Can I retire at age 58 with 593,000?

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 $593,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$48,969$48,533$48,108$47,692$47,287$46,351
2 years$24,242$23,791$23,353$22,929$22,517$21,579
3 years$16,001$15,548$15,111$14,691$14,286$13,373
4 years$11,881$11,429$10,997$10,584$10,189$9,310
5 years$9,410$8,961$8,534$8,129$7,745$6,902
6 years$7,763$7,317$6,897$6,501$6,129$5,322
7 years$6,587$6,145$5,731$5,345$4,984$4,214
8 years$5,705$5,267$4,861$4,484$4,135$3,402
9 years$5,020$4,586$4,186$3,819$3,482$2,785
10 years$4,472$4,042$3,650$3,292$2,967$2,305
11 years$4,024$3,599$3,213$2,865$2,552$1,925
12 years$3,651$3,230$2,852$2,513$2,211$1,618
13 years$3,336$2,919$2,548$2,219$1,928$1,368
14 years$3,066$2,653$2,289$1,970$1,690$1,162
15 years$2,832$2,424$2,067$1,756$1,488$990
16 years$2,627$2,224$1,874$1,573$1,315$847
17 years$2,447$2,048$1,705$1,413$1,166$726
18 years$2,287$1,892$1,557$1,273$1,037$624
19 years$2,144$1,754$1,425$1,151$924$537
20 years$2,015$1,630$1,308$1,042$826$463
21 years$1,899$1,518$1,203$946$739$400
22 years$1,794$1,417$1,109$860$662$346
23 years$1,698$1,325$1,024$783$594$299
24 years$1,610$1,242$947$714$534$259
25 years$1,529$1,165$877$652$481$225
26 years$1,454$1,095$813$596$433$195
27 years$1,385$1,031$755$546$390$169
28 years$1,322$971$702$500$352$147
29 years$1,262$916$653$459$318$128
30 years$1,207$865$609$421$287$111
31 years$1,155$818$567$387$260$96
32 years$1,107$774$529$355$235$84
33 years$1,062$733$494$327$213$73
34 years$1,019$695$462$301$193$63
35 years$979$659$432$277$174$55
36 years$942$625$404$255$158$48
37 years$906$594$378$235$143$42
38 years$873$565$354$216$130$36
39 years$841$537$332$200$118$32
40 years$811$511$311$184$107$28
41 years$782$486$291$170$97$24
42 years$755$463$273$157$88$21
43 years$729$441$257$145$80$18
44 years$705$421$241$134$72$16
45 years$681$401$226$123$66$14
46 years$659$383$212$114$60$12
47 years$637$365$200$105$54$10
48 years$617$348$188$97$49$9
49 years$598$333$176$90$45$8
50 years$579$318$166$83$41$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $593,000, adding $4,919 every year, while hoping to spend $34,561 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: 32/50/18 Blend
57$593,000$593,000$593,000$593,000
58$658,560$627,131$617,939$675,800
59$688,960$621,088$601,868$683,004
60$721,303$613,590$584,099$687,245
61$755,751$604,530$564,541$691,077
62$792,479$593,794$543,095$694,486
63$831,682$581,260$519,659$697,457
64$873,573$566,801$494,127$699,979
65$918,384$550,281$466,386$702,041
66$966,370$531,556$436,321$703,637
67$1,017,812$510,474$403,810$704,763
68$1,073,016$486,875$368,725$705,419
69$1,132,320$460,588$330,934$705,611
70$1,196,094$431,433$290,297$705,349
71$1,264,742$399,221$246,669$704,648
72$1,338,713$363,750$199,900$703,534
73$1,418,495$324,807$149,829$702,038
74$1,504,627$282,167$96,294$700,201
75$1,597,699$235,594$39,120$698,075
76$1,698,362$184,836$0$695,724
77$1,807,331$129,629$0$697,432
78$1,925,390$69,692$0$707,379
79$2,053,403$4,730$0$718,192
80$2,192,319$0$0$730,043
81$2,343,183$0$0$779,203
82$2,507,144$0$0$835,538
83$2,685,464$0$0$896,891
84$2,879,535$0$0$963,750
85$3,090,886$0$0$1,036,652
86$3,321,200$0$0$1,116,191
87$3,572,331$0$0$1,203,017
88$3,846,316$0$0$1,297,848
89$4,145,400$0$0$1,401,474
90$4,472,054$0$0$1,514,764
91$4,828,997$0$0$1,638,675
92$5,219,223$0$0$1,774,262
93$5,646,029$0$0$1,922,684
94$6,113,044$0$0$2,085,219
95$6,624,265$0$0$2,263,276
96$7,184,092$0$0$2,458,403
97$7,797,373$0$0$2,672,308
98$8,469,445$0$0$2,906,871
99$9,206,185$0$0$3,164,161
100$10,014,067$0$0$3,446,460