Can I retire at age 58 with 947,000?

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 $947,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.7%
1 years$78,202$77,506$76,826$76,163$75,515$73,156
2 years$38,714$37,993$37,294$36,617$35,960$33,604
3 years$25,553$24,829$24,132$23,461$22,814$20,536
4 years$18,974$18,252$17,562$16,902$16,271$14,088
5 years$15,027$14,310$13,629$12,982$12,369$10,286
6 years$12,397$11,685$11,014$10,382$9,787$7,807
7 years$10,519$9,813$9,153$8,536$7,960$6,081
8 years$9,111$8,412$7,762$7,160$6,603$4,826
9 years$8,017$7,324$6,686$6,099$5,561$3,883
10 years$7,142$6,456$5,829$5,257$4,738$3,156
11 years$6,427$5,747$5,131$4,576$4,075$2,587
12 years$5,831$5,158$4,554$4,013$3,531$2,134
13 years$5,327$4,661$4,069$3,543$3,079$1,769
14 years$4,896$4,237$3,656$3,145$2,699$1,473
15 years$4,522$3,871$3,301$2,805$2,377$1,230
16 years$4,196$3,551$2,993$2,512$2,101$1,031
17 years$3,908$3,271$2,723$2,257$1,863$865
18 years$3,652$3,022$2,486$2,034$1,656$728
19 years$3,424$2,801$2,276$1,838$1,476$613
20 years$3,219$2,603$2,088$1,664$1,318$517
21 years$3,033$2,424$1,921$1,510$1,180$437
22 years$2,865$2,263$1,771$1,373$1,058$369
23 years$2,711$2,117$1,635$1,251$949$312
24 years$2,571$1,983$1,512$1,141$853$264
25 years$2,442$1,861$1,400$1,042$768$224
26 years$2,323$1,749$1,299$953$692$190
27 years$2,213$1,646$1,206$872$624$161
28 years$2,111$1,551$1,121$799$563$136
29 years$2,016$1,463$1,043$733$508$116
30 years$1,928$1,382$972$672$459$98
31 years$1,845$1,306$906$617$415$83
32 years$1,768$1,236$845$567$375$71
33 years$1,696$1,171$789$522$340$60
34 years$1,628$1,109$737$480$308$51
35 years$1,564$1,052$689$442$279$43
36 years$1,504$999$645$407$252$37
37 years$1,447$949$604$375$229$31
38 years$1,394$902$565$346$207$27
39 years$1,343$857$530$319$188$23
40 years$1,295$816$496$294$171$19
41 years$1,249$776$465$271$155$16
42 years$1,206$739$437$250$140$14
43 years$1,164$705$410$231$127$12
44 years$1,125$672$385$213$116$10
45 years$1,088$640$361$197$105$8
46 years$1,052$611$339$182$95$7
47 years$1,018$583$319$168$87$6
48 years$985$557$299$155$79$5
49 years$954$531$281$144$71$4
50 years$925$508$265$133$65$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $947,000, adding $4,745 every year, while hoping to spend $35,484 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: 53/38/9 Blend
57$947,000$947,000$947,000$947,000
58$1,048,488$998,297$983,619$1,101,442
59$1,117,680$1,009,459$978,816$1,149,085
60$1,192,739$1,019,979$972,662$1,196,635
61$1,274,228$1,029,787$965,075$1,247,526
62$1,362,763$1,038,811$955,969$1,302,082
63$1,459,023$1,046,971$945,253$1,360,659
64$1,563,756$1,054,185$932,831$1,423,651
65$1,677,783$1,060,364$918,605$1,491,494
66$1,802,007$1,065,412$902,469$1,564,669
67$1,937,426$1,069,231$884,315$1,643,707
68$2,085,132$1,071,713$864,029$1,729,194
69$2,246,333$1,072,744$841,491$1,821,778
70$2,422,354$1,072,203$816,576$1,922,175
71$2,614,657$1,069,964$789,154$2,031,175
72$2,824,849$1,065,889$759,088$2,149,649
73$3,054,701$1,059,835$726,234$2,278,562
74$3,306,161$1,051,648$690,445$2,418,977
75$3,581,377$1,041,167$651,562$2,572,068
76$3,882,712$1,028,218$609,424$2,739,132
77$4,212,768$1,012,620$563,858$2,921,601
78$4,574,411$994,179$514,689$3,121,056
79$4,970,798$972,691$461,728$3,339,240
80$5,405,405$947,938$404,781$3,578,080
81$5,882,061$919,692$343,646$3,839,702
82$6,404,983$887,708$278,110$4,126,453
83$6,978,816$851,731$207,951$4,440,922
84$7,608,676$811,487$132,938$4,785,969
85$8,300,200$766,688$52,831$5,164,747
86$9,059,595$717,031$0$5,580,738
87$9,893,702$662,193$0$6,040,921
88$10,810,053$601,834$0$6,552,015
89$11,816,948$535,594$0$7,113,647
90$12,923,531$463,093$0$7,731,005
91$14,139,876$383,928$0$8,409,813
92$15,477,078$297,676$0$9,156,382
93$16,947,366$203,888$0$9,977,676
94$18,564,210$102,091$0$10,881,372
95$20,342,450$0$0$11,875,940
96$22,298,439$0$0$12,974,154
97$24,450,192$0$0$14,229,348
98$26,817,559$0$0$15,610,425
99$29,422,411$0$0$17,130,157
100$32,288,846$0$0$18,802,617