Can I retire at age 58 with 987,000?

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 $987,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.1%
1 years$81,506$80,780$80,071$79,380$78,705$77,689
2 years$40,349$39,598$38,870$38,163$37,478$36,457
3 years$26,632$25,878$25,151$24,452$23,778$22,782
4 years$19,775$19,023$18,304$17,616$16,959$15,996
5 years$15,662$14,914$14,204$13,531$12,892$11,965
6 years$12,921$12,178$11,479$10,821$10,201$9,311
7 years$10,963$10,227$9,539$8,896$8,296$7,444
8 years$9,496$8,767$8,090$7,463$6,882$6,068
9 years$8,356$7,633$6,968$6,357$5,796$5,018
10 years$7,444$6,728$6,075$5,480$4,938$4,197
11 years$6,698$5,990$5,348$4,769$4,247$3,542
12 years$6,077$5,376$4,746$4,183$3,680$3,010
13 years$5,552$4,858$4,241$3,693$3,209$2,573
14 years$5,102$4,416$3,810$3,278$2,813$2,211
15 years$4,713$4,034$3,440$2,924$2,477$1,907
16 years$4,373$3,701$3,119$2,618$2,189$1,650
17 years$4,073$3,409$2,838$2,352$1,941$1,432
18 years$3,806$3,150$2,591$2,120$1,726$1,246
19 years$3,568$2,919$2,372$1,915$1,538$1,086
20 years$3,355$2,713$2,177$1,735$1,374$949
21 years$3,161$2,527$2,002$1,574$1,230$830
22 years$2,986$2,359$1,845$1,431$1,102$727
23 years$2,826$2,206$1,704$1,304$989$637
24 years$2,679$2,067$1,576$1,189$889$559
25 years$2,545$1,940$1,459$1,086$800$492
26 years$2,421$1,823$1,354$993$721$432
27 years$2,306$1,716$1,257$909$650$380
28 years$2,200$1,617$1,168$833$586$335
29 years$2,101$1,525$1,087$764$530$295
30 years$2,009$1,440$1,013$701$478$260
31 years$1,923$1,362$944$644$433$229
32 years$1,843$1,288$881$591$391$202
33 years$1,768$1,220$823$544$354$178
34 years$1,697$1,156$769$500$321$157
35 years$1,630$1,097$719$461$290$139
36 years$1,568$1,041$672$424$263$123
37 years$1,508$989$629$391$238$108
38 years$1,452$940$589$360$216$96
39 years$1,400$893$552$332$196$84
40 years$1,349$850$517$306$178$75
41 years$1,302$809$485$283$161$66
42 years$1,257$771$455$261$146$58
43 years$1,214$734$427$241$133$51
44 years$1,173$700$401$222$121$45
45 years$1,134$667$376$205$109$40
46 years$1,097$637$354$190$99$35
47 years$1,061$608$332$175$90$31
48 years$1,027$580$312$162$82$28
49 years$995$554$293$150$74$24
50 years$964$529$276$138$68$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $987,000, adding $5,739 every year, while hoping to spend $50,669 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: 58/26/16 Blend
57$987,000$987,000$987,000$987,000
58$1,093,594$1,041,283$1,025,984$1,152,180
59$1,151,229$1,038,394$1,006,443$1,189,622
60$1,213,045$1,033,666$984,550$1,224,353
61$1,279,414$1,026,954$960,171$1,261,047
62$1,350,746$1,018,107$933,168$1,299,901
63$1,427,490$1,006,962$903,397$1,341,134
64$1,510,139$993,349$870,707$1,384,990
65$1,599,236$977,085$834,938$1,431,740
66$1,695,375$957,979$795,925$1,481,684
67$1,799,210$935,827$753,495$1,535,157
68$1,911,460$910,413$707,468$1,592,528
69$2,032,914$881,509$657,653$1,654,210
70$2,164,441$848,872$603,855$1,720,658
71$2,306,996$812,248$545,865$1,792,379
72$2,461,626$771,366$483,469$1,869,935
73$2,629,488$725,938$416,441$1,953,948
74$2,811,850$675,663$344,545$2,045,109
75$3,010,109$620,221$267,538$2,144,181
76$3,225,800$559,272$185,161$2,252,014
77$3,460,615$492,460$97,147$2,369,544
78$3,716,414$419,406$3,217$2,497,812
79$3,995,242$339,712$0$2,637,970
80$4,299,354$252,954$0$2,807,856
81$4,631,227$158,688$0$2,993,979
82$4,993,592$56,444$0$3,197,406
83$5,389,452$0$0$3,419,921
84$5,822,116$0$0$3,679,023
85$6,295,223$0$0$3,980,084
86$6,812,784$0$0$4,309,516
87$7,379,213$0$0$4,670,139
88$7,999,371$0$0$5,065,058
89$8,678,610$0$0$5,497,695
90$9,422,826$0$0$5,971,814
91$10,238,510$0$0$6,491,564
92$11,132,812$0$0$7,061,513
93$12,113,607$0$0$7,686,693
94$13,189,569$0$0$8,372,646
95$14,370,251$0$0$9,125,476
96$15,666,176$0$0$9,951,907
97$17,088,935$0$0$10,859,347
98$18,651,296$0$0$11,855,955
99$20,367,327$0$0$12,950,719
100$22,252,521$0$0$14,153,541