Can I retire at age 58 with 947,000?

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 $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%18.5%
1 years$78,202$77,506$76,826$76,163$75,515$72,923
2 years$38,714$37,993$37,294$36,617$35,960$33,374
3 years$25,553$24,829$24,132$23,461$22,814$20,317
4 years$18,974$18,252$17,562$16,902$16,271$13,882
5 years$15,027$14,310$13,629$12,982$12,369$10,093
6 years$12,397$11,685$11,014$10,382$9,787$7,627
7 years$10,519$9,813$9,153$8,536$7,960$5,914
8 years$9,111$8,412$7,762$7,160$6,603$4,671
9 years$8,017$7,324$6,686$6,099$5,561$3,740
10 years$7,142$6,456$5,829$5,257$4,738$3,025
11 years$6,427$5,747$5,131$4,576$4,075$2,466
12 years$5,831$5,158$4,554$4,013$3,531$2,024
13 years$5,327$4,661$4,069$3,543$3,079$1,669
14 years$4,896$4,237$3,656$3,145$2,699$1,381
15 years$4,522$3,871$3,301$2,805$2,377$1,147
16 years$4,196$3,551$2,993$2,512$2,101$956
17 years$3,908$3,271$2,723$2,257$1,863$798
18 years$3,652$3,022$2,486$2,034$1,656$667
19 years$3,424$2,801$2,276$1,838$1,476$558
20 years$3,219$2,603$2,088$1,664$1,318$468
21 years$3,033$2,424$1,921$1,510$1,180$393
22 years$2,865$2,263$1,771$1,373$1,058$330
23 years$2,711$2,117$1,635$1,251$949$278
24 years$2,571$1,983$1,512$1,141$853$233
25 years$2,442$1,861$1,400$1,042$768$196
26 years$2,323$1,749$1,299$953$692$165
27 years$2,213$1,646$1,206$872$624$139
28 years$2,111$1,551$1,121$799$563$117
29 years$2,016$1,463$1,043$733$508$99
30 years$1,928$1,382$972$672$459$83
31 years$1,845$1,306$906$617$415$70
32 years$1,768$1,236$845$567$375$59
33 years$1,696$1,171$789$522$340$50
34 years$1,628$1,109$737$480$308$42
35 years$1,564$1,052$689$442$279$36
36 years$1,504$999$645$407$252$30
37 years$1,447$949$604$375$229$25
38 years$1,394$902$565$346$207$21
39 years$1,343$857$530$319$188$18
40 years$1,295$816$496$294$171$15
41 years$1,249$776$465$271$155$13
42 years$1,206$739$437$250$140$11
43 years$1,164$705$410$231$127$9
44 years$1,125$672$385$213$116$8
45 years$1,088$640$361$197$105$7
46 years$1,052$611$339$182$95$5
47 years$1,018$583$319$168$87$5
48 years$985$557$299$155$79$4
49 years$954$531$281$144$71$3
50 years$925$508$265$133$65$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $947,000, adding $5,756 every year, while hoping to spend $23,461 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: 76/8/16 Blend
57$947,000$947,000$947,000$947,000
58$1,049,531$999,340$984,662$1,125,176
59$1,131,621$1,023,346$992,686$1,199,952
60$1,221,298$1,047,741$1,000,192$1,278,415
61$1,319,311$1,072,521$1,007,139$1,363,801
62$1,426,484$1,097,678$1,013,482$1,456,793
63$1,543,726$1,123,205$1,019,174$1,558,144
64$1,672,036$1,149,092$1,024,167$1,668,682
65$1,812,516$1,175,330$1,028,408$1,789,320
66$1,966,378$1,201,906$1,031,845$1,921,063
67$2,134,957$1,228,808$1,034,420$2,065,019
68$2,319,723$1,256,020$1,036,074$2,222,409
69$2,522,296$1,283,526$1,036,743$2,394,577
70$2,744,459$1,311,307$1,036,363$2,583,005
71$2,988,176$1,339,344$1,034,864$2,789,324
72$3,255,612$1,367,614$1,032,174$3,015,333
73$3,549,150$1,396,092$1,028,217$3,263,015
74$3,871,414$1,424,752$1,022,913$3,534,551
75$4,225,298$1,453,564$1,016,180$3,832,349
76$4,613,986$1,482,496$1,007,929$4,159,059
77$5,040,988$1,511,514$998,071$4,517,602
78$5,510,170$1,540,579$986,507$4,911,197
79$6,025,791$1,569,651$973,139$5,343,393
80$6,592,543$1,598,686$957,861$5,818,096
81$7,215,596$1,627,635$940,563$6,339,615
82$7,900,645$1,656,447$921,129$6,912,697
83$8,653,964$1,685,066$899,440$7,542,571
84$9,482,466$1,713,432$875,370$8,235,002
85$10,393,768$1,741,481$848,785$8,996,342
86$11,396,262$1,769,143$819,549$9,833,590
87$12,499,193$1,796,344$787,516$10,754,461
88$13,712,750$1,823,004$752,537$11,767,454
89$15,048,156$1,849,037$714,453$12,881,939
90$16,517,781$1,874,352$673,100$14,108,238
91$18,135,250$1,898,851$628,304$15,457,728
92$19,915,580$1,922,429$579,887$16,942,946
93$21,875,315$1,944,975$527,659$18,577,710
94$24,032,687$1,966,367$471,425$20,377,244
95$26,407,782$1,986,480$410,979$22,358,328
96$29,022,735$2,005,177$346,106$24,539,454
97$31,901,936$2,022,313$276,583$26,940,999
98$35,072,261$2,037,734$202,176$29,585,421
99$38,563,323$2,051,274$122,640$32,497,468
100$42,407,754$2,062,759$37,721$35,704,414