Can I retire at age 59 with 588,000?

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 $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%12.8%
1 years$48,556$48,124$47,702$47,290$46,888$46,340
2 years$24,038$23,590$23,156$22,736$22,328$21,777
3 years$15,866$15,416$14,984$14,567$14,166$13,628
4 years$11,781$11,333$10,904$10,495$10,103$9,583
5 years$9,331$8,885$8,462$8,061$7,680$7,179
6 years$7,697$7,255$6,839$6,446$6,077$5,596
7 years$6,531$6,093$5,683$5,300$4,942$4,481
8 years$5,657$5,223$4,820$4,446$4,100$3,659
9 years$4,978$4,547$4,151$3,787$3,453$3,032
10 years$4,434$4,008$3,619$3,264$2,942$2,540
11 years$3,990$3,568$3,186$2,841$2,530$2,148
12 years$3,620$3,203$2,828$2,492$2,193$1,829
13 years$3,308$2,894$2,526$2,200$1,912$1,567
14 years$3,040$2,631$2,270$1,953$1,676$1,348
15 years$2,808$2,403$2,049$1,742$1,476$1,165
16 years$2,605$2,205$1,858$1,559$1,304$1,011
17 years$2,426$2,031$1,691$1,401$1,156$879
18 years$2,268$1,877$1,543$1,263$1,028$766
19 years$2,126$1,739$1,413$1,141$917$669
20 years$1,998$1,616$1,297$1,033$819$586
21 years$1,883$1,505$1,193$938$733$514
22 years$1,779$1,405$1,099$853$657$451
23 years$1,683$1,314$1,015$777$589$396
24 years$1,596$1,231$939$708$530$349
25 years$1,516$1,156$869$647$477$307
26 years$1,442$1,086$806$591$429$271
27 years$1,374$1,022$749$541$387$239
28 years$1,311$963$696$496$349$211
29 years$1,252$909$648$455$315$186
30 years$1,197$858$603$417$285$164
31 years$1,146$811$563$383$258$145
32 years$1,098$768$525$352$233$128
33 years$1,053$727$490$324$211$114
34 years$1,011$689$458$298$191$100
35 years$971$653$428$274$173$89
36 years$934$620$400$253$157$79
37 years$899$589$375$233$142$70
38 years$865$560$351$215$129$62
39 years$834$532$329$198$117$55
40 years$804$506$308$183$106$48
41 years$776$482$289$168$96$43
42 years$749$459$271$155$87$38
43 years$723$437$254$143$79$34
44 years$699$417$239$132$72$30
45 years$675$398$224$122$65$26
46 years$653$379$211$113$59$23
47 years$632$362$198$104$54$21
48 years$612$346$186$96$49$18
49 years$593$330$175$89$44$16
50 years$574$315$164$82$40$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 59 starting with $588,000, adding $6,429 every year, while hoping to spend $35,220 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: 35/47/18 Blend
58$588,000$588,000$588,000$588,000
59$654,608$623,444$614,330$673,713
60$683,904$616,518$597,436$681,312
61$715,008$608,074$578,796$685,754
62$748,067$597,997$558,313$689,805
63$783,242$586,171$535,889$693,451
64$820,709$572,471$511,418$696,679
65$860,661$556,762$484,791$699,477
66$903,311$538,905$455,893$701,836
67$948,889$518,752$424,606$703,751
68$997,649$496,144$390,804$705,218
69$1,049,869$470,915$354,356$706,239
70$1,105,856$442,890$315,127$706,819
71$1,165,944$411,882$272,974$706,970
72$1,230,500$377,695$227,749$706,708
73$1,299,929$340,119$179,296$706,058
74$1,374,672$298,936$127,453$705,052
75$1,455,218$253,912$72,052$703,732
76$1,542,099$204,803$12,914$702,150
77$1,635,903$151,348$0$700,371
78$1,737,275$93,275$0$708,112
79$1,846,924$30,292$0$719,102
80$1,965,630$0$0$731,006
81$2,094,249$0$0$763,598
82$2,233,722$0$0$816,003
83$2,385,087$0$0$872,949
84$2,549,482$0$0$934,877
85$2,728,160$0$0$1,002,266
86$2,922,500$0$0$1,075,649
87$3,134,019$0$0$1,155,608
88$3,364,386$0$0$1,242,785
89$3,615,437$0$0$1,337,887
90$3,889,194$0$0$1,441,693
91$4,187,881$0$0$1,555,058
92$4,513,947$0$0$1,678,925
93$4,870,087$0$0$1,814,332
94$5,259,268$0$0$1,962,421
95$5,684,757$0$0$2,124,450
96$6,150,151$0$0$2,301,806
97$6,659,410$0$0$2,496,012
98$7,216,895$0$0$2,708,750
99$7,827,407$0$0$2,941,868
100$8,496,235$0$0$3,197,404