Can I retire at age 58 with 941,000?

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 $941,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.7%
1 years$77,707$77,015$76,339$75,680$75,037$72,986
2 years$38,469$37,752$37,058$36,385$35,732$33,681
3 years$25,391$24,672$23,979$23,312$22,670$20,682
4 years$18,854$18,136$17,451$16,795$16,168$14,260
5 years$14,932$14,219$13,542$12,900$12,291$10,467
6 years$12,319$11,611$10,944$10,316$9,725$7,988
7 years$10,453$9,751$9,095$8,482$7,909$6,258
8 years$9,054$8,358$7,713$7,115$6,562$4,995
9 years$7,966$7,277$6,643$6,060$5,526$4,043
10 years$7,097$6,415$5,792$5,224$4,708$3,308
11 years$6,386$5,711$5,099$4,547$4,049$2,728
12 years$5,794$5,125$4,525$3,988$3,509$2,265
13 years$5,293$4,632$4,043$3,521$3,060$1,891
14 years$4,865$4,210$3,633$3,125$2,682$1,585
15 years$4,493$3,846$3,280$2,787$2,362$1,333
16 years$4,169$3,529$2,974$2,496$2,087$1,125
17 years$3,883$3,250$2,706$2,242$1,851$951
18 years$3,629$3,003$2,470$2,021$1,646$806
19 years$3,402$2,783$2,261$1,826$1,467$684
20 years$3,198$2,586$2,075$1,654$1,310$582
21 years$3,014$2,409$1,909$1,501$1,172$495
22 years$2,847$2,249$1,759$1,365$1,051$422
23 years$2,694$2,103$1,624$1,243$943$360
24 years$2,554$1,971$1,502$1,134$848$307
25 years$2,426$1,849$1,391$1,035$763$262
26 years$2,308$1,738$1,290$947$687$224
27 years$2,199$1,636$1,198$866$620$191
28 years$2,097$1,541$1,114$794$559$164
29 years$2,003$1,454$1,037$728$505$140
30 years$1,915$1,373$966$668$456$120
31 years$1,834$1,298$900$614$412$102
32 years$1,757$1,228$840$564$373$88
33 years$1,685$1,163$784$519$338$75
34 years$1,618$1,102$733$477$306$64
35 years$1,554$1,046$685$439$277$55
36 years$1,495$992$641$404$251$47
37 years$1,438$943$600$373$227$40
38 years$1,385$896$562$344$206$35
39 years$1,334$852$526$317$187$30
40 years$1,286$810$493$292$170$25
41 years$1,241$771$463$270$154$22
42 years$1,198$735$434$249$140$19
43 years$1,157$700$407$230$127$16
44 years$1,118$667$382$212$115$14
45 years$1,081$636$359$196$104$12
46 years$1,045$607$337$181$95$10
47 years$1,012$579$317$167$86$9
48 years$979$553$298$154$78$7
49 years$948$528$280$143$71$6
50 years$919$504$263$132$64$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $941,000, adding $6,671 every year, while hoping to spend $35,791 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: 64/22/14 Blend
57$941,000$941,000$941,000$941,000
58$1,043,863$993,990$979,405$1,106,763
59$1,112,256$1,004,614$974,133$1,160,319
60$1,186,425$1,014,559$967,486$1,214,059
61$1,266,922$1,023,755$959,378$1,271,881
62$1,354,354$1,032,124$949,723$1,334,182
63$1,449,387$1,039,587$938,428$1,401,402
64$1,552,755$1,046,058$925,396$1,474,023
65$1,665,266$1,051,445$910,527$1,552,579
66$1,787,808$1,055,651$893,715$1,637,661
67$1,921,360$1,058,572$874,849$1,729,917
68$2,066,996$1,060,100$853,814$1,830,064
69$2,225,901$1,060,116$830,488$1,938,893
70$2,399,379$1,058,498$804,745$2,057,278
71$2,588,864$1,055,113$776,453$2,186,179
72$2,795,936$1,049,822$745,472$2,326,660
73$3,022,335$1,042,476$711,659$2,479,892
74$3,269,974$1,032,918$674,860$2,647,166
75$3,540,962$1,020,982$634,919$2,829,910
76$3,837,621$1,006,491$591,670$3,029,694
77$4,162,507$989,258$544,939$3,248,255
78$4,518,435$969,083$494,547$3,487,506
79$4,908,505$945,758$440,303$3,749,558
80$5,336,131$919,059$382,013$4,036,739
81$5,805,075$888,752$319,468$4,351,617
82$6,319,478$854,585$252,456$4,697,026
83$6,883,901$816,297$180,750$5,076,089
84$7,503,371$773,608$104,117$5,492,253
85$8,183,422$726,222$22,312$5,949,317
86$8,930,152$673,827$0$6,451,474
87$9,750,276$616,094$0$7,013,054
88$10,651,195$552,673$0$7,633,635
89$11,641,059$483,195$0$8,315,544
90$12,728,847$407,272$0$9,065,023
91$13,924,452$324,491$0$9,888,955
92$15,238,773$234,418$0$10,794,925
93$16,683,816$136,593$0$11,791,295
94$18,272,811$30,531$0$12,887,284
95$20,020,330$0$0$14,093,052
96$21,942,434$0$0$15,440,202
97$24,056,813$0$0$16,930,317
98$26,382,960$0$0$18,569,754
99$28,942,354$0$0$20,373,658
100$31,758,658$0$0$22,358,718