Can I retire at age 58 with 981,000?

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 $981,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$81,010$80,288$79,584$78,897$78,226$76,678
2 years$40,104$39,357$38,633$37,931$37,251$35,698
3 years$26,470$25,720$24,998$24,303$23,633$22,124
4 years$19,655$18,907$18,192$17,509$16,855$15,401
5 years$15,567$14,823$14,118$13,449$12,813$11,418
6 years$12,842$12,104$11,409$10,755$10,139$8,804
7 years$10,897$10,165$9,481$8,842$8,245$6,972
8 years$9,438$8,714$8,041$7,418$6,840$5,627
9 years$8,305$7,587$6,926$6,318$5,761$4,607
10 years$7,398$6,687$6,038$5,446$4,908$3,814
11 years$6,657$5,953$5,316$4,740$4,221$3,184
12 years$6,040$5,343$4,718$4,157$3,658$2,677
13 years$5,518$4,829$4,215$3,670$3,190$2,263
14 years$5,071$4,389$3,787$3,258$2,796$1,922
15 years$4,684$4,010$3,419$2,906$2,462$1,638
16 years$4,346$3,679$3,100$2,602$2,176$1,401
17 years$4,048$3,388$2,821$2,338$1,929$1,201
18 years$3,783$3,131$2,575$2,107$1,716$1,032
19 years$3,547$2,902$2,357$1,904$1,529$889
20 years$3,334$2,696$2,163$1,724$1,366$766
21 years$3,142$2,511$1,990$1,565$1,222$662
22 years$2,968$2,344$1,834$1,423$1,096$572
23 years$2,808$2,193$1,693$1,296$983$495
24 years$2,663$2,054$1,566$1,182$884$429
25 years$2,529$1,928$1,451$1,079$795$372
26 years$2,406$1,812$1,345$987$716$323
27 years$2,292$1,705$1,249$903$646$280
28 years$2,186$1,607$1,161$828$583$243
29 years$2,088$1,516$1,081$759$526$211
30 years$1,997$1,432$1,007$696$476$184
31 years$1,912$1,353$938$640$430$160
32 years$1,832$1,280$876$588$389$139
33 years$1,757$1,213$818$541$352$121
34 years$1,687$1,149$764$497$319$105
35 years$1,620$1,090$714$458$289$91
36 years$1,558$1,035$668$422$262$79
37 years$1,499$983$625$389$237$69
38 years$1,444$934$586$358$215$60
39 years$1,391$888$549$330$195$52
40 years$1,341$845$514$305$177$46
41 years$1,294$804$482$281$160$40
42 years$1,249$766$452$259$146$35
43 years$1,206$730$424$239$132$30
44 years$1,166$696$398$221$120$26
45 years$1,127$663$374$204$109$23
46 years$1,090$633$351$189$99$20
47 years$1,055$604$330$174$90$17
48 years$1,021$577$310$161$81$15
49 years$989$551$292$149$74$13
50 years$958$526$274$138$67$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $981,000, adding $4,157 every year, while hoping to spend $56,696 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: 55/34/11 Blend
57$981,000$981,000$981,000$981,000
58$1,085,350$1,033,357$1,018,151$1,141,808
59$1,135,732$1,023,667$991,935$1,170,848
60$1,189,352$1,011,603$962,941$1,195,893
61$1,246,481$996,987$931,015$1,221,827
62$1,307,416$979,633$895,998$1,248,744
63$1,372,481$959,343$857,722$1,276,751
64$1,442,031$935,908$816,013$1,305,970
65$1,516,457$909,106$770,688$1,336,536
66$1,596,184$878,702$721,555$1,368,605
67$1,681,684$844,446$668,415$1,402,348
68$1,773,469$806,077$611,060$1,437,959
69$1,872,103$763,316$549,272$1,475,658
70$1,978,208$715,868$482,822$1,515,689
71$2,092,462$663,423$411,474$1,558,327
72$2,215,613$605,651$334,979$1,603,878
73$2,348,482$542,204$253,077$1,652,687
74$2,491,970$472,715$165,498$1,705,139
75$2,647,068$396,795$71,959$1,761,664
76$2,814,865$314,034$0$1,822,742
77$2,996,558$223,999$0$1,892,179
78$3,193,463$126,230$0$1,976,530
79$3,407,026$20,246$0$2,068,042
80$3,638,840$0$0$2,167,500
81$3,890,654$0$0$2,311,114
82$4,164,394$0$0$2,475,547
83$4,462,177$0$0$2,654,506
84$4,786,334$0$0$2,849,402
85$5,139,429$0$0$3,061,788
86$5,524,284$0$0$3,293,372
87$5,944,003$0$0$3,546,034
88$6,402,006$0$0$3,821,846
89$6,902,054$0$0$4,123,086
90$7,448,289$0$0$4,452,261
91$8,045,270$0$0$4,812,133
92$8,698,017$0$0$5,205,744
93$9,412,056$0$0$5,636,440
94$10,193,472$0$0$6,107,908
95$11,048,966$0$0$6,624,207
96$11,985,918$0$0$7,189,807
97$13,012,452$0$0$7,809,631
98$14,137,517$0$0$8,489,101
99$15,370,970$0$0$9,234,188
100$16,723,665$0$0$10,051,468