Can I retire at age 58 with 962,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%13%
1 years$79,441$78,733$78,043$77,369$76,711$75,753
2 years$39,327$38,595$37,885$37,197$36,529$35,565
3 years$25,958$25,222$24,514$23,832$23,176$22,235
4 years$19,274$18,541$17,840$17,170$16,529$15,620
5 years$15,265$14,536$13,845$13,188$12,565$11,690
6 years$12,593$11,870$11,188$10,547$9,942$9,102
7 years$10,686$9,968$9,298$8,671$8,086$7,281
8 years$9,256$8,545$7,885$7,274$6,708$5,938
9 years$8,144$7,440$6,791$6,196$5,649$4,914
10 years$7,255$6,558$5,921$5,341$4,813$4,113
11 years$6,528$5,838$5,213$4,648$4,140$3,473
12 years$5,923$5,240$4,626$4,077$3,587$2,953
13 years$5,411$4,735$4,133$3,599$3,128$2,526
14 years$4,973$4,304$3,714$3,195$2,742$2,172
15 years$4,594$3,932$3,353$2,849$2,414$1,874
16 years$4,262$3,608$3,040$2,551$2,134$1,623
17 years$3,970$3,322$2,766$2,292$1,892$1,410
18 years$3,710$3,070$2,525$2,066$1,682$1,227
19 years$3,478$2,845$2,312$1,867$1,499$1,071
20 years$3,270$2,644$2,122$1,691$1,339$936
21 years$3,081$2,463$1,951$1,534$1,199$819
22 years$2,910$2,299$1,799$1,395$1,074$718
23 years$2,754$2,150$1,661$1,271$964$630
24 years$2,611$2,015$1,536$1,159$867$554
25 years$2,480$1,891$1,422$1,058$780$487
26 years$2,359$1,777$1,319$968$703$428
27 years$2,248$1,672$1,225$886$633$377
28 years$2,144$1,576$1,139$812$572$332
29 years$2,048$1,486$1,060$744$516$293
30 years$1,958$1,404$987$683$466$258
31 years$1,875$1,327$920$627$422$228
32 years$1,796$1,256$859$576$381$201
33 years$1,723$1,189$802$530$345$178
34 years$1,654$1,127$749$488$312$157
35 years$1,589$1,069$700$449$283$139
36 years$1,528$1,015$655$414$256$122
37 years$1,470$964$613$381$232$108
38 years$1,416$916$574$351$211$96
39 years$1,364$871$538$324$191$85
40 years$1,315$829$504$299$173$75
41 years$1,269$789$473$276$157$66
42 years$1,225$751$444$254$143$58
43 years$1,183$716$416$235$129$52
44 years$1,143$682$391$217$118$46
45 years$1,105$651$367$200$107$40
46 years$1,069$621$345$185$97$36
47 years$1,034$592$324$171$88$32
48 years$1,001$565$304$158$80$28
49 years$969$540$286$146$73$25
50 years$939$516$269$135$66$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $962,000, adding $6,240 every year, while hoping to spend $20,918 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: 41/35/24 Blend
57$962,000$962,000$962,000$962,000
58$1,066,561$1,015,575$1,000,664$1,102,535
59$1,153,093$1,043,081$1,011,929$1,156,448
60$1,247,751$1,071,234$1,022,871$1,212,314
61$1,351,341$1,100,044$1,033,456$1,272,369
62$1,464,751$1,129,519$1,043,651$1,337,011
63$1,588,959$1,159,670$1,053,417$1,406,674
64$1,725,043$1,190,504$1,062,716$1,481,840
65$1,874,189$1,222,030$1,071,509$1,563,038
66$2,037,703$1,254,256$1,079,751$1,650,850
67$2,217,025$1,287,190$1,087,399$1,745,918
68$2,413,738$1,320,840$1,094,404$1,848,949
69$2,629,590$1,355,212$1,100,717$1,960,723
70$2,866,503$1,390,312$1,106,285$2,082,097
71$3,126,595$1,426,145$1,111,054$2,214,017
72$3,412,199$1,462,718$1,114,966$2,357,525
73$3,725,885$1,500,033$1,117,959$2,513,767
74$4,070,485$1,538,094$1,119,971$2,684,010
75$4,449,118$1,576,904$1,120,933$2,869,647
76$4,865,219$1,616,464$1,120,776$3,072,212
77$5,322,576$1,656,775$1,119,426$3,293,400
78$5,825,357$1,697,836$1,116,806$3,535,074
79$6,378,159$1,739,645$1,112,834$3,799,291
80$6,986,042$1,782,199$1,107,425$4,088,314
81$7,654,585$1,825,493$1,100,490$4,404,641
82$8,389,932$1,869,522$1,091,936$4,751,022
83$9,198,854$1,914,277$1,081,665$5,130,489
84$10,088,811$1,959,750$1,069,574$5,546,384
85$11,068,020$2,005,929$1,055,555$6,002,390
86$12,145,539$2,052,800$1,039,497$6,502,565
87$13,331,344$2,100,348$1,021,281$7,051,383
88$14,636,431$2,148,555$1,000,784$7,653,775
89$16,072,914$2,197,400$977,877$8,315,174
90$17,654,140$2,246,862$952,424$9,041,569
91$19,394,818$2,296,914$924,286$9,839,562
92$21,311,154$2,347,527$893,314$10,716,428
93$23,421,004$2,398,668$859,353$11,680,184
94$25,744,047$2,450,304$822,242$12,739,669
95$28,301,965$2,502,393$781,811$13,904,623
96$31,118,649$2,554,894$737,886$15,185,781
97$34,220,426$2,607,759$690,280$16,594,975
98$37,636,306$2,660,935$638,800$18,145,245
99$41,398,255$2,714,368$583,247$19,850,965
100$45,541,500$2,767,994$523,408$21,727,975