Can I retire at age 58 with 994,000?

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 $994,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$82,084$81,352$80,639$79,943$79,263$78,337
2 years$40,635$39,879$39,145$38,434$37,744$36,813
3 years$26,821$26,061$25,330$24,625$23,947$23,038
4 years$19,915$19,158$18,433$17,741$17,079$16,200
5 years$15,773$15,020$14,305$13,627$12,983$12,137
6 years$13,012$12,265$11,561$10,897$10,273$9,460
7 years$11,041$10,300$9,607$8,959$8,355$7,576
8 years$9,564$8,829$8,147$7,516$6,931$6,186
9 years$8,415$7,687$7,017$6,402$5,837$5,125
10 years$7,496$6,776$6,118$5,518$4,973$4,294
11 years$6,745$6,032$5,386$4,803$4,277$3,631
12 years$6,120$5,414$4,780$4,213$3,707$3,092
13 years$5,591$4,893$4,271$3,719$3,232$2,648
14 years$5,139$4,447$3,837$3,301$2,833$2,279
15 years$4,747$4,063$3,464$2,944$2,495$1,970
16 years$4,404$3,728$3,141$2,636$2,205$1,708
17 years$4,102$3,433$2,858$2,369$1,955$1,486
18 years$3,833$3,172$2,609$2,135$1,738$1,295
19 years$3,594$2,940$2,389$1,929$1,549$1,132
20 years$3,378$2,732$2,192$1,747$1,384$991
21 years$3,184$2,545$2,016$1,585$1,238$868
22 years$3,007$2,375$1,858$1,442$1,110$762
23 years$2,846$2,222$1,716$1,313$996$670
24 years$2,698$2,082$1,587$1,197$896$590
25 years$2,563$1,953$1,470$1,094$806$519
26 years$2,438$1,836$1,363$1,000$726$458
27 years$2,322$1,728$1,266$915$655$404
28 years$2,215$1,628$1,177$839$591$356
29 years$2,116$1,536$1,095$769$533$315
30 years$2,023$1,451$1,020$706$482$278
31 years$1,937$1,371$951$648$436$246
32 years$1,856$1,297$887$596$394$217
33 years$1,780$1,229$828$548$357$192
34 years$1,709$1,165$774$504$323$170
35 years$1,642$1,105$724$464$292$150
36 years$1,579$1,048$677$427$265$133
37 years$1,519$996$634$394$240$118
38 years$1,463$946$593$363$218$104
39 years$1,409$900$556$335$197$92
40 years$1,359$856$521$309$179$82
41 years$1,311$815$489$285$162$72
42 years$1,266$776$458$263$147$64
43 years$1,222$739$430$243$134$57
44 years$1,181$705$404$224$121$50
45 years$1,142$672$379$207$110$45
46 years$1,104$641$356$191$100$40
47 years$1,069$612$334$177$91$35
48 years$1,034$584$314$163$83$31
49 years$1,002$558$295$151$75$27
50 years$970$533$278$139$68$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $994,000, adding $5,069 every year, while hoping to spend $31,432 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: 51/43/6 Blend
57$994,000$994,000$994,000$994,000
58$1,100,617$1,047,935$1,032,528$1,154,895
59$1,179,436$1,065,840$1,033,674$1,210,245
60$1,265,242$1,083,569$1,033,805$1,266,554
61$1,358,713$1,101,081$1,032,854$1,327,008
62$1,460,597$1,118,329$1,030,750$1,392,003
63$1,571,718$1,135,267$1,027,420$1,461,975
64$1,692,980$1,151,842$1,022,785$1,537,405
65$1,825,380$1,167,999$1,016,765$1,618,824
66$1,970,017$1,183,678$1,009,274$1,706,816
67$2,128,097$1,198,817$1,000,224$1,802,026
68$2,300,952$1,213,348$989,520$1,905,166
69$2,490,045$1,227,198$977,065$2,017,020
70$2,696,989$1,240,290$962,756$2,138,453
71$2,923,559$1,252,542$946,486$2,270,419
72$3,171,712$1,263,866$928,143$2,413,970
73$3,443,599$1,274,168$907,608$2,570,268
74$3,741,592$1,283,349$884,760$2,740,593
75$4,068,304$1,291,302$859,468$2,926,356
76$4,426,609$1,297,914$831,599$3,129,116
77$4,819,677$1,303,066$801,011$3,350,589
78$5,250,997$1,306,628$767,558$3,592,670
79$5,724,412$1,308,467$731,084$3,857,449
80$6,244,157$1,308,437$691,430$4,147,231
81$6,814,895$1,306,384$648,428$4,464,556
82$7,441,765$1,302,147$601,900$4,812,229
83$8,130,425$1,295,552$551,664$5,193,342
84$8,887,110$1,286,417$497,527$5,611,303
85$9,718,691$1,274,546$439,289$6,069,874
86$10,632,733$1,259,735$376,741$6,573,201
87$11,637,573$1,241,763$309,663$7,125,859
88$12,742,397$1,220,401$237,828$7,732,890
89$13,957,323$1,195,402$160,997$8,399,857
90$15,293,500$1,166,507$78,921$9,132,892
91$16,763,213$1,133,441$0$9,938,761
92$18,379,994$1,095,913$0$10,825,476
93$20,158,754$1,053,615$0$11,806,134
94$22,115,925$1,006,219$0$12,884,764
95$24,269,608$953,382$0$14,071,384
96$26,639,748$894,739$0$15,377,040
97$29,248,325$829,903$0$16,813,911
98$32,119,553$758,467$0$18,395,420
99$35,280,115$680,000$0$20,136,371
100$38,759,411$594,045$0$22,053,081