Can I retire at age 54 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%13.4%
1 years$48,556$48,124$47,702$47,290$46,888$46,225
2 years$24,038$23,590$23,156$22,736$22,328$21,661
3 years$15,866$15,416$14,984$14,567$14,166$13,516
4 years$11,781$11,333$10,904$10,495$10,103$9,476
5 years$9,331$8,885$8,462$8,061$7,680$7,077
6 years$7,697$7,255$6,839$6,446$6,077$5,498
7 years$6,531$6,093$5,683$5,300$4,942$4,388
8 years$5,657$5,223$4,820$4,446$4,100$3,571
9 years$4,978$4,547$4,151$3,787$3,453$2,948
10 years$4,434$4,008$3,619$3,264$2,942$2,461
11 years$3,990$3,568$3,186$2,841$2,530$2,073
12 years$3,620$3,203$2,828$2,492$2,193$1,759
13 years$3,308$2,894$2,526$2,200$1,912$1,500
14 years$3,040$2,631$2,270$1,953$1,676$1,286
15 years$2,808$2,403$2,049$1,742$1,476$1,107
16 years$2,605$2,205$1,858$1,559$1,304$956
17 years$2,426$2,031$1,691$1,401$1,156$828
18 years$2,268$1,877$1,543$1,263$1,028$719
19 years$2,126$1,739$1,413$1,141$917$625
20 years$1,998$1,616$1,297$1,033$819$545
21 years$1,883$1,505$1,193$938$733$476
22 years$1,779$1,405$1,099$853$657$416
23 years$1,683$1,314$1,015$777$589$364
24 years$1,596$1,231$939$708$530$318
25 years$1,516$1,156$869$647$477$279
26 years$1,442$1,086$806$591$429$245
27 years$1,374$1,022$749$541$387$215
28 years$1,311$963$696$496$349$189
29 years$1,252$909$648$455$315$166
30 years$1,197$858$603$417$285$146
31 years$1,146$811$563$383$258$128
32 years$1,098$768$525$352$233$113
33 years$1,053$727$490$324$211$99
34 years$1,011$689$458$298$191$87
35 years$971$653$428$274$173$77
36 years$934$620$400$253$157$68
37 years$899$589$375$233$142$60
38 years$865$560$351$215$129$53
39 years$834$532$329$198$117$46
40 years$804$506$308$183$106$41
41 years$776$482$289$168$96$36
42 years$749$459$271$155$87$32
43 years$723$437$254$143$79$28
44 years$699$417$239$132$72$25
45 years$675$398$224$122$65$22
46 years$653$379$211$113$59$19
47 years$632$362$198$104$54$17
48 years$612$346$186$96$49$15
49 years$593$330$175$89$44$13
50 years$574$315$164$82$40$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $588,000, adding $2,613 every year, while hoping to spend $31,032 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: 38/37/25 Blend
53$588,000$588,000$588,000$588,000
54$650,671$619,507$610,393$670,459
55$684,022$616,845$597,824$682,475
56$719,734$613,013$583,793$692,385
57$758,017$607,920$568,219$702,485
58$799,097$601,471$551,017$712,813
59$843,226$593,564$532,098$723,410
60$890,679$584,092$511,367$734,325
61$941,757$572,942$488,727$745,617
62$996,793$559,993$464,076$757,350
63$1,056,150$545,117$437,306$769,600
64$1,120,229$528,179$408,307$782,454
65$1,189,469$509,036$376,962$796,010
66$1,264,353$487,537$343,148$810,380
67$1,345,412$463,521$306,739$825,691
68$1,433,230$436,820$267,601$842,089
69$1,528,449$407,254$225,595$859,735
70$1,631,775$374,633$180,577$878,816
71$1,743,984$338,758$132,394$899,540
72$1,865,930$299,417$80,889$922,140
73$1,998,552$256,386$25,896$946,882
74$2,142,885$209,429$0$974,061
75$2,300,064$158,296$0$1,012,758
76$2,471,341$102,723$0$1,062,540
77$2,658,094$42,433$0$1,116,958
78$2,861,839$0$0$1,176,535
79$3,084,242$0$0$1,251,159
80$3,327,141$0$0$1,351,603
81$3,592,558$0$0$1,461,436
82$3,882,718$0$0$1,581,589
83$4,200,071$0$0$1,713,087
84$4,547,316$0$0$1,857,059
85$4,927,423$0$0$2,014,747
86$5,343,663$0$0$2,187,519
87$5,799,640$0$0$2,376,883
88$6,299,321$0$0$2,584,498
89$6,847,075$0$0$2,812,193
90$7,447,715$0$0$3,061,982
91$8,106,540$0$0$3,336,081
92$8,829,388$0$0$3,636,935
93$9,622,691$0$0$3,967,234
94$10,493,531$0$0$4,329,942
95$11,449,710$0$0$4,728,326
96$12,499,823$0$0$5,165,981
97$13,653,339$0$0$5,646,871
98$14,920,687$0$0$6,175,362
99$16,313,358$0$0$6,756,263
100$17,844,010$0$0$7,394,872