Can I retire at age 58 with 1,320,000?

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 $1,320,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.3%
1 years$109,004$108,033$107,086$106,161$105,259$104,683
2 years$53,963$52,958$51,984$51,039$50,123$49,542
3 years$35,618$34,608$33,637$32,701$31,800$31,232
4 years$26,447$25,441$24,479$23,559$22,680$22,129
5 years$20,946$19,946$18,997$18,096$17,241$16,709
6 years$17,280$16,287$15,352$14,471$13,642$13,130
7 years$14,662$13,678$12,758$11,898$11,095$10,602
8 years$12,700$11,725$10,820$9,981$9,204$8,731
9 years$11,175$10,208$9,319$8,501$7,751$7,298
10 years$9,955$8,998$8,124$7,328$6,604$6,170
11 years$8,958$8,011$7,153$6,378$5,680$5,265
12 years$8,127$7,190$6,348$5,594$4,922$4,526
13 years$7,425$6,498$5,671$4,939$4,292$3,914
14 years$6,824$5,906$5,096$4,384$3,763$3,403
15 years$6,303$5,395$4,601$3,910$3,313$2,970
16 years$5,848$4,950$4,171$3,501$2,928$2,603
17 years$5,447$4,559$3,796$3,146$2,596$2,287
18 years$5,091$4,213$3,465$2,835$2,308$2,015
19 years$4,772$3,904$3,172$2,561$2,057$1,780
20 years$4,486$3,628$2,911$2,320$1,838$1,575
21 years$4,228$3,379$2,678$2,105$1,645$1,396
22 years$3,993$3,154$2,468$1,914$1,474$1,240
23 years$3,779$2,950$2,279$1,743$1,323$1,102
24 years$3,583$2,764$2,107$1,590$1,189$981
25 years$3,403$2,594$1,952$1,452$1,070$874
26 years$3,237$2,438$1,810$1,328$964$779
27 years$3,084$2,294$1,681$1,215$869$696
28 years$2,942$2,162$1,563$1,114$784$621
29 years$2,810$2,040$1,454$1,021$708$555
30 years$2,687$1,926$1,355$937$640$497
31 years$2,572$1,821$1,263$861$579$444
32 years$2,465$1,723$1,178$791$523$398
33 years$2,364$1,632$1,100$727$474$356
34 years$2,269$1,546$1,028$669$429$319
35 years$2,180$1,467$961$616$388$286
36 years$2,096$1,392$899$567$352$256
37 years$2,017$1,322$841$523$319$230
38 years$1,943$1,257$788$482$289$206
39 years$1,872$1,195$738$444$262$185
40 years$1,805$1,137$692$410$238$166
41 years$1,741$1,082$649$378$216$149
42 years$1,681$1,031$609$349$196$133
43 years$1,623$982$571$322$178$120
44 years$1,568$936$536$297$161$107
45 years$1,516$893$503$275$146$96
46 years$1,466$852$473$254$133$87
47 years$1,419$813$444$234$121$78
48 years$1,374$776$417$217$110$70
49 years$1,330$741$392$200$100$63
50 years$1,289$708$369$185$90$56

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,320,000, adding $4,748 every year, while hoping to spend $22,988 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: 41/44/15 Blend
57$1,320,000$1,320,000$1,320,000$1,320,000
58$1,459,538$1,389,578$1,369,118$1,512,734
59$1,583,951$1,433,208$1,390,524$1,594,411
60$1,720,285$1,478,205$1,411,877$1,680,142
61$1,869,730$1,524,613$1,433,151$1,772,436
62$2,033,598$1,572,475$1,454,317$1,871,904
63$2,213,336$1,621,837$1,475,347$1,979,214
64$2,410,534$1,672,745$1,496,210$2,095,103
65$2,626,947$1,725,248$1,516,871$2,220,381
66$2,864,506$1,779,396$1,537,297$2,355,937
67$3,125,339$1,835,239$1,557,449$2,502,751
68$3,411,789$1,892,832$1,577,290$2,661,901
69$3,726,439$1,952,228$1,596,776$2,834,572
70$4,072,132$2,013,484$1,615,865$3,022,067
71$4,452,002$2,076,657$1,634,509$3,225,823
72$4,869,502$2,141,809$1,652,660$3,447,419
73$5,328,433$2,208,999$1,670,266$3,688,594
74$5,832,986$2,278,293$1,687,273$3,951,262
75$6,387,776$2,349,755$1,703,622$4,237,530
76$6,997,889$2,423,453$1,719,254$4,549,717
77$7,668,929$2,499,457$1,734,104$4,890,378
78$8,407,068$2,577,839$1,748,105$5,262,325
79$9,219,109$2,658,673$1,761,186$5,668,654
80$10,112,545$2,742,035$1,773,273$6,112,774
81$11,095,634$2,828,004$1,784,286$6,598,442
82$12,177,473$2,916,661$1,794,145$7,129,792
83$13,368,088$3,008,090$1,802,761$7,711,379
84$14,678,524$3,102,377$1,810,044$8,348,219
85$16,120,951$3,199,611$1,815,899$9,045,838
86$17,708,780$3,299,884$1,820,223$9,810,321
87$19,456,788$3,403,291$1,822,913$10,648,373
88$21,381,256$3,509,928$1,823,857$11,567,378
89$23,500,127$3,619,897$1,822,938$12,575,470
90$25,833,168$3,733,300$1,820,035$13,681,611
91$28,402,165$3,850,245$1,815,020$14,895,673
92$31,231,121$3,970,842$1,807,758$16,228,531
93$34,346,486$4,095,205$1,798,109$17,692,166
94$37,777,407$4,223,449$1,785,925$19,299,780
95$41,556,000$4,355,696$1,771,051$21,065,914
96$45,717,657$4,492,070$1,753,326$23,006,592
97$50,301,376$4,632,699$1,732,580$25,139,466
98$55,350,130$4,777,715$1,708,636$27,483,988
99$60,911,275$4,927,255$1,681,307$30,061,585
100$67,036,992$5,081,458$1,650,398$32,895,872