Can I retire at age 58 with 973,000?

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 $973,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.2%
1 years$80,349$79,634$78,935$78,254$77,588$77,197
2 years$39,777$39,036$38,318$37,622$36,947$36,551
3 years$26,255$25,511$24,794$24,105$23,441$23,054
4 years$19,495$18,753$18,044$17,366$16,718$16,343
5 years$15,440$14,703$14,003$13,339$12,709$12,346
6 years$12,737$12,006$11,316$10,667$10,056$9,707
7 years$10,808$10,082$9,404$8,770$8,178$7,842
8 years$9,361$8,642$7,975$7,357$6,785$6,462
9 years$8,237$7,525$6,869$6,267$5,714$5,404
10 years$7,338$6,633$5,989$5,402$4,868$4,572
11 years$6,603$5,905$5,272$4,701$4,187$3,904
12 years$5,991$5,300$4,679$4,124$3,628$3,358
13 years$5,473$4,789$4,180$3,641$3,164$2,906
14 years$5,030$4,353$3,756$3,232$2,773$2,528
15 years$4,646$3,977$3,391$2,882$2,442$2,208
16 years$4,311$3,649$3,075$2,581$2,158$1,936
17 years$4,015$3,360$2,798$2,319$1,914$1,703
18 years$3,752$3,105$2,554$2,090$1,702$1,501
19 years$3,518$2,878$2,338$1,888$1,517$1,327
20 years$3,307$2,674$2,146$1,710$1,355$1,175
21 years$3,116$2,491$1,974$1,552$1,212$1,042
22 years$2,943$2,325$1,819$1,411$1,087$926
23 years$2,786$2,175$1,680$1,285$975$824
24 years$2,641$2,038$1,553$1,172$877$734
25 years$2,509$1,912$1,439$1,070$789$654
26 years$2,386$1,797$1,334$979$711$584
27 years$2,273$1,691$1,239$896$641$522
28 years$2,169$1,594$1,152$821$578$466
29 years$2,071$1,503$1,072$753$522$417
30 years$1,981$1,420$998$691$472$373
31 years$1,896$1,342$931$634$426$334
32 years$1,817$1,270$868$583$386$299
33 years$1,743$1,203$811$536$349$268
34 years$1,673$1,140$758$493$316$241
35 years$1,607$1,081$708$454$286$216
36 years$1,545$1,026$663$418$259$193
37 years$1,487$975$620$385$235$174
38 years$1,432$926$581$355$213$156
39 years$1,380$881$544$328$193$140
40 years$1,330$838$510$302$175$126
41 years$1,283$798$478$279$159$113
42 years$1,239$760$449$257$144$101
43 years$1,196$724$421$237$131$91
44 years$1,156$690$395$219$119$82
45 years$1,118$658$371$202$108$73
46 years$1,081$628$348$187$98$66
47 years$1,046$599$327$173$89$59
48 years$1,013$572$308$160$81$53
49 years$981$546$289$148$73$48
50 years$950$522$272$136$67$43

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $973,000, adding $2,562 every year, while hoping to spend $55,654 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: 81/13/6 Blend
57$973,000$973,000$973,000$973,000
58$1,074,889$1,023,320$1,008,238$1,161,298
59$1,125,312$1,014,247$982,799$1,209,121
60$1,179,013$1,002,864$954,642$1,253,927
61$1,236,268$989,000$923,618$1,301,394
62$1,297,378$972,472$889,569$1,351,757
63$1,362,673$953,086$852,333$1,405,275
64$1,432,518$930,639$811,738$1,462,234
65$1,507,308$904,914$767,605$1,522,947
66$1,587,481$875,682$719,747$1,587,760
67$1,673,513$842,699$667,968$1,657,057
68$1,765,930$805,710$612,063$1,731,257
69$1,865,308$764,443$551,820$1,810,824
70$1,972,278$718,610$487,015$1,896,271
71$2,087,536$667,907$417,416$1,988,161
72$2,211,845$612,014$342,779$2,087,117
73$2,346,040$550,591$262,850$2,193,825
74$2,491,045$483,278$177,364$2,309,040
75$2,647,870$409,697$86,043$2,433,598
76$2,817,627$329,446$0$2,568,419
77$3,001,539$242,103$0$2,715,249
78$3,200,950$147,221$0$2,880,403
79$3,417,339$44,326$0$3,059,622
80$3,652,331$0$0$3,254,289
81$3,907,714$0$0$3,475,524
82$4,185,457$0$0$3,723,046
83$4,487,722$0$0$3,992,445
84$4,816,892$0$0$4,285,847
85$5,175,587$0$0$4,605,591
86$5,566,691$0$0$4,954,250
87$5,993,379$0$0$5,334,657
88$6,459,143$0$0$5,749,930
89$6,967,830$0$0$6,203,502
90$7,523,674$0$0$6,699,152
91$8,131,336$0$0$7,241,038
92$8,795,946$0$0$7,833,743
93$9,523,156$0$0$8,482,308
94$10,319,187$0$0$9,192,286
95$11,190,891$0$0$9,969,793
96$12,145,811$0$0$10,821,562
97$13,192,257$0$0$11,755,010
98$14,339,379$0$0$12,778,303
99$15,597,255$0$0$13,900,437
100$16,976,985$0$0$15,131,319