Can I retire at age 58 with 586,000?

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 $586,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$48,391$47,960$47,540$47,129$46,728$45,617
2 years$23,956$23,510$23,078$22,658$22,252$21,139
3 years$15,812$15,364$14,933$14,517$14,117$13,037
4 years$11,741$11,294$10,867$10,459$10,069$9,030
5 years$9,299$8,855$8,433$8,033$7,654$6,659
6 years$7,671$7,231$6,815$6,424$6,056$5,107
7 years$6,509$6,072$5,664$5,282$4,925$4,021
8 years$5,638$5,205$4,803$4,431$4,086$3,227
9 years$4,961$4,532$4,137$3,774$3,441$2,626
10 years$4,419$3,995$3,607$3,253$2,932$2,161
11 years$3,977$3,556$3,175$2,831$2,522$1,792
12 years$3,608$3,192$2,818$2,483$2,185$1,497
13 years$3,296$2,885$2,518$2,193$1,906$1,257
14 years$3,029$2,622$2,262$1,946$1,670$1,060
15 years$2,798$2,395$2,042$1,736$1,471$898
16 years$2,596$2,198$1,852$1,554$1,300$762
17 years$2,418$2,024$1,685$1,396$1,153$649
18 years$2,260$1,870$1,538$1,258$1,025$554
19 years$2,119$1,733$1,408$1,137$913$473
20 years$1,992$1,611$1,292$1,030$816$405
21 years$1,877$1,500$1,189$935$730$347
22 years$1,773$1,400$1,096$850$654$298
23 years$1,678$1,310$1,012$774$587$256
24 years$1,591$1,227$936$706$528$220
25 years$1,511$1,152$866$645$475$189
26 years$1,437$1,082$804$589$428$163
27 years$1,369$1,019$746$540$386$140
28 years$1,306$960$694$494$348$121
29 years$1,247$905$646$453$314$104
30 years$1,193$855$601$416$284$90
31 years$1,142$808$561$382$257$77
32 years$1,094$765$523$351$232$67
33 years$1,049$724$488$323$210$57
34 years$1,007$687$456$297$190$50
35 years$968$651$427$274$172$43
36 years$931$618$399$252$156$37
37 years$896$587$374$232$142$32
38 years$862$558$350$214$128$27
39 years$831$530$328$197$116$24
40 years$801$505$307$182$106$20
41 years$773$480$288$168$96$18
42 years$746$458$270$155$87$15
43 years$721$436$254$143$79$13
44 years$696$416$238$132$72$11
45 years$673$396$223$122$65$10
46 years$651$378$210$113$59$8
47 years$630$361$197$104$54$7
48 years$610$344$185$96$49$6
49 years$591$329$174$89$44$5
50 years$572$314$164$82$40$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $586,000, adding $5,507 every year, while hoping to spend $31,945 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: 61/26/13 Blend
57$586,000$586,000$586,000$586,000
58$651,452$620,394$611,311$688,808
59$683,911$616,805$597,801$710,980
60$718,610$611,968$582,768$731,051
61$755,744$605,790$566,126$752,180
62$795,527$598,171$547,788$774,471
63$838,192$589,002$527,660$798,040
64$883,997$578,173$505,646$823,016
65$933,224$565,563$481,645$849,542
66$986,182$551,045$455,549$877,778
67$1,043,212$534,485$427,249$907,902
68$1,104,687$515,742$396,629$940,109
69$1,171,017$494,665$363,568$974,619
70$1,242,652$471,095$327,939$1,011,674
71$1,320,089$444,865$289,611$1,051,544
72$1,403,870$415,796$248,445$1,094,528
73$1,494,595$383,700$204,298$1,140,957
74$1,592,921$348,378$157,020$1,191,199
75$1,699,571$309,621$106,452$1,245,662
76$1,815,341$267,206$52,432$1,304,798
77$1,941,106$220,899$0$1,369,109
78$2,077,827$170,452$0$1,439,874
79$2,226,564$115,603$0$1,524,792
80$2,388,482$56,075$0$1,617,291
81$2,564,861$0$0$1,718,153
82$2,757,113$0$0$1,830,651
83$2,966,790$0$0$1,970,883
84$3,195,600$0$0$2,123,955
85$3,445,423$0$0$2,291,129
86$3,718,331$0$0$2,473,797
87$4,016,602$0$0$2,673,490
88$4,342,745$0$0$2,891,894
89$4,699,522$0$0$3,130,864
90$5,089,977$0$0$3,392,445
91$5,517,457$0$0$3,678,888
92$5,985,652$0$0$3,992,671
93$6,498,623$0$0$4,336,524
94$7,060,844$0$0$4,713,453
95$7,677,241$0$0$5,126,769
96$8,353,241$0$0$5,580,117
97$9,094,820$0$0$6,077,516
98$9,908,561$0$0$6,623,388
99$10,801,714$0$0$7,222,608
100$11,782,267$0$0$7,880,542