Can I retire at age 58 with 962,000?

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 $962,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$79,441$78,733$78,043$77,369$76,711$74,585
2 years$39,327$38,595$37,885$37,197$36,529$34,402
3 years$25,958$25,222$24,514$23,832$23,176$21,115
4 years$19,274$18,541$17,840$17,170$16,529$14,551
5 years$15,265$14,536$13,845$13,188$12,565$10,675
6 years$12,593$11,870$11,188$10,547$9,942$8,142
7 years$10,686$9,968$9,298$8,671$8,086$6,375
8 years$9,256$8,545$7,885$7,274$6,708$5,086
9 years$8,144$7,440$6,791$6,196$5,649$4,114
10 years$7,255$6,558$5,921$5,341$4,813$3,364
11 years$6,528$5,838$5,213$4,648$4,140$2,773
12 years$5,923$5,240$4,626$4,077$3,587$2,301
13 years$5,411$4,735$4,133$3,599$3,128$1,919
14 years$4,973$4,304$3,714$3,195$2,742$1,608
15 years$4,594$3,932$3,353$2,849$2,414$1,351
16 years$4,262$3,608$3,040$2,551$2,134$1,139
17 years$3,970$3,322$2,766$2,292$1,892$963
18 years$3,710$3,070$2,525$2,066$1,682$815
19 years$3,478$2,845$2,312$1,867$1,499$692
20 years$3,270$2,644$2,122$1,691$1,339$587
21 years$3,081$2,463$1,951$1,534$1,199$500
22 years$2,910$2,299$1,799$1,395$1,074$425
23 years$2,754$2,150$1,661$1,271$964$362
24 years$2,611$2,015$1,536$1,159$867$309
25 years$2,480$1,891$1,422$1,058$780$264
26 years$2,359$1,777$1,319$968$703$225
27 years$2,248$1,672$1,225$886$633$192
28 years$2,144$1,576$1,139$812$572$164
29 years$2,048$1,486$1,060$744$516$140
30 years$1,958$1,404$987$683$466$120
31 years$1,875$1,327$920$627$422$103
32 years$1,796$1,256$859$576$381$88
33 years$1,723$1,189$802$530$345$75
34 years$1,654$1,127$749$488$312$64
35 years$1,589$1,069$700$449$283$55
36 years$1,528$1,015$655$414$256$47
37 years$1,470$964$613$381$232$40
38 years$1,416$916$574$351$211$34
39 years$1,364$871$538$324$191$29
40 years$1,315$829$504$299$173$25
41 years$1,269$789$473$276$157$22
42 years$1,225$751$444$254$143$18
43 years$1,183$716$416$235$129$16
44 years$1,143$682$391$217$118$14
45 years$1,105$651$367$200$107$12
46 years$1,069$621$345$185$97$10
47 years$1,034$592$324$171$88$8
48 years$1,001$565$304$158$80$7
49 years$969$540$286$146$73$6
50 years$939$516$269$135$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $962,000, adding $4,520 every year, while hoping to spend $26,407 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: 73/20/7 Blend
57$962,000$962,000$962,000$962,000
58$1,064,786$1,013,800$998,889$1,141,134
59$1,145,298$1,035,380$1,004,255$1,213,655
60$1,233,136$1,057,131$1,008,916$1,289,295
61$1,329,021$1,079,036$1,012,820$1,371,388
62$1,433,745$1,101,072$1,015,913$1,460,562
63$1,548,179$1,123,217$1,018,138$1,557,511
64$1,673,284$1,145,445$1,019,436$1,662,997
65$1,810,115$1,167,728$1,019,744$1,777,859
66$1,959,838$1,190,038$1,018,996$1,903,023
67$2,123,732$1,212,340$1,017,123$2,039,509
68$2,303,209$1,234,602$1,014,053$2,188,438
69$2,499,823$1,256,784$1,009,711$2,351,047
70$2,715,285$1,278,846$1,004,016$2,528,698
71$2,951,479$1,300,745$996,885$2,722,893
72$3,210,481$1,322,432$988,232$2,935,285
73$3,494,576$1,343,857$977,964$3,167,695
74$3,806,283$1,364,966$965,986$3,422,131
75$4,148,374$1,385,700$952,197$3,700,805
76$4,523,905$1,405,997$936,492$4,006,152
77$4,936,241$1,425,788$918,762$4,340,859
78$5,389,089$1,445,002$898,892$4,707,885
79$5,886,531$1,463,563$876,760$5,110,488
80$6,433,067$1,481,387$852,241$5,552,262
81$7,033,652$1,498,387$825,203$6,037,167
82$7,693,745$1,514,469$795,508$6,569,563
83$8,419,362$1,529,533$763,013$7,154,258
84$9,217,129$1,543,472$727,565$7,796,551
85$10,094,346$1,556,172$689,009$8,502,279
86$11,059,057$1,567,512$647,178$9,277,875
87$12,120,124$1,577,363$601,902$10,130,429
88$13,287,310$1,585,588$552,999$11,067,754
89$14,571,374$1,592,040$500,283$12,098,460
90$15,984,168$1,596,564$443,557$13,232,037
91$17,538,753$1,598,995$382,615$14,478,939
92$19,249,517$1,599,157$317,245$15,850,692
93$21,132,317$1,596,865$247,221$17,359,996
94$23,204,621$1,591,919$172,311$19,020,845
95$25,485,680$1,584,111$92,271$20,848,664
96$27,996,704$1,573,217$6,847$22,860,451
97$30,761,064$1,559,001$0$25,074,938
98$33,804,513$1,541,212$0$27,519,068
99$37,155,427$1,519,585$0$30,210,249
100$40,845,074$1,493,838$0$33,173,064