Can I retire at age 60 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%12.4%
1 years$48,556$48,124$47,702$47,290$46,888$46,418
2 years$24,038$23,590$23,156$22,736$22,328$21,854
3 years$15,866$15,416$14,984$14,567$14,166$13,703
4 years$11,781$11,333$10,904$10,495$10,103$9,655
5 years$9,331$8,885$8,462$8,061$7,680$7,249
6 years$7,697$7,255$6,839$6,446$6,077$5,662
7 years$6,531$6,093$5,683$5,300$4,942$4,544
8 years$5,657$5,223$4,820$4,446$4,100$3,719
9 years$4,978$4,547$4,151$3,787$3,453$3,089
10 years$4,434$4,008$3,619$3,264$2,942$2,594
11 years$3,990$3,568$3,186$2,841$2,530$2,199
12 years$3,620$3,203$2,828$2,492$2,193$1,877
13 years$3,308$2,894$2,526$2,200$1,912$1,612
14 years$3,040$2,631$2,270$1,953$1,676$1,391
15 years$2,808$2,403$2,049$1,742$1,476$1,206
16 years$2,605$2,205$1,858$1,559$1,304$1,048
17 years$2,426$2,031$1,691$1,401$1,156$914
18 years$2,268$1,877$1,543$1,263$1,028$799
19 years$2,126$1,739$1,413$1,141$917$701
20 years$1,998$1,616$1,297$1,033$819$615
21 years$1,883$1,505$1,193$938$733$541
22 years$1,779$1,405$1,099$853$657$476
23 years$1,683$1,314$1,015$777$589$420
24 years$1,596$1,231$939$708$530$371
25 years$1,516$1,156$869$647$477$327
26 years$1,442$1,086$806$591$429$289
27 years$1,374$1,022$749$541$387$256
28 years$1,311$963$696$496$349$227
29 years$1,252$909$648$455$315$201
30 years$1,197$858$603$417$285$178
31 years$1,146$811$563$383$258$158
32 years$1,098$768$525$352$233$140
33 years$1,053$727$490$324$211$124
34 years$1,011$689$458$298$191$110
35 years$971$653$428$274$173$98
36 years$934$620$400$253$157$87
37 years$899$589$375$233$142$77
38 years$865$560$351$215$129$69
39 years$834$532$329$198$117$61
40 years$804$506$308$183$106$54
41 years$776$482$289$168$96$48
42 years$749$459$271$155$87$43
43 years$723$437$254$143$79$38
44 years$699$417$239$132$72$34
45 years$675$398$224$122$65$30
46 years$653$379$211$113$59$27
47 years$632$362$198$104$54$24
48 years$612$346$186$96$49$21
49 years$593$330$175$89$44$19
50 years$574$315$164$82$40$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $588,000, adding $2,532 every year, while hoping to spend $25,167 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: 61/30/9 Blend
59$588,000$588,000$588,000$588,000
60$650,588$619,424$610,310$688,830
61$690,170$622,998$603,978$718,323
62$732,947$625,904$596,590$747,373
63$779,216$628,082$588,085$778,440
64$829,308$629,470$578,397$811,720
65$883,583$629,999$567,459$847,428
66$942,439$629,600$555,200$885,803
67$1,006,314$628,197$541,545$927,108
68$1,075,688$625,708$526,416$971,633
69$1,151,090$622,050$509,733$1,019,701
70$1,233,102$617,131$491,410$1,071,665
71$1,322,364$610,856$471,358$1,127,918
72$1,419,580$603,124$449,484$1,188,893
73$1,525,527$593,826$425,691$1,255,068
74$1,641,056$582,849$399,877$1,326,971
75$1,767,106$570,071$371,936$1,405,186
76$1,904,712$555,365$341,757$1,490,356
77$2,055,010$538,596$309,223$1,583,193
78$2,219,254$519,620$274,214$1,684,484
79$2,398,821$498,284$236,604$1,795,094
80$2,595,230$474,429$196,259$1,915,982
81$2,810,152$447,885$153,042$2,048,205
82$3,045,427$418,471$106,809$2,192,930
83$3,303,083$385,999$57,410$2,351,447
84$3,585,351$350,266$4,687$2,525,178
85$3,894,689$311,061$0$2,715,692
86$4,233,804$268,160$0$2,929,677
87$4,605,677$221,325$0$3,164,895
88$5,013,592$170,306$0$3,423,023
89$5,461,165$114,838$0$3,706,409
90$5,952,381$54,642$0$4,017,645
91$6,491,628$0$0$4,359,585
92$7,083,739$0$0$4,738,875
93$7,734,039$0$0$5,175,296
94$8,448,394$0$0$5,654,754
95$9,233,266$0$0$6,181,591
96$10,095,774$0$0$6,760,593
97$11,043,760$0$0$7,397,029
98$12,085,864$0$0$8,096,708
99$13,231,606$0$0$8,866,028
100$14,491,472$0$0$9,712,037