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%14.8%
1 years$78,202$77,506$76,826$76,163$75,515$74,021
2 years$38,714$37,993$37,294$36,617$35,960$34,460
3 years$25,553$24,829$24,132$23,461$22,814$21,357
4 years$18,974$18,252$17,562$16,902$16,271$14,867
5 years$15,027$14,310$13,629$12,982$12,369$11,022
6 years$12,397$11,685$11,014$10,382$9,787$8,499
7 years$10,519$9,813$9,153$8,536$7,960$6,730
8 years$9,111$8,412$7,762$7,160$6,603$5,432
9 years$8,017$7,324$6,686$6,099$5,561$4,447
10 years$7,142$6,456$5,829$5,257$4,738$3,681
11 years$6,427$5,747$5,131$4,576$4,075$3,074
12 years$5,831$5,158$4,554$4,013$3,531$2,584
13 years$5,327$4,661$4,069$3,543$3,079$2,184
14 years$4,896$4,237$3,656$3,145$2,699$1,855
15 years$4,522$3,871$3,301$2,805$2,377$1,581
16 years$4,196$3,551$2,993$2,512$2,101$1,352
17 years$3,908$3,271$2,723$2,257$1,863$1,160
18 years$3,652$3,022$2,486$2,034$1,656$996
19 years$3,424$2,801$2,276$1,838$1,476$858
20 years$3,219$2,603$2,088$1,664$1,318$740
21 years$3,033$2,424$1,921$1,510$1,180$639
22 years$2,865$2,263$1,771$1,373$1,058$552
23 years$2,711$2,117$1,635$1,251$949$478
24 years$2,571$1,983$1,512$1,141$853$414
25 years$2,442$1,861$1,400$1,042$768$359
26 years$2,323$1,749$1,299$953$692$311
27 years$2,213$1,646$1,206$872$624$270
28 years$2,111$1,551$1,121$799$563$235
29 years$2,016$1,463$1,043$733$508$204
30 years$1,928$1,382$972$672$459$177
31 years$1,845$1,306$906$617$415$154
32 years$1,768$1,236$845$567$375$134
33 years$1,696$1,171$789$522$340$116
34 years$1,628$1,109$737$480$308$101
35 years$1,564$1,052$689$442$279$88
36 years$1,504$999$645$407$252$77
37 years$1,447$949$604$375$229$67
38 years$1,394$902$565$346$207$58
39 years$1,343$857$530$319$188$51
40 years$1,295$816$496$294$171$44
41 years$1,249$776$465$271$155$38
42 years$1,206$739$437$250$140$33
43 years$1,164$705$410$231$127$29
44 years$1,125$672$385$213$116$25
45 years$1,088$640$361$197$105$22
46 years$1,052$611$339$182$95$19
47 years$1,018$583$319$168$87$17
48 years$985$557$299$155$79$15
49 years$954$531$281$144$71$13
50 years$925$508$265$133$65$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $947,000, adding $6,327 every year, while hoping to spend $38,064 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: 44/44/12 Blend
57$947,000$947,000$947,000$947,000
58$1,050,120$999,929$985,251$1,092,441
59$1,116,733$1,008,426$977,757$1,131,046
60$1,188,864$1,016,063$968,736$1,168,517
61$1,267,037$1,022,759$958,097$1,208,285
62$1,351,825$1,028,425$945,745$1,250,576
63$1,443,863$1,032,969$931,578$1,295,642
64$1,543,843$1,036,291$915,493$1,343,761
65$1,652,533$1,038,287$897,379$1,395,242
66$1,770,771$1,038,843$877,121$1,450,426
67$1,899,485$1,037,842$854,600$1,509,693
68$2,039,693$1,035,156$829,690$1,573,464
69$2,192,515$1,030,653$802,258$1,642,202
70$2,359,186$1,024,189$772,168$1,716,425
71$2,541,063$1,015,614$739,275$1,796,702
72$2,739,640$1,004,768$703,430$1,883,667
73$2,956,563$991,481$664,474$1,978,019
74$3,193,642$975,574$622,244$2,080,534
75$3,452,873$956,855$576,568$2,192,068
76$3,736,449$935,125$527,267$2,313,572
77$4,046,789$910,168$474,152$2,446,095
78$4,386,554$881,758$417,028$2,590,800
79$4,758,675$849,657$355,691$2,748,973
80$5,166,380$813,611$289,928$2,922,035
81$5,613,224$773,351$219,514$3,111,558
82$6,103,123$728,595$144,217$3,319,282
83$6,640,387$679,042$63,794$3,547,128
84$7,229,767$624,376$0$3,797,223
85$7,876,494$564,261$0$4,074,736
86$8,586,329$498,342$0$4,388,343
87$9,365,621$426,247$0$4,732,771
88$10,221,360$347,579$0$5,111,229
89$11,161,248$261,920$0$5,527,257
90$12,193,770$168,829$0$5,984,766
91$13,328,273$67,839$0$6,488,073
92$14,575,053$0$0$7,041,942
93$15,945,455$0$0$7,671,747
94$17,451,975$0$0$8,400,343
95$19,108,384$0$0$9,201,556
96$20,929,850$0$0$10,082,742
97$22,933,086$0$0$11,052,001
98$25,136,507$0$0$12,118,260
99$27,560,400$0$0$13,291,354
100$30,227,119$0$0$14,582,121