Can I retire at age 58 with 1,240,000?

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 $1,240,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.8%
1 years$102,398$101,486$100,596$99,727$98,879$95,752
2 years$50,692$49,748$48,833$47,946$47,085$43,963
3 years$33,459$32,511$31,598$30,719$29,873$26,854
4 years$24,844$23,899$22,995$22,132$21,306$18,413
5 years$19,677$18,737$17,845$16,999$16,196$13,437
6 years$16,233$15,300$14,422$13,594$12,815$10,192
7 years$13,774$12,849$11,985$11,177$10,422$7,935
8 years$11,930$11,014$10,164$9,376$8,646$6,293
9 years$10,497$9,590$8,754$7,986$7,282$5,060
10 years$9,352$8,453$7,632$6,884$6,204$4,111
11 years$8,415$7,525$6,719$5,991$5,336$3,367
12 years$7,635$6,754$5,963$5,255$4,624$2,776
13 years$6,975$6,104$5,328$4,640$4,032$2,300
14 years$6,410$5,548$4,787$4,118$3,535$1,913
15 years$5,921$5,068$4,322$3,673$3,112$1,597
16 years$5,494$4,650$3,918$3,289$2,750$1,337
17 years$5,117$4,283$3,566$2,955$2,439$1,121
18 years$4,782$3,957$3,255$2,663$2,168$943
19 years$4,483$3,668$2,980$2,406$1,933$794
20 years$4,214$3,408$2,735$2,179$1,726$669
21 years$3,971$3,174$2,515$1,978$1,545$565
22 years$3,751$2,963$2,318$1,798$1,385$477
23 years$3,550$2,771$2,141$1,638$1,243$403
24 years$3,366$2,597$1,980$1,494$1,117$341
25 years$3,197$2,437$1,834$1,364$1,005$289
26 years$3,041$2,290$1,701$1,247$906$244
27 years$2,897$2,155$1,579$1,142$817$207
28 years$2,764$2,031$1,468$1,046$737$175
29 years$2,640$1,916$1,366$959$665$149
30 years$2,524$1,810$1,272$880$601$126
31 years$2,416$1,711$1,186$809$543$107
32 years$2,315$1,619$1,107$743$492$91
33 years$2,221$1,533$1,033$683$445$77
34 years$2,132$1,453$966$629$403$65
35 years$2,048$1,378$903$579$365$55
36 years$1,969$1,308$844$533$331$47
37 years$1,895$1,242$790$491$300$40
38 years$1,825$1,180$740$453$272$34
39 years$1,758$1,123$693$417$246$29
40 years$1,695$1,068$650$385$223$24
41 years$1,635$1,017$609$355$203$21
42 years$1,579$968$572$328$184$18
43 years$1,525$922$536$303$167$15
44 years$1,473$879$504$279$152$13
45 years$1,424$839$473$258$138$11
46 years$1,378$800$444$238$125$9
47 years$1,333$763$417$220$113$8
48 years$1,290$729$392$203$103$7
49 years$1,250$696$369$188$94$6
50 years$1,211$665$346$174$85$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,240,000, adding $6,739 every year, while hoping to spend $34,802 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: 79/7/14 Blend
57$1,240,000$1,240,000$1,240,000$1,240,000
58$1,373,431$1,307,711$1,288,491$1,477,522
59$1,476,492$1,334,760$1,294,627$1,574,020
60$1,588,899$1,361,968$1,299,801$1,674,729
61$1,711,568$1,389,306$1,303,946$1,784,236
62$1,845,508$1,416,742$1,306,988$1,903,407
63$1,991,830$1,444,242$1,308,853$2,033,194
64$2,151,757$1,471,770$1,309,459$2,174,649
65$2,326,633$1,499,284$1,308,723$2,328,928
66$2,517,943$1,526,742$1,306,558$2,497,306
67$2,727,316$1,554,096$1,302,871$2,681,186
68$2,956,551$1,581,295$1,297,566$2,882,116
69$3,207,626$1,608,285$1,290,541$3,101,798
70$3,482,720$1,635,007$1,281,690$3,342,112
71$3,784,232$1,661,398$1,270,902$3,605,126
72$4,114,807$1,687,389$1,258,061$3,893,118
73$4,477,355$1,712,909$1,243,043$4,208,601
74$4,875,082$1,737,878$1,225,722$4,554,341
75$5,311,520$1,762,213$1,205,963$4,933,388
76$5,790,558$1,785,825$1,183,626$5,349,101
77$6,316,483$1,808,618$1,158,565$5,805,183
78$6,894,013$1,830,490$1,130,626$6,305,714
79$7,528,348$1,851,330$1,099,648$6,855,188
80$8,225,217$1,871,022$1,065,464$7,458,561
81$8,990,930$1,889,443$1,027,897$8,121,290
82$9,832,437$1,906,458$986,764$8,849,392
83$10,757,398$1,921,926$941,873$9,649,496
84$11,774,249$1,935,698$893,022$10,528,907
85$12,892,287$1,947,611$840,003$11,495,676
86$14,121,751$1,957,495$782,594$12,558,675
87$15,473,927$1,965,169$720,568$13,727,680
88$16,961,244$1,970,440$653,684$15,013,465
89$18,597,401$1,973,101$581,693$16,427,904
90$20,397,489$1,972,936$504,332$17,984,080
91$22,378,134$1,969,711$421,329$19,696,415
92$24,557,659$1,963,182$332,398$21,580,798
93$26,956,249$1,953,087$237,242$23,654,741
94$29,596,147$1,939,149$135,551$25,937,543
95$32,501,861$1,921,075$26,999$28,450,473
96$35,700,396$1,898,552$0$31,216,967
97$39,221,507$1,871,251$0$34,276,128
98$43,097,980$1,838,822$0$37,648,315
99$47,365,944$1,800,894$0$41,360,915
100$52,065,207$1,757,075$0$45,448,556