Can I retire at age 58 with 980,000?

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 $980,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$80,927$80,207$79,503$78,817$78,147$77,363
2 years$40,063$39,317$38,594$37,893$37,213$36,423
3 years$26,443$25,694$24,973$24,278$23,609$22,839
4 years$19,635$18,888$18,174$17,491$16,838$16,092
5 years$15,551$14,808$14,104$13,435$12,800$12,081
6 years$12,829$12,092$11,398$10,744$10,128$9,437
7 years$10,886$10,155$9,472$8,833$8,237$7,574
8 years$9,429$8,705$8,033$7,410$6,833$6,199
9 years$8,296$7,579$6,919$6,312$5,755$5,148
10 years$7,391$6,680$6,032$5,441$4,903$4,324
11 years$6,650$5,947$5,310$4,735$4,217$3,665
12 years$6,034$5,338$4,713$4,153$3,654$3,129
13 years$5,513$4,824$4,211$3,667$3,187$2,687
14 years$5,066$4,385$3,783$3,255$2,793$2,319
15 years$4,680$4,006$3,416$2,903$2,460$2,009
16 years$4,342$3,675$3,097$2,599$2,174$1,747
17 years$4,044$3,385$2,818$2,335$1,927$1,524
18 years$3,779$3,128$2,572$2,105$1,714$1,332
19 years$3,543$2,899$2,355$1,902$1,528$1,168
20 years$3,331$2,693$2,161$1,722$1,364$1,025
21 years$3,139$2,509$1,988$1,563$1,221$901
22 years$2,964$2,342$1,832$1,421$1,094$794
23 years$2,806$2,190$1,692$1,294$982$700
24 years$2,660$2,052$1,565$1,181$883$618
25 years$2,527$1,926$1,449$1,078$795$546
26 years$2,403$1,810$1,344$986$716$482
27 years$2,290$1,703$1,248$902$645$427
28 years$2,184$1,605$1,160$827$582$378
29 years$2,086$1,514$1,080$758$526$335
30 years$1,995$1,430$1,006$696$475$297
31 years$1,910$1,352$938$639$430$263
32 years$1,830$1,279$875$587$389$233
33 years$1,755$1,211$817$540$352$207
34 years$1,685$1,148$763$497$318$184
35 years$1,619$1,089$713$457$288$163
36 years$1,556$1,034$667$421$261$145
37 years$1,498$982$625$388$237$129
38 years$1,442$933$585$358$215$114
39 years$1,390$887$548$330$195$102
40 years$1,340$844$514$304$177$90
41 years$1,293$803$482$281$160$80
42 years$1,248$765$452$259$145$71
43 years$1,205$729$424$239$132$63
44 years$1,164$695$398$221$120$56
45 years$1,126$663$374$204$109$50
46 years$1,089$632$351$188$99$45
47 years$1,054$603$330$174$90$40
48 years$1,020$576$310$161$81$35
49 years$988$550$291$149$74$31
50 years$957$525$274$137$67$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $980,000, adding $5,390 every year, while hoping to spend $49,214 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: 54/36/10 Blend
57$980,000$980,000$980,000$980,000
58$1,085,520$1,033,580$1,018,390$1,141,120
59$1,143,879$1,031,862$1,000,143$1,177,720
60$1,206,542$1,028,410$979,635$1,211,712
61$1,273,896$1,023,088$956,738$1,247,546
62$1,346,364$1,015,750$931,320$1,285,406
63$1,424,413$1,006,243$903,239$1,325,497
64$1,508,557$994,402$872,351$1,368,047
65$1,599,357$980,055$838,502$1,413,310
66$1,697,432$963,018$801,532$1,461,569
67$1,803,461$943,097$761,275$1,513,137
68$1,918,191$920,085$717,554$1,568,363
69$2,042,443$893,766$670,189$1,627,634
70$2,177,119$863,908$618,988$1,691,381
71$2,323,212$830,267$563,751$1,760,082
72$2,481,814$792,584$504,271$1,834,267
73$2,654,125$750,586$440,329$1,914,525
74$2,841,465$703,984$371,700$2,001,509
75$3,045,287$652,472$298,144$2,095,945
76$3,267,190$595,727$219,416$2,198,635
77$3,508,932$533,406$135,255$2,310,471
78$3,772,450$465,150$45,393$2,432,440
79$4,059,872$390,575$0$2,565,638
80$4,373,545$309,279$0$2,716,666
81$4,716,049$220,836$0$2,886,997
82$5,090,225$124,796$0$3,073,304
83$5,499,201$20,684$0$3,277,269
84$5,946,420$0$0$3,500,750
85$6,435,674$0$0$3,782,252
86$6,971,138$0$0$4,099,399
87$7,557,408$0$0$4,446,734
88$8,199,547$0$0$4,827,266
89$8,903,129$0$0$5,244,312
90$9,674,295$0$0$5,701,524
91$10,519,805$0$0$6,202,924
92$11,447,108$0$0$6,752,941
93$12,464,405$0$0$7,356,456
94$13,580,732$0$0$8,018,843
95$14,806,041$0$0$8,746,022
96$16,151,293$0$0$9,544,514
97$17,628,565$0$0$10,421,505
98$19,251,158$0$0$11,384,908
99$21,033,728$0$0$12,443,440
100$22,992,416$0$0$13,606,707