Can I retire at age 58 with 1,120,000?

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 $1,120,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.4%
1 years$92,489$91,665$90,861$90,076$89,310$87,687
2 years$45,786$44,934$44,107$43,306$42,529$40,899
3 years$30,221$29,365$28,540$27,747$26,982$25,396
4 years$22,440$21,586$20,770$19,990$19,244$17,715
5 years$17,772$16,924$16,118$15,354$14,629$13,161
6 years$14,662$13,820$13,026$12,279$11,575$10,170
7 years$12,441$11,606$10,825$10,095$9,414$8,071
8 years$10,776$9,948$9,180$8,469$7,810$6,530
9 years$9,482$8,662$7,907$7,213$6,577$5,359
10 years$8,447$7,635$6,893$6,218$5,604$4,447
11 years$7,601$6,797$6,069$5,411$4,819$3,722
12 years$6,896$6,100$5,386$4,747$4,176$3,137
13 years$6,300$5,513$4,812$4,191$3,642$2,659
14 years$5,790$5,011$4,324$3,720$3,193$2,264
15 years$5,348$4,578$3,904$3,317$2,811$1,936
16 years$4,962$4,200$3,539$2,970$2,484$1,660
17 years$4,622$3,868$3,221$2,669$2,203$1,427
18 years$4,319$3,574$2,940$2,405$1,959$1,230
19 years$4,049$3,313$2,691$2,173$1,746$1,062
20 years$3,807$3,078$2,470$1,968$1,559$919
21 years$3,587$2,867$2,272$1,786$1,395$796
22 years$3,388$2,677$2,094$1,624$1,251$690
23 years$3,206$2,503$1,933$1,479$1,123$599
24 years$3,040$2,345$1,788$1,349$1,009$521
25 years$2,888$2,201$1,656$1,232$908$453
26 years$2,747$2,069$1,536$1,127$818$394
27 years$2,617$1,947$1,426$1,031$737$343
28 years$2,496$1,834$1,326$945$665$299
29 years$2,384$1,731$1,234$866$601$261
30 years$2,280$1,634$1,149$795$543$227
31 years$2,182$1,545$1,071$730$491$198
32 years$2,091$1,462$1,000$671$444$173
33 years$2,006$1,384$933$617$402$151
34 years$1,925$1,312$872$568$364$132
35 years$1,850$1,245$815$523$330$115
36 years$1,779$1,181$763$481$299$100
37 years$1,712$1,122$714$444$271$88
38 years$1,648$1,066$669$409$245$77
39 years$1,588$1,014$626$377$222$67
40 years$1,531$965$587$348$202$58
41 years$1,477$918$551$321$183$51
42 years$1,426$874$516$296$166$45
43 years$1,377$833$485$273$151$39
44 years$1,331$794$455$252$137$34
45 years$1,286$757$427$233$124$30
46 years$1,244$723$401$215$113$26
47 years$1,204$689$377$199$102$23
48 years$1,166$658$354$184$93$20
49 years$1,129$629$333$170$84$17
50 years$1,094$600$313$157$77$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,120,000, adding $6,433 every year, while hoping to spend $57,365 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: 80/10/10 Blend
57$1,120,000$1,120,000$1,120,000$1,120,000
58$1,240,876$1,181,516$1,164,156$1,337,616
59$1,306,409$1,178,374$1,142,119$1,398,864
60$1,376,704$1,173,156$1,117,421$1,457,909
61$1,452,186$1,165,699$1,089,913$1,521,007
62$1,533,322$1,155,830$1,059,438$1,588,535
63$1,620,623$1,143,369$1,025,832$1,660,909
64$1,714,653$1,128,120$988,923$1,738,587
65$1,816,028$1,109,878$948,533$1,822,073
66$1,925,428$1,088,427$904,473$1,911,924
67$2,043,598$1,063,536$856,549$2,008,753
68$2,171,357$1,034,962$804,556$2,113,236
69$2,309,605$1,002,445$748,279$2,226,117
70$2,459,334$965,714$687,495$2,348,218
71$2,621,630$924,478$621,970$2,480,444
72$2,797,691$878,432$551,461$2,623,793
73$2,988,833$827,253$475,713$2,779,365
74$3,196,504$770,598$394,458$2,948,373
75$3,422,295$708,105$307,421$3,132,155
76$3,667,959$639,392$214,309$3,332,186
77$3,935,424$564,055$114,821$3,550,090
78$4,226,810$481,666$8,640$3,787,661
79$4,544,451$391,775$0$4,046,876
80$4,890,917$293,903$0$4,341,082
81$5,269,034$187,549$0$4,663,224
82$5,681,916$72,179$0$5,015,067
83$6,132,988$0$0$5,399,572
84$6,626,022$0$0$5,825,810
85$7,165,171$0$0$6,300,629
86$7,755,007$0$0$6,820,118
87$8,400,564$0$0$7,388,716
88$9,107,387$0$0$8,011,308
89$9,881,579$0$0$8,693,276
90$10,729,864$0$0$9,440,547
91$11,659,645$0$0$10,259,647
92$12,679,077$0$0$11,157,764
93$13,797,141$0$0$12,142,815
94$15,023,728$0$0$13,223,521
95$16,369,734$0$0$14,409,486
96$17,847,162$0$0$15,711,291
97$19,469,229$0$0$17,140,589
98$21,250,500$0$0$18,710,217
99$23,207,016$0$0$20,434,319
100$25,356,449$0$0$22,328,472