Can I retire at age 58 with 989,000?

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 $989,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$81,671$80,943$80,233$79,541$78,864$78,203
2 years$40,431$39,678$38,948$38,241$37,554$36,888
3 years$26,686$25,930$25,202$24,501$23,826$23,176
4 years$19,815$19,061$18,341$17,652$16,993$16,363
5 years$15,694$14,944$14,233$13,558$12,918$12,310
6 years$12,947$12,203$11,502$10,843$10,221$9,637
7 years$10,986$10,248$9,559$8,914$8,313$7,751
8 years$9,515$8,785$8,106$7,478$6,896$6,358
9 years$8,373$7,649$6,982$6,370$5,808$5,293
10 years$7,459$6,742$6,087$5,491$4,948$4,456
11 years$6,712$6,002$5,359$4,779$4,256$3,786
12 years$6,089$5,387$4,756$4,191$3,688$3,241
13 years$5,563$4,868$4,249$3,700$3,216$2,790
14 years$5,113$4,425$3,818$3,285$2,819$2,414
15 years$4,723$4,042$3,447$2,929$2,482$2,098
16 years$4,382$3,709$3,125$2,623$2,194$1,829
17 years$4,081$3,416$2,844$2,357$1,945$1,600
18 years$3,814$3,156$2,596$2,124$1,730$1,403
19 years$3,576$2,925$2,377$1,919$1,542$1,233
20 years$3,361$2,718$2,181$1,738$1,377$1,085
21 years$3,168$2,532$2,006$1,577$1,232$957
22 years$2,992$2,363$1,849$1,434$1,104$845
23 years$2,831$2,210$1,707$1,306$991$748
24 years$2,685$2,071$1,579$1,191$891$662
25 years$2,550$1,944$1,462$1,088$802$587
26 years$2,426$1,827$1,356$995$722$520
27 years$2,311$1,719$1,259$911$651$462
28 years$2,204$1,620$1,171$834$588$410
29 years$2,105$1,528$1,090$765$531$364
30 years$2,013$1,443$1,015$702$479$324
31 years$1,927$1,364$946$645$433$288
32 years$1,847$1,291$883$593$392$257
33 years$1,771$1,223$824$545$355$228
34 years$1,700$1,159$770$501$321$203
35 years$1,634$1,099$720$462$291$181
36 years$1,571$1,043$674$425$264$161
37 years$1,511$991$630$392$239$144
38 years$1,455$942$590$361$217$128
39 years$1,402$895$553$333$196$114
40 years$1,352$852$518$307$178$102
41 years$1,304$811$486$283$162$91
42 years$1,259$772$456$261$147$81
43 years$1,216$736$428$241$133$72
44 years$1,175$701$402$223$121$65
45 years$1,136$669$377$206$110$58
46 years$1,099$638$354$190$100$51
47 years$1,063$609$333$176$90$46
48 years$1,029$581$313$162$82$41
49 years$997$555$294$150$75$37
50 years$966$530$276$139$68$33

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $989,000, adding $3,708 every year, while hoping to spend $23,967 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: 32/42/26 Blend
57$989,000$989,000$989,000$989,000
58$1,093,703$1,041,286$1,025,956$1,119,901
59$1,179,760$1,066,808$1,034,825$1,165,692
60$1,273,791$1,092,778$1,043,188$1,212,590
61$1,376,585$1,119,191$1,051,002$1,262,627
62$1,489,010$1,146,044$1,058,223$1,316,097
63$1,612,020$1,173,332$1,064,805$1,373,321
64$1,746,668$1,201,047$1,070,698$1,434,654
65$1,894,112$1,229,182$1,075,850$1,500,487
66$2,055,628$1,257,728$1,080,207$1,571,251
67$2,232,620$1,286,675$1,083,712$1,647,423
68$2,426,636$1,316,011$1,086,305$1,729,526
69$2,639,379$1,345,722$1,087,923$1,818,138
70$2,872,728$1,375,794$1,088,500$1,913,898
71$3,128,747$1,406,209$1,087,967$2,017,508
72$3,409,716$1,436,950$1,086,250$2,129,743
73$3,718,141$1,467,994$1,083,273$2,251,458
74$4,056,785$1,499,320$1,078,957$2,383,596
75$4,428,692$1,530,902$1,073,217$2,527,197
76$4,837,214$1,562,711$1,065,965$2,683,406
77$5,286,045$1,594,719$1,057,109$2,853,488
78$5,779,252$1,626,891$1,046,553$3,038,837
79$6,321,318$1,659,191$1,034,195$3,240,991
80$6,917,182$1,691,580$1,019,930$3,461,646
81$7,572,283$1,724,016$1,003,646$3,702,671
82$8,292,615$1,756,452$985,227$3,966,129
83$9,084,781$1,788,838$964,552$4,254,293
84$9,956,058$1,821,120$941,494$4,569,671
85$10,914,460$1,853,240$915,919$4,915,029
86$11,968,821$1,885,134$887,687$5,293,416
87$13,128,871$1,916,736$856,655$5,708,195
88$14,405,331$1,947,971$822,668$6,163,074
89$15,810,016$1,978,763$785,569$6,662,142
90$17,355,941$2,009,026$745,189$7,209,906
91$19,057,451$2,038,672$701,356$7,811,340
92$20,930,347$2,067,603$653,888$8,471,923
93$22,992,043$2,095,716$602,594$9,197,701
94$25,261,727$2,122,902$547,276$9,995,338
95$27,760,539$2,149,040$487,727$10,872,181
96$30,511,778$2,174,007$423,729$11,836,333
97$33,541,112$2,197,666$355,056$12,896,725
98$36,876,828$2,219,874$281,473$14,063,205
99$40,550,094$2,240,478$202,733$15,346,631
100$44,595,256$2,259,314$118,577$16,758,975