Can I retire at age 55 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%17.2%
1 years$48,556$48,124$47,702$47,290$46,888$45,515
2 years$24,038$23,590$23,156$22,736$22,328$20,955
3 years$15,866$15,416$14,984$14,567$14,166$12,837
4 years$11,781$11,333$10,904$10,495$10,103$8,829
5 years$9,331$8,885$8,462$8,061$7,680$6,463
6 years$7,697$7,255$6,839$6,446$6,077$4,919
7 years$6,531$6,093$5,683$5,300$4,942$3,843
8 years$5,657$5,223$4,820$4,446$4,100$3,058
9 years$4,978$4,547$4,151$3,787$3,453$2,468
10 years$4,434$4,008$3,619$3,264$2,942$2,013
11 years$3,990$3,568$3,186$2,841$2,530$1,655
12 years$3,620$3,203$2,828$2,492$2,193$1,370
13 years$3,308$2,894$2,526$2,200$1,912$1,139
14 years$3,040$2,631$2,270$1,953$1,676$952
15 years$2,808$2,403$2,049$1,742$1,476$798
16 years$2,605$2,205$1,858$1,559$1,304$671
17 years$2,426$2,031$1,691$1,401$1,156$565
18 years$2,268$1,877$1,543$1,263$1,028$477
19 years$2,126$1,739$1,413$1,141$917$404
20 years$1,998$1,616$1,297$1,033$819$342
21 years$1,883$1,505$1,193$938$733$290
22 years$1,779$1,405$1,099$853$657$246
23 years$1,683$1,314$1,015$777$589$209
24 years$1,596$1,231$939$708$530$177
25 years$1,516$1,156$869$647$477$151
26 years$1,442$1,086$806$591$429$128
27 years$1,374$1,022$749$541$387$109
28 years$1,311$963$696$496$349$93
29 years$1,252$909$648$455$315$79
30 years$1,197$858$603$417$285$68
31 years$1,146$811$563$383$258$58
32 years$1,098$768$525$352$233$49
33 years$1,053$727$490$324$211$42
34 years$1,011$689$458$298$191$36
35 years$971$653$428$274$173$30
36 years$934$620$400$253$157$26
37 years$899$589$375$233$142$22
38 years$865$560$351$215$129$19
39 years$834$532$329$198$117$16
40 years$804$506$308$183$106$14
41 years$776$482$289$168$96$12
42 years$749$459$271$155$87$10
43 years$723$437$254$143$79$9
44 years$699$417$239$132$72$7
45 years$675$398$224$122$65$6
46 years$653$379$211$113$59$5
47 years$632$362$198$104$54$5
48 years$612$346$186$96$49$4
49 years$593$330$175$89$44$3
50 years$574$315$164$82$40$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 55 starting with $588,000, adding $3,972 every year, while hoping to spend $26,873 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: 61/15/24 Blend
54$588,000$588,000$588,000$588,000
55$652,073$620,909$611,795$687,468
56$689,992$622,741$603,698$713,775
57$730,878$623,762$594,428$739,191
58$775,005$623,904$583,919$766,341
59$822,675$623,095$572,100$795,401
60$874,218$621,257$558,896$826,563
61$930,000$618,310$544,230$860,038
62$990,419$614,166$528,021$896,062
63$1,055,917$608,735$510,185$934,896
64$1,126,976$601,919$490,631$976,828
65$1,204,128$593,614$469,269$1,022,175
66$1,287,960$583,712$446,000$1,071,291
67$1,379,114$572,096$420,723$1,124,565
68$1,478,300$558,644$393,333$1,182,427
69$1,586,295$543,226$363,718$1,245,354
70$1,703,958$525,705$331,764$1,313,871
71$1,832,232$505,935$297,348$1,388,560
72$1,972,156$483,763$260,346$1,470,064
73$2,124,873$459,024$220,624$1,559,093
74$2,291,641$431,547$178,046$1,656,432
75$2,473,845$401,150$132,468$1,762,947
76$2,673,011$367,640$83,739$1,879,596
77$2,890,817$330,813$31,703$2,007,438
78$3,129,111$290,453$0$2,147,640
79$3,389,930$246,335$0$2,307,594
80$3,675,513$198,216$0$2,491,685
81$3,988,331$145,844$0$2,693,403
82$4,331,100$88,950$0$2,914,534
83$4,706,815$27,251$0$3,157,045
84$5,118,771$0$0$3,423,104
85$5,570,601$0$0$3,721,631
86$6,066,303$0$0$4,054,127
87$6,610,284$0$0$4,419,053
88$7,207,394$0$0$4,819,670
89$7,862,980$0$0$5,259,572
90$8,582,930$0$0$5,742,715
91$9,373,729$0$0$6,273,458
92$10,242,522$0$0$6,856,604
93$11,197,182$0$0$7,497,444
94$12,246,380$0$0$8,201,806
95$13,399,669$0$0$8,976,110
96$14,667,574$0$0$9,827,432
97$16,061,692$0$0$10,763,565
98$17,594,798$0$0$11,793,097
99$19,280,966$0$0$12,925,487
100$21,135,707$0$0$14,171,160