Can I retire at age 58 with 1,040,000?

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 $1,040,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$85,882$85,117$84,371$83,642$82,931$80,084
2 years$42,516$41,724$40,957$40,213$39,491$36,652
3 years$28,062$27,267$26,502$25,765$25,055$22,312
4 years$20,837$20,044$19,286$18,562$17,869$15,245
5 years$16,503$15,715$14,967$14,257$13,584$11,084
6 years$13,615$12,832$12,096$11,402$10,748$8,376
7 years$11,552$10,777$10,052$9,374$8,741$6,495
8 years$10,006$9,238$8,524$7,864$7,252$5,130
9 years$8,804$8,043$7,342$6,698$6,107$4,107
10 years$7,843$7,089$6,401$5,774$5,204$3,322
11 years$7,058$6,311$5,635$5,025$4,475$2,709
12 years$6,403$5,665$5,001$4,408$3,878$2,222
13 years$5,850$5,119$4,468$3,891$3,382$1,832
14 years$5,376$4,653$4,015$3,454$2,964$1,517
15 years$4,966$4,251$3,625$3,081$2,610$1,260
16 years$4,608$3,900$3,286$2,758$2,307$1,049
17 years$4,292$3,592$2,991$2,478$2,045$876
18 years$4,011$3,319$2,730$2,233$1,819$732
19 years$3,760$3,076$2,499$2,018$1,621$613
20 years$3,535$2,858$2,294$1,828$1,448$514
21 years$3,331$2,662$2,110$1,659$1,296$432
22 years$3,146$2,485$1,944$1,508$1,161$363
23 years$2,977$2,324$1,795$1,374$1,043$305
24 years$2,823$2,178$1,660$1,253$937$256
25 years$2,681$2,044$1,538$1,144$843$216
26 years$2,551$1,921$1,426$1,046$760$182
27 years$2,430$1,808$1,324$958$685$153
28 years$2,318$1,703$1,231$877$618$129
29 years$2,214$1,607$1,146$805$558$109
30 years$2,117$1,518$1,067$738$504$92
31 years$2,027$1,435$995$678$456$77
32 years$1,942$1,357$928$623$412$65
33 years$1,862$1,286$867$573$373$55
34 years$1,788$1,218$810$527$338$46
35 years$1,718$1,156$757$485$306$39
36 years$1,652$1,097$708$447$277$33
37 years$1,589$1,042$663$412$251$28
38 years$1,530$990$621$380$228$23
39 years$1,475$941$582$350$207$20
40 years$1,422$896$545$323$187$17
41 years$1,372$853$511$298$170$14
42 years$1,324$812$480$275$154$12
43 years$1,279$774$450$254$140$10
44 years$1,236$738$422$234$127$8
45 years$1,195$703$397$216$115$7
46 years$1,155$671$372$200$105$6
47 years$1,118$640$350$185$95$5
48 years$1,082$611$329$171$86$4
49 years$1,048$584$309$158$78$4
50 years$1,015$558$291$146$71$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,040,000, adding $3,792 every year, while hoping to spend $50,478 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: 29/47/24 Blend
57$1,040,000$1,040,000$1,040,000$1,040,000
58$1,149,991$1,094,871$1,078,751$1,174,655
59$1,213,582$1,094,812$1,061,181$1,194,085
60$1,281,968$1,093,058$1,041,331$1,210,253
61$1,355,583$1,089,472$1,019,070$1,226,596
62$1,434,908$1,083,911$994,264$1,243,161
63$1,520,466$1,076,221$966,770$1,260,005
64$1,612,837$1,066,239$936,440$1,277,196
65$1,712,653$1,053,792$903,118$1,294,813
66$1,820,613$1,038,697$866,641$1,312,949
67$1,937,483$1,020,760$826,841$1,331,711
68$2,064,106$999,777$783,539$1,351,222
69$2,201,407$975,528$736,551$1,371,626
70$2,350,406$947,785$685,681$1,393,087
71$2,512,223$916,302$630,727$1,415,792
72$2,688,092$880,822$571,478$1,439,956
73$2,879,366$841,072$507,712$1,465,823
74$3,087,539$796,762$439,198$1,493,669
75$3,314,252$747,588$365,695$1,523,809
76$3,561,311$693,224$286,950$1,556,598
77$3,830,703$633,331$202,702$1,592,438
78$4,124,617$567,546$112,675$1,631,782
79$4,445,460$495,488$16,581$1,675,141
80$4,795,884$416,754$0$1,723,087
81$5,178,805$330,916$0$1,798,282
82$5,597,438$237,525$0$1,885,397
83$6,055,318$136,106$0$1,981,077
84$6,556,341$26,155$0$2,086,318
85$7,104,795$0$0$2,202,228
86$7,705,402$0$0$2,378,064
87$8,363,362$0$0$2,585,676
88$9,084,402$0$0$2,813,362
89$9,874,830$0$0$3,063,138
90$10,741,591$0$0$3,337,218
91$11,692,338$0$0$3,638,047
92$12,735,496$0$0$3,968,314
93$13,880,348$0$0$4,330,983
94$15,137,120$0$0$4,729,317
95$16,517,072$0$0$5,166,914
96$18,032,613$0$0$5,647,735
97$19,697,409$0$0$6,176,144
98$21,526,516$0$0$6,756,949
99$23,536,522$0$0$7,395,448
100$25,745,698$0$0$8,097,477