Can I retire at age 58 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$81,588$80,861$80,152$79,460$78,785$78,288
2 years$40,390$39,638$38,909$38,202$37,516$37,016
3 years$26,659$25,904$25,177$24,476$23,802$23,312
4 years$19,795$19,042$18,322$17,634$16,976$16,501
5 years$15,678$14,929$14,219$13,545$12,905$12,446
6 years$12,934$12,191$11,491$10,832$10,211$9,770
7 years$10,975$10,238$9,549$8,905$8,304$7,880
8 years$9,506$8,776$8,098$7,470$6,889$6,482
9 years$8,364$7,641$6,975$6,363$5,802$5,412
10 years$7,451$6,735$6,081$5,485$4,943$4,570
11 years$6,705$5,996$5,354$4,774$4,251$3,895
12 years$6,083$5,382$4,751$4,187$3,684$3,344
13 years$5,558$4,863$4,245$3,697$3,213$2,888
14 years$5,108$4,421$3,814$3,281$2,816$2,508
15 years$4,718$4,038$3,444$2,926$2,480$2,186
16 years$4,377$3,705$3,122$2,620$2,192$1,913
17 years$4,077$3,412$2,841$2,354$1,943$1,679
18 years$3,810$3,153$2,593$2,122$1,728$1,477
19 years$3,572$2,922$2,374$1,917$1,540$1,303
20 years$3,358$2,715$2,179$1,736$1,376$1,151
21 years$3,164$2,529$2,004$1,576$1,231$1,019
22 years$2,989$2,361$1,847$1,433$1,103$903
23 years$2,829$2,208$1,706$1,305$990$802
24 years$2,682$2,069$1,577$1,190$890$713
25 years$2,547$1,942$1,461$1,087$801$634
26 years$2,423$1,825$1,355$994$722$564
27 years$2,308$1,717$1,258$910$651$503
28 years$2,202$1,618$1,170$833$587$449
29 years$2,103$1,527$1,088$764$530$400
30 years$2,011$1,442$1,014$701$479$357
31 years$1,925$1,363$945$644$433$319
32 years$1,845$1,290$882$592$392$285
33 years$1,769$1,221$823$544$354$255
34 years$1,699$1,158$769$501$321$228
35 years$1,632$1,098$719$461$291$204
36 years$1,569$1,042$673$425$263$182
37 years$1,510$990$630$391$239$163
38 years$1,454$941$590$361$216$146
39 years$1,401$894$553$333$196$131
40 years$1,351$851$518$307$178$117
41 years$1,303$810$486$283$161$105
42 years$1,258$771$456$261$147$94
43 years$1,215$735$427$241$133$84
44 years$1,174$701$401$223$121$75
45 years$1,135$668$377$206$110$68
46 years$1,098$637$354$190$100$61
47 years$1,062$608$332$175$90$54
48 years$1,028$581$312$162$82$49
49 years$996$554$294$150$75$44
50 years$965$530$276$138$68$39

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $988,000, adding $4,188 every year, while hoping to spend $37,467 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: 78/14/8 Blend
57$988,000$988,000$988,000$988,000
58$1,093,096$1,040,732$1,025,418$1,176,820
59$1,164,727$1,051,863$1,019,905$1,243,507
60$1,242,409$1,062,284$1,012,951$1,311,347
61$1,326,719$1,071,920$1,004,470$1,384,646
62$1,418,293$1,080,693$994,368$1,463,931
63$1,517,829$1,088,517$982,549$1,549,783
64$1,626,096$1,095,303$968,913$1,642,840
65$1,743,940$1,100,955$953,354$1,743,809
66$1,872,291$1,105,371$935,761$1,853,463
67$2,012,174$1,108,444$916,018$1,972,659
68$2,164,716$1,110,057$894,005$2,102,338
69$2,331,157$1,110,090$869,594$2,243,538
70$2,512,862$1,108,412$842,653$2,397,404
71$2,711,336$1,104,886$813,043$2,565,195
72$2,928,231$1,099,365$780,619$2,748,301
73$3,165,371$1,091,694$745,230$2,948,251
74$3,424,761$1,081,708$706,717$3,166,734
75$3,708,608$1,069,234$664,914$3,405,608
76$4,019,346$1,054,086$619,648$3,666,922
77$4,359,651$1,036,068$570,738$3,952,935
78$4,732,473$1,014,973$517,995$4,266,134
79$5,141,059$990,580$461,222$4,609,263
80$5,588,985$962,657$400,212$4,985,346
81$6,080,192$930,958$334,749$5,397,715
82$6,619,018$895,221$264,609$5,850,041
83$7,210,241$855,170$189,557$6,346,374
84$7,859,125$810,513$109,347$6,891,175
85$8,571,469$760,941$23,723$7,489,360
86$9,353,659$706,128$0$8,146,352
87$10,212,732$645,728$0$8,873,897
88$11,156,438$579,375$0$9,675,344
89$12,193,315$506,685$0$10,555,946
90$13,332,769$427,249$0$11,523,730
91$14,585,163$340,636$0$12,587,539
92$15,961,914$246,391$0$13,757,120
93$17,475,599$144,034$0$15,043,213
94$19,140,075$33,056$0$16,457,655
95$20,970,610$0$0$18,013,491
96$22,984,023$0$0$19,738,510
97$25,198,850$0$0$21,641,730
98$27,635,507$0$0$23,735,610
99$30,316,495$0$0$26,039,489
100$33,266,602$0$0$28,574,673