Can I retire at age 61 with 587,000?

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 $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%11%
1 years$48,474$48,042$47,621$47,210$46,808$46,611
2 years$23,997$23,550$23,117$22,697$22,290$22,091
3 years$15,839$15,390$14,958$14,542$14,141$13,947
4 years$11,761$11,313$10,886$10,477$10,086$9,897
5 years$9,315$8,870$8,448$8,047$7,667$7,484
6 years$7,684$7,243$6,827$6,435$6,067$5,891
7 years$6,520$6,083$5,673$5,291$4,934$4,764
8 years$5,648$5,214$4,811$4,438$4,093$3,930
9 years$4,969$4,540$4,144$3,781$3,447$3,291
10 years$4,427$4,001$3,613$3,259$2,937$2,787
11 years$3,983$3,562$3,181$2,836$2,526$2,383
12 years$3,614$3,197$2,823$2,488$2,189$2,052
13 years$3,302$2,889$2,522$2,196$1,909$1,778
14 years$3,035$2,626$2,266$1,950$1,673$1,549
15 years$2,803$2,399$2,046$1,739$1,473$1,355
16 years$2,601$2,201$1,855$1,557$1,302$1,189
17 years$2,422$2,027$1,688$1,399$1,154$1,047
18 years$2,264$1,873$1,541$1,261$1,027$925
19 years$2,122$1,736$1,411$1,139$915$819
20 years$1,995$1,613$1,295$1,032$817$726
21 years$1,880$1,503$1,191$936$731$645
22 years$1,776$1,403$1,097$851$656$574
23 years$1,680$1,312$1,013$775$588$511
24 years$1,593$1,229$937$707$529$456
25 years$1,513$1,154$868$646$476$407
26 years$1,440$1,084$805$590$429$364
27 years$1,371$1,020$748$540$387$326
28 years$1,308$961$695$495$349$292
29 years$1,250$907$647$454$315$261
30 years$1,195$857$602$417$285$234
31 years$1,144$810$562$383$257$210
32 years$1,096$766$524$352$233$188
33 years$1,051$726$489$323$211$169
34 years$1,009$688$457$298$191$152
35 years$970$652$427$274$173$136
36 years$932$619$400$252$156$123
37 years$897$588$374$232$142$110
38 years$864$559$350$214$129$99
39 years$832$531$328$198$117$89
40 years$803$506$308$182$106$80
41 years$774$481$289$168$96$72
42 years$747$458$271$155$87$65
43 years$722$437$254$143$79$58
44 years$697$416$238$132$72$52
45 years$674$397$224$122$65$47
46 years$652$379$210$113$59$43
47 years$631$361$198$104$54$38
48 years$611$345$186$96$49$34
49 years$592$329$174$89$44$31
50 years$573$315$164$82$40$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $587,000, adding $4,814 every year, while hoping to spend $38,940 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: 27/43/30 Blend
60$587,000$587,000$587,000$587,000
61$651,840$620,729$611,630$663,285
62$676,895$609,712$590,688$662,000
63$703,202$596,851$567,739$656,987
64$730,845$582,014$542,675$650,827
65$759,920$565,061$515,383$643,450
66$790,527$545,845$485,744$634,784
67$822,779$524,209$453,635$624,752
68$856,797$499,990$418,926$613,277
69$892,713$473,012$381,482$600,278
70$930,670$443,090$341,163$585,669
71$970,827$410,030$297,820$569,364
72$1,013,354$373,624$251,300$551,274
73$1,058,439$333,655$201,441$531,305
74$1,106,288$289,891$148,077$509,364
75$1,157,123$242,090$91,031$485,351
76$1,211,190$189,993$30,122$459,169
77$1,268,757$133,329$0$430,714
78$1,330,118$71,810$0$411,047
79$1,395,595$5,132$0$399,914
80$1,465,538$0$0$387,622
81$1,540,335$0$0$405,846
82$1,620,409$0$0$428,019
83$1,706,224$0$0$451,847
84$1,798,288$0$0$477,482
85$1,897,161$0$0$505,086
86$2,003,455$0$0$534,842
87$2,117,844$0$0$566,948
88$2,241,067$0$0$601,621
89$2,373,936$0$0$639,101
90$2,517,342$0$0$679,652
91$2,672,265$0$0$723,563
92$2,839,783$0$0$771,153
93$3,021,078$0$0$822,771
94$3,217,451$0$0$878,802
95$3,430,334$0$0$939,670
96$3,661,299$0$0$1,005,840
97$3,912,076$0$0$1,077,825
98$4,184,568$0$0$1,156,187
99$4,480,868$0$0$1,241,548
100$4,803,280$0$0$1,334,591