Can I retire at age 53 with 588,000?

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 $588,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$48,556$48,124$47,702$47,290$46,888$46,111
2 years$24,038$23,590$23,156$22,736$22,328$21,547
3 years$15,866$15,416$14,984$14,567$14,166$13,406
4 years$11,781$11,333$10,904$10,495$10,103$9,370
5 years$9,331$8,885$8,462$8,061$7,680$6,976
6 years$7,697$7,255$6,839$6,446$6,077$5,402
7 years$6,531$6,093$5,683$5,300$4,942$4,297
8 years$5,657$5,223$4,820$4,446$4,100$3,485
9 years$4,978$4,547$4,151$3,787$3,453$2,867
10 years$4,434$4,008$3,619$3,264$2,942$2,385
11 years$3,990$3,568$3,186$2,841$2,530$2,001
12 years$3,620$3,203$2,828$2,492$2,193$1,691
13 years$3,308$2,894$2,526$2,200$1,912$1,437
14 years$3,040$2,631$2,270$1,953$1,676$1,227
15 years$2,808$2,403$2,049$1,742$1,476$1,052
16 years$2,605$2,205$1,858$1,559$1,304$904
17 years$2,426$2,031$1,691$1,401$1,156$780
18 years$2,268$1,877$1,543$1,263$1,028$674
19 years$2,126$1,739$1,413$1,141$917$584
20 years$1,998$1,616$1,297$1,033$819$507
21 years$1,883$1,505$1,193$938$733$440
22 years$1,779$1,405$1,099$853$657$383
23 years$1,683$1,314$1,015$777$589$333
24 years$1,596$1,231$939$708$530$291
25 years$1,516$1,156$869$647$477$254
26 years$1,442$1,086$806$591$429$221
27 years$1,374$1,022$749$541$387$193
28 years$1,311$963$696$496$349$169
29 years$1,252$909$648$455$315$148
30 years$1,197$858$603$417$285$129
31 years$1,146$811$563$383$258$113
32 years$1,098$768$525$352$233$99
33 years$1,053$727$490$324$211$87
34 years$1,011$689$458$298$191$76
35 years$971$653$428$274$173$66
36 years$934$620$400$253$157$58
37 years$899$589$375$233$142$51
38 years$865$560$351$215$129$45
39 years$834$532$329$198$117$39
40 years$804$506$308$183$106$34
41 years$776$482$289$168$96$30
42 years$749$459$271$155$87$26
43 years$723$437$254$143$79$23
44 years$699$417$239$132$72$20
45 years$675$398$224$122$65$18
46 years$653$379$211$113$59$16
47 years$632$362$198$104$54$14
48 years$612$346$186$96$49$12
49 years$593$330$175$89$44$11
50 years$574$315$164$82$40$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 53 starting with $588,000, adding $6,708 every year, while hoping to spend $32,794 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: 47/47/6 Blend
52$588,000$588,000$588,000$588,000
53$654,895$623,731$614,617$684,322
54$686,802$619,402$600,314$700,878
55$720,864$613,761$584,433$714,834
56$757,267$606,709$566,886$729,207
57$796,213$598,143$547,582$744,044
58$837,926$587,951$526,425$759,399
59$882,649$576,015$503,315$775,336
60$930,650$562,211$478,147$791,925
61$982,224$546,407$450,812$809,247
62$1,037,692$528,462$421,196$827,392
63$1,097,410$508,230$389,179$846,464
64$1,161,765$485,553$354,636$866,580
65$1,231,186$460,266$317,438$887,872
66$1,306,143$432,194$277,447$910,487
67$1,387,150$401,152$234,522$934,594
68$1,474,774$366,944$188,514$960,380
69$1,569,640$329,364$139,268$988,056
70$1,672,432$288,191$86,622$1,017,860
71$1,783,904$243,196$30,407$1,050,058
72$1,904,883$194,133$0$1,084,946
73$2,036,281$140,746$0$1,124,754
74$2,179,101$82,762$0$1,170,159
75$2,334,445$19,893$0$1,219,644
76$2,503,525$0$0$1,273,686
77$2,687,677$0$0$1,357,729
78$2,888,370$0$0$1,460,595
79$3,107,220$0$0$1,572,830
80$3,346,005$0$0$1,695,357
81$3,606,685$0$0$1,829,187
82$3,891,415$0$0$1,975,436
83$4,202,569$0$0$2,135,332
84$4,542,758$0$0$2,310,227
85$4,914,860$0$0$2,501,610
86$5,322,041$0$0$2,711,119
87$5,767,789$0$0$2,940,561
88$6,255,946$0$0$3,191,922
89$6,790,739$0$0$3,467,392
90$7,376,827$0$0$3,769,382
91$8,019,339$0$0$4,100,546
92$8,723,924$0$0$4,463,810
93$9,496,805$0$0$4,862,394
94$10,344,837$0$0$5,299,847
95$11,275,567$0$0$5,780,078
96$12,297,311$0$0$6,307,391
97$13,419,230$0$0$6,886,528
98$14,651,414$0$0$7,522,715
99$16,004,979$0$0$8,221,706
100$17,492,169$0$0$8,989,842