Can I retire at age 58 with 1,600,000?

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 $1,600,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$132,127$130,950$129,801$128,681$127,586$122,962
2 years$65,409$64,191$63,010$61,866$60,755$56,147
3 years$43,173$41,950$40,772$39,638$38,546$34,098
4 years$32,057$30,837$29,671$28,557$27,491$23,239
5 years$25,389$24,177$23,026$21,934$20,898$16,852
6 years$20,945$19,742$18,609$17,541$16,536$12,699
7 years$17,773$16,579$15,464$14,422$13,448$9,819
8 years$15,394$14,212$13,115$12,098$11,157$7,732
9 years$13,545$12,374$11,296$10,305$9,396$6,172
10 years$12,067$10,907$9,848$8,883$8,005$4,976
11 years$10,858$9,710$8,670$7,731$6,885$4,044
12 years$9,851$8,715$7,694$6,781$5,966$3,307
13 years$9,000$7,876$6,874$5,986$5,203$2,718
14 years$8,271$7,159$6,177$5,314$4,561$2,242
15 years$7,640$6,540$5,577$4,739$4,016$1,856
16 years$7,089$6,000$5,056$4,243$3,549$1,540
17 years$6,602$5,526$4,601$3,813$3,147$1,281
18 years$6,171$5,106$4,200$3,436$2,798$1,067
19 years$5,785$4,732$3,845$3,105$2,494$890
20 years$5,438$4,398$3,529$2,812$2,228$743
21 years$5,124$4,096$3,246$2,552$1,993$621
22 years$4,840$3,824$2,991$2,320$1,787$520
23 years$4,581$3,576$2,762$2,113$1,604$435
24 years$4,343$3,351$2,554$1,927$1,442$365
25 years$4,125$3,144$2,366$1,760$1,297$306
26 years$3,924$2,955$2,194$1,609$1,169$256
27 years$3,738$2,781$2,038$1,473$1,054$215
28 years$3,566$2,621$1,894$1,350$951$181
29 years$3,406$2,472$1,763$1,238$858$152
30 years$3,257$2,335$1,642$1,136$776$127
31 years$3,118$2,207$1,531$1,043$701$107
32 years$2,987$2,088$1,428$959$634$90
33 years$2,865$1,978$1,333$882$574$75
34 years$2,751$1,875$1,246$811$520$63
35 years$2,643$1,778$1,165$747$471$53
36 years$2,541$1,688$1,090$688$427$45
37 years$2,445$1,603$1,020$634$387$37
38 years$2,355$1,523$955$584$350$32
39 years$2,269$1,448$895$539$318$26
40 years$2,187$1,378$839$497$288$22
41 years$2,110$1,312$786$458$262$19
42 years$2,037$1,249$738$423$237$16
43 years$1,967$1,190$692$390$215$13
44 years$1,901$1,135$650$361$195$11
45 years$1,838$1,082$610$333$177$9
46 years$1,778$1,032$573$308$161$8
47 years$1,720$985$538$284$146$7
48 years$1,665$940$506$263$133$6
49 years$1,612$898$476$243$121$5
50 years$1,562$858$447$224$110$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $1,600,000, adding $6,474 every year, while hoping to spend $28,832 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: 33/47/20 Blend
57$1,600,000$1,600,000$1,600,000$1,600,000
58$1,769,878$1,685,078$1,660,278$1,817,184
59$1,919,728$1,736,970$1,685,220$1,904,786
60$2,083,897$1,790,438$1,710,032$1,996,039
61$2,263,815$1,845,529$1,734,678$2,093,787
62$2,461,056$1,902,292$1,759,121$2,198,619
63$2,677,355$1,960,775$1,783,323$2,311,182
64$2,914,622$2,021,031$1,807,241$2,432,188
65$3,174,962$2,083,110$1,830,833$2,562,418
66$3,460,693$2,147,067$1,854,050$2,702,732
67$3,774,368$2,212,958$1,876,845$2,854,077
68$4,118,799$2,280,838$1,899,165$3,017,492
69$4,497,085$2,350,768$1,920,956$3,194,122
70$4,912,638$2,422,806$1,942,158$3,385,225
71$5,369,219$2,497,015$1,962,712$3,592,187
72$5,870,969$2,573,458$1,982,552$3,816,532
73$6,422,451$2,652,200$2,001,611$4,059,938
74$7,028,692$2,733,310$2,019,816$4,324,250
75$7,695,231$2,816,855$2,037,093$4,611,503
76$8,428,170$2,902,906$2,053,361$4,923,933
77$9,234,232$2,991,537$2,068,537$5,264,003
78$10,120,823$3,082,821$2,082,533$5,634,427
79$11,096,105$3,176,837$2,095,255$6,038,191
80$12,169,068$3,273,663$2,106,607$6,478,583
81$13,349,620$3,373,380$2,116,485$6,959,225
82$14,648,677$3,476,071$2,124,783$7,484,106
83$16,078,266$3,581,822$2,131,387$8,057,619
84$17,651,638$3,690,721$2,136,178$8,684,601
85$19,383,396$3,802,857$2,139,031$9,370,382
86$21,289,629$3,918,324$2,139,815$10,120,830
87$23,388,066$4,037,216$2,138,393$10,942,412
88$25,698,240$4,159,631$2,134,620$11,842,251
89$28,241,676$4,285,669$2,128,346$12,828,191
90$31,042,093$4,415,432$2,119,412$13,908,877
91$34,125,625$4,549,027$2,107,650$15,093,829
92$37,521,070$4,686,560$2,092,888$16,393,539
93$41,260,162$4,828,144$2,074,942$17,819,563
94$45,377,867$4,973,892$2,053,621$19,384,634
95$49,912,717$5,123,920$2,028,725$21,102,781
96$54,907,170$5,278,348$2,000,043$22,989,461
97$60,408,013$5,437,299$1,967,356$25,061,701
98$66,466,802$5,600,898$1,930,434$27,338,267
99$73,140,348$5,769,274$1,889,036$29,839,832
100$80,491,255$5,942,560$1,842,911$32,589,175