Can I retire at age 58 with 988,000?

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 $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%18.3%
1 years$81,588$80,861$80,152$79,460$78,785$76,141
2 years$40,390$39,638$38,909$38,202$37,516$34,879
3 years$26,659$25,904$25,177$24,476$23,802$21,254
4 years$19,795$19,042$18,322$17,634$16,976$14,536
5 years$15,678$14,929$14,219$13,545$12,905$10,580
6 years$12,934$12,191$11,491$10,832$10,211$8,003
7 years$10,975$10,238$9,549$8,905$8,304$6,213
8 years$9,506$8,776$8,098$7,470$6,889$4,913
9 years$8,364$7,641$6,975$6,363$5,802$3,938
10 years$7,451$6,735$6,081$5,485$4,943$3,190
11 years$6,705$5,996$5,354$4,774$4,251$2,604
12 years$6,083$5,382$4,751$4,187$3,684$2,139
13 years$5,558$4,863$4,245$3,697$3,213$1,766
14 years$5,108$4,421$3,814$3,281$2,816$1,464
15 years$4,718$4,038$3,444$2,926$2,480$1,218
16 years$4,377$3,705$3,122$2,620$2,192$1,016
17 years$4,077$3,412$2,841$2,354$1,943$849
18 years$3,810$3,153$2,593$2,122$1,728$711
19 years$3,572$2,922$2,374$1,917$1,540$596
20 years$3,358$2,715$2,179$1,736$1,376$501
21 years$3,164$2,529$2,004$1,576$1,231$421
22 years$2,989$2,361$1,847$1,433$1,103$354
23 years$2,829$2,208$1,706$1,305$990$298
24 years$2,682$2,069$1,577$1,190$890$251
25 years$2,547$1,942$1,461$1,087$801$212
26 years$2,423$1,825$1,355$994$722$179
27 years$2,308$1,717$1,258$910$651$151
28 years$2,202$1,618$1,170$833$587$127
29 years$2,103$1,527$1,088$764$530$107
30 years$2,011$1,442$1,014$701$479$91
31 years$1,925$1,363$945$644$433$77
32 years$1,845$1,290$882$592$392$65
33 years$1,769$1,221$823$544$354$55
34 years$1,699$1,158$769$501$321$46
35 years$1,632$1,098$719$461$291$39
36 years$1,569$1,042$673$425$263$33
37 years$1,510$990$630$391$239$28
38 years$1,454$941$590$361$216$24
39 years$1,401$894$553$333$196$20
40 years$1,351$851$518$307$178$17
41 years$1,303$810$486$283$161$14
42 years$1,258$771$456$261$147$12
43 years$1,215$735$427$241$133$10
44 years$1,174$701$401$223$121$9
45 years$1,135$668$377$206$110$7
46 years$1,098$637$354$190$100$6
47 years$1,062$608$332$175$90$5
48 years$1,028$581$312$162$82$4
49 years$996$554$294$150$75$4
50 years$965$530$276$138$68$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $988,000, adding $3,004 every year, while hoping to spend $58,246 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: 54/19/27 Blend
57$988,000$988,000$988,000$988,000
58$1,091,875$1,039,511$1,024,197$1,142,507
59$1,141,273$1,028,473$996,534$1,166,762
60$1,193,757$1,014,943$965,992$1,186,919
61$1,249,581$998,736$932,414$1,207,686
62$1,309,022$979,658$895,634$1,229,145
63$1,372,384$957,503$855,479$1,251,387
64$1,439,998$932,052$811,769$1,274,516
65$1,512,230$903,074$764,314$1,298,649
66$1,589,477$870,325$712,919$1,323,922
67$1,672,179$833,545$657,377$1,350,484
68$1,760,814$792,462$597,472$1,378,509
69$1,855,909$746,785$532,979$1,408,187
70$1,958,042$696,207$463,664$1,439,737
71$2,067,847$640,406$389,281$1,473,403
72$2,186,019$579,038$309,574$1,509,460
73$2,313,323$511,741$224,276$1,548,216
74$2,450,599$438,133$133,106$1,590,016
75$2,598,768$357,810$35,773$1,635,248
76$2,758,845$270,345$0$1,684,344
77$2,931,941$175,286$0$1,757,407
78$3,119,282$72,158$0$1,847,634
79$3,322,213$0$0$1,945,407
80$3,542,212$0$0$2,059,768
81$3,780,907$0$0$2,200,295
82$4,040,087$0$0$2,352,964
83$4,321,719$0$0$2,518,944
84$4,627,969$0$0$2,699,523
85$4,961,217$0$0$2,896,116
86$5,324,083$0$0$3,110,280
87$5,719,453$0$0$3,343,730
88$6,150,497$0$0$3,598,353
89$6,620,710$0$0$3,876,224
90$7,133,935$0$0$4,179,629
91$7,694,402$0$0$4,511,085
92$8,306,771$0$0$4,873,361
93$8,976,169$0$0$5,269,506
94$9,708,241$0$0$5,702,879
95$10,509,205$0$0$6,177,176
96$11,385,905$0$0$6,696,469
97$12,345,879$0$0$7,265,239
98$13,397,426$0$0$7,888,425
99$14,549,687$0$0$8,571,463
100$15,812,730$0$0$9,320,341