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%12.2%
1 years$79,276$78,570$77,881$77,208$76,552$75,847
2 years$39,245$38,515$37,806$37,119$36,453$35,743
3 years$25,904$25,170$24,463$23,783$23,127$22,434
4 years$19,234$18,502$17,803$17,134$16,495$15,823
5 years$15,234$14,506$13,816$13,161$12,539$11,892
6 years$12,567$11,845$11,165$10,525$9,922$9,299
7 years$10,664$9,948$9,278$8,653$8,069$7,472
8 years$9,236$8,527$7,869$7,259$6,694$6,122
9 years$8,127$7,424$6,777$6,183$5,637$5,090
10 years$7,240$6,544$5,909$5,330$4,803$4,280
11 years$6,515$5,826$5,202$4,638$4,131$3,632
12 years$5,911$5,229$4,617$4,068$3,580$3,105
13 years$5,400$4,725$4,125$3,592$3,122$2,670
14 years$4,963$4,295$3,706$3,188$2,736$2,307
15 years$4,584$3,924$3,346$2,844$2,409$2,002
16 years$4,253$3,600$3,034$2,546$2,129$1,743
17 years$3,961$3,316$2,760$2,288$1,888$1,523
18 years$3,702$3,064$2,520$2,062$1,679$1,333
19 years$3,471$2,839$2,307$1,863$1,496$1,170
20 years$3,263$2,639$2,117$1,687$1,337$1,029
21 years$3,075$2,458$1,947$1,531$1,196$906
22 years$2,904$2,294$1,795$1,392$1,072$799
23 years$2,748$2,146$1,657$1,268$962$705
24 years$2,606$2,010$1,533$1,156$865$623
25 years$2,475$1,887$1,420$1,056$778$552
26 years$2,354$1,773$1,317$966$701$488
27 years$2,243$1,669$1,223$884$632$433
28 years$2,140$1,572$1,136$810$570$384
29 years$2,044$1,483$1,058$743$515$341
30 years$1,954$1,401$985$682$465$302
31 years$1,871$1,324$918$626$421$268
32 years$1,792$1,253$857$575$381$239
33 years$1,719$1,187$800$529$344$212
34 years$1,650$1,125$748$487$312$188
35 years$1,586$1,067$699$448$282$168
36 years$1,525$1,013$654$413$256$149
37 years$1,467$962$612$380$232$133
38 years$1,413$914$573$350$210$118
39 years$1,361$869$537$323$191$105
40 years$1,312$827$503$298$173$94
41 years$1,266$787$472$275$157$83
42 years$1,222$750$443$254$142$74
43 years$1,180$714$415$234$129$66
44 years$1,141$681$390$216$117$59
45 years$1,103$649$366$200$106$52
46 years$1,067$619$344$185$97$47
47 years$1,032$591$323$170$88$42
48 years$999$564$304$158$80$37
49 years$967$539$285$146$72$33
50 years$937$515$268$135$66$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $960,000, adding $5,764 every year, while hoping to spend $44,318 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: 38/42/20 Blend
57$960,000$960,000$960,000$960,000
58$1,063,866$1,012,986$998,106$1,097,721
59$1,125,226$1,015,468$984,388$1,125,181
60$1,191,360$1,016,586$968,726$1,150,229
61$1,262,707$1,016,228$951,007$1,176,387
62$1,339,751$1,014,271$931,113$1,203,780
63$1,423,023$1,010,588$908,924$1,232,550
64$1,513,108$1,005,043$884,309$1,262,854
65$1,610,647$997,492$857,135$1,294,870
66$1,716,346$987,782$827,262$1,328,798
67$1,830,980$975,751$794,542$1,364,860
68$1,955,404$961,226$758,823$1,403,307
69$2,090,555$944,026$719,944$1,444,419
70$2,237,466$923,958$677,736$1,488,507
71$2,397,273$900,817$632,026$1,535,922
72$2,571,225$874,388$582,629$1,587,054
73$2,760,697$844,440$529,354$1,642,338
74$2,967,203$810,732$472,002$1,702,260
75$3,192,407$773,007$410,363$1,767,360
76$3,438,142$730,993$344,220$1,838,243
77$3,706,425$684,405$273,344$1,915,580
78$3,999,477$632,938$197,498$2,000,117
79$4,319,743$576,271$116,434$2,092,687
80$4,669,915$514,066$29,892$2,194,212
81$5,052,955$445,964$0$2,305,721
82$5,472,126$371,586$0$2,441,685
83$5,931,022$290,532$0$2,597,715
84$6,433,598$202,380$0$2,768,896
85$6,984,211$106,684$0$2,956,855
86$7,587,661$2,971$0$3,163,394
87$8,249,230$0$0$3,390,506
88$8,974,740$0$0$3,690,890
89$9,770,601$0$0$4,022,042
90$10,643,874$0$0$4,385,545
91$11,602,335$0$0$4,784,652
92$12,654,552$0$0$5,222,949
93$13,809,962$0$0$5,704,386
94$15,078,960$0$0$6,233,314
95$16,472,998$0$0$6,814,525
96$18,004,691$0$0$7,453,300
97$19,687,938$0$0$8,155,456
98$21,538,048$0$0$8,927,403
99$23,571,892$0$0$9,776,201
100$25,808,051$0$0$10,709,631