Can I retire at age 58 with 1,030,000?

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 $1,030,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$85,056$84,299$83,560$82,838$82,134$80,246
2 years$42,107$41,323$40,563$39,826$39,111$37,220
3 years$27,793$27,005$26,247$25,517$24,814$22,978
4 years$20,637$19,852$19,101$18,384$17,697$15,931
5 years$16,344$15,564$14,823$14,120$13,453$11,761
6 years$13,484$12,709$11,979$11,292$10,645$9,029
7 years$11,441$10,673$9,955$9,284$8,657$7,118
8 years$9,910$9,149$8,443$7,788$7,182$5,719
9 years$8,720$7,966$7,272$6,634$6,048$4,660
10 years$7,768$7,021$6,339$5,718$5,154$3,838
11 years$6,990$6,251$5,581$4,977$4,432$3,188
12 years$6,342$5,610$4,953$4,365$3,841$2,666
13 years$5,794$5,070$4,425$3,854$3,349$2,242
14 years$5,325$4,609$3,976$3,421$2,936$1,894
15 years$4,918$4,210$3,590$3,051$2,585$1,605
16 years$4,563$3,863$3,255$2,732$2,285$1,365
17 years$4,250$3,557$2,962$2,454$2,026$1,164
18 years$3,972$3,287$2,704$2,212$1,801$994
19 years$3,724$3,046$2,475$1,999$1,605$851
20 years$3,501$2,831$2,272$1,810$1,434$729
21 years$3,299$2,637$2,089$1,643$1,283$626
22 years$3,116$2,461$1,926$1,494$1,150$538
23 years$2,949$2,302$1,778$1,360$1,033$463
24 years$2,796$2,157$1,644$1,241$928$398
25 years$2,655$2,024$1,523$1,133$835$343
26 years$2,526$1,902$1,413$1,036$752$296
27 years$2,407$1,790$1,312$948$678$255
28 years$2,296$1,687$1,219$869$612$220
29 years$2,193$1,592$1,135$797$553$190
30 years$2,097$1,503$1,057$731$499$164
31 years$2,007$1,421$985$672$451$141
32 years$1,923$1,344$919$617$408$122
33 years$1,845$1,273$858$568$370$106
34 years$1,771$1,207$802$522$335$91
35 years$1,701$1,145$750$481$303$79
36 years$1,636$1,086$701$443$275$68
37 years$1,574$1,032$657$408$249$59
38 years$1,516$981$615$376$226$51
39 years$1,461$932$576$347$205$44
40 years$1,408$887$540$320$186$38
41 years$1,359$844$506$295$168$33
42 years$1,311$804$475$272$153$28
43 years$1,266$766$446$251$139$25
44 years$1,224$730$418$232$126$21
45 years$1,183$697$393$214$114$18
46 years$1,144$664$369$198$104$16
47 years$1,107$634$347$183$94$14
48 years$1,072$605$326$169$86$12
49 years$1,038$578$306$156$78$10
50 years$1,006$552$288$144$71$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,030,000, adding $4,165 every year, while hoping to spend $44,048 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: 63/18/19 Blend
57$1,030,000$1,030,000$1,030,000$1,030,000
58$1,139,356$1,084,766$1,068,801$1,205,369
59$1,208,704$1,091,053$1,057,739$1,256,594
60$1,283,649$1,096,172$1,044,831$1,307,174
61$1,364,715$1,100,018$1,029,967$1,361,383
62$1,452,479$1,102,482$1,013,034$1,419,580
63$1,547,575$1,103,447$993,914$1,482,157
64$1,650,700$1,102,788$972,482$1,549,552
65$1,762,619$1,100,372$948,608$1,622,246
66$1,884,176$1,096,060$922,156$1,700,771
67$2,016,297$1,089,703$892,983$1,785,715
68$2,160,003$1,081,142$860,941$1,877,726
69$2,316,415$1,070,209$825,875$1,977,521
70$2,486,768$1,056,728$787,620$2,085,893
71$2,672,420$1,040,510$746,008$2,203,715
72$2,874,867$1,021,355$700,859$2,331,954
73$3,095,754$999,052$651,989$2,471,675
74$3,336,893$973,378$599,202$2,624,056
75$3,600,277$944,094$542,296$2,790,396
76$3,888,102$910,951$481,059$2,972,131
77$4,202,783$873,682$415,270$3,170,844
78$4,546,982$832,008$344,696$3,388,285
79$4,923,627$785,630$269,097$3,626,385
80$5,335,946$734,234$188,220$3,887,273
81$5,787,489$677,488$101,803$4,173,303
82$6,282,170$615,042$9,569$4,487,069
83$6,824,294$546,522$0$4,831,436
84$7,418,608$471,537$0$5,227,580
85$8,070,336$389,673$0$5,664,216
86$8,785,234$300,490$0$6,143,315
87$9,569,641$203,527$0$6,669,190
88$10,430,539$98,295$0$7,246,596
89$11,375,619$0$0$7,880,775
90$12,413,355$0$0$8,580,619
91$13,553,078$0$0$9,370,703
92$14,805,071$0$0$10,238,693
93$16,180,658$0$0$11,192,453
94$17,692,318$0$0$12,240,642
95$19,353,796$0$0$13,392,803
96$21,180,235$0$0$14,659,448
97$23,188,321$0$0$16,052,160
98$25,396,434$0$0$17,583,698
99$27,824,826$0$0$19,268,120
100$30,495,809$0$0$21,120,916