Can I retire at age 58 with 1,010,000?

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 $1,010,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$83,405$82,662$81,937$81,230$80,539$77,619
2 years$41,290$40,521$39,775$39,053$38,352$35,443
3 years$27,253$26,481$25,737$25,021$24,332$21,524
4 years$20,236$19,466$18,730$18,027$17,354$14,669
5 years$16,027$15,262$14,535$13,846$13,192$10,638
6 years$13,222$12,462$11,747$11,073$10,438$8,016
7 years$11,219$10,466$9,762$9,104$8,489$6,198
8 years$9,717$8,971$8,279$7,637$7,043$4,881
9 years$8,550$7,811$7,130$6,505$5,931$3,896
10 years$7,617$6,885$6,216$5,607$5,053$3,141
11 years$6,854$6,129$5,473$4,880$4,346$2,553
12 years$6,219$5,501$4,857$4,280$3,766$2,088
13 years$5,681$4,972$4,339$3,779$3,284$1,716
14 years$5,221$4,519$3,899$3,355$2,879$1,415
15 years$4,823$4,128$3,520$2,992$2,535$1,171
16 years$4,475$3,788$3,192$2,679$2,240$972
17 years$4,168$3,488$2,904$2,407$1,986$808
18 years$3,895$3,223$2,651$2,169$1,766$673
19 years$3,652$2,987$2,427$1,960$1,574$562
20 years$3,433$2,776$2,227$1,775$1,406$469
21 years$3,235$2,586$2,049$1,611$1,258$392
22 years$3,055$2,414$1,888$1,465$1,128$328
23 years$2,891$2,257$1,743$1,334$1,013$275
24 years$2,742$2,115$1,612$1,217$910$230
25 years$2,604$1,985$1,493$1,111$819$193
26 years$2,477$1,865$1,385$1,016$738$162
27 years$2,360$1,756$1,286$930$665$136
28 years$2,251$1,654$1,196$852$600$114
29 years$2,150$1,561$1,113$781$542$96
30 years$2,056$1,474$1,036$717$490$80
31 years$1,968$1,393$966$659$443$67
32 years$1,886$1,318$901$605$400$57
33 years$1,809$1,248$842$557$362$48
34 years$1,736$1,183$786$512$328$40
35 years$1,668$1,122$735$471$297$34
36 years$1,604$1,065$688$434$269$28
37 years$1,544$1,012$644$400$244$24
38 years$1,486$962$603$369$221$20
39 years$1,432$914$565$340$201$17
40 years$1,381$870$529$314$182$14
41 years$1,332$828$496$289$165$12
42 years$1,286$789$466$267$150$10
43 years$1,242$751$437$246$136$8
44 years$1,200$716$410$228$123$7
45 years$1,160$683$385$210$112$6
46 years$1,122$652$362$194$102$5
47 years$1,086$622$340$179$92$4
48 years$1,051$594$319$166$84$3
49 years$1,018$567$300$153$76$3
50 years$986$541$282$142$69$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,010,000, adding $6,240 every year, while hoping to spend $37,870 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: 30/45/25 Blend
57$1,010,000$1,010,000$1,010,000$1,010,000
58$1,119,457$1,065,927$1,050,272$1,144,234
59$1,193,348$1,077,864$1,045,162$1,175,829
60$1,273,507$1,089,116$1,038,613$1,206,026
61$1,360,532$1,099,611$1,030,534$1,237,744
62$1,455,084$1,109,270$1,020,835$1,271,139
63$1,557,888$1,118,009$1,009,417$1,306,386
64$1,669,740$1,125,739$996,181$1,343,681
65$1,791,519$1,132,366$981,018$1,383,242
66$1,924,191$1,137,788$963,819$1,425,313
67$2,068,818$1,141,900$944,467$1,470,163
68$2,226,571$1,144,586$922,840$1,518,096
69$2,398,736$1,145,726$898,810$1,569,445
70$2,586,732$1,145,191$872,245$1,624,586
71$2,792,118$1,142,845$843,005$1,683,933
72$3,016,612$1,138,542$810,943$1,747,948
73$3,262,104$1,132,129$775,908$1,817,144
74$3,530,678$1,123,442$737,739$1,892,092
75$3,824,625$1,112,308$696,271$1,973,424
76$4,146,469$1,098,544$651,330$2,061,844
77$4,498,992$1,081,956$602,732$2,158,132
78$4,885,253$1,062,336$550,288$2,263,154
79$5,308,626$1,039,467$493,799$2,377,869
80$5,772,822$1,013,117$433,057$2,503,344
81$6,281,932$983,042$367,847$2,640,759
82$6,840,459$948,982$297,940$2,791,421
83$7,453,367$910,662$223,102$2,956,781
84$8,126,119$867,793$143,085$3,138,445
85$8,864,736$820,068$57,631$3,338,192
86$9,675,849$767,161$0$3,557,992
87$10,566,763$708,730$0$3,808,978
88$11,545,526$644,411$0$4,101,598
89$12,621,003$573,820$0$4,423,212
90$13,802,960$496,552$0$4,776,858
91$15,102,157$412,178$0$5,165,889
92$16,530,447$320,245$0$5,594,009
93$18,100,892$220,276$0$6,065,311
94$19,827,878$111,765$0$6,584,311
95$21,727,259$0$0$7,155,998
96$23,816,501$0$0$7,788,762
97$26,114,846$0$0$8,545,918
98$28,643,498$0$0$9,379,130
99$31,425,818$0$0$10,296,117
100$34,487,546$0$0$11,305,387