Can I retire at age 58 with 602,000?

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 $602,000?

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$49,713$49,270$48,838$48,416$48,004$47,306
2 years$24,610$24,152$23,708$23,277$22,859$22,158
3 years$16,244$15,784$15,340$14,914$14,503$13,819
4 years$12,061$11,603$11,164$10,745$10,344$9,683
5 years$9,553$9,097$8,664$8,253$7,863$7,228
6 years$7,881$7,428$7,002$6,600$6,222$5,613
7 years$6,687$6,238$5,818$5,426$5,060$4,477
8 years$5,792$5,347$4,934$4,552$4,198$3,641
9 years$5,096$4,656$4,250$3,877$3,535$3,004
10 years$4,540$4,104$3,705$3,342$3,012$2,507
11 years$4,085$3,653$3,262$2,909$2,590$2,110
12 years$3,707$3,279$2,895$2,551$2,245$1,789
13 years$3,386$2,963$2,586$2,252$1,958$1,525
14 years$3,112$2,694$2,324$1,999$1,716$1,307
15 years$2,875$2,461$2,098$1,783$1,511$1,124
16 years$2,667$2,258$1,902$1,597$1,335$970
17 years$2,484$2,079$1,731$1,435$1,184$839
18 years$2,322$1,921$1,580$1,293$1,053$728
19 years$2,177$1,781$1,447$1,168$938$633
20 years$2,046$1,655$1,328$1,058$838$551
21 years$1,928$1,541$1,221$960$750$481
22 years$1,821$1,439$1,125$873$672$420
23 years$1,723$1,346$1,039$795$604$367
24 years$1,634$1,261$961$725$542$321
25 years$1,552$1,183$890$662$488$281
26 years$1,476$1,112$826$606$440$246
27 years$1,407$1,046$767$554$396$216
28 years$1,342$986$713$508$358$190
29 years$1,282$930$663$466$323$167
30 years$1,225$878$618$427$292$146
31 years$1,173$830$576$393$264$129
32 years$1,124$786$537$361$239$113
33 years$1,078$744$502$332$216$99
34 years$1,035$705$469$305$196$87
35 years$994$669$438$281$177$77
36 years$956$635$410$259$160$68
37 years$920$603$384$238$145$59
38 years$886$573$359$220$132$52
39 years$854$545$337$203$120$46
40 years$823$518$316$187$108$41
41 years$794$494$296$172$98$36
42 years$766$470$278$159$89$31
43 years$740$448$260$147$81$28
44 years$715$427$244$136$74$24
45 years$691$407$230$125$67$21
46 years$669$388$216$116$61$19
47 years$647$371$203$107$55$17
48 years$626$354$190$99$50$15
49 years$607$338$179$91$45$13
50 years$588$323$168$84$41$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $602,000, adding $2,878 every year, while hoping to spend $23,863 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
57$602,000$602,000$602,000$602,000
58$666,373$634,467$625,136$702,404
59$708,953$640,165$620,688$732,833
60$755,076$645,344$615,291$763,129
61$805,079$649,951$608,888$795,624
62$859,331$653,933$601,420$830,535
63$918,239$657,232$592,824$868,101
64$982,251$659,787$583,035$908,586
65$1,051,857$661,534$571,984$952,281
66$1,127,601$662,403$559,599$999,508
67$1,210,076$662,320$545,805$1,050,623
68$1,299,939$661,209$530,525$1,106,018
69$1,397,910$658,986$513,675$1,166,128
70$1,504,784$655,563$495,170$1,231,432
71$1,621,434$650,848$474,921$1,302,458
72$1,748,822$644,742$452,832$1,379,791
73$1,888,007$637,139$428,807$1,464,075
74$2,040,154$627,929$402,742$1,556,022
75$2,206,546$616,994$374,531$1,656,419
76$2,388,597$604,209$344,061$1,766,134
77$2,587,862$589,444$311,214$1,886,124
78$2,806,054$572,557$275,870$2,017,447
79$3,045,060$553,400$237,901$2,161,270
80$3,306,957$531,818$197,171$2,318,882
81$3,594,034$507,645$153,544$2,491,704
82$3,908,810$480,704$106,873$2,681,306
83$4,254,062$450,811$57,006$2,889,419
84$4,632,845$417,770$3,785$3,117,954
85$5,048,528$381,374$0$3,369,021
86$5,504,819$341,402$0$3,655,126
87$6,005,804$297,625$0$3,970,094
88$6,555,984$249,796$0$4,316,063
89$7,160,316$197,657$0$4,696,195
90$7,824,262$140,936$0$5,113,974
91$8,553,838$79,344$0$5,573,242
92$9,355,674$12,576$0$6,078,237
93$10,237,071$0$0$6,633,626
94$11,206,075$0$0$7,259,667
95$12,271,549$0$0$7,951,589
96$13,443,259$0$0$8,712,557
97$14,731,964$0$0$9,549,566
98$16,149,518$0$0$10,470,321
99$17,708,981$0$0$11,483,316
100$19,424,744$0$0$12,597,903