Can I retire at age 58 with 985,000?

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 $985,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$81,340$80,616$79,909$79,219$78,545$76,740
2 years$40,268$39,518$38,791$38,086$37,403$35,594
3 years$26,578$25,825$25,100$24,402$23,730$21,974
4 years$19,735$18,984$18,267$17,580$16,924$15,235
5 years$15,630$14,884$14,176$13,503$12,866$11,247
6 years$12,895$12,154$11,456$10,799$10,180$8,635
7 years$10,941$10,207$9,520$8,878$8,279$6,807
8 years$9,477$8,749$8,074$7,448$6,868$5,469
9 years$8,339$7,618$6,954$6,344$5,784$4,456
10 years$7,429$6,715$6,063$5,468$4,928$3,670
11 years$6,684$5,978$5,337$4,759$4,239$3,049
12 years$6,065$5,365$4,737$4,174$3,673$2,550
13 years$5,541$4,849$4,232$3,685$3,203$2,144
14 years$5,092$4,407$3,802$3,271$2,808$1,811
15 years$4,704$4,026$3,433$2,918$2,472$1,535
16 years$4,364$3,694$3,113$2,612$2,185$1,305
17 years$4,065$3,402$2,832$2,347$1,937$1,113
18 years$3,799$3,143$2,586$2,115$1,723$951
19 years$3,561$2,913$2,367$1,911$1,535$814
20 years$3,348$2,707$2,172$1,731$1,371$698
21 years$3,155$2,522$1,998$1,571$1,227$599
22 years$2,980$2,354$1,842$1,428$1,100$514
23 years$2,820$2,202$1,700$1,301$987$442
24 years$2,674$2,063$1,573$1,187$888$381
25 years$2,539$1,936$1,456$1,084$799$328
26 years$2,416$1,819$1,351$991$719$283
27 years$2,301$1,712$1,254$907$649$244
28 years$2,195$1,613$1,166$831$585$210
29 years$2,097$1,522$1,085$762$528$182
30 years$2,005$1,437$1,011$699$477$157
31 years$1,919$1,359$942$642$432$135
32 years$1,839$1,286$879$590$391$117
33 years$1,764$1,218$821$543$353$101
34 years$1,693$1,154$767$499$320$87
35 years$1,627$1,095$717$460$290$75
36 years$1,564$1,039$671$423$263$65
37 years$1,505$987$628$390$238$56
38 years$1,450$938$588$360$216$49
39 years$1,397$892$551$332$196$42
40 years$1,347$848$516$306$177$36
41 years$1,299$808$484$282$161$31
42 years$1,254$769$454$260$146$27
43 years$1,211$733$426$240$133$24
44 years$1,170$698$400$222$120$20
45 years$1,131$666$376$205$109$18
46 years$1,094$635$353$189$99$15
47 years$1,059$606$331$175$90$13
48 years$1,025$579$311$162$82$11
49 years$993$553$293$149$74$10
50 years$962$528$275$138$67$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $985,000, adding $4,719 every year, while hoping to spend $56,548 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: 44/39/17 Blend
57$985,000$985,000$985,000$985,000
58$1,090,338$1,038,133$1,022,865$1,132,766
59$1,141,385$1,028,835$996,964$1,153,696
60$1,195,745$1,017,186$968,301$1,170,384
61$1,253,694$1,003,011$936,722$1,187,271
62$1,315,537$986,125$902,069$1,204,402
63$1,381,609$966,332$864,175$1,221,828
64$1,452,274$943,423$822,866$1,239,612
65$1,527,934$917,179$777,960$1,257,825
66$1,609,028$887,365$729,266$1,276,553
67$1,696,039$853,736$676,587$1,295,894
68$1,789,496$816,031$619,714$1,315,961
69$1,889,981$773,972$558,430$1,336,884
70$1,998,130$727,268$492,509$1,358,815
71$2,114,645$675,610$421,713$1,381,924
72$2,240,295$618,670$345,797$1,406,408
73$2,375,924$556,105$264,500$1,432,490
74$2,522,462$487,547$177,555$1,460,424
75$2,680,929$412,613$84,678$1,490,497
76$2,852,446$330,894$0$1,523,036
77$3,038,248$241,959$0$1,561,027
78$3,239,689$145,355$0$1,618,828
79$3,458,260$40,601$0$1,681,591
80$3,695,601$0$0$1,749,902
81$3,953,517$0$0$1,855,663
82$4,233,990$0$0$1,989,727
83$4,539,203$0$0$2,135,727
84$4,871,559$0$0$2,294,824
85$5,233,699$0$0$2,468,299
86$5,628,533$0$0$2,657,560
87$6,059,262$0$0$2,864,156
88$6,529,408$0$0$3,089,794
89$7,042,850$0$0$3,336,352
90$7,603,858$0$0$3,605,898
91$8,217,132$0$0$3,900,709
92$8,887,847$0$0$4,223,291
93$9,621,701$0$0$4,576,405
94$10,424,967$0$0$4,963,091
95$11,304,555$0$0$5,386,695
96$12,268,072$0$0$5,850,903
97$13,323,898$0$0$6,359,776
98$14,481,259$0$0$6,917,785
99$15,750,317$0$0$7,529,854
100$17,142,267$0$0$8,201,407