Can I retire at age 54 with 587,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $587,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.6%
1 years$48,474$48,042$47,621$47,210$46,808$45,183
2 years$23,997$23,550$23,117$22,697$22,290$20,669
3 years$15,839$15,390$14,958$14,542$14,141$12,577
4 years$11,761$11,313$10,886$10,477$10,086$8,589
5 years$9,315$8,870$8,448$8,047$7,667$6,241
6 years$7,684$7,243$6,827$6,435$6,067$4,714
7 years$6,520$6,083$5,673$5,291$4,934$3,653
8 years$5,648$5,214$4,811$4,438$4,093$2,884
9 years$4,969$4,540$4,144$3,781$3,447$2,307
10 years$4,427$4,001$3,613$3,259$2,937$1,865
11 years$3,983$3,562$3,181$2,836$2,526$1,520
12 years$3,614$3,197$2,823$2,488$2,189$1,246
13 years$3,302$2,889$2,522$2,196$1,909$1,027
14 years$3,035$2,626$2,266$1,950$1,673$849
15 years$2,803$2,399$2,046$1,739$1,473$705
16 years$2,601$2,201$1,855$1,557$1,302$587
17 years$2,422$2,027$1,688$1,399$1,154$489
18 years$2,264$1,873$1,541$1,261$1,027$409
19 years$2,122$1,736$1,411$1,139$915$342
20 years$1,995$1,613$1,295$1,032$817$287
21 years$1,880$1,503$1,191$936$731$240
22 years$1,776$1,403$1,097$851$656$202
23 years$1,680$1,312$1,013$775$588$170
24 years$1,593$1,229$937$707$529$142
25 years$1,513$1,154$868$646$476$120
26 years$1,440$1,084$805$590$429$101
27 years$1,371$1,020$748$540$387$85
28 years$1,308$961$695$495$349$71
29 years$1,250$907$647$454$315$60
30 years$1,195$857$602$417$285$51
31 years$1,144$810$562$383$257$43
32 years$1,096$766$524$352$233$36
33 years$1,051$726$489$323$211$30
34 years$1,009$688$457$298$191$26
35 years$970$652$427$274$173$22
36 years$932$619$400$252$156$18
37 years$897$588$374$232$142$15
38 years$864$559$350$214$129$13
39 years$832$531$328$198$117$11
40 years$803$506$308$182$106$9
41 years$774$481$289$168$96$8
42 years$747$458$271$155$87$7
43 years$722$437$254$143$79$5
44 years$697$416$238$132$72$5
45 years$674$397$224$122$65$4
46 years$652$379$210$113$59$3
47 years$631$361$198$104$54$3
48 years$611$345$186$96$49$2
49 years$592$329$174$89$44$2
50 years$573$315$164$82$40$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $587,000, adding $2,980 every year, while hoping to spend $40,365 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: 72/17/11 Blend
53$587,000$587,000$587,000$587,000
54$649,948$618,837$609,738$695,107
55$673,295$606,212$587,217$712,752
56$697,670$591,615$562,587$726,805
57$723,136$574,908$535,738$741,098
58$749,760$555,943$506,549$755,646
59$777,614$534,563$474,898$770,463
60$806,779$510,605$440,655$785,568
61$837,338$483,892$403,685$800,984
62$869,385$454,242$363,847$816,734
63$903,020$421,457$320,993$832,847
64$938,352$385,332$274,970$849,354
65$975,499$345,649$225,617$866,294
66$1,014,591$302,176$172,766$883,707
67$1,055,767$254,671$116,241$901,643
68$1,099,180$202,874$55,860$920,155
69$1,144,996$146,515$0$939,306
70$1,193,398$85,306$0$960,172
71$1,244,582$18,944$0$988,888
72$1,298,764$0$0$1,019,005
73$1,356,182$0$0$1,060,545
74$1,417,091$0$0$1,108,385
75$1,481,775$0$0$1,159,204
76$1,550,540$0$0$1,213,245
77$1,623,725$0$0$1,270,777
78$1,701,699$0$0$1,332,091
79$1,784,864$0$0$1,397,508
80$1,873,665$0$0$1,467,378
81$1,968,586$0$0$1,542,085
82$2,070,158$0$0$1,622,051
83$2,178,966$0$0$1,707,738
84$2,295,648$0$0$1,799,652
85$2,420,906$0$0$1,898,350
86$2,555,510$0$0$2,004,441
87$2,700,305$0$0$2,118,597
88$2,856,220$0$0$2,241,552
89$3,024,273$0$0$2,374,114
90$3,205,584$0$0$2,517,171
91$3,401,383$0$0$2,671,699
92$3,613,022$0$0$2,838,768
93$3,841,986$0$0$3,019,557
94$4,089,908$0$0$3,215,360
95$4,358,583$0$0$3,427,601
96$4,649,986$0$0$3,657,845
97$4,966,287$0$0$3,907,814
98$5,309,873$0$0$4,179,402
99$5,683,372$0$0$4,474,690
100$6,089,672$0$0$4,795,971