Can I retire at age 58 with 942,000?

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 $942,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$77,789$77,097$76,421$75,761$75,116$73,720
2 years$38,510$37,792$37,097$36,423$35,770$34,368
3 years$25,418$24,698$24,004$23,337$22,694$21,331
4 years$18,874$18,155$17,469$16,813$16,185$14,872
5 years$14,948$14,234$13,557$12,914$12,304$11,043
6 years$12,332$11,623$10,956$10,327$9,736$8,529
7 years$10,464$9,761$9,104$8,491$7,918$6,765
8 years$9,063$8,367$7,721$7,123$6,568$5,470
9 years$7,975$7,285$6,650$6,067$5,532$4,486
10 years$7,104$6,421$5,798$5,230$4,713$3,721
11 years$6,393$5,717$5,104$4,551$4,054$3,112
12 years$5,800$5,131$4,530$3,992$3,513$2,621
13 years$5,299$4,637$4,047$3,525$3,063$2,221
14 years$4,870$4,215$3,636$3,129$2,685$1,890
15 years$4,498$3,850$3,283$2,790$2,364$1,614
16 years$4,173$3,533$2,977$2,498$2,089$1,383
17 years$3,887$3,253$2,709$2,245$1,853$1,189
18 years$3,633$3,006$2,473$2,023$1,647$1,024
19 years$3,406$2,786$2,264$1,828$1,468$883
20 years$3,202$2,589$2,077$1,656$1,312$763
21 years$3,017$2,412$1,911$1,503$1,174$661
22 years$2,850$2,251$1,761$1,366$1,052$573
23 years$2,697$2,105$1,626$1,244$944$497
24 years$2,557$1,973$1,504$1,135$849$431
25 years$2,429$1,851$1,393$1,036$764$375
26 years$2,310$1,740$1,292$948$688$326
27 years$2,201$1,637$1,200$867$620$284
28 years$2,100$1,543$1,115$795$560$247
29 years$2,005$1,456$1,038$729$505$215
30 years$1,918$1,375$967$669$457$187
31 years$1,836$1,299$901$614$413$163
32 years$1,759$1,230$841$564$373$142
33 years$1,687$1,164$785$519$338$124
34 years$1,619$1,104$734$478$306$108
35 years$1,556$1,047$686$440$277$94
36 years$1,496$994$642$405$251$82
37 years$1,440$944$600$373$228$72
38 years$1,386$897$562$344$206$63
39 years$1,336$853$527$317$187$55
40 years$1,288$811$494$292$170$48
41 years$1,242$772$463$270$154$42
42 years$1,199$736$434$249$140$36
43 years$1,158$701$408$230$127$32
44 years$1,119$668$383$212$115$28
45 years$1,082$637$359$196$104$24
46 years$1,047$608$337$181$95$21
47 years$1,013$580$317$167$86$18
48 years$980$554$298$155$78$16
49 years$949$529$280$143$71$14
50 years$920$505$263$132$65$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $942,000, adding $4,024 every year, while hoping to spend $24,337 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: 63/13/24 Blend
57$942,000$942,000$942,000$942,000
58$1,042,235$992,309$977,708$1,101,087
59$1,122,648$1,015,038$984,567$1,164,079
60$1,210,448$1,038,064$990,840$1,229,796
61$1,306,363$1,061,378$996,481$1,301,030
62$1,411,192$1,084,966$1,001,444$1,378,325
63$1,525,820$1,108,815$1,005,678$1,462,279
64$1,651,215$1,132,909$1,009,130$1,553,551
65$1,788,449$1,157,231$1,011,746$1,652,867
66$1,938,698$1,181,763$1,013,466$1,761,028
67$2,103,259$1,206,483$1,014,231$1,878,917
68$2,283,559$1,231,369$1,013,976$2,007,505
69$2,481,172$1,256,396$1,012,634$2,147,865
70$2,697,829$1,281,537$1,010,135$2,301,178
71$2,935,439$1,306,763$1,006,405$2,468,745
72$3,196,100$1,332,041$1,001,367$2,652,003
73$3,482,129$1,357,337$994,939$2,852,532
74$3,796,073$1,382,614$987,036$3,072,077
75$4,140,741$1,407,830$977,570$3,312,559
76$4,519,225$1,432,942$966,447$3,576,096
77$4,934,932$1,457,903$953,570$3,865,024
78$5,391,616$1,482,661$938,836$4,181,915
79$5,893,412$1,507,163$922,137$4,529,607
80$6,444,874$1,531,347$903,363$4,911,225
81$7,051,020$1,555,153$882,395$5,330,217
82$7,717,380$1,578,511$859,111$5,790,381
83$8,450,044$1,601,349$833,382$6,295,904
84$9,255,723$1,623,590$805,075$6,851,401
85$10,141,810$1,645,149$774,048$7,461,959
86$11,116,450$1,665,937$740,155$8,133,185
87$12,188,620$1,685,859$703,241$8,871,258
88$13,368,207$1,704,814$663,148$9,682,991
89$14,666,107$1,722,693$619,706$10,575,892
90$16,094,324$1,739,380$572,741$11,558,235
91$17,666,086$1,754,750$522,069$12,639,142
92$19,395,968$1,768,674$467,499$13,828,666
93$21,300,027$1,781,010$408,831$15,137,887
94$23,395,960$1,791,609$345,856$16,579,018
95$25,703,262$1,800,312$278,357$18,165,520
96$28,243,418$1,806,950$206,105$19,912,229
97$31,040,100$1,811,344$128,863$21,835,496
98$34,119,393$1,813,303$46,382$23,953,343
99$37,510,040$1,812,623$0$26,285,634
100$41,243,712$1,809,090$0$28,864,924