Can I retire at age 71 with 588,000?

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 $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%11.7%
1 years$48,556$48,124$47,702$47,290$46,888$46,553
2 years$24,038$23,590$23,156$22,736$22,328$21,990
3 years$15,866$15,416$14,984$14,567$14,166$13,836
4 years$11,781$11,333$10,904$10,495$10,103$9,784
5 years$9,331$8,885$8,462$8,061$7,680$7,372
6 years$7,697$7,255$6,839$6,446$6,077$5,780
7 years$6,531$6,093$5,683$5,300$4,942$4,657
8 years$5,657$5,223$4,820$4,446$4,100$3,827
9 years$4,978$4,547$4,151$3,787$3,453$3,191
10 years$4,434$4,008$3,619$3,264$2,942$2,692
11 years$3,990$3,568$3,186$2,841$2,530$2,291
12 years$3,620$3,203$2,828$2,492$2,193$1,965
13 years$3,308$2,894$2,526$2,200$1,912$1,695
14 years$3,040$2,631$2,270$1,953$1,676$1,469
15 years$2,808$2,403$2,049$1,742$1,476$1,279
16 years$2,605$2,205$1,858$1,559$1,304$1,118
17 years$2,426$2,031$1,691$1,401$1,156$980
18 years$2,268$1,877$1,543$1,263$1,028$861
19 years$2,126$1,739$1,413$1,141$917$758
20 years$1,998$1,616$1,297$1,033$819$669
21 years$1,883$1,505$1,193$938$733$591
22 years$1,779$1,405$1,099$853$657$523
23 years$1,683$1,314$1,015$777$589$464
24 years$1,596$1,231$939$708$530$412
25 years$1,516$1,156$869$647$477$366
26 years$1,442$1,086$806$591$429$325
27 years$1,374$1,022$749$541$387$289
28 years$1,311$963$696$496$349$257
29 years$1,252$909$648$455$315$229
30 years$1,197$858$603$417$285$204
31 years$1,146$811$563$383$258$182
32 years$1,098$768$525$352$233$163
33 years$1,053$727$490$324$211$145
34 years$1,011$689$458$298$191$130
35 years$971$653$428$274$173$116
36 years$934$620$400$253$157$103
37 years$899$589$375$233$142$92
38 years$865$560$351$215$129$83
39 years$834$532$329$198$117$74
40 years$804$506$308$183$106$66
41 years$776$482$289$168$96$59
42 years$749$459$271$155$87$53
43 years$723$437$254$143$79$47
44 years$699$417$239$132$72$42
45 years$675$398$224$122$65$38
46 years$653$379$211$113$59$34
47 years$632$362$198$104$54$30
48 years$612$346$186$96$49$27
49 years$593$330$175$89$44$24
50 years$574$315$164$82$40$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $588,000, adding $3,363 every year, while hoping to spend $43,462 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: 49/28/23 Blend
70$588,000$588,000$588,000$588,000
71$651,445$620,281$611,167$678,986
72$671,649$604,431$585,398$682,665
73$692,457$586,349$557,309$682,017
74$713,886$565,877$526,776$680,424
75$735,950$542,853$493,671$677,817
76$758,665$517,102$457,858$674,121
77$782,049$488,440$419,196$669,256
78$806,117$456,672$377,538$663,141
79$830,886$421,593$332,730$655,686
80$856,370$382,986$284,611$646,799
81$882,588$340,620$233,013$636,380
82$909,554$294,252$177,761$624,326
83$937,284$243,626$118,671$610,526
84$965,793$188,471$55,554$594,863
85$995,098$128,499$0$577,214
86$1,025,211$63,409$0$560,346
87$1,056,147$0$0$555,962
88$1,087,919$0$0$552,514
89$1,120,539$0$0$569,027
90$1,154,019$0$0$585,970
91$1,188,368$0$0$603,347
92$1,223,594$0$0$621,161
93$1,259,705$0$0$639,414
94$1,296,706$0$0$658,108
95$1,334,598$0$0$677,244
96$1,373,383$0$0$696,819
97$1,413,058$0$0$716,832
98$1,453,616$0$0$737,278
99$1,495,049$0$0$758,150
100$1,537,343$0$0$779,440