Can I retire at age 58 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%19.4%
1 years$48,556$48,124$47,702$47,290$46,888$45,117
2 years$24,038$23,590$23,156$22,736$22,328$20,564
3 years$15,866$15,416$14,984$14,567$14,166$12,464
4 years$11,781$11,333$10,904$10,495$10,103$8,478
5 years$9,331$8,885$8,462$8,061$7,680$6,135
6 years$7,697$7,255$6,839$6,446$6,077$4,613
7 years$6,531$6,093$5,683$5,300$4,942$3,559
8 years$5,657$5,223$4,820$4,446$4,100$2,796
9 years$4,978$4,547$4,151$3,787$3,453$2,226
10 years$4,434$4,008$3,619$3,264$2,942$1,790
11 years$3,990$3,568$3,186$2,841$2,530$1,451
12 years$3,620$3,203$2,828$2,492$2,193$1,183
13 years$3,308$2,894$2,526$2,200$1,912$970
14 years$3,040$2,631$2,270$1,953$1,676$798
15 years$2,808$2,403$2,049$1,742$1,476$659
16 years$2,605$2,205$1,858$1,559$1,304$545
17 years$2,426$2,031$1,691$1,401$1,156$452
18 years$2,268$1,877$1,543$1,263$1,028$375
19 years$2,126$1,739$1,413$1,141$917$312
20 years$1,998$1,616$1,297$1,033$819$260
21 years$1,883$1,505$1,193$938$733$217
22 years$1,779$1,405$1,099$853$657$181
23 years$1,683$1,314$1,015$777$589$151
24 years$1,596$1,231$939$708$530$126
25 years$1,516$1,156$869$647$477$105
26 years$1,442$1,086$806$591$429$88
27 years$1,374$1,022$749$541$387$74
28 years$1,311$963$696$496$349$62
29 years$1,252$909$648$455$315$51
30 years$1,197$858$603$417$285$43
31 years$1,146$811$563$383$258$36
32 years$1,098$768$525$352$233$30
33 years$1,053$727$490$324$211$25
34 years$1,011$689$458$298$191$21
35 years$971$653$428$274$173$18
36 years$934$620$400$253$157$15
37 years$899$589$375$233$142$12
38 years$865$560$351$215$129$10
39 years$834$532$329$198$117$9
40 years$804$506$308$183$106$7
41 years$776$482$289$168$96$6
42 years$749$459$271$155$87$5
43 years$723$437$254$143$79$4
44 years$699$417$239$132$72$4
45 years$675$398$224$122$65$3
46 years$653$379$211$113$59$3
47 years$632$362$198$104$54$2
48 years$612$346$186$96$49$2
49 years$593$330$175$89$44$1
50 years$574$315$164$82$40$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $588,000, adding $3,048 every year, while hoping to spend $28,909 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: 27/47/26 Blend
57$588,000$588,000$588,000$588,000
58$651,120$619,956$610,842$663,344
59$686,775$619,575$600,546$673,008
60$725,099$618,206$588,937$680,674
61$766,331$615,771$575,939$688,308
62$810,739$612,186$561,475$695,928
63$858,613$607,361$545,462$703,554
64$910,273$601,203$527,817$711,213
65$966,071$593,612$508,449$718,935
66$1,026,393$584,482$487,265$726,759
67$1,091,664$573,701$464,168$734,729
68$1,162,351$561,150$439,055$742,899
69$1,238,968$546,703$411,820$751,330
70$1,322,078$530,227$382,351$760,095
71$1,412,302$511,581$350,532$769,278
72$1,510,324$490,615$316,242$778,976
73$1,616,894$467,172$279,352$789,300
74$1,732,838$441,084$239,732$800,378
75$1,859,065$412,175$197,241$812,357
76$1,996,577$380,259$151,735$825,402
77$2,146,473$345,136$103,064$839,705
78$2,309,965$306,600$51,068$855,479
79$2,488,386$264,429$0$872,970
80$2,683,205$218,389$0$893,678
81$2,896,038$168,235$0$931,887
82$3,128,662$113,707$0$973,817
83$3,383,036$54,530$0$1,019,913
84$3,661,317$0$0$1,070,674
85$3,965,879$0$0$1,131,614
86$4,299,336$0$0$1,229,306
87$4,664,568$0$0$1,336,404
88$5,064,744$0$0$1,453,851
89$5,503,356$0$0$1,582,682
90$5,984,250$0$0$1,724,042
91$6,511,661$0$0$1,879,188
92$7,090,253$0$0$2,049,506
93$7,725,166$0$0$2,236,524
94$8,422,059$0$0$2,441,924
95$9,187,166$0$0$2,667,558
96$10,027,355$0$0$2,915,469
97$10,950,191$0$0$3,187,906
98$11,964,008$0$0$3,487,345
99$13,077,985$0$0$3,816,517
100$14,302,239$0$0$4,178,428