Can I retire at age 58 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%11.3%
1 years$48,474$48,042$47,621$47,210$46,808$46,552
2 years$23,997$23,550$23,117$22,697$22,290$22,031
3 years$15,839$15,390$14,958$14,542$14,141$13,889
4 years$11,761$11,313$10,886$10,477$10,086$9,841
5 years$9,315$8,870$8,448$8,047$7,667$7,430
6 years$7,684$7,243$6,827$6,435$6,067$5,839
7 years$6,520$6,083$5,673$5,291$4,934$4,715
8 years$5,648$5,214$4,811$4,438$4,093$3,883
9 years$4,969$4,540$4,144$3,781$3,447$3,245
10 years$4,427$4,001$3,613$3,259$2,937$2,744
11 years$3,983$3,562$3,181$2,836$2,526$2,341
12 years$3,614$3,197$2,823$2,488$2,189$2,013
13 years$3,302$2,889$2,522$2,196$1,909$1,741
14 years$3,035$2,626$2,266$1,950$1,673$1,513
15 years$2,803$2,399$2,046$1,739$1,473$1,321
16 years$2,601$2,201$1,855$1,557$1,302$1,157
17 years$2,422$2,027$1,688$1,399$1,154$1,017
18 years$2,264$1,873$1,541$1,261$1,027$896
19 years$2,122$1,736$1,411$1,139$915$792
20 years$1,995$1,613$1,295$1,032$817$701
21 years$1,880$1,503$1,191$936$731$621
22 years$1,776$1,403$1,097$851$656$551
23 years$1,680$1,312$1,013$775$588$490
24 years$1,593$1,229$937$707$529$436
25 years$1,513$1,154$868$646$476$389
26 years$1,440$1,084$805$590$429$347
27 years$1,371$1,020$748$540$387$309
28 years$1,308$961$695$495$349$276
29 years$1,250$907$647$454$315$247
30 years$1,195$857$602$417$285$221
31 years$1,144$810$562$383$257$198
32 years$1,096$766$524$352$233$177
33 years$1,051$726$489$323$211$158
34 years$1,009$688$457$298$191$142
35 years$970$652$427$274$173$127
36 years$932$619$400$252$156$114
37 years$897$588$374$232$142$102
38 years$864$559$350$214$129$92
39 years$832$531$328$198$117$82
40 years$803$506$308$182$106$74
41 years$774$481$289$168$96$66
42 years$747$458$271$155$87$59
43 years$722$437$254$143$79$53
44 years$697$416$238$132$72$48
45 years$674$397$224$122$65$43
46 years$652$379$210$113$59$38
47 years$631$361$198$104$54$35
48 years$611$345$186$96$49$31
49 years$592$329$174$89$44$28
50 years$573$315$164$82$40$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $587,000, adding $6,542 every year, while hoping to spend $20,871 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: 70/5/25 Blend
57$587,000$587,000$587,000$587,000
58$653,622$622,511$613,413$694,790
59$698,085$630,808$611,755$731,477
60$746,384$638,811$609,343$768,588
61$798,887$646,485$606,128$808,721
62$856,002$653,791$602,062$852,173
63$918,174$660,687$597,091$899,273
64$985,896$667,129$591,162$950,385
65$1,059,709$673,070$584,218$1,005,909
66$1,140,209$678,460$576,198$1,066,286
67$1,228,050$683,244$567,041$1,132,003
68$1,323,955$687,367$556,680$1,203,597
69$1,428,717$690,766$545,048$1,281,659
70$1,543,211$693,379$532,072$1,366,843
71$1,668,399$695,135$517,677$1,459,867
72$1,805,342$695,963$501,785$1,561,526
73$1,955,206$695,784$484,314$1,672,693
74$2,119,277$694,517$465,178$1,794,335
75$2,298,968$692,074$444,287$1,927,515
76$2,495,840$688,362$421,547$2,073,406
77$2,711,607$683,283$396,860$2,233,301
78$2,948,159$676,733$370,124$2,408,627
79$3,207,580$668,601$341,231$2,600,956
80$3,492,160$658,770$310,070$2,812,021
81$3,804,426$647,115$276,523$3,043,734
82$4,147,159$633,505$240,468$3,298,203
83$4,523,423$617,801$201,778$3,577,750
84$4,936,594$599,855$160,319$3,884,938
85$5,390,389$579,511$115,952$4,222,591
86$5,888,905$556,603$68,533$4,593,821
87$6,436,654$530,956$17,909$5,002,062
88$7,038,605$502,386$0$5,451,097
89$7,700,236$470,697$0$5,954,732
90$8,427,580$435,681$0$6,513,656
91$9,227,284$397,119$0$7,128,203
92$10,106,670$354,781$0$7,804,008
93$11,073,807$308,422$0$8,547,283
94$12,137,584$257,783$0$9,364,871
95$13,307,795$202,592$0$10,264,312
96$14,595,231$142,560$0$11,253,915
97$16,011,782$77,383$0$12,342,836
98$17,570,548$6,739$0$13,541,162
99$19,285,963$0$0$14,860,011
100$21,173,932$0$0$16,315,466