5,360,228$1,468,118$927,072$4,464,027
79$5,858,464$1,491,548$909,621$4,843,800
80$6,405,992$1,514,599$890,058$5,260,648
81$7,007,792$1,537,203$868,264$5,718,328
82$7,669,349$1,559,288$844,113$6,220,980
83$8,396,709$1,580,779$817,477$6,773,166
84$9,196,529$1,601,593$788,218$7,379,914
85$10,076,147$1,621,643$756,195$8,046,765
86$11,043,645$1,640,835$721,259$8,779,827
87$12,107,929$1,659,068$683,254$9,585,830
88$13,278,813$1,676,237$642,017$10,472,192
89$14,567,106$1,692,227$597,379$11,447,087
90$15,984,722$1,706,917$549,162$12,519,525
91$17,544,785$1,720,178$497,181$13,699,435
92$19,261,758$1,731,871$441,241$14,997,761
93$21,151,575$1,741,851$381,141$16,426,562
94$23,231,795$1,749,961$316,668$17,999,131
95$25,521,764$1,756,035$247,603$19,730,115
96$28,042,800$1,759,897$173,714$21,635,658
97$30,818,394$1,761,360$94,761$23,733,554
98$33,874,427$1,760,224$10,493$26,043,409
99$37,239,422$1,756,278$0$28,586,834
100$40,944,804$1,749,297$0$31,401,208