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%11.7%
1 years$79,276$78,570$77,881$77,208$76,552$76,006
2 years$39,245$38,515$37,806$37,119$36,453$35,903
3 years$25,904$25,170$24,463$23,783$23,127$22,589
4 years$19,234$18,502$17,803$17,134$16,495$15,973
5 years$15,234$14,506$13,816$13,161$12,539$12,036
6 years$12,567$11,845$11,165$10,525$9,922$9,437
7 years$10,664$9,948$9,278$8,653$8,069$7,603
8 years$9,236$8,527$7,869$7,259$6,694$6,247
9 years$8,127$7,424$6,777$6,183$5,637$5,210
10 years$7,240$6,544$5,909$5,330$4,803$4,394
11 years$6,515$5,826$5,202$4,638$4,131$3,740
12 years$5,911$5,229$4,617$4,068$3,580$3,207
13 years$5,400$4,725$4,125$3,592$3,122$2,767
14 years$4,963$4,295$3,706$3,188$2,736$2,399
15 years$4,584$3,924$3,346$2,844$2,409$2,089
16 years$4,253$3,600$3,034$2,546$2,129$1,825
17 years$3,961$3,316$2,760$2,288$1,888$1,599
18 years$3,702$3,064$2,520$2,062$1,679$1,405
19 years$3,471$2,839$2,307$1,863$1,496$1,238
20 years$3,263$2,639$2,117$1,687$1,337$1,092
21 years$3,075$2,458$1,947$1,531$1,196$965
22 years$2,904$2,294$1,795$1,392$1,072$854
23 years$2,748$2,146$1,657$1,268$962$757
24 years$2,606$2,010$1,533$1,156$865$672
25 years$2,475$1,887$1,420$1,056$778$597
26 years$2,354$1,773$1,317$966$701$531
27 years$2,243$1,669$1,223$884$632$472
28 years$2,140$1,572$1,136$810$570$420
29 years$2,044$1,483$1,058$743$515$374
30 years$1,954$1,401$985$682$465$334
31 years$1,871$1,324$918$626$421$298
32 years$1,792$1,253$857$575$381$266
33 years$1,719$1,187$800$529$344$237
34 years$1,650$1,125$748$487$312$212
35 years$1,586$1,067$699$448$282$189
36 years$1,525$1,013$654$413$256$169
37 years$1,467$962$612$380$232$151
38 years$1,413$914$573$350$210$135
39 years$1,361$869$537$323$191$120
40 years$1,312$827$503$298$173$108
41 years$1,266$787$472$275$157$96
42 years$1,222$750$443$254$142$86
43 years$1,180$714$415$234$129$77
44 years$1,141$681$390$216$117$69
45 years$1,103$649$366$200$106$62
46 years$1,067$619$344$185$97$55
47 years$1,032$591$323$170$88$49
48 years$999$564$304$158$80$44
49 years$967$539$285$146$72$39
50 years$937$515$268$135$66$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $960,000, adding $2,840 every year, while hoping to spend $35,939 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: 64/17/19 Blend
57$960,000$960,000$960,000$960,000
58$1,060,849$1,009,969$995,089$1,123,470
59$1,130,817$1,021,219$990,186$1,177,153
60$1,206,717$1,031,816$983,914$1,231,438
61$1,289,117$1,041,689$976,189$1,289,896
62$1,378,639$1,050,764$966,924$1,352,936
63$1,475,971$1,058,962$956,027$1,421,010
64$1,581,867$1,066,198$943,401$1,494,616
65$1,697,158$1,072,382$928,945$1,574,305
66$1,822,758$1,077,419$912,554$1,660,684
67$1,959,672$1,081,205$894,118$1,754,421
68$2,109,008$1,083,633$873,520$1,856,257
69$2,271,983$1,084,588$850,640$1,967,005
70$2,449,940$1,083,948$825,351$2,087,566
71$2,644,354$1,081,581$797,520$2,218,930
72$2,856,851$1,077,351$767,010$2,362,194
73$3,089,219$1,071,111$733,674$2,518,565
74$3,343,430$1,062,706$697,363$2,689,374
75$3,621,652$1,051,971$657,917$2,876,092
76$3,926,275$1,038,732$615,171$3,080,339
77$4,259,928$1,022,803$568,953$3,303,905
78$4,625,509$1,003,988$519,081$3,548,762
79$5,026,208$982,081$465,367$3,817,086
80$5,465,538$956,860$407,613$4,111,278
81$5,947,369$928,093$345,615$4,433,985
82$6,475,965$895,533$279,157$4,788,126
83$7,056,019$858,919$208,014$5,176,924
84$7,692,703$817,976$131,953$5,603,930
85$8,391,713$772,412$50,728$6,073,062
86$9,159,324$721,917$0$6,588,640
87$10,002,449$666,164$0$7,162,718
88$10,928,702$604,810$0$7,804,711
89$11,946,472$537,488$0$8,510,173
90$13,065,001$463,813$0$9,285,555
91$14,294,469$383,378$0$10,137,964
92$15,646,093$295,752$0$11,075,233
93$17,132,231$200,480$0$12,105,996
94$18,766,498$97,083$0$13,239,770
95$20,563,893$0$0$14,487,044
96$22,540,943$0$0$15,862,173
97$24,715,858$0$0$17,394,978
98$27,108,701$0$0$19,081,449
99$29,741,575$0$0$20,937,172
100$32,638,838$0$0$22,979,327