Can I retire at age 58 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$80,102$79,388$78,692$78,013$77,349$75,881
2 years$39,654$38,916$38,200$37,506$36,833$35,359
3 years$26,174$25,432$24,718$24,030$23,368$21,935
4 years$19,435$18,695$17,988$17,313$16,666$15,285
5 years$15,392$14,657$13,960$13,298$12,670$11,344
6 years$12,698$11,969$11,282$10,634$10,025$8,756
7 years$10,775$10,051$9,375$8,743$8,153$6,942
8 years$9,333$8,616$7,951$7,334$6,764$5,610
9 years$8,212$7,502$6,848$6,247$5,696$4,598
10 years$7,315$6,612$5,970$5,385$4,853$3,811
11 years$6,583$5,887$5,256$4,687$4,174$3,186
12 years$5,972$5,283$4,665$4,111$3,617$2,682
13 years$5,456$4,775$4,168$3,629$3,154$2,270
14 years$5,015$4,340$3,745$3,222$2,765$1,930
15 years$4,632$3,965$3,381$2,873$2,434$1,648
16 years$4,297$3,638$3,065$2,573$2,152$1,411
17 years$4,003$3,350$2,789$2,311$1,908$1,212
18 years$3,741$3,096$2,546$2,083$1,696$1,043
19 years$3,507$2,869$2,331$1,882$1,512$899
20 years$3,297$2,666$2,139$1,705$1,350$777
21 years$3,107$2,483$1,968$1,547$1,209$672
22 years$2,934$2,318$1,814$1,407$1,083$582
23 years$2,777$2,168$1,674$1,281$972$504
24 years$2,633$2,031$1,549$1,168$874$437
25 years$2,501$1,906$1,434$1,067$786$380
26 years$2,379$1,792$1,330$976$708$330
27 years$2,266$1,686$1,235$893$639$287
28 years$2,162$1,589$1,148$818$576$249
29 years$2,065$1,499$1,069$750$520$217
30 years$1,975$1,415$995$689$470$189
31 years$1,890$1,338$928$632$425$164
32 years$1,811$1,266$866$581$385$143
33 years$1,737$1,199$808$535$348$125
34 years$1,668$1,136$755$492$315$109
35 years$1,602$1,078$706$453$285$95
36 years$1,541$1,023$661$417$259$83
37 years$1,482$972$618$384$234$72
38 years$1,427$923$579$354$212$63
39 years$1,375$878$542$326$193$55
40 years$1,326$835$508$301$175$48
41 years$1,279$795$477$278$159$42
42 years$1,235$757$447$256$144$36
43 years$1,193$722$420$237$131$32
44 years$1,152$688$394$219$119$28
45 years$1,114$656$370$202$108$24
46 years$1,078$626$347$186$98$21
47 years$1,043$597$326$172$89$18
48 years$1,009$570$307$159$81$16
49 years$978$544$288$147$73$14
50 years$947$520$271$136$66$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $970,000, adding $6,731 every year, while hoping to spend $29,589 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: 62/18/20 Blend
57$970,000$970,000$970,000$970,000
58$1,075,883$1,024,473$1,009,438$1,136,631
59$1,154,141$1,043,190$1,011,772$1,197,143
60$1,239,389$1,061,832$1,013,192$1,259,280
61$1,332,309$1,080,365$1,013,637$1,326,438
62$1,433,653$1,098,750$1,013,041$1,399,112
63$1,544,245$1,116,948$1,011,338$1,477,842
64$1,664,994$1,134,915$1,008,454$1,563,228
65$1,796,902$1,152,605$1,004,316$1,655,929
66$1,941,070$1,169,967$998,845$1,756,672
67$2,098,711$1,186,947$991,958$1,866,258
68$2,271,161$1,203,488$983,569$1,985,572
69$2,459,889$1,219,529$973,589$2,115,588
70$2,666,516$1,235,004$961,922$2,257,381
71$2,892,823$1,249,842$948,469$2,412,134
72$3,140,775$1,263,968$933,127$2,581,154
73$3,412,534$1,277,302$915,786$2,765,881
74$3,710,481$1,289,759$896,334$2,967,902
75$4,037,240$1,301,247$874,651$3,188,969
76$4,395,700$1,311,669$850,613$3,431,010
77$4,789,042$1,320,921$824,089$3,696,154
78$5,220,772$1,328,894$794,943$3,986,746
79$5,694,750$1,335,470$763,034$4,305,374
80$6,215,231$1,340,524$728,211$4,654,889
81$6,786,898$1,343,923$690,320$5,038,435
82$7,414,913$1,345,527$649,198$5,459,477
83$8,104,962$1,345,186$604,674$5,921,838
84$8,863,309$1,342,741$556,571$6,429,731
85$9,696,854$1,338,022$504,703$6,987,799
86$10,613,199$1,330,851$448,877$7,601,164
87$11,620,720$1,321,037$388,889$8,275,471
88$12,728,645$1,308,380$324,528$9,016,942
89$13,947,140$1,292,664$255,573$9,832,439
90$15,287,408$1,273,664$181,794$10,729,524
91$16,761,789$1,251,139$102,950$11,716,534
92$18,383,881$1,224,835$18,789$12,802,660
93$20,168,667$1,194,482$0$13,998,034
94$22,132,655$1,159,795$0$15,328,982
95$24,294,033$1,120,472$0$16,797,921
96$26,672,843$1,076,194$0$18,414,471
97$29,291,168$1,026,622$0$20,193,655
98$32,173,338$971,398$0$22,152,030
99$35,346,166$910,144$0$24,307,842
100$38,839,194$842,460$0$26,681,199