Can I retire at age 60 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%15.3%
1 years$48,556$48,124$47,702$47,290$46,888$45,866
2 years$24,038$23,590$23,156$22,736$22,328$21,303
3 years$15,866$15,416$14,984$14,567$14,166$13,171
4 years$11,781$11,333$10,904$10,495$10,103$9,145
5 years$9,331$8,885$8,462$8,061$7,680$6,762
6 years$7,697$7,255$6,839$6,446$6,077$5,200
7 years$6,531$6,093$5,683$5,300$4,942$4,106
8 years$5,657$5,223$4,820$4,446$4,100$3,305
9 years$4,978$4,547$4,151$3,787$3,453$2,698
10 years$4,434$4,008$3,619$3,264$2,942$2,226
11 years$3,990$3,568$3,186$2,841$2,530$1,853
12 years$3,620$3,203$2,828$2,492$2,193$1,552
13 years$3,308$2,894$2,526$2,200$1,912$1,308
14 years$3,040$2,631$2,270$1,953$1,676$1,107
15 years$2,808$2,403$2,049$1,742$1,476$941
16 years$2,605$2,205$1,858$1,559$1,304$801
17 years$2,426$2,031$1,691$1,401$1,156$685
18 years$2,268$1,877$1,543$1,263$1,028$586
19 years$2,126$1,739$1,413$1,141$917$503
20 years$1,998$1,616$1,297$1,033$819$432
21 years$1,883$1,505$1,193$938$733$372
22 years$1,779$1,405$1,099$853$657$320
23 years$1,683$1,314$1,015$777$589$276
24 years$1,596$1,231$939$708$530$238
25 years$1,516$1,156$869$647$477$206
26 years$1,442$1,086$806$591$429$178
27 years$1,374$1,022$749$541$387$154
28 years$1,311$963$696$496$349$133
29 years$1,252$909$648$455$315$115
30 years$1,197$858$603$417$285$99
31 years$1,146$811$563$383$258$86
32 years$1,098$768$525$352$233$75
33 years$1,053$727$490$324$211$65
34 years$1,011$689$458$298$191$56
35 years$971$653$428$274$173$48
36 years$934$620$400$253$157$42
37 years$899$589$375$233$142$36
38 years$865$560$351$215$129$32
39 years$834$532$329$198$117$27
40 years$804$506$308$183$106$24
41 years$776$482$289$168$96$21
42 years$749$459$271$155$87$18
43 years$723$437$254$143$79$15
44 years$699$417$239$132$72$13
45 years$675$398$224$122$65$12
46 years$653$379$211$113$59$10
47 years$632$362$198$104$54$9
48 years$612$346$186$96$49$8
49 years$593$330$175$89$44$7
50 years$574$315$164$82$40$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $588,000, adding $2,156 every year, while hoping to spend $46,256 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: 48/23/29 Blend
59$588,000$588,000$588,000$588,000
60$650,200$619,036$609,922$675,932
61$667,304$600,153$581,138$675,394
62$684,603$578,794$549,840$670,119
63$702,067$554,789$515,894$663,503
64$719,663$527,959$479,162$655,444
65$737,352$498,112$439,497$645,830
66$755,090$465,048$396,749$634,546
67$772,828$428,554$350,758$621,466
68$790,507$388,404$301,359$606,456
69$808,063$344,360$248,379$589,372
70$825,423$296,171$191,638$570,061
71$842,505$243,572$130,946$548,358
72$859,214$186,281$66,107$524,089
73$875,448$124,003$0$497,065
74$891,088$56,423$0$468,039
75$906,003$0$0$457,732
76$920,046$0$0$449,753
77$933,053$0$0$455,470
78$944,840$0$0$460,505
79$955,203$0$0$464,750
80$963,914$0$0$468,081
81$970,718$0$0$470,364
82$975,334$0$0$471,448
83$977,447$0$0$471,165
84$976,708$0$0$469,329
85$972,731$0$0$465,735
86$965,084$0$0$460,153
87$953,290$0$0$452,329
88$936,822$0$0$441,982
89$915,092$0$0$428,801
90$887,451$0$0$412,440
91$853,180$0$0$392,517
92$811,483$0$0$368,609
93$761,477$0$0$340,248
94$702,189$0$0$306,917
95$632,539$0$0$268,042
96$551,334$0$0$222,992
97$457,256$0$0$171,067
98$348,848$0$0$111,492
99$224,498$0$0$43,416
100$82,426$0$0$0