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%16%
1 years$82,084$81,352$80,639$79,943$79,263$77,315
2 years$40,635$39,879$39,145$38,434$37,744$35,794
3 years$26,821$26,061$25,330$24,625$23,947$22,055
4 years$19,915$19,158$18,433$17,741$17,079$15,260
5 years$15,773$15,020$14,305$13,627$12,983$11,242
6 years$13,012$12,265$11,561$10,897$10,273$8,612
7 years$11,041$10,300$9,607$8,959$8,355$6,774
8 years$9,564$8,829$8,147$7,516$6,931$5,429
9 years$8,415$7,687$7,017$6,402$5,837$4,413
10 years$7,496$6,776$6,118$5,518$4,973$3,626
11 years$6,745$6,032$5,386$4,803$4,277$3,005
12 years$6,120$5,414$4,780$4,213$3,707$2,506
13 years$5,591$4,893$4,271$3,719$3,232$2,102
14 years$5,139$4,447$3,837$3,301$2,833$1,770
15 years$4,747$4,063$3,464$2,944$2,495$1,497
16 years$4,404$3,728$3,141$2,636$2,205$1,269
17 years$4,102$3,433$2,858$2,369$1,955$1,079
18 years$3,833$3,172$2,609$2,135$1,738$919
19 years$3,594$2,940$2,389$1,929$1,549$784
20 years$3,378$2,732$2,192$1,747$1,384$670
21 years$3,184$2,545$2,016$1,585$1,238$573
22 years$3,007$2,375$1,858$1,442$1,110$491
23 years$2,846$2,222$1,716$1,313$996$421
24 years$2,698$2,082$1,587$1,197$896$361
25 years$2,563$1,953$1,470$1,094$806$310
26 years$2,438$1,836$1,363$1,000$726$267
27 years$2,322$1,728$1,266$915$655$229
28 years$2,215$1,628$1,177$839$591$197
29 years$2,116$1,536$1,095$769$533$169
30 years$2,023$1,451$1,020$706$482$146
31 years$1,937$1,371$951$648$436$125
32 years$1,856$1,297$887$596$394$108
33 years$1,780$1,229$828$548$357$93
34 years$1,709$1,165$774$504$323$80
35 years$1,642$1,105$724$464$292$69
36 years$1,579$1,048$677$427$265$59
37 years$1,519$996$634$394$240$51
38 years$1,463$946$593$363$218$44
39 years$1,409$900$556$335$197$38
40 years$1,359$856$521$309$179$33
41 years$1,311$815$489$285$162$28
42 years$1,266$776$458$263$147$24
43 years$1,222$739$430$243$134$21
44 years$1,181$705$404$224$121$18
45 years$1,142$672$379$207$110$16
46 years$1,104$641$356$191$100$13
47 years$1,069$612$334$177$91$12
48 years$1,034$584$314$163$83$10
49 years$1,002$558$295$151$75$9
50 years$970$533$278$139$68$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $994,000, adding $6,336 every year, while hoping to spend $30,180 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: 56/27/17 Blend
57$994,000$994,000$994,000$994,000
58$1,101,924$1,049,242$1,033,835$1,158,338
59$1,182,209$1,068,543$1,036,357$1,216,733
60$1,269,671$1,087,779$1,037,952$1,276,513
61$1,365,011$1,106,914$1,038,557$1,340,954
62$1,469,000$1,125,910$1,038,106$1,410,511
63$1,582,485$1,144,727$1,036,530$1,485,682
64$1,706,401$1,163,321$1,033,757$1,567,019
65$1,841,776$1,181,645$1,029,709$1,655,130
66$1,989,739$1,199,649$1,024,307$1,750,684
67$2,151,539$1,217,278$1,017,467$1,854,421
68$2,328,546$1,234,474$1,009,102$1,967,154
69$2,522,270$1,251,176$999,119$2,089,784
70$2,734,374$1,267,317$987,423$2,223,299
71$2,966,691$1,282,825$973,912$2,368,793
72$3,221,236$1,297,627$958,481$2,527,471
73$3,500,232$1,311,640$941,019$2,700,661
74$3,806,123$1,324,778$921,411$2,889,827
75$4,141,604$1,336,949$899,535$3,096,585
76$4,509,643$1,348,055$875,265$3,322,718
77$4,913,509$1,357,991$848,468$3,570,188
78$5,356,801$1,366,647$819,006$3,841,161
79$5,843,485$1,373,903$786,733$4,138,028
80$6,377,930$1,379,634$751,499$4,463,420
81$6,964,949$1,383,706$713,144$4,820,243
82$7,609,842$1,385,976$671,502$5,211,699
83$8,318,451$1,386,293$626,402$5,641,318
84$9,097,208$1,384,496$577,662$6,112,994
85$9,953,201$1,380,415$525,092$6,631,020
86$10,894,241$1,373,869$468,496$7,200,129
87$11,928,930$1,364,665$407,666$7,825,539
88$13,066,747$1,352,599$342,389$8,513,006
89$14,318,134$1,337,456$272,438$9,268,872
90$15,694,598$1,319,006$197,580$10,100,133
91$17,208,816$1,297,006$117,568$11,014,500
92$18,874,756$1,271,199$32,146$12,020,474
93$20,707,806$1,241,313$0$13,127,431
94$22,724,924$1,207,060$0$14,356,406
95$24,944,793$1,168,132$0$15,715,008
96$27,388,000$1,124,208$0$17,210,011
97$30,077,227$1,074,946$0$18,855,317
98$33,037,468$1,019,982$0$20,666,246
99$36,296,263$958,934$0$22,659,685
100$39,883,958$891,398$0$24,854,247