Can I retire at age 58 with 984,000?

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 $984,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$81,258$80,534$79,828$79,139$78,466$75,923
2 years$40,227$39,477$38,751$38,047$37,365$34,827
3 years$26,551$25,799$25,075$24,377$23,706$21,253
4 years$19,715$18,965$18,248$17,562$16,907$14,557
5 years$15,614$14,869$14,161$13,490$12,852$10,612
6 years$12,881$12,141$11,444$10,788$10,170$8,041
7 years$10,930$10,196$9,510$8,869$8,271$6,253
8 years$9,467$8,740$8,065$7,440$6,861$4,954
9 years$8,330$7,610$6,947$6,337$5,778$3,978
10 years$7,421$6,708$6,056$5,463$4,923$3,228
11 years$6,678$5,972$5,332$4,754$4,234$2,640
12 years$6,059$5,360$4,732$4,170$3,669$2,174
13 years$5,535$4,844$4,228$3,682$3,200$1,798
14 years$5,087$4,403$3,799$3,268$2,805$1,494
15 years$4,699$4,022$3,430$2,915$2,470$1,245
16 years$4,359$3,690$3,109$2,610$2,183$1,041
17 years$4,060$3,398$2,829$2,345$1,935$872
18 years$3,795$3,140$2,583$2,113$1,721$732
19 years$3,558$2,910$2,365$1,909$1,534$615
20 years$3,344$2,704$2,170$1,729$1,370$518
21 years$3,152$2,519$1,996$1,569$1,226$436
22 years$2,977$2,351$1,840$1,427$1,099$368
23 years$2,817$2,199$1,699$1,300$986$311
24 years$2,671$2,061$1,571$1,185$887$262
25 years$2,537$1,934$1,455$1,083$798$222
26 years$2,413$1,817$1,349$990$719$187
27 years$2,299$1,710$1,253$906$648$158
28 years$2,193$1,612$1,165$830$585$134
29 years$2,095$1,520$1,084$761$528$113
30 years$2,003$1,436$1,010$699$477$96
31 years$1,917$1,357$941$642$431$81
32 years$1,837$1,284$878$590$390$69
33 years$1,762$1,216$820$542$353$58
34 years$1,692$1,153$766$499$320$49
35 years$1,625$1,093$716$459$290$42
36 years$1,563$1,038$670$423$262$35
37 years$1,504$986$627$390$238$30
38 years$1,448$937$587$359$216$25
39 years$1,395$891$550$331$195$22
40 years$1,345$847$516$305$177$18
41 years$1,298$807$484$282$161$15
42 years$1,253$768$454$260$146$13
43 years$1,210$732$426$240$132$11
44 years$1,169$698$400$222$120$9
45 years$1,130$665$375$205$109$8
46 years$1,093$635$352$189$99$7
47 years$1,058$606$331$175$90$6
48 years$1,024$578$311$161$82$5
49 years$992$552$292$149$74$4
50 years$961$528$275$138$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $984,000, adding $5,475 every year, while hoping to spend $38,233 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: 35/48/17 Blend
57$984,000$984,000$984,000$984,000
58$1,090,015$1,037,863$1,022,611$1,122,305
59$1,160,517$1,048,039$1,016,189$1,156,500
60$1,236,929$1,057,432$1,008,271$1,189,394
61$1,319,813$1,065,963$998,765$1,224,074
62$1,409,788$1,073,549$987,577$1,260,719
63$1,507,534$1,080,101$974,609$1,299,531
64$1,613,799$1,085,523$959,755$1,340,732
65$1,729,407$1,089,714$942,907$1,384,570
66$1,855,263$1,092,566$923,951$1,431,319
67$1,992,365$1,093,967$902,769$1,481,286
68$2,141,809$1,093,794$879,234$1,534,811
69$2,304,802$1,091,919$853,217$1,592,272
70$2,482,673$1,088,204$824,581$1,654,088
71$2,676,884$1,082,505$793,183$1,720,727
72$2,889,046$1,074,667$758,874$1,792,704
73$3,120,931$1,064,528$721,499$1,870,594
74$3,374,490$1,051,913$680,893$1,955,035
75$3,651,871$1,036,640$636,886$2,046,731
76$3,955,441$1,018,515$589,300$2,146,467
77$4,287,803$997,329$537,950$2,255,111
78$4,651,827$972,867$482,639$2,373,625
79$5,050,672$944,895$423,166$2,503,076
80$5,487,816$913,171$359,317$2,644,646
81$5,967,091$877,434$290,872$2,799,642
82$6,492,717$837,411$217,599$2,969,514
83$7,069,342$792,812$139,256$3,155,867
84$7,702,085$743,329$55,591$3,360,476
85$8,396,585$688,640$0$3,585,308
86$9,159,054$628,401$0$3,838,649
87$9,996,335$562,250$0$4,127,951
88$10,915,965$489,804$0$4,445,836
89$11,926,247$410,658$0$4,795,302
90$13,036,329$324,385$0$5,179,660
91$14,256,287$230,533$0$5,602,570
92$15,597,225$128,625$0$6,068,074
93$17,071,372$18,158$0$6,580,635
94$18,692,204$0$0$7,145,183
95$20,474,566$0$0$7,820,718
96$22,434,816$0$0$8,574,382
97$24,590,975$0$0$9,403,533
98$26,962,897$0$0$10,315,825
99$29,572,461$0$0$11,319,695
100$32,443,769$0$0$12,424,437