Can I retire at age 58 with 998,000?

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 $998,000?

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$82,414$81,680$80,964$80,265$79,582$76,576
2 years$40,799$40,039$39,303$38,589$37,896$34,902
3 years$26,929$26,166$25,431$24,724$24,043$21,156
4 years$19,996$19,235$18,508$17,812$17,148$14,389
5 years$15,837$15,080$14,363$13,682$13,035$10,412
6 years$13,065$12,314$11,607$10,941$10,314$7,829
7 years$11,086$10,341$9,646$8,995$8,388$6,040
8 years$9,602$8,865$8,180$7,546$6,959$4,745
9 years$8,449$7,718$7,046$6,428$5,860$3,778
10 years$7,527$6,803$6,143$5,541$4,993$3,039
11 years$6,773$6,056$5,408$4,822$4,294$2,463
12 years$6,145$5,436$4,799$4,230$3,722$2,009
13 years$5,614$4,913$4,288$3,734$3,245$1,646
14 years$5,159$4,465$3,853$3,315$2,845$1,354
15 years$4,766$4,079$3,478$2,956$2,505$1,118
16 years$4,422$3,743$3,154$2,647$2,214$925
17 years$4,118$3,447$2,870$2,378$1,963$767
18 years$3,849$3,185$2,620$2,143$1,745$637
19 years$3,608$2,952$2,398$1,937$1,556$530
20 years$3,392$2,743$2,201$1,754$1,389$441
21 years$3,196$2,555$2,024$1,592$1,243$368
22 years$3,019$2,385$1,866$1,447$1,115$307
23 years$2,857$2,231$1,723$1,318$1,000$256
24 years$2,709$2,090$1,593$1,202$899$214
25 years$2,573$1,961$1,476$1,098$809$179
26 years$2,448$1,843$1,369$1,004$729$149
27 years$2,332$1,735$1,271$919$657$125
28 years$2,224$1,635$1,181$842$593$104
29 years$2,124$1,542$1,099$772$535$87
30 years$2,031$1,456$1,024$709$484$73
31 years$1,945$1,377$955$651$437$61
32 years$1,863$1,303$891$598$396$51
33 years$1,787$1,234$832$550$358$43
34 years$1,716$1,169$777$506$324$36
35 years$1,648$1,109$727$466$294$30
36 years$1,585$1,053$680$429$266$25
37 years$1,525$1,000$636$395$241$21
38 years$1,469$950$596$364$219$18
39 years$1,415$903$558$336$198$15
40 years$1,364$860$523$310$180$12
41 years$1,316$818$491$286$163$10
42 years$1,271$779$460$264$148$9
43 years$1,227$742$432$244$134$7
44 years$1,186$708$405$225$122$6
45 years$1,146$675$381$208$111$5
46 years$1,109$644$357$192$101$4
47 years$1,073$614$336$177$91$4
48 years$1,039$587$316$164$83$3
49 years$1,006$560$297$151$75$3
50 years$974$535$279$140$68$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $998,000, adding $6,926 every year, while hoping to spend $20,742 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: 49/45/6 Blend
57$998,000$998,000$998,000$998,000
58$1,106,940$1,054,046$1,038,577$1,159,161
59$1,197,779$1,083,625$1,051,300$1,225,127
60$1,297,188$1,113,958$1,063,754$1,293,948
61$1,406,019$1,145,061$1,075,908$1,368,204
62$1,525,212$1,176,947$1,087,730$1,448,405
63$1,655,799$1,209,633$1,099,185$1,535,116
64$1,798,920$1,243,134$1,110,236$1,628,956
65$1,955,826$1,277,465$1,120,846$1,730,606
66$2,127,900$1,312,640$1,130,974$1,840,817
67$2,316,662$1,348,675$1,140,578$1,960,415
68$2,523,786$1,385,585$1,149,612$2,090,307
69$2,751,118$1,423,385$1,158,030$2,231,495
70$3,000,690$1,462,089$1,165,782$2,385,080
71$3,274,741$1,501,711$1,172,815$2,552,274
72$3,575,736$1,542,267$1,179,076$2,734,413
73$3,906,392$1,583,769$1,184,506$2,932,965
74$4,269,702$1,626,231$1,189,045$3,149,551
75$4,668,963$1,669,668$1,192,629$3,385,952
76$5,107,806$1,714,090$1,195,191$3,644,132
77$5,590,233$1,759,512$1,196,662$3,926,253
78$6,120,654$1,805,945$1,196,966$4,234,696
79$6,703,923$1,853,399$1,196,028$4,572,086
80$7,345,394$1,901,886$1,193,765$4,941,311
81$8,050,962$1,951,416$1,190,093$5,345,554
82$8,827,121$2,001,997$1,184,923$5,788,323
83$9,681,031$2,053,638$1,178,161$6,273,480
84$10,620,576$2,106,346$1,169,709$6,805,281
85$11,654,444$2,160,127$1,159,465$7,388,413
86$12,792,211$2,214,986$1,147,320$8,028,043
87$14,044,423$2,270,927$1,133,162$8,729,860
88$15,422,705$2,327,953$1,116,873$9,500,137
89$16,939,862$2,386,064$1,098,330$10,345,779
90$18,610,007$2,445,260$1,077,403$11,274,400
91$20,448,689$2,505,539$1,053,957$12,294,387
92$22,473,040$2,566,895$1,027,849$13,414,979
93$24,701,940$2,629,324$998,933$14,646,360
94$27,156,193$2,692,815$967,052$15,999,750
95$29,858,722$2,757,360$932,045$17,487,511
96$32,834,785$2,822,944$893,742$19,123,267
97$36,112,216$2,889,552$851,966$20,922,028
98$39,721,687$2,957,164$806,531$22,900,336
99$43,696,993$3,025,759$757,244$25,076,418
100$48,075,376$3,095,312$703,902$27,470,360