Can I retire at age 58 with 993,000?

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 $993,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.4%
1 years$82,001$81,271$80,558$79,862$79,183$76,192
2 years$40,595$39,839$39,106$38,395$37,706$34,727
3 years$26,794$26,035$25,304$24,600$23,922$21,050
4 years$19,895$19,138$18,415$17,723$17,062$14,317
5 years$15,757$15,005$14,291$13,613$12,970$10,360
6 years$12,999$12,253$11,549$10,886$10,263$7,790
7 years$11,030$10,290$9,597$8,950$8,346$6,010
8 years$9,554$8,820$8,139$7,508$6,924$4,721
9 years$8,406$7,680$7,010$6,395$5,831$3,759
10 years$7,489$6,769$6,112$5,513$4,968$3,023
11 years$6,739$6,026$5,381$4,798$4,273$2,451
12 years$6,114$5,409$4,775$4,208$3,703$1,999
13 years$5,586$4,888$4,266$3,715$3,229$1,638
14 years$5,133$4,443$3,833$3,298$2,831$1,348
15 years$4,742$4,059$3,461$2,941$2,492$1,112
16 years$4,399$3,724$3,138$2,634$2,203$920
17 years$4,098$3,429$2,855$2,366$1,953$763
18 years$3,830$3,169$2,607$2,132$1,737$634
19 years$3,590$2,937$2,386$1,927$1,548$527
20 years$3,375$2,729$2,190$1,745$1,383$439
21 years$3,180$2,542$2,014$1,584$1,237$366
22 years$3,004$2,373$1,857$1,440$1,109$305
23 years$2,843$2,219$1,714$1,312$995$255
24 years$2,695$2,079$1,585$1,196$895$213
25 years$2,560$1,951$1,468$1,092$805$178
26 years$2,435$1,834$1,362$999$725$149
27 years$2,320$1,726$1,265$914$654$124
28 years$2,213$1,626$1,176$838$590$104
29 years$2,114$1,534$1,094$768$533$87
30 years$2,021$1,449$1,019$705$481$73
31 years$1,935$1,370$950$647$435$61
32 years$1,854$1,296$886$595$394$51
33 years$1,778$1,227$828$547$356$43
34 years$1,707$1,163$773$503$323$36
35 years$1,640$1,103$723$463$292$30
36 years$1,577$1,047$676$427$265$25
37 years$1,518$995$633$393$240$21
38 years$1,461$945$593$362$218$18
39 years$1,408$899$555$334$197$15
40 years$1,358$855$521$308$179$12
41 years$1,310$814$488$284$162$10
42 years$1,264$775$458$262$147$9
43 years$1,221$739$430$242$134$7
44 years$1,180$704$403$224$121$6
45 years$1,141$671$379$207$110$5
46 years$1,103$641$356$191$100$4
47 years$1,067$611$334$176$91$4
48 years$1,033$584$314$163$82$3
49 years$1,001$557$295$151$75$2
50 years$970$532$277$139$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $993,000, adding $5,985 every year, while hoping to spend $35,609 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: 52/19/29 Blend
57$993,000$993,000$993,000$993,000
58$1,100,460$1,047,831$1,032,439$1,148,443
59$1,174,819$1,061,287$1,029,138$1,195,922
60$1,255,569$1,074,208$1,024,533$1,243,476
61$1,343,325$1,086,532$1,018,543$1,294,513
62$1,438,762$1,098,190$1,011,082$1,349,381
63$1,542,624$1,109,110$1,002,061$1,408,466
64$1,655,728$1,119,213$991,387$1,472,191
65$1,778,976$1,128,418$978,962$1,541,028
66$1,913,357$1,136,636$964,683$1,615,496
67$2,059,963$1,143,775$948,443$1,696,169
68$2,219,993$1,149,733$930,129$1,783,681
69$2,394,767$1,154,406$909,624$1,878,733
70$2,585,742$1,157,680$886,805$1,982,100
71$2,794,517$1,159,436$861,542$2,094,636
72$3,022,856$1,159,546$833,702$2,217,286
73$3,272,699$1,157,876$803,143$2,351,093
74$3,546,184$1,154,281$769,718$2,497,209
75$3,845,664$1,148,610$733,273$2,656,906
76$4,173,731$1,140,701$693,646$2,831,590
77$4,533,238$1,130,382$650,670$3,022,810
78$4,927,329$1,117,472$604,168$3,232,280
79$5,359,467$1,101,777$553,958$3,461,890
80$5,833,463$1,083,095$499,846$3,713,727
81$6,353,517$1,061,208$441,632$3,990,095
82$6,924,256$1,035,887$379,107$4,293,535
83$7,550,775$1,006,891$312,052$4,626,854
84$8,238,687$973,961$240,238$4,993,149
85$8,994,174$936,826$163,427$5,395,837
86$9,824,047$895,198$81,369$5,838,689
87$10,735,810$848,773$0$6,325,868
88$11,737,730$797,230$0$6,863,883
89$12,838,911$740,227$0$7,482,874
90$14,049,386$677,404$0$8,163,315
91$15,380,209$608,382$0$8,911,463
92$16,843,556$532,759$0$9,734,213
93$18,452,843$450,108$0$10,639,170
94$20,222,851$359,982$0$11,634,713
95$22,169,867$261,906$0$12,730,078
96$24,311,833$155,379$0$13,935,449
97$26,668,520$39,872$0$15,262,047
98$29,261,710$0$0$16,722,244
99$32,115,406$0$0$18,347,481
100$35,256,052$0$0$20,145,435