Can I retire at age 54 with 589,000?

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 $589,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$48,639$48,206$47,783$47,371$46,968$46,574
2 years$24,079$23,630$23,196$22,774$22,366$21,969
3 years$15,893$15,443$15,009$14,592$14,190$13,802
4 years$11,801$11,352$10,923$10,513$10,120$9,745
5 years$9,346$8,900$8,477$8,075$7,693$7,331
6 years$7,711$7,268$6,850$6,457$6,087$5,739
7 years$6,543$6,103$5,693$5,309$4,951$4,616
8 years$5,667$5,232$4,828$4,454$4,107$3,787
9 years$4,986$4,555$4,158$3,793$3,459$3,152
10 years$4,442$4,015$3,625$3,270$2,947$2,654
11 years$3,997$3,574$3,192$2,846$2,535$2,255
12 years$3,627$3,208$2,832$2,496$2,196$1,930
13 years$3,313$2,899$2,531$2,204$1,915$1,662
14 years$3,045$2,635$2,274$1,956$1,679$1,438
15 years$2,813$2,407$2,053$1,745$1,478$1,249
16 years$2,609$2,209$1,861$1,562$1,306$1,089
17 years$2,430$2,034$1,694$1,404$1,158$953
18 years$2,272$1,880$1,546$1,265$1,030$835
19 years$2,130$1,742$1,415$1,143$918$734
20 years$2,002$1,619$1,299$1,035$820$646
21 years$1,886$1,508$1,195$939$734$570
22 years$1,782$1,408$1,101$854$658$503
23 years$1,686$1,316$1,017$778$590$445
24 years$1,599$1,233$940$710$531$394
25 years$1,519$1,158$871$648$478$349
26 years$1,445$1,088$808$592$430$310
27 years$1,376$1,024$750$542$388$275
28 years$1,313$965$697$497$350$244
29 years$1,254$910$649$456$316$217
30 years$1,199$860$604$418$286$193
31 years$1,148$813$563$384$258$172
32 years$1,100$769$526$353$234$153
33 years$1,055$728$491$325$211$136
34 years$1,013$690$459$299$191$121
35 years$973$655$429$275$173$108
36 years$935$621$401$253$157$96
37 years$900$590$375$233$142$86
38 years$867$561$352$215$129$76
39 years$835$533$329$198$117$68
40 years$805$507$309$183$106$61
41 years$777$483$290$169$96$54
42 years$750$460$272$156$87$48
43 years$724$438$255$144$79$43
44 years$700$418$239$133$72$38
45 years$677$398$225$123$65$34
46 years$654$380$211$113$59$31
47 years$633$363$198$105$54$27
48 years$613$346$186$97$49$24
49 years$594$331$175$89$44$22
50 years$575$316$165$83$40$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $589,000, adding $2,972 every year, while hoping to spend $30,413 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: 67/9/24 Blend
53$589,000$589,000$589,000$589,000
54$652,144$620,927$611,797$691,628
55$686,303$618,993$599,933$716,586
56$722,927$615,945$586,652$740,128
57$762,236$611,696$571,875$765,169
58$804,470$606,155$555,519$791,859
59$849,892$599,223$537,495$820,362
60$898,794$590,798$517,714$850,860
61$951,494$580,770$496,080$883,553
62$1,008,341$569,022$472,494$918,666
63$1,069,720$555,433$446,851$956,443
64$1,136,054$539,871$419,042$997,158
65$1,207,806$522,199$388,954$1,041,113
66$1,285,486$502,271$356,469$1,088,641
67$1,369,657$479,933$321,461$1,140,111
68$1,460,934$455,022$283,802$1,195,931
69$1,559,995$427,365$243,356$1,256,552
70$1,667,588$396,778$199,981$1,322,473
71$1,784,531$363,070$153,530$1,394,244
72$1,911,729$326,036$103,849$1,472,475
73$2,050,174$285,460$50,777$1,557,839
74$2,200,959$241,115$0$1,651,080
75$2,365,286$192,759$0$1,754,520
76$2,544,480$140,139$0$1,881,541
77$2,739,996$82,985$0$2,020,176
78$2,953,438$21,014$0$2,171,580
79$3,186,571$0$0$2,337,030
80$3,441,338$0$0$2,522,492
81$3,719,878$0$0$2,727,570
82$4,024,546$0$0$2,951,921
83$4,357,935$0$0$3,197,460
84$4,722,900$0$0$3,466,293
85$5,122,587$0$0$3,760,742
86$5,560,457$0$0$4,083,363
87$6,040,324$0$0$4,436,970
88$6,566,387$0$0$4,824,664
89$7,143,272$0$0$5,249,859
90$7,776,074$0$0$5,716,316
91$8,470,403$0$0$6,228,178
92$9,232,441$0$0$6,790,006
93$10,068,995$0$0$7,406,827
94$10,987,566$0$0$8,084,178
95$11,996,414$0$0$8,828,157
96$13,104,640$0$0$9,645,482
97$14,322,270$0$0$10,543,556
98$15,660,348$0$0$11,530,531
99$17,131,042$0$0$12,615,391
100$18,747,757$0$0$13,808,033