Can I retire at age 58 with 997,000?

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 $997,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$82,331$81,598$80,882$80,184$79,502$78,121
2 years$40,758$39,999$39,263$38,550$37,858$36,471
3 years$26,902$26,140$25,406$24,699$24,019$22,669
4 years$19,976$19,216$18,489$17,795$17,130$15,828
5 years$15,821$15,065$14,348$13,668$13,022$11,772
6 years$13,052$12,302$11,596$10,930$10,304$9,106
7 years$11,075$10,331$9,636$8,986$8,380$7,235
8 years$9,592$8,856$8,172$7,538$6,952$5,860
9 years$8,440$7,710$7,039$6,421$5,855$4,815
10 years$7,519$6,796$6,136$5,535$4,988$4,001
11 years$6,766$6,050$5,402$4,817$4,290$3,353
12 years$6,139$5,431$4,794$4,225$3,718$2,830
13 years$5,608$4,908$4,284$3,730$3,242$2,402
14 years$5,154$4,461$3,849$3,311$2,842$2,048
15 years$4,761$4,075$3,475$2,953$2,502$1,753
16 years$4,417$3,739$3,151$2,644$2,211$1,505
17 years$4,114$3,443$2,867$2,376$1,961$1,296
18 years$3,845$3,182$2,617$2,141$1,744$1,119
19 years$3,605$2,949$2,396$1,935$1,554$968
20 years$3,388$2,740$2,199$1,752$1,388$838
21 years$3,193$2,552$2,022$1,590$1,242$727
22 years$3,016$2,383$1,864$1,446$1,113$632
23 years$2,854$2,228$1,721$1,317$999$549
24 years$2,706$2,088$1,592$1,201$898$478
25 years$2,570$1,959$1,474$1,097$808$416
26 years$2,445$1,841$1,367$1,003$728$363
27 years$2,329$1,733$1,270$918$657$316
28 years$2,222$1,633$1,180$841$592$276
29 years$2,122$1,541$1,098$771$535$241
30 years$2,029$1,455$1,023$708$483$210
31 years$1,943$1,375$954$650$437$184
32 years$1,862$1,301$890$597$395$161
33 years$1,785$1,232$831$549$358$140
34 years$1,714$1,168$776$505$324$123
35 years$1,647$1,108$726$465$293$107
36 years$1,583$1,052$679$429$266$94
37 years$1,524$999$636$395$241$82
38 years$1,467$949$595$364$218$72
39 years$1,414$903$558$336$198$63
40 years$1,363$859$523$310$180$55
41 years$1,315$817$490$286$163$48
42 years$1,269$778$460$264$148$42
43 years$1,226$742$431$243$134$37
44 years$1,185$707$405$225$122$32
45 years$1,145$674$380$207$111$28
46 years$1,108$643$357$192$100$25
47 years$1,072$614$335$177$91$22
48 years$1,038$586$315$164$83$19
49 years$1,005$560$296$151$75$17
50 years$973$534$279$140$68$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $997,000, adding $2,279 every year, while hoping to spend $46,903 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: 35/41/24 Blend
57$997,000$997,000$997,000$997,000
58$1,101,045$1,048,204$1,032,750$1,131,508
59$1,163,447$1,049,661$1,017,443$1,155,742
60$1,230,642$1,049,618$1,000,051$1,177,427
61$1,303,070$1,047,952$980,455$1,199,889
62$1,381,212$1,044,531$958,529$1,223,225
63$1,465,600$1,039,217$934,144$1,247,550
64$1,556,816$1,031,863$907,163$1,272,990
65$1,655,500$1,022,314$877,442$1,299,691
66$1,762,357$1,010,402$844,831$1,327,815
67$1,878,159$995,954$809,176$1,357,546
68$2,003,759$978,784$770,311$1,389,094
69$2,140,092$958,694$728,065$1,422,691
70$2,288,187$935,475$682,262$1,458,601
71$2,449,177$908,909$632,712$1,497,120
72$2,624,307$878,759$579,222$1,538,578
73$2,814,948$844,780$521,587$1,583,349
74$3,022,607$806,709$459,595$1,631,847
75$3,248,945$764,269$393,023$1,684,540
76$3,495,787$717,168$321,639$1,741,948
77$3,765,143$665,095$245,200$1,804,653
78$4,059,227$607,724$163,453$1,873,305
79$4,380,473$544,707$76,134$1,948,629
80$4,731,563$475,680$0$2,031,434
81$5,115,450$400,255$0$2,126,987
82$5,535,383$318,025$0$2,253,016
83$5,994,941$228,557$0$2,391,197
84$6,498,064$131,396$0$2,542,854
85$7,049,093$26,061$0$2,709,454
86$7,652,806$0$0$2,892,620
87$8,314,466$0$0$3,133,833
88$9,039,870$0$0$3,411,320
89$9,835,400$0$0$3,715,782
90$10,708,088$0$0$4,049,930
91$11,665,679$0$0$4,416,747
92$12,716,703$0$0$4,819,522
93$13,870,558$0$0$5,261,876
94$15,137,593$0$0$5,747,799
95$16,529,211$0$0$6,281,687
96$18,057,973$0$0$6,868,382
97$19,737,717$0$0$7,513,216
98$21,583,685$0$0$8,222,069
99$23,612,674$0$0$9,001,413
100$25,843,184$0$0$9,858,381