Can I retire at age 60 with 587,000?

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 $587,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$48,474$48,042$47,621$47,210$46,808$45,770
2 years$23,997$23,550$23,117$22,697$22,290$21,249
3 years$15,839$15,390$14,958$14,542$14,141$13,131
4 years$11,761$11,313$10,886$10,477$10,086$9,113
5 years$9,315$8,870$8,448$8,047$7,667$6,735
6 years$7,684$7,243$6,827$6,435$6,067$5,176
7 years$6,520$6,083$5,673$5,291$4,934$4,085
8 years$5,648$5,214$4,811$4,438$4,093$3,286
9 years$4,969$4,540$4,144$3,781$3,447$2,681
10 years$4,427$4,001$3,613$3,259$2,937$2,211
11 years$3,983$3,562$3,181$2,836$2,526$1,839
12 years$3,614$3,197$2,823$2,488$2,189$1,540
13 years$3,302$2,889$2,522$2,196$1,909$1,296
14 years$3,035$2,626$2,266$1,950$1,673$1,097
15 years$2,803$2,399$2,046$1,739$1,473$931
16 years$2,601$2,201$1,855$1,557$1,302$793
17 years$2,422$2,027$1,688$1,399$1,154$677
18 years$2,264$1,873$1,541$1,261$1,027$579
19 years$2,122$1,736$1,411$1,139$915$496
20 years$1,995$1,613$1,295$1,032$817$426
21 years$1,880$1,503$1,191$936$731$366
22 years$1,776$1,403$1,097$851$656$315
23 years$1,680$1,312$1,013$775$588$272
24 years$1,593$1,229$937$707$529$234
25 years$1,513$1,154$868$646$476$202
26 years$1,440$1,084$805$590$429$174
27 years$1,371$1,020$748$540$387$151
28 years$1,308$961$695$495$349$130
29 years$1,250$907$647$454$315$112
30 years$1,195$857$602$417$285$97
31 years$1,144$810$562$383$257$84
32 years$1,096$766$524$352$233$73
33 years$1,051$726$489$323$211$63
34 years$1,009$688$457$298$191$55
35 years$970$652$427$274$173$47
36 years$932$619$400$252$156$41
37 years$897$588$374$232$142$35
38 years$864$559$350$214$129$31
39 years$832$531$328$198$117$27
40 years$803$506$308$182$106$23
41 years$774$481$289$168$96$20
42 years$747$458$271$155$87$17
43 years$722$437$254$143$79$15
44 years$697$416$238$132$72$13
45 years$674$397$224$122$65$11
46 years$652$379$210$113$59$10
47 years$631$361$198$104$54$8
48 years$611$345$186$96$49$7
49 years$592$329$174$89$44$6
50 years$573$315$164$82$40$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $587,000, adding $6,141 every year, while hoping to spend $32,298 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: 37/40/23 Blend
59$587,000$587,000$587,000$587,000
60$653,208$622,097$612,999$672,672
61$685,471$618,215$599,170$683,558
62$719,942$613,061$583,794$691,866
63$756,812$606,537$566,788$700,192
64$796,291$598,541$548,059$708,557
65$838,609$588,966$527,516$716,988
66$884,018$577,696$505,058$725,516
67$932,794$564,610$480,584$734,178
68$985,242$549,579$453,987$743,018
69$1,041,695$532,466$425,153$752,089
70$1,102,518$513,128$393,967$761,452
71$1,168,115$491,410$360,304$771,177
72$1,238,926$467,153$324,038$781,346
73$1,315,437$440,184$285,034$792,055
74$1,398,182$410,324$243,153$803,410
75$1,487,747$377,380$198,249$815,538
76$1,584,776$341,151$150,169$828,579
77$1,689,979$301,422$98,755$842,695
78$1,804,134$257,970$43,841$858,070
79$1,928,099$210,554$0$874,912
80$2,062,817$158,922$0$897,081
81$2,209,325$102,810$0$932,936
82$2,368,763$41,935$0$972,055
83$2,542,388$0$0$1,014,825
84$2,731,582$0$0$1,072,240
85$2,937,863$0$0$1,155,041
86$3,162,907$0$0$1,245,450
87$3,408,555$0$0$1,344,219
88$3,676,834$0$0$1,452,171
89$3,969,977$0$0$1,570,216
90$4,290,441$0$0$1,699,354
91$4,640,932$0$0$1,840,687
92$5,024,427$0$0$1,995,428
93$5,444,208$0$0$2,164,913
94$5,903,886$0$0$2,350,612
95$6,407,440$0$0$2,554,147
96$6,959,248$0$0$2,777,301
97$7,564,135$0$0$3,022,039
98$8,227,415$0$0$3,290,527
99$8,954,939$0$0$3,585,148
100$9,753,153$0$0$3,908,528