Can I retire at age 60 with 589,000?

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 $589,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$48,639$48,206$47,783$47,371$46,968$46,594
2 years$24,079$23,630$23,196$22,774$22,366$21,988
3 years$15,893$15,443$15,009$14,592$14,190$13,821
4 years$11,801$11,352$10,923$10,513$10,120$9,763
5 years$9,346$8,900$8,477$8,075$7,693$7,349
6 years$7,711$7,268$6,850$6,457$6,087$5,756
7 years$6,543$6,103$5,693$5,309$4,951$4,632
8 years$5,667$5,232$4,828$4,454$4,107$3,802
9 years$4,986$4,555$4,158$3,793$3,459$3,167
10 years$4,442$4,015$3,625$3,270$2,947$2,668
11 years$3,997$3,574$3,192$2,846$2,535$2,268
12 years$3,627$3,208$2,832$2,496$2,196$1,942
13 years$3,313$2,899$2,531$2,204$1,915$1,674
14 years$3,045$2,635$2,274$1,956$1,679$1,449
15 years$2,813$2,407$2,053$1,745$1,478$1,260
16 years$2,609$2,209$1,861$1,562$1,306$1,099
17 years$2,430$2,034$1,694$1,404$1,158$962
18 years$2,272$1,880$1,546$1,265$1,030$844
19 years$2,130$1,742$1,415$1,143$918$742
20 years$2,002$1,619$1,299$1,035$820$654
21 years$1,886$1,508$1,195$939$734$577
22 years$1,782$1,408$1,101$854$658$510
23 years$1,686$1,316$1,017$778$590$452
24 years$1,599$1,233$940$710$531$400
25 years$1,519$1,158$871$648$478$355
26 years$1,445$1,088$808$592$430$315
27 years$1,376$1,024$750$542$388$280
28 years$1,313$965$697$497$350$249
29 years$1,254$910$649$456$316$221
30 years$1,199$860$604$418$286$197
31 years$1,148$813$563$384$258$175
32 years$1,100$769$526$353$234$156
33 years$1,055$728$491$325$211$139
34 years$1,013$690$459$299$191$124
35 years$973$655$429$275$173$111
36 years$935$621$401$253$157$99
37 years$900$590$375$233$142$88
38 years$867$561$352$215$129$78
39 years$835$533$329$198$117$70
40 years$805$507$309$183$106$62
41 years$777$483$290$169$96$56
42 years$750$460$272$156$87$50
43 years$724$438$255$144$79$44
44 years$700$418$239$133$72$40
45 years$677$398$225$123$65$35
46 years$654$380$211$113$59$32
47 years$633$363$198$105$54$28
48 years$613$346$186$97$49$25
49 years$594$331$175$89$44$23
50 years$575$316$165$83$40$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $589,000, adding $6,406 every year, while hoping to spend $36,239 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: 33/47/20 Blend
59$589,000$589,000$589,000$589,000
60$655,686$624,469$615,339$673,100
61$684,008$616,510$597,395$678,630
62$714,004$606,946$577,635$680,816
63$745,807$595,661$555,961$682,417
64$779,561$582,531$532,268$683,403
65$815,426$567,424$506,448$683,745
66$853,574$550,202$478,388$683,414
67$894,194$530,718$447,970$682,382
68$937,495$508,816$415,070$680,623
69$983,703$484,332$379,559$678,111
70$1,033,068$457,091$341,301$674,824
71$1,085,863$426,911$300,156$670,740
72$1,142,386$393,595$255,977$665,843
73$1,202,967$356,938$208,609$660,118
74$1,267,964$316,723$157,893$653,556
75$1,337,774$272,719$103,659$646,153
76$1,412,829$224,684$45,734$637,911
77$1,493,606$172,362$0$628,838
78$1,580,626$115,481$0$622,384
79$1,674,466$53,755$0$625,782
80$1,775,754$0$0$629,342
81$1,885,184$0$0$639,943
82$2,003,518$0$0$681,539
83$2,131,592$0$0$726,632
84$2,270,327$0$0$775,555
85$2,420,733$0$0$828,674
86$2,583,925$0$0$886,394
87$2,761,125$0$0$949,156
88$2,953,679$0$0$1,017,449
89$3,163,068$0$0$1,091,810
90$3,390,919$0$0$1,172,829
91$3,639,026$0$0$1,261,155
92$3,909,360$0$0$1,357,505
93$4,204,092$0$0$1,462,666
94$4,525,609$0$0$1,577,504
95$4,876,541$0$0$1,702,973
96$5,259,782$0$0$1,840,124
97$5,678,518$0$0$1,990,113
98$6,136,255$0$0$2,154,213
99$6,636,854$0$0$2,333,826
100$7,184,568$0$0$2,530,496