Can I retire at age 58 with 944,000?

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 $944,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.1%
1 years$77,955$77,260$76,583$75,922$75,276$73,998
2 years$38,591$37,873$37,176$36,501$35,846$34,563
3 years$25,472$24,750$24,055$23,386$22,742$21,493
4 years$18,914$18,194$17,506$16,849$16,220$15,015
5 years$14,980$14,264$13,586$12,941$12,330$11,173
6 years$12,358$11,648$10,979$10,349$9,756$8,648
7 years$10,486$9,782$9,124$8,509$7,934$6,875
8 years$9,082$8,385$7,738$7,138$6,582$5,572
9 years$7,992$7,301$6,664$6,080$5,543$4,581
10 years$7,119$6,435$5,810$5,241$4,723$3,808
11 years$6,406$5,729$5,115$4,561$4,062$3,193
12 years$5,812$5,142$4,540$4,001$3,520$2,697
13 years$5,310$4,647$4,056$3,532$3,070$2,290
14 years$4,880$4,224$3,644$3,135$2,691$1,954
15 years$4,508$3,858$3,290$2,796$2,369$1,674
16 years$4,182$3,540$2,983$2,504$2,094$1,439
17 years$3,895$3,260$2,714$2,250$1,857$1,240
18 years$3,641$3,013$2,478$2,027$1,651$1,071
19 years$3,413$2,792$2,268$1,832$1,471$927
20 years$3,208$2,595$2,082$1,659$1,314$803
21 years$3,023$2,417$1,915$1,506$1,176$698
22 years$2,856$2,256$1,765$1,369$1,054$606
23 years$2,703$2,110$1,630$1,247$946$528
24 years$2,562$1,977$1,507$1,137$851$460
25 years$2,434$1,855$1,396$1,039$765$401
26 years$2,315$1,744$1,295$950$689$349
27 years$2,206$1,641$1,202$869$622$305
28 years$2,104$1,546$1,118$796$561$266
29 years$2,010$1,459$1,040$730$506$233
30 years$1,922$1,378$969$670$458$203
31 years$1,839$1,302$903$616$414$178
32 years$1,763$1,232$843$566$374$155
33 years$1,691$1,167$787$520$339$136
34 years$1,623$1,106$735$479$307$119
35 years$1,559$1,049$687$441$278$104
36 years$1,499$996$643$406$252$91
37 years$1,443$946$602$374$228$80
38 years$1,389$899$564$345$207$70
39 years$1,339$855$528$318$188$61
40 years$1,291$813$495$293$170$54
41 years$1,245$774$464$270$154$47
42 years$1,202$737$435$250$140$41
43 years$1,161$702$408$230$127$36
44 years$1,122$669$383$213$115$32
45 years$1,084$638$360$196$105$28
46 years$1,049$609$338$181$95$24
47 years$1,015$581$318$168$86$21
48 years$982$555$298$155$78$19
49 years$951$530$281$143$71$16
50 years$922$506$264$132$65$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $944,000, adding $6,653 every year, while hoping to spend $58,716 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: 69/25/6 Blend
57$944,000$944,000$944,000$944,000
58$1,047,151$997,119$982,487$1,118,070
59$1,091,487$983,504$952,927$1,152,247
60$1,138,377$967,254$920,408$1,181,790
61$1,188,020$948,179$884,771$1,212,497
62$1,240,633$926,074$845,846$1,244,470
63$1,296,453$900,727$803,457$1,277,821
64$1,355,739$871,910$757,420$1,312,677
65$1,418,773$839,383$707,543$1,349,179
66$1,485,867$802,892$653,624$1,387,483
67$1,557,359$762,168$595,455$1,427,764
68$1,633,622$716,926$532,814$1,470,217
69$1,715,061$666,865$465,474$1,515,058
70$1,802,125$611,668$393,194$1,562,529
71$1,895,300$550,999$315,725$1,612,898
72$1,995,124$484,501$232,805$1,666,463
73$2,102,185$411,800$144,162$1,723,557
74$2,217,129$332,499$49,512$1,784,548
75$2,340,663$246,179$0$1,849,849
76$2,473,565$152,396$0$1,923,211
77$2,616,689$50,684$0$2,005,441
78$2,770,973$0$0$2,093,950
79$2,937,446$0$0$2,205,739
80$3,117,240$0$0$2,341,574
81$3,311,599$0$0$2,488,456
82$3,521,888$0$0$2,647,424
83$3,749,612$0$0$2,819,617
84$3,996,420$0$0$3,006,293
85$4,264,130$0$0$3,208,831
86$4,554,739$0$0$3,428,747
87$4,870,443$0$0$3,667,713
88$5,213,660$0$0$3,927,565
89$5,587,047$0$0$4,210,322
90$5,993,530$0$0$4,518,207
91$6,436,327$0$0$4,853,668
92$6,918,981$0$0$5,219,396
93$7,445,388$0$0$5,618,354
94$8,019,841$0$0$6,053,802
95$8,647,061$0$0$6,529,332
96$9,332,247$0$0$7,048,893
97$10,081,122$0$0$7,616,837
98$10,899,988$0$0$8,237,954
99$11,795,781$0$0$8,917,517
100$12,776,141$0$0$9,661,333