Can I retire at age 61 with 586,000?

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 $586,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$48,391$47,960$47,540$47,129$46,728$45,507
2 years$23,956$23,510$23,078$22,658$22,252$21,029
3 years$15,812$15,364$14,933$14,517$14,117$12,932
4 years$11,741$11,294$10,867$10,459$10,069$8,930
5 years$9,299$8,855$8,433$8,033$7,654$6,565
6 years$7,671$7,231$6,815$6,424$6,056$5,018
7 years$6,509$6,072$5,664$5,282$4,925$3,938
8 years$5,638$5,205$4,803$4,431$4,086$3,149
9 years$4,961$4,532$4,137$3,774$3,441$2,554
10 years$4,419$3,995$3,607$3,253$2,932$2,093
11 years$3,977$3,556$3,175$2,831$2,522$1,730
12 years$3,608$3,192$2,818$2,483$2,185$1,439
13 years$3,296$2,885$2,518$2,193$1,906$1,204
14 years$3,029$2,622$2,262$1,946$1,670$1,011
15 years$2,798$2,395$2,042$1,736$1,471$852
16 years$2,596$2,198$1,852$1,554$1,300$721
17 years$2,418$2,024$1,685$1,396$1,153$611
18 years$2,260$1,870$1,538$1,258$1,025$519
19 years$2,119$1,733$1,408$1,137$913$441
20 years$1,992$1,611$1,292$1,030$816$376
21 years$1,877$1,500$1,189$935$730$321
22 years$1,773$1,400$1,096$850$654$274
23 years$1,678$1,310$1,012$774$587$234
24 years$1,591$1,227$936$706$528$200
25 years$1,511$1,152$866$645$475$171
26 years$1,437$1,082$804$589$428$147
27 years$1,369$1,019$746$540$386$126
28 years$1,306$960$694$494$348$108
29 years$1,247$905$646$453$314$92
30 years$1,193$855$601$416$284$79
31 years$1,142$808$561$382$257$68
32 years$1,094$765$523$351$232$58
33 years$1,049$724$488$323$210$50
34 years$1,007$687$456$297$190$43
35 years$968$651$427$274$172$37
36 years$931$618$399$252$156$32
37 years$896$587$374$232$142$27
38 years$862$558$350$214$128$23
39 years$831$530$328$197$116$20
40 years$801$505$307$182$106$17
41 years$773$480$288$168$96$15
42 years$746$458$270$155$87$13
43 years$721$436$254$143$79$11
44 years$696$416$238$132$72$9
45 years$673$396$223$122$65$8
46 years$651$378$210$113$59$7
47 years$630$361$197$104$54$6
48 years$610$344$185$96$49$5
49 years$591$329$174$89$44$4
50 years$572$314$164$82$40$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $586,000, adding $2,036 every year, while hoping to spend $43,119 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: 66/14/20 Blend
60$586,000$586,000$586,000$586,000
61$647,872$616,814$607,731$687,244
62$668,077$601,160$582,212$698,246
63$688,897$583,293$554,392$705,132
64$710,351$563,060$524,151$711,633
65$732,455$540,299$491,358$717,713
66$755,227$514,835$455,880$723,332
67$778,686$486,488$417,578$728,446
68$802,851$455,065$376,306$733,012
69$827,739$420,361$331,910$736,982
70$853,371$382,161$284,231$740,304
71$879,765$340,237$233,103$742,926
72$906,941$294,348$178,351$744,789
73$934,917$244,240$119,795$745,834
74$963,715$189,644$57,245$745,997
75$993,354$130,276$0$745,208
76$1,023,852$65,836$0$745,426
77$1,055,231$0$0$757,713
78$1,087,509$0$0$770,419
79$1,120,706$0$0$793,917
80$1,154,840$0$0$818,076
81$1,189,931$0$0$842,909
82$1,225,995$0$0$868,429
83$1,263,051$0$0$894,648
84$1,301,115$0$0$921,576
85$1,340,202$0$0$949,226
86$1,380,327$0$0$977,605
87$1,421,502$0$0$1,006,723
88$1,463,739$0$0$1,036,587
89$1,507,048$0$0$1,067,204
90$1,551,435$0$0$1,098,577
91$1,596,906$0$0$1,130,710
92$1,643,463$0$0$1,163,603
93$1,691,103$0$0$1,197,254
94$1,739,824$0$0$1,231,659
95$1,789,615$0$0$1,266,810
96$1,840,463$0$0$1,302,696
97$1,892,350$0$0$1,339,303
98$1,945,250$0$0$1,376,611
99$1,999,132$0$0$1,414,597
100$2,053,957$0$0$1,453,231