Can I retire at age 58 with 983,000?

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 $983,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$81,175$80,452$79,747$79,058$78,386$75,545
2 years$40,186$39,437$38,712$38,009$37,327$34,495
3 years$26,524$25,773$25,049$24,353$23,682$20,949
4 years$19,695$18,946$18,229$17,545$16,890$14,277
5 years$15,599$14,854$14,147$13,476$12,839$10,353
6 years$12,868$12,129$11,433$10,777$10,159$7,802
7 years$10,919$10,186$9,501$8,860$8,262$6,033
8 years$9,458$8,731$8,057$7,433$6,854$4,751
9 years$8,322$7,602$6,940$6,331$5,772$3,792
10 years$7,413$6,701$6,050$5,457$4,918$3,057
11 years$6,671$5,965$5,327$4,750$4,230$2,485
12 years$6,052$5,354$4,727$4,166$3,666$2,032
13 years$5,530$4,839$4,223$3,678$3,196$1,670
14 years$5,082$4,398$3,795$3,265$2,802$1,378
15 years$4,694$4,018$3,426$2,912$2,467$1,140
16 years$4,355$3,686$3,106$2,607$2,180$946
17 years$4,056$3,395$2,827$2,342$1,933$787
18 years$3,791$3,137$2,580$2,111$1,719$655
19 years$3,554$2,907$2,362$1,907$1,532$547
20 years$3,341$2,702$2,168$1,728$1,369$457
21 years$3,148$2,517$1,994$1,568$1,225$382
22 years$2,974$2,349$1,838$1,426$1,098$320
23 years$2,814$2,197$1,697$1,298$985$268
24 years$2,668$2,059$1,569$1,184$886$224
25 years$2,534$1,932$1,454$1,081$797$188
26 years$2,411$1,816$1,348$989$718$158
27 years$2,297$1,709$1,252$905$647$132
28 years$2,191$1,610$1,164$829$584$111
29 years$2,093$1,519$1,083$760$527$93
30 years$2,001$1,434$1,009$698$477$78
31 years$1,915$1,356$940$641$431$66
32 years$1,835$1,283$877$589$390$55
33 years$1,760$1,215$819$542$353$46
34 years$1,690$1,152$765$498$319$39
35 years$1,624$1,092$716$459$289$33
36 years$1,561$1,037$669$423$262$27
37 years$1,502$985$627$389$238$23
38 years$1,447$936$587$359$215$19
39 years$1,394$890$550$331$195$16
40 years$1,344$847$515$305$177$14
41 years$1,297$806$483$282$161$11
42 years$1,252$768$453$260$146$10
43 years$1,209$731$425$240$132$8
44 years$1,168$697$399$221$120$7
45 years$1,129$665$375$205$109$6
46 years$1,092$634$352$189$99$5
47 years$1,057$605$331$175$90$4
48 years$1,023$578$311$161$82$3
49 years$991$552$292$149$74$3
50 years$960$527$275$138$67$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $983,000, adding $6,050 every year, while hoping to spend $30,638 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: 26/50/24 Blend
57$983,000$983,000$983,000$983,000
58$1,089,507$1,037,408$1,022,171$1,109,456
59$1,168,038$1,055,642$1,023,815$1,144,223
60$1,253,552$1,073,743$1,024,488$1,178,446
61$1,346,730$1,091,672$1,024,123$1,214,519
62$1,448,319$1,109,386$1,022,654$1,252,618
63$1,559,143$1,126,842$1,020,009$1,292,937
64$1,680,109$1,143,991$1,016,112$1,335,693
65$1,812,215$1,160,780$1,010,886$1,381,124
66$1,956,558$1,177,156$1,004,249$1,429,497
67$2,114,348$1,193,058$996,112$1,481,105
68$2,286,917$1,208,424$986,388$1,536,274
69$2,475,731$1,223,184$974,980$1,595,366
70$2,682,403$1,237,268$961,789$1,658,779
71$2,908,712$1,250,598$946,713$1,726,958
72$3,156,614$1,263,091$929,641$1,800,393
73$3,428,265$1,274,659$910,461$1,879,628
74$3,726,040$1,285,209$889,053$1,965,263
75$4,052,552$1,294,640$865,293$2,057,966
76$4,410,683$1,302,848$839,050$2,158,472
77$4,803,602$1,309,717$810,188$2,267,599
78$5,234,805$1,315,129$778,565$2,386,248
79$5,708,140$1,318,955$744,032$2,515,418
80$6,227,846$1,321,059$706,432$2,656,214
81$6,798,591$1,321,297$665,603$2,809,858
82$7,425,522$1,319,514$621,375$2,977,700
83$8,114,303$1,315,549$573,569$3,161,236
84$8,871,179$1,309,228$522,000$3,362,118
85$9,703,027$1,300,367$466,475$3,582,170
86$10,617,423$1,288,772$406,789$3,823,413
87$11,622,715$1,274,237$342,731$4,088,077
88$12,728,100$1,256,542$274,081$4,378,627
89$13,943,710$1,235,457$200,606$4,697,789
90$15,280,708$1,210,734$122,066$5,048,571
91$16,751,395$1,182,115$38,210$5,434,300
92$18,369,321$1,149,322$0$5,858,649
93$20,149,418$1,112,066$0$6,338,806
94$22,108,138$1,070,036$0$6,877,417
95$24,263,606$1,022,906$0$7,469,708
96$26,635,796$970,331$0$8,121,219
97$29,246,715$911,944$0$8,838,064
98$32,120,611$847,360$0$9,626,988
99$35,284,201$776,169$0$10,495,430
100$38,766,928$697,940$0$11,451,598