Can I retire at age 61 with 587,000?

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 $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%14.3%
1 years$48,474$48,042$47,621$47,210$46,808$45,976
2 years$23,997$23,550$23,117$22,697$22,290$21,454
3 years$15,839$15,390$14,958$14,542$14,141$13,329
4 years$11,761$11,313$10,886$10,477$10,086$9,302
5 years$9,315$8,870$8,448$8,047$7,667$6,914
6 years$7,684$7,243$6,827$6,435$6,067$5,346
7 years$6,520$6,083$5,673$5,291$4,934$4,245
8 years$5,648$5,214$4,811$4,438$4,093$3,436
9 years$4,969$4,540$4,144$3,781$3,447$2,822
10 years$4,427$4,001$3,613$3,259$2,937$2,343
11 years$3,983$3,562$3,181$2,836$2,526$1,962
12 years$3,614$3,197$2,823$2,488$2,189$1,655
13 years$3,302$2,889$2,522$2,196$1,909$1,404
14 years$3,035$2,626$2,266$1,950$1,673$1,196
15 years$2,803$2,399$2,046$1,739$1,473$1,023
16 years$2,601$2,201$1,855$1,557$1,302$878
17 years$2,422$2,027$1,688$1,399$1,154$756
18 years$2,264$1,873$1,541$1,261$1,027$652
19 years$2,122$1,736$1,411$1,139$915$563
20 years$1,995$1,613$1,295$1,032$817$488
21 years$1,880$1,503$1,191$936$731$423
22 years$1,776$1,403$1,097$851$656$367
23 years$1,680$1,312$1,013$775$588$319
24 years$1,593$1,229$937$707$529$277
25 years$1,513$1,154$868$646$476$241
26 years$1,440$1,084$805$590$429$210
27 years$1,371$1,020$748$540$387$183
28 years$1,308$961$695$495$349$160
29 years$1,250$907$647$454$315$139
30 years$1,195$857$602$417$285$121
31 years$1,144$810$562$383$257$106
32 years$1,096$766$524$352$233$93
33 years$1,051$726$489$323$211$81
34 years$1,009$688$457$298$191$71
35 years$970$652$427$274$173$62
36 years$932$619$400$252$156$54
37 years$897$588$374$232$142$47
38 years$864$559$350$214$129$41
39 years$832$531$328$198$117$36
40 years$803$506$308$182$106$31
41 years$774$481$289$168$96$28
42 years$747$458$271$155$87$24
43 years$722$437$254$143$79$21
44 years$697$416$238$132$72$18
45 years$674$397$224$122$65$16
46 years$652$379$210$113$59$14
47 years$631$361$198$104$54$12
48 years$611$345$186$96$49$11
49 years$592$329$174$89$44$9
50 years$573$315$164$82$40$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $587,000, adding $5,103 every year, while hoping to spend $23,948 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: 34/39/27 Blend
60$587,000$587,000$587,000$587,000
61$652,138$621,027$611,928$668,836
62$693,175$625,977$606,947$686,779
63$737,596$630,366$600,997$703,608
64$785,720$634,143$594,019$721,289
65$837,898$637,251$585,954$739,914
66$894,518$639,631$576,737$759,585
67$956,004$641,218$566,304$780,418
68$1,022,825$641,946$554,583$802,540
69$1,095,494$641,742$541,503$826,096
70$1,174,579$640,532$526,987$851,244
71$1,260,701$638,233$510,957$878,164
72$1,354,547$634,761$493,328$907,053
73$1,456,871$630,024$474,015$938,133
74$1,568,503$623,927$452,925$971,651
75$1,690,356$616,365$429,964$1,007,879
76$1,823,438$607,232$405,033$1,047,125
77$1,968,854$596,413$378,028$1,089,725
78$2,127,826$583,785$348,840$1,136,058
79$2,301,694$569,220$317,356$1,186,542
80$2,491,936$552,582$283,457$1,241,641
81$2,700,181$533,726$247,020$1,301,872
82$2,928,220$512,499$207,916$1,367,809
83$3,178,026$488,739$166,009$1,440,086
84$3,451,773$462,276$121,159$1,519,408
85$3,751,854$432,927$73,218$1,606,558
86$4,080,906$400,503$22,033$1,702,402
87$4,441,831$364,801$0$1,807,901
88$4,837,828$325,606$0$1,933,507
89$5,272,419$282,693$0$2,078,395
90$5,749,483$235,823$0$2,237,565
91$6,273,296$184,744$0$2,412,517
92$6,848,564$129,188$0$2,604,903
93$7,480,475$68,876$0$2,816,553
94$8,174,741$3,508$0$3,049,485
95$8,937,657$0$0$3,305,927
96$9,776,157$0$0$3,617,194
97$10,697,880$0$0$3,961,104
98$11,711,242$0$0$4,339,305
99$12,825,516$0$0$4,755,268
100$14,050,917$0$0$5,212,820