Can I retire at age 63 with 588,000?

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 $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%14.1%
1 years$48,556$48,124$47,702$47,290$46,888$46,092
2 years$24,038$23,590$23,156$22,736$22,328$21,528
3 years$15,866$15,416$14,984$14,567$14,166$13,388
4 years$11,781$11,333$10,904$10,495$10,103$9,353
5 years$9,331$8,885$8,462$8,061$7,680$6,959
6 years$7,697$7,255$6,839$6,446$6,077$5,386
7 years$6,531$6,093$5,683$5,300$4,942$4,282
8 years$5,657$5,223$4,820$4,446$4,100$3,470
9 years$4,978$4,547$4,151$3,787$3,453$2,853
10 years$4,434$4,008$3,619$3,264$2,942$2,372
11 years$3,990$3,568$3,186$2,841$2,530$1,989
12 years$3,620$3,203$2,828$2,492$2,193$1,680
13 years$3,308$2,894$2,526$2,200$1,912$1,427
14 years$3,040$2,631$2,270$1,953$1,676$1,217
15 years$2,808$2,403$2,049$1,742$1,476$1,043
16 years$2,605$2,205$1,858$1,559$1,304$896
17 years$2,426$2,031$1,691$1,401$1,156$772
18 years$2,268$1,877$1,543$1,263$1,028$667
19 years$2,126$1,739$1,413$1,141$917$577
20 years$1,998$1,616$1,297$1,033$819$500
21 years$1,883$1,505$1,193$938$733$434
22 years$1,779$1,405$1,099$853$657$378
23 years$1,683$1,314$1,015$777$589$329
24 years$1,596$1,231$939$708$530$286
25 years$1,516$1,156$869$647$477$249
26 years$1,442$1,086$806$591$429$218
27 years$1,374$1,022$749$541$387$190
28 years$1,311$963$696$496$349$166
29 years$1,252$909$648$455$315$145
30 years$1,197$858$603$417$285$127
31 years$1,146$811$563$383$258$111
32 years$1,098$768$525$352$233$97
33 years$1,053$727$490$324$211$85
34 years$1,011$689$458$298$191$74
35 years$971$653$428$274$173$65
36 years$934$620$400$253$157$57
37 years$899$589$375$233$142$50
38 years$865$560$351$215$129$44
39 years$834$532$329$198$117$38
40 years$804$506$308$183$106$33
41 years$776$482$289$168$96$29
42 years$749$459$271$155$87$26
43 years$723$437$254$143$79$22
44 years$699$417$239$132$72$20
45 years$675$398$224$122$65$17
46 years$653$379$211$113$59$15
47 years$632$362$198$104$54$13
48 years$612$346$186$96$49$12
49 years$593$330$175$89$44$10
50 years$574$315$164$82$40$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 63 starting with $588,000, adding $5,389 every year, while hoping to spend $39,721 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: 72/21/7 Blend
62$588,000$588,000$588,000$588,000
63$653,535$622,371$613,257$699,530
64$677,932$610,604$591,538$718,841
65$703,487$596,930$567,760$734,500
66$730,276$581,212$541,813$750,533
67$758,380$563,307$513,580$766,968
68$787,890$543,065$482,940$783,832
69$818,903$520,323$449,767$801,159
70$851,524$494,912$413,927$818,985
71$885,870$466,652$375,284$837,353
72$922,064$435,354$333,691$856,310
73$960,244$400,816$289,000$875,909
74$1,000,559$362,826$241,051$896,210
75$1,043,170$321,159$189,680$917,280
76$1,088,255$275,577$134,716$939,196
77$1,136,008$225,831$75,980$962,043
78$1,186,638$171,654$13,283$985,917
79$1,240,378$112,768$0$1,010,925
80$1,297,480$48,877$0$1,041,193
81$1,358,219$0$0$1,074,170
82$1,422,898$0$0$1,113,728
83$1,491,848$0$0$1,167,955
84$1,565,431$0$0$1,225,843
85$1,644,044$0$0$1,287,706
86$1,728,122$0$0$1,353,889
87$1,818,142$0$0$1,424,771
88$1,914,627$0$0$1,500,765
89$2,018,151$0$0$1,582,326
90$2,129,344$0$0$1,669,954
91$2,248,898$0$0$1,764,197
92$2,377,569$0$0$1,865,655
93$2,516,193$0$0$1,974,989
94$2,665,684$0$0$2,092,925
95$2,827,048$0$0$2,220,260
96$3,001,388$0$0$2,357,870
97$3,189,920$0$0$2,506,717
98$3,393,978$0$0$2,667,859
99$3,615,028$0$0$2,842,459
100$3,854,683$0$0$3,031,797