Can I retire at age 71 with 589,000?

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 $589,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$48,639$48,206$47,783$47,371$46,968$46,400
2 years$24,079$23,630$23,196$22,774$22,366$21,794
3 years$15,893$15,443$15,009$14,592$14,190$13,632
4 years$11,801$11,352$10,923$10,513$10,120$9,581
5 years$9,346$8,900$8,477$8,075$7,693$7,174
6 years$7,711$7,268$6,850$6,457$6,087$5,589
7 years$6,543$6,103$5,693$5,309$4,951$4,473
8 years$5,667$5,232$4,828$4,454$4,107$3,650
9 years$4,986$4,555$4,158$3,793$3,459$3,023
10 years$4,442$4,015$3,625$3,270$2,947$2,531
11 years$3,997$3,574$3,192$2,846$2,535$2,139
12 years$3,627$3,208$2,832$2,496$2,196$1,820
13 years$3,313$2,899$2,531$2,204$1,915$1,558
14 years$3,045$2,635$2,274$1,956$1,679$1,340
15 years$2,813$2,407$2,053$1,745$1,478$1,157
16 years$2,609$2,209$1,861$1,562$1,306$1,003
17 years$2,430$2,034$1,694$1,404$1,158$872
18 years$2,272$1,880$1,546$1,265$1,030$759
19 years$2,130$1,742$1,415$1,143$918$663
20 years$2,002$1,619$1,299$1,035$820$580
21 years$1,886$1,508$1,195$939$734$508
22 years$1,782$1,408$1,101$854$658$446
23 years$1,686$1,316$1,017$778$590$391
24 years$1,599$1,233$940$710$531$344
25 years$1,519$1,158$871$648$478$303
26 years$1,445$1,088$808$592$430$267
27 years$1,376$1,024$750$542$388$235
28 years$1,313$965$697$497$350$207
29 years$1,254$910$649$456$316$183
30 years$1,199$860$604$418$286$161
31 years$1,148$813$563$384$258$142
32 years$1,100$769$526$353$234$126
33 years$1,055$728$491$325$211$111
34 years$1,013$690$459$299$191$98
35 years$973$655$429$275$173$87
36 years$935$621$401$253$157$77
37 years$900$590$375$233$142$68
38 years$867$561$352$215$129$60
39 years$835$533$329$198$117$53
40 years$805$507$309$183$106$47
41 years$777$483$290$169$96$42
42 years$750$460$272$156$87$37
43 years$724$438$255$144$79$33
44 years$700$418$239$133$72$29
45 years$677$398$225$123$65$26
46 years$654$380$211$113$59$23
47 years$633$363$198$105$54$20
48 years$613$346$186$97$49$18
49 years$594$331$175$89$44$16
50 years$575$316$165$83$40$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $589,000, adding $4,325 every year, while hoping to spend $35,149 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: 59/23/18 Blend
70$589,000$589,000$589,000$589,000
71$653,539$622,322$613,193$688,792
72$682,802$615,418$596,336$706,260
73$713,871$606,997$577,737$721,060
74$746,895$596,948$557,300$736,399
75$782,033$585,154$534,925$752,335
76$819,463$571,489$510,507$768,931
77$859,377$555,820$483,938$786,263
78$901,986$538,008$455,102$804,411
79$947,522$517,905$423,882$823,470
80$996,240$495,352$390,152$843,543
81$1,048,417$470,185$353,783$864,746
82$1,104,359$442,227$314,638$887,211
83$1,164,400$411,293$272,575$911,085
84$1,228,908$377,186$227,446$936,531
85$1,298,287$339,698$179,096$963,733
86$1,372,980$298,611$127,363$992,897
87$1,453,473$253,692$72,078$1,024,250
88$1,540,300$204,696$13,066$1,058,049
89$1,634,049$151,364$0$1,094,580
90$1,735,364$93,423$0$1,143,745
91$1,844,955$30,584$0$1,199,614
92$1,963,600$0$0$1,260,107
93$2,092,156$0$0$1,335,185
94$2,231,566$0$0$1,425,036
95$2,382,865$0$0$1,522,592
96$2,547,192$0$0$1,628,594
97$2,725,801$0$0$1,743,854
98$2,920,069$0$0$1,869,269
99$3,131,515$0$0$2,005,824
100$3,361,807$0$0$2,154,602