Can I retire at age 60 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%12.3%
1 years$48,556$48,124$47,702$47,290$46,888$46,437
2 years$24,038$23,590$23,156$22,736$22,328$21,873
3 years$15,866$15,416$14,984$14,567$14,166$13,722
4 years$11,781$11,333$10,904$10,495$10,103$9,674
5 years$9,331$8,885$8,462$8,061$7,680$7,266
6 years$7,697$7,255$6,839$6,446$6,077$5,679
7 years$6,531$6,093$5,683$5,300$4,942$4,560
8 years$5,657$5,223$4,820$4,446$4,100$3,734
9 years$4,978$4,547$4,151$3,787$3,453$3,103
10 years$4,434$4,008$3,619$3,264$2,942$2,608
11 years$3,990$3,568$3,186$2,841$2,530$2,212
12 years$3,620$3,203$2,828$2,492$2,193$1,889
13 years$3,308$2,894$2,526$2,200$1,912$1,624
14 years$3,040$2,631$2,270$1,953$1,676$1,402
15 years$2,808$2,403$2,049$1,742$1,476$1,216
16 years$2,605$2,205$1,858$1,559$1,304$1,058
17 years$2,426$2,031$1,691$1,401$1,156$923
18 years$2,268$1,877$1,543$1,263$1,028$808
19 years$2,126$1,739$1,413$1,141$917$708
20 years$1,998$1,616$1,297$1,033$819$622
21 years$1,883$1,505$1,193$938$733$548
22 years$1,779$1,405$1,099$853$657$483
23 years$1,683$1,314$1,015$777$589$426
24 years$1,596$1,231$939$708$530$376
25 years$1,516$1,156$869$647$477$333
26 years$1,442$1,086$806$591$429$294
27 years$1,374$1,022$749$541$387$261
28 years$1,311$963$696$496$349$231
29 years$1,252$909$648$455$315$205
30 years$1,197$858$603$417$285$182
31 years$1,146$811$563$383$258$161
32 years$1,098$768$525$352$233$143
33 years$1,053$727$490$324$211$127
34 years$1,011$689$458$298$191$113
35 years$971$653$428$274$173$100
36 years$934$620$400$253$157$89
37 years$899$589$375$233$142$79
38 years$865$560$351$215$129$70
39 years$834$532$329$198$117$63
40 years$804$506$308$183$106$56
41 years$776$482$289$168$96$50
42 years$749$459$271$155$87$44
43 years$723$437$254$143$79$39
44 years$699$417$239$132$72$35
45 years$675$398$224$122$65$31
46 years$653$379$211$113$59$28
47 years$632$362$198$104$54$25
48 years$612$346$186$96$49$22
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 $2,639 every year, while hoping to spend $37,744 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: 27/47/26 Blend
59$588,000$588,000$588,000$588,000
60$650,698$619,534$610,420$662,922
61$676,910$609,732$590,710$663,134
62$704,530$598,185$569,074$659,921
63$733,663$584,766$545,409$655,691
64$764,422$569,345$519,605$650,386
65$796,929$551,779$491,548$643,941
66$831,321$531,921$461,120$636,291
67$867,742$509,612$428,194$627,370
68$906,355$484,686$392,642$617,107
69$947,335$456,967$354,327$605,431
70$990,874$426,269$313,108$592,270
71$1,037,181$392,395$268,835$577,550
72$1,086,487$355,135$221,354$561,194
73$1,139,042$314,270$170,503$543,125
74$1,195,123$269,568$116,113$523,265
75$1,255,030$220,782$58,008$501,536
76$1,319,096$167,652$0$477,858
77$1,387,682$109,905$0$453,263
78$1,461,185$47,251$0$443,808
79$1,540,043$0$0$433,361
80$1,624,734$0$0$432,569
81$1,715,782$0$0$458,058
82$1,813,765$0$0$485,560
83$1,919,317$0$0$515,261
84$2,033,131$0$0$547,367
85$2,155,973$0$0$582,104
86$2,288,683$0$0$619,720
87$2,432,181$0$0$660,487
88$2,587,483$0$0$704,705
89$2,755,704$0$0$752,705
90$2,938,068$0$0$804,848
91$3,135,924$0$0$861,533
92$3,350,754$0$0$923,201
93$3,584,187$0$0$990,332
94$3,838,018$0$0$1,063,460
95$4,114,220$0$0$1,143,168
96$4,414,963$0$0$1,230,100
97$4,742,636$0$0$1,324,965
98$5,099,868$0$0$1,428,542
99$5,489,552$0$0$1,541,689
100$5,914,874$0$0$1,665,351