Can I retire at age 59 with 988,000?

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 $988,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.2%
1 years$81,588$80,861$80,152$79,460$78,785$76,171
2 years$40,390$39,638$38,909$38,202$37,516$34,909
3 years$26,659$25,904$25,177$24,476$23,802$21,282
4 years$19,795$19,042$18,322$17,634$16,976$14,563
5 years$15,678$14,929$14,219$13,545$12,905$10,605
6 years$12,934$12,191$11,491$10,832$10,211$8,027
7 years$10,975$10,238$9,549$8,905$8,304$6,235
8 years$9,506$8,776$8,098$7,470$6,889$4,933
9 years$8,364$7,641$6,975$6,363$5,802$3,957
10 years$7,451$6,735$6,081$5,485$4,943$3,207
11 years$6,705$5,996$5,354$4,774$4,251$2,620
12 years$6,083$5,382$4,751$4,187$3,684$2,154
13 years$5,558$4,863$4,245$3,697$3,213$1,779
14 years$5,108$4,421$3,814$3,281$2,816$1,476
15 years$4,718$4,038$3,444$2,926$2,480$1,229
16 years$4,377$3,705$3,122$2,620$2,192$1,026
17 years$4,077$3,412$2,841$2,354$1,943$858
18 years$3,810$3,153$2,593$2,122$1,728$719
19 years$3,572$2,922$2,374$1,917$1,540$603
20 years$3,358$2,715$2,179$1,736$1,376$507
21 years$3,164$2,529$2,004$1,576$1,231$427
22 years$2,989$2,361$1,847$1,433$1,103$359
23 years$2,829$2,208$1,706$1,305$990$303
24 years$2,682$2,069$1,577$1,190$890$255
25 years$2,547$1,942$1,461$1,087$801$215
26 years$2,423$1,825$1,355$994$722$182
27 years$2,308$1,717$1,258$910$651$153
28 years$2,202$1,618$1,170$833$587$130
29 years$2,103$1,527$1,088$764$530$109
30 years$2,011$1,442$1,014$701$479$93
31 years$1,925$1,363$945$644$433$78
32 years$1,845$1,290$882$592$392$66
33 years$1,769$1,221$823$544$354$56
34 years$1,699$1,158$769$501$321$47
35 years$1,632$1,098$719$461$291$40
36 years$1,569$1,042$673$425$263$34
37 years$1,510$990$630$391$239$29
38 years$1,454$941$590$361$216$24
39 years$1,401$894$553$333$196$20
40 years$1,351$851$518$307$178$17
41 years$1,303$810$486$283$161$15
42 years$1,258$771$456$261$147$12
43 years$1,215$735$427$241$133$10
44 years$1,174$701$401$223$121$9
45 years$1,135$668$377$206$110$7
46 years$1,098$637$354$190$100$6
47 years$1,062$608$332$175$90$5
48 years$1,028$581$312$162$82$5
49 years$996$554$294$150$75$4
50 years$965$530$276$138$68$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $988,000, adding $5,474 every year, while hoping to spend $58,885 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: 56/23/21 Blend
58$988,000$988,000$988,000$988,000
59$1,094,422$1,042,058$1,026,744$1,149,221
60$1,143,400$1,030,466$998,487$1,175,668
61$1,195,400$1,016,332$967,310$1,197,731
62$1,250,669$999,470$933,052$1,220,488
63$1,309,475$979,682$895,547$1,244,022
64$1,372,113$956,758$854,619$1,268,427
65$1,438,905$930,476$810,087$1,293,809
66$1,510,207$900,602$761,757$1,320,287
67$1,586,403$866,887$709,432$1,347,998
68$1,667,920$829,068$652,901$1,377,095
69$1,755,222$786,867$591,947$1,407,750
70$1,848,819$739,988$526,343$1,440,159
71$1,949,273$688,121$455,849$1,474,540
72$2,057,196$630,937$380,218$1,511,140
73$2,173,265$568,088$299,190$1,550,235
74$2,298,219$499,205$212,493$1,592,133
75$2,432,871$423,900$119,846$1,637,184
76$2,578,116$341,763$20,952$1,685,773
77$2,734,934$252,359$0$1,738,337
78$2,904,403$155,231$0$1,814,312
79$3,087,710$49,894$0$1,901,531
80$3,286,155$0$0$1,995,974
81$3,501,173$0$0$2,114,633
82$3,734,337$0$0$2,257,074
83$3,987,379$0$0$2,411,736
84$4,262,204$0$0$2,579,794
85$4,560,906$0$0$2,762,539
86$4,885,791$0$0$2,961,391
87$5,239,394$0$0$3,177,914
88$5,624,505$0$0$3,413,827
89$6,044,194$0$0$3,671,025
90$6,501,839$0$0$3,951,590
91$7,001,161$0$0$4,257,815
92$7,546,251$0$0$4,592,225
93$8,141,616$0$0$4,957,598
94$8,792,217$0$0$5,356,994
95$9,503,513$0$0$5,793,780
96$10,281,519$0$0$6,271,665
97$11,132,853$0$0$6,794,733
98$12,064,805$0$0$7,367,479
99$13,085,404$0$0$7,994,855
100$14,203,488$0$0$8,682,315