Can I retire at age 58 with 960,000?

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 $960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15%
1 years$79,276$78,570$77,881$77,208$76,552$74,975
2 years$39,245$38,515$37,806$37,119$36,453$34,872
3 years$25,904$25,170$24,463$23,783$23,127$21,591
4 years$19,234$18,502$17,803$17,134$16,495$15,015
5 years$15,234$14,506$13,816$13,161$12,539$11,120
6 years$12,567$11,845$11,165$10,525$9,922$8,565
7 years$10,664$9,948$9,278$8,653$8,069$6,775
8 years$9,236$8,527$7,869$7,259$6,694$5,462
9 years$8,127$7,424$6,777$6,183$5,637$4,467
10 years$7,240$6,544$5,909$5,330$4,803$3,693
11 years$6,515$5,826$5,202$4,638$4,131$3,079
12 years$5,911$5,229$4,617$4,068$3,580$2,585
13 years$5,400$4,725$4,125$3,592$3,122$2,183
14 years$4,963$4,295$3,706$3,188$2,736$1,851
15 years$4,584$3,924$3,346$2,844$2,409$1,576
16 years$4,253$3,600$3,034$2,546$2,129$1,346
17 years$3,961$3,316$2,760$2,288$1,888$1,152
18 years$3,702$3,064$2,520$2,062$1,679$989
19 years$3,471$2,839$2,307$1,863$1,496$850
20 years$3,263$2,639$2,117$1,687$1,337$732
21 years$3,075$2,458$1,947$1,531$1,196$631
22 years$2,904$2,294$1,795$1,392$1,072$545
23 years$2,748$2,146$1,657$1,268$962$471
24 years$2,606$2,010$1,533$1,156$865$407
25 years$2,475$1,887$1,420$1,056$778$352
26 years$2,354$1,773$1,317$966$701$305
27 years$2,243$1,669$1,223$884$632$264
28 years$2,140$1,572$1,136$810$570$229
29 years$2,044$1,483$1,058$743$515$199
30 years$1,954$1,401$985$682$465$172
31 years$1,871$1,324$918$626$421$150
32 years$1,792$1,253$857$575$381$130
33 years$1,719$1,187$800$529$344$113
34 years$1,650$1,125$748$487$312$98
35 years$1,586$1,067$699$448$282$85
36 years$1,525$1,013$654$413$256$74
37 years$1,467$962$612$380$232$64
38 years$1,413$914$573$350$210$56
39 years$1,361$869$537$323$191$48
40 years$1,312$827$503$298$173$42
41 years$1,266$787$472$275$157$37
42 years$1,222$750$443$254$142$32
43 years$1,180$714$415$234$129$28
44 years$1,141$681$390$216$117$24
45 years$1,103$649$366$200$106$21
46 years$1,067$619$344$185$97$18
47 years$1,032$591$323$170$88$16
48 years$999$564$304$158$80$14
49 years$967$539$285$146$72$12
50 years$937$515$268$135$66$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $960,000, adding $3,053 every year, while hoping to spend $35,057 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: 73/15/12 Blend
57$960,000$960,000$960,000$960,000
58$1,061,069$1,010,189$995,309$1,135,709
59$1,131,998$1,022,388$991,352$1,197,669
60$1,208,986$1,034,010$986,087$1,260,879
61$1,292,616$1,044,989$979,433$1,329,162
62$1,383,525$1,055,256$971,307$1,403,010
63$1,482,417$1,064,736$961,619$1,482,966
64$1,590,067$1,073,351$950,276$1,569,629
65$1,707,325$1,081,016$937,181$1,663,658
66$1,835,127$1,087,642$922,232$1,765,780
67$1,974,506$1,093,132$905,322$1,876,796
68$2,126,595$1,097,385$886,340$1,997,591
69$2,292,645$1,100,294$865,169$2,129,136
70$2,474,029$1,101,742$841,687$2,272,505
71$2,672,261$1,101,610$815,765$2,428,882
72$2,889,009$1,099,765$787,270$2,599,569
73$3,126,106$1,096,072$756,062$2,786,004
74$3,385,574$1,090,385$721,995$2,989,771
75$3,669,636$1,082,547$684,916$3,212,616
76$3,980,743$1,072,396$644,664$3,456,466
77$4,321,592$1,059,757$601,074$3,723,441
78$4,695,155$1,044,445$553,970$4,015,882
79$5,104,702$1,026,264$503,170$4,336,368
80$5,553,839$1,005,008$448,483$4,687,741
81$6,046,534$980,457$389,710$5,073,135
82$6,587,159$952,378$326,644$5,496,007
83$7,180,530$920,526$259,068$5,960,163
84$7,831,952$884,639$186,754$6,469,803
85$8,547,268$844,443$109,467$7,029,555
86$9,332,914$799,645$26,959$7,644,520
87$10,195,981$749,938$0$8,320,322
88$11,144,281$694,996$0$9,070,984
89$12,186,420$634,472$0$9,899,710
90$13,331,878$568,004$0$10,810,612
91$14,591,099$495,206$0$11,812,033
92$15,975,591$415,671$0$12,913,165
93$17,498,031$328,969$0$14,124,140
94$19,172,388$234,646$0$15,456,123
95$21,014,050$132,222$0$16,921,417
96$23,039,973$21,191$0$18,533,583
97$25,268,839$0$0$20,307,566
98$27,721,230$0$0$22,276,173
99$30,419,828$0$0$24,446,316
100$33,389,620$0$0$26,834,601