Can I retire at age 64 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%13.5%
1 years$48,556$48,124$47,702$47,290$46,888$46,206
2 years$24,038$23,590$23,156$22,736$22,328$21,642
3 years$15,866$15,416$14,984$14,567$14,166$13,498
4 years$11,781$11,333$10,904$10,495$10,103$9,458
5 years$9,331$8,885$8,462$8,061$7,680$7,060
6 years$7,697$7,255$6,839$6,446$6,077$5,482
7 years$6,531$6,093$5,683$5,300$4,942$4,373
8 years$5,657$5,223$4,820$4,446$4,100$3,556
9 years$4,978$4,547$4,151$3,787$3,453$2,934
10 years$4,434$4,008$3,619$3,264$2,942$2,448
11 years$3,990$3,568$3,186$2,841$2,530$2,061
12 years$3,620$3,203$2,828$2,492$2,193$1,747
13 years$3,308$2,894$2,526$2,200$1,912$1,490
14 years$3,040$2,631$2,270$1,953$1,676$1,276
15 years$2,808$2,403$2,049$1,742$1,476$1,098
16 years$2,605$2,205$1,858$1,559$1,304$947
17 years$2,426$2,031$1,691$1,401$1,156$820
18 years$2,268$1,877$1,543$1,263$1,028$711
19 years$2,126$1,739$1,413$1,141$917$618
20 years$1,998$1,616$1,297$1,033$819$538
21 years$1,883$1,505$1,193$938$733$470
22 years$1,779$1,405$1,099$853$657$410
23 years$1,683$1,314$1,015$777$589$358
24 years$1,596$1,231$939$708$530$314
25 years$1,516$1,156$869$647$477$275
26 years$1,442$1,086$806$591$429$241
27 years$1,374$1,022$749$541$387$211
28 years$1,311$963$696$496$349$185
29 years$1,252$909$648$455$315$163
30 years$1,197$858$603$417$285$143
31 years$1,146$811$563$383$258$126
32 years$1,098$768$525$352$233$110
33 years$1,053$727$490$324$211$97
34 years$1,011$689$458$298$191$85
35 years$971$653$428$274$173$75
36 years$934$620$400$253$157$66
37 years$899$589$375$233$142$58
38 years$865$560$351$215$129$51
39 years$834$532$329$198$117$45
40 years$804$506$308$183$106$40
41 years$776$482$289$168$96$35
42 years$749$459$271$155$87$31
43 years$723$437$254$143$79$27
44 years$699$417$239$132$72$24
45 years$675$398$224$122$65$21
46 years$653$379$211$113$59$18
47 years$632$362$198$104$54$16
48 years$612$346$186$96$49$14
49 years$593$330$175$89$44$13
50 years$574$315$164$82$40$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 64 starting with $588,000, adding $6,558 every year, while hoping to spend $24,680 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: 54/32/14 Blend
63$588,000$588,000$588,000$588,000
64$654,741$623,577$614,463$687,341
65$695,265$627,873$608,788$714,569
66$739,095$631,552$602,096$740,981
67$786,543$634,558$594,326$769,166
68$837,951$636,832$585,416$799,298
69$893,694$638,309$575,300$831,570
70$954,187$638,922$563,908$866,196
71$1,019,884$638,599$551,169$903,413
72$1,091,286$637,264$537,007$943,480
73$1,168,943$634,836$521,343$986,689
74$1,253,461$631,229$504,094$1,033,357
75$1,345,506$626,351$485,173$1,083,839
76$1,445,812$620,107$464,491$1,138,525
77$1,555,186$612,393$441,952$1,197,849
78$1,674,516$603,101$417,459$1,262,287
79$1,804,780$592,116$390,906$1,332,368
80$1,947,053$579,315$362,188$1,408,677
81$2,102,521$564,571$331,190$1,491,858
82$2,272,489$547,745$297,795$1,582,624
83$2,458,391$528,693$261,880$1,681,765
84$2,661,810$507,262$223,316$1,790,151
85$2,884,487$483,290$181,969$1,908,745
86$3,128,339$456,605$137,699$2,038,609
87$3,395,477$427,027$90,359$2,180,918
88$3,688,226$394,362$39,797$2,336,971
89$4,009,148$358,408$0$2,508,198
90$4,361,063$318,952$0$2,698,299
91$4,747,077$275,766$0$2,913,388
92$5,170,612$228,612$0$3,149,468
93$5,635,436$177,236$0$3,408,697
94$6,145,702$121,371$0$3,693,457
95$6,705,981$60,736$0$4,006,372
96$7,321,311$0$0$4,350,342
97$7,997,241$0$0$4,730,312
98$8,739,885$0$0$5,171,341
99$9,555,976$0$0$5,656,049
100$10,452,934$0$0$6,188,849