Can I retire at age 58 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%17.5%
1 years$48,639$48,206$47,783$47,371$46,968$45,537
2 years$24,079$23,630$23,196$22,774$22,366$20,937
3 years$15,893$15,443$15,009$14,592$14,190$12,807
4 years$11,801$11,352$10,923$10,513$10,120$8,795
5 years$9,346$8,900$8,477$8,075$7,693$6,428
6 years$7,711$7,268$6,850$6,457$6,087$4,884
7 years$6,543$6,103$5,693$5,309$4,951$3,809
8 years$5,667$5,232$4,828$4,454$4,107$3,026
9 years$4,986$4,555$4,158$3,793$3,459$2,438
10 years$4,442$4,015$3,625$3,270$2,947$1,984
11 years$3,997$3,574$3,192$2,846$2,535$1,628
12 years$3,627$3,208$2,832$2,496$2,196$1,345
13 years$3,313$2,899$2,531$2,204$1,915$1,116
14 years$3,045$2,635$2,274$1,956$1,679$931
15 years$2,813$2,407$2,053$1,745$1,478$779
16 years$2,609$2,209$1,861$1,562$1,306$653
17 years$2,430$2,034$1,694$1,404$1,158$549
18 years$2,272$1,880$1,546$1,265$1,030$463
19 years$2,130$1,742$1,415$1,143$918$390
20 years$2,002$1,619$1,299$1,035$820$330
21 years$1,886$1,508$1,195$939$734$279
22 years$1,782$1,408$1,101$854$658$236
23 years$1,686$1,316$1,017$778$590$200
24 years$1,599$1,233$940$710$531$170
25 years$1,519$1,158$871$648$478$144
26 years$1,445$1,088$808$592$430$122
27 years$1,376$1,024$750$542$388$104
28 years$1,313$965$697$497$350$88
29 years$1,254$910$649$456$316$75
30 years$1,199$860$604$418$286$64
31 years$1,148$813$563$384$258$54
32 years$1,100$769$526$353$234$46
33 years$1,055$728$491$325$211$39
34 years$1,013$690$459$299$191$33
35 years$973$655$429$275$173$28
36 years$935$621$401$253$157$24
37 years$900$590$375$233$142$20
38 years$867$561$352$215$129$17
39 years$835$533$329$198$117$15
40 years$805$507$309$183$106$13
41 years$777$483$290$169$96$11
42 years$750$460$272$156$87$9
43 years$724$438$255$144$79$8
44 years$700$418$239$133$72$7
45 years$677$398$225$123$65$6
46 years$654$380$211$113$59$5
47 years$633$363$198$105$54$4
48 years$613$346$186$97$49$3
49 years$594$331$175$89$44$3
50 years$575$316$165$83$40$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $589,000, adding $4,053 every year, while hoping to spend $42,900 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: 53/24/23 Blend
57$589,000$589,000$589,000$589,000
58$653,259$622,042$612,912$683,532
59$674,246$606,876$587,799$689,666
60$695,936$589,530$560,408$691,562
61$718,355$569,851$530,615$692,729
62$741,531$547,678$498,295$693,112
63$765,493$522,840$463,313$692,655
64$790,272$495,157$425,533$691,297
65$815,899$464,439$384,807$688,974
66$842,408$430,484$340,986$685,619
67$869,834$393,078$293,909$681,162
68$898,215$351,997$243,413$675,528
69$927,591$307,003$189,325$668,639
70$958,002$257,842$131,464$660,415
71$989,492$204,251$69,643$650,769
72$1,022,108$145,948$3,664$639,610
73$1,055,900$82,635$0$626,844
74$1,090,918$14,001$0$628,754
75$1,127,219$0$0$630,877
76$1,164,861$0$0$648,182
77$1,203,907$0$0$669,974
78$1,244,422$0$0$692,592
79$1,286,478$0$0$716,077
80$1,330,150$0$0$740,472
81$1,375,519$0$0$765,823
82$1,422,670$0$0$792,180
83$1,471,697$0$0$819,594
84$1,522,698$0$0$848,123
85$1,575,780$0$0$877,827
86$1,631,055$0$0$908,771
87$1,688,646$0$0$941,026
88$1,748,685$0$0$974,667
89$1,811,314$0$0$1,009,776
90$1,876,685$0$0$1,046,441
91$1,944,963$0$0$1,084,755
92$2,016,327$0$0$1,124,822
93$2,090,969$0$0$1,166,753
94$2,169,097$0$0$1,210,668
95$2,250,937$0$0$1,256,697
96$2,336,733$0$0$1,304,980
97$2,426,750$0$0$1,355,672
98$2,521,277$0$0$1,408,938
99$2,620,626$0$0$1,464,959
100$2,725,138$0$0$1,523,932