Can I retire at age 58 with 997,000?

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 $997,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$82,331$81,598$80,882$80,184$79,502$77,707
2 years$40,758$39,999$39,263$38,550$37,858$36,059
3 years$26,902$26,140$25,406$24,699$24,019$22,272
4 years$19,976$19,216$18,489$17,795$17,130$15,449
5 years$15,821$15,065$14,348$13,668$13,022$11,412
6 years$13,052$12,302$11,596$10,930$10,304$8,766
7 years$11,075$10,331$9,636$8,986$8,380$6,914
8 years$9,592$8,856$8,172$7,538$6,952$5,558
9 years$8,440$7,710$7,039$6,421$5,855$4,532
10 years$7,519$6,796$6,136$5,535$4,988$3,735
11 years$6,766$6,050$5,402$4,817$4,290$3,104
12 years$6,139$5,431$4,794$4,225$3,718$2,598
13 years$5,608$4,908$4,284$3,730$3,242$2,186
14 years$5,154$4,461$3,849$3,311$2,842$1,848
15 years$4,761$4,075$3,475$2,953$2,502$1,567
16 years$4,417$3,739$3,151$2,644$2,211$1,334
17 years$4,114$3,443$2,867$2,376$1,961$1,138
18 years$3,845$3,182$2,617$2,141$1,744$973
19 years$3,605$2,949$2,396$1,935$1,554$833
20 years$3,388$2,740$2,199$1,752$1,388$715
21 years$3,193$2,552$2,022$1,590$1,242$614
22 years$3,016$2,383$1,864$1,446$1,113$528
23 years$2,854$2,228$1,721$1,317$999$454
24 years$2,706$2,088$1,592$1,201$898$391
25 years$2,570$1,959$1,474$1,097$808$337
26 years$2,445$1,841$1,367$1,003$728$291
27 years$2,329$1,733$1,270$918$657$251
28 years$2,222$1,633$1,180$841$592$217
29 years$2,122$1,541$1,098$771$535$187
30 years$2,029$1,455$1,023$708$483$162
31 years$1,943$1,375$954$650$437$140
32 years$1,862$1,301$890$597$395$121
33 years$1,785$1,232$831$549$358$105
34 years$1,714$1,168$776$505$324$90
35 years$1,647$1,108$726$465$293$78
36 years$1,583$1,052$679$429$266$68
37 years$1,524$999$636$395$241$59
38 years$1,467$949$595$364$218$51
39 years$1,414$903$558$336$198$44
40 years$1,363$859$523$310$180$38
41 years$1,315$817$490$286$163$33
42 years$1,269$778$460$264$148$28
43 years$1,226$742$431$243$134$25
44 years$1,185$707$405$225$122$21
45 years$1,145$674$380$207$111$18
46 years$1,108$643$357$192$100$16
47 years$1,072$614$335$177$91$14
48 years$1,038$586$315$164$83$12
49 years$1,005$560$296$151$75$10
50 years$973$534$279$140$68$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $997,000, adding $6,013 every year, while hoping to spend $34,479 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: 64/8/28 Blend
57$997,000$997,000$997,000$997,000
58$1,104,896$1,052,055$1,036,602$1,167,034
59$1,180,910$1,066,921$1,034,643$1,224,696
60$1,263,522$1,081,359$1,031,462$1,283,343
61$1,353,369$1,095,312$1,026,983$1,346,678
62$1,451,150$1,108,720$1,021,125$1,415,168
63$1,557,636$1,121,517$1,013,802$1,489,325
64$1,673,676$1,133,632$1,004,925$1,569,716
65$1,800,203$1,144,992$994,402$1,656,967
66$1,938,243$1,155,516$982,134$1,751,766
67$2,088,928$1,165,120$968,019$1,854,876
68$2,253,501$1,173,714$951,950$1,967,134
69$2,433,333$1,181,201$933,816$2,089,466
70$2,629,933$1,187,479$913,498$2,222,895
71$2,844,960$1,192,440$890,874$2,368,547
72$3,080,243$1,195,967$865,816$2,527,664
73$3,337,796$1,197,937$838,189$2,701,617
74$3,619,835$1,198,220$807,852$2,891,919
75$3,928,802$1,196,677$774,659$3,100,237
76$4,267,386$1,193,160$738,456$3,328,410
77$4,638,547$1,187,512$699,082$3,578,469
78$5,045,548$1,179,569$656,370$3,852,650
79$5,491,979$1,169,153$610,144$4,153,422
80$5,981,797$1,156,078$560,220$4,483,506
81$6,519,361$1,140,146$506,408$4,845,903
82$7,109,469$1,121,147$448,506$5,243,925
83$7,757,411$1,098,859$386,307$5,681,221
84$8,469,010$1,073,046$319,591$6,161,816
85$9,250,683$1,043,459$248,131$6,690,149
86$10,109,498$1,009,834$171,689$7,271,115
87$11,053,242$971,892$90,016$7,910,111
88$12,090,495$929,337$2,854$8,613,086
89$13,230,707$881,855$0$9,386,604
90$14,484,290$829,118$0$10,264,834
91$15,862,717$770,773$0$11,231,477
92$17,378,625$706,452$0$12,294,562
93$19,045,940$635,764$0$13,463,876
94$20,880,005$558,295$0$14,750,204
95$22,897,722$473,608$0$16,165,432
96$25,117,717$381,242$0$17,722,655
97$27,560,511$280,710$0$19,436,304
98$30,248,715$171,497$0$21,322,284
99$33,207,242$53,058$0$23,398,118
100$36,463,544$0$0$25,683,118