Can I retire at age 59 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%17.5%
1 years$48,556$48,124$47,702$47,290$46,888$45,460
2 years$24,038$23,590$23,156$22,736$22,328$20,901
3 years$15,866$15,416$14,984$14,567$14,166$12,785
4 years$11,781$11,333$10,904$10,495$10,103$8,780
5 years$9,331$8,885$8,462$8,061$7,680$6,417
6 years$7,697$7,255$6,839$6,446$6,077$4,876
7 years$6,531$6,093$5,683$5,300$4,942$3,802
8 years$5,657$5,223$4,820$4,446$4,100$3,021
9 years$4,978$4,547$4,151$3,787$3,453$2,434
10 years$4,434$4,008$3,619$3,264$2,942$1,981
11 years$3,990$3,568$3,186$2,841$2,530$1,626
12 years$3,620$3,203$2,828$2,492$2,193$1,343
13 years$3,308$2,894$2,526$2,200$1,912$1,115
14 years$3,040$2,631$2,270$1,953$1,676$929
15 years$2,808$2,403$2,049$1,742$1,476$777
16 years$2,605$2,205$1,858$1,559$1,304$652
17 years$2,426$2,031$1,691$1,401$1,156$548
18 years$2,268$1,877$1,543$1,263$1,028$462
19 years$2,126$1,739$1,413$1,141$917$390
20 years$1,998$1,616$1,297$1,033$819$329
21 years$1,883$1,505$1,193$938$733$278
22 years$1,779$1,405$1,099$853$657$236
23 years$1,683$1,314$1,015$777$589$200
24 years$1,596$1,231$939$708$530$169
25 years$1,516$1,156$869$647$477$144
26 years$1,442$1,086$806$591$429$122
27 years$1,374$1,022$749$541$387$104
28 years$1,311$963$696$496$349$88
29 years$1,252$909$648$455$315$75
30 years$1,197$858$603$417$285$64
31 years$1,146$811$563$383$258$54
32 years$1,098$768$525$352$233$46
33 years$1,053$727$490$324$211$39
34 years$1,011$689$458$298$191$33
35 years$971$653$428$274$173$28
36 years$934$620$400$253$157$24
37 years$899$589$375$233$142$20
38 years$865$560$351$215$129$17
39 years$834$532$329$198$117$15
40 years$804$506$308$183$106$13
41 years$776$482$289$168$96$11
42 years$749$459$271$155$87$9
43 years$723$437$254$143$79$8
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$4
48 years$612$346$186$96$49$3
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 59 starting with $588,000, adding $5,576 every year, while hoping to spend $42,343 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: 46/35/19 Blend
58$588,000$588,000$588,000$588,000
59$653,728$622,564$613,450$680,017
60$675,355$608,017$588,948$684,406
61$697,770$591,338$562,206$684,494
62$721,007$572,378$533,104$683,700
63$745,104$550,978$501,517$681,963
64$770,101$526,973$467,315$679,215
65$796,042$500,185$430,360$675,386
66$822,971$470,427$390,510$670,403
67$850,938$437,502$347,616$664,188
68$879,994$401,200$301,521$656,662
69$910,194$361,300$252,064$647,739
70$941,600$317,569$199,074$637,330
71$974,273$269,761$142,373$625,342
72$1,008,283$217,613$81,777$611,678
73$1,043,703$160,851$17,091$596,236
74$1,080,612$99,184$0$578,910
75$1,119,095$32,305$0$570,118
76$1,159,244$0$0$563,598
77$1,201,156$0$0$571,253
78$1,244,939$0$0$592,262
79$1,290,708$0$0$614,240
80$1,338,587$0$0$637,250
81$1,388,711$0$0$661,358
82$1,441,226$0$0$686,636
83$1,496,289$0$0$713,164
84$1,554,073$0$0$741,028
85$1,614,763$0$0$770,320
86$1,678,562$0$0$801,142
87$1,745,690$0$0$833,603
88$1,816,387$0$0$867,824
89$1,890,912$0$0$903,935
90$1,969,551$0$0$942,078
91$2,052,612$0$0$982,409
92$2,140,434$0$0$1,025,098
93$2,233,385$0$0$1,070,329
94$2,331,868$0$0$1,118,304
95$2,436,322$0$0$1,169,246
96$2,547,229$0$0$1,223,395
97$2,665,114$0$0$1,281,016
98$2,790,552$0$0$1,342,398
99$2,924,174$0$0$1,407,860
100$3,066,667$0$0$1,477,747