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%18.2%
1 years$79,441$78,733$78,043$77,369$76,711$74,167
2 years$39,327$38,595$37,885$37,197$36,529$33,990
3 years$25,958$25,222$24,514$23,832$23,176$20,722
4 years$19,274$18,541$17,840$17,170$16,529$14,180
5 years$15,265$14,536$13,845$13,188$12,565$10,326
6 years$12,593$11,870$11,188$10,547$9,942$7,815
7 years$10,686$9,968$9,298$8,671$8,086$6,071
8 years$9,256$8,545$7,885$7,274$6,708$4,803
9 years$8,144$7,440$6,791$6,196$5,649$3,853
10 years$7,255$6,558$5,921$5,341$4,813$3,122
11 years$6,528$5,838$5,213$4,648$4,140$2,551
12 years$5,923$5,240$4,626$4,077$3,587$2,097
13 years$5,411$4,735$4,133$3,599$3,128$1,733
14 years$4,973$4,304$3,714$3,195$2,742$1,437
15 years$4,594$3,932$3,353$2,849$2,414$1,196
16 years$4,262$3,608$3,040$2,551$2,134$999
17 years$3,970$3,322$2,766$2,292$1,892$835
18 years$3,710$3,070$2,525$2,066$1,682$700
19 years$3,478$2,845$2,312$1,867$1,499$588
20 years$3,270$2,644$2,122$1,691$1,339$494
21 years$3,081$2,463$1,951$1,534$1,199$415
22 years$2,910$2,299$1,799$1,395$1,074$350
23 years$2,754$2,150$1,661$1,271$964$295
24 years$2,611$2,015$1,536$1,159$867$249
25 years$2,480$1,891$1,422$1,058$780$210
26 years$2,359$1,777$1,319$968$703$177
27 years$2,248$1,672$1,225$886$633$149
28 years$2,144$1,576$1,139$812$572$126
29 years$2,048$1,486$1,060$744$516$107
30 years$1,958$1,404$987$683$466$90
31 years$1,875$1,327$920$627$422$76
32 years$1,796$1,256$859$576$381$64
33 years$1,723$1,189$802$530$345$54
34 years$1,654$1,127$749$488$312$46
35 years$1,589$1,069$700$449$283$39
36 years$1,528$1,015$655$414$256$33
37 years$1,470$964$613$381$232$28
38 years$1,416$916$574$351$211$24
39 years$1,364$871$538$324$191$20
40 years$1,315$829$504$299$173$17
41 years$1,269$789$473$276$157$14
42 years$1,225$751$444$254$143$12
43 years$1,183$716$416$235$129$10
44 years$1,143$682$391$217$118$9
45 years$1,105$651$367$200$107$7
46 years$1,069$621$345$185$97$6
47 years$1,034$592$324$171$88$5
48 years$1,001$565$304$158$80$4
49 years$969$540$286$146$73$4
50 years$939$516$269$135$66$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $962,000, adding $4,094 every year, while hoping to spend $51,682 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: 32/42/26 Blend
57$962,000$962,000$962,000$962,000
58$1,064,347$1,013,361$998,450$1,089,830
59$1,117,921$1,008,026$976,909$1,104,251
60$1,175,228$1,000,698$952,914$1,114,890
61$1,236,593$991,224$926,328$1,125,323
62$1,302,374$979,443$897,009$1,135,565
63$1,372,964$965,184$864,807$1,145,640
64$1,448,793$948,265$829,565$1,155,578
65$1,530,334$928,494$791,119$1,165,416
66$1,618,106$905,668$749,299$1,175,203
67$1,712,678$879,571$703,927$1,184,997
68$1,814,677$849,975$654,814$1,194,867
69$1,924,790$816,640$601,766$1,204,897
70$2,043,772$779,309$544,579$1,215,188
71$2,172,454$737,713$483,039$1,225,854
72$2,311,749$691,565$416,925$1,237,033
73$2,462,659$640,563$346,004$1,248,883
74$2,626,288$584,389$270,033$1,261,588
75$2,803,849$522,703$188,759$1,275,357
76$2,996,677$455,150$101,917$1,290,434
77$3,206,238$381,353$9,231$1,307,096
78$3,434,147$300,912$0$1,325,659
79$3,682,180$213,407$0$1,371,363
80$3,952,291$118,393$0$1,424,088
81$4,246,632$15,401$0$1,481,822
82$4,567,569$0$0$1,545,179
83$4,917,706$0$0$1,659,245
84$5,299,911$0$0$1,791,665
85$5,717,339$0$0$1,936,432
86$6,173,466$0$0$2,094,769
87$6,672,116$0$0$2,268,022
88$7,217,500$0$0$2,457,674
89$7,814,255$0$0$2,665,358
90$8,467,488$0$0$2,892,871
91$9,182,820$0$0$3,142,192
92$9,966,442$0$0$3,415,504
93$10,825,174$0$0$3,715,207
94$11,766,524$0$0$4,043,946
95$12,798,764$0$0$4,404,634
96$13,931,001$0$0$4,800,482
97$15,173,270$0$0$5,235,023
98$16,536,621$0$0$5,712,151
99$18,033,228$0$0$6,236,156
100$19,676,500$0$0$6,811,762