Can I retire at age 58 with 623,000?

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 $623,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$51,447$50,988$50,541$50,105$49,679$48,756
2 years$25,469$24,994$24,535$24,089$23,657$22,730
3 years$16,810$16,334$15,876$15,434$15,009$14,107
4 years$12,482$12,007$11,553$11,119$10,704$9,835
5 years$9,886$9,414$8,966$8,541$8,137$7,303
6 years$8,156$7,687$7,246$6,830$6,439$5,640
7 years$6,920$6,456$6,021$5,615$5,236$4,474
8 years$5,994$5,534$5,106$4,711$4,344$3,618
9 years$5,274$4,818$4,398$4,012$3,658$2,967
10 years$4,698$4,247$3,834$3,459$3,117$2,461
11 years$4,228$3,781$3,376$3,010$2,681$2,058
12 years$3,836$3,393$2,996$2,640$2,323$1,734
13 years$3,504$3,067$2,677$2,331$2,026$1,469
14 years$3,221$2,787$2,405$2,069$1,776$1,250
15 years$2,975$2,546$2,171$1,845$1,564$1,068
16 years$2,760$2,336$1,969$1,652$1,382$915
17 years$2,571$2,152$1,791$1,485$1,225$786
18 years$2,403$1,988$1,635$1,338$1,089$677
19 years$2,252$1,843$1,497$1,209$971$584
20 years$2,117$1,712$1,374$1,095$867$505
21 years$1,995$1,595$1,264$994$776$437
22 years$1,885$1,489$1,165$903$696$379
23 years$1,784$1,392$1,075$823$625$329
24 years$1,691$1,305$995$750$561$285
25 years$1,606$1,224$921$685$505$248
26 years$1,528$1,151$854$627$455$216
27 years$1,456$1,083$793$574$410$188
28 years$1,389$1,020$738$526$370$163
29 years$1,326$963$686$482$334$142
30 years$1,268$909$639$442$302$124
31 years$1,214$859$596$406$273$108
32 years$1,163$813$556$373$247$94
33 years$1,116$770$519$343$224$82
34 years$1,071$730$485$316$202$72
35 years$1,029$692$454$291$183$62
36 years$989$657$424$268$166$54
37 years$952$624$397$247$151$47
38 years$917$593$372$227$136$41
39 years$883$564$348$210$124$36
40 years$852$537$327$193$112$32
41 years$822$511$306$178$102$28
42 years$793$486$287$165$92$24
43 years$766$463$270$152$84$21
44 years$740$442$253$140$76$18
45 years$716$421$238$130$69$16
46 years$692$402$223$120$63$14
47 years$670$384$210$111$57$12
48 years$648$366$197$102$52$11
49 years$628$350$185$94$47$9
50 years$608$334$174$87$43$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $623,000, adding $2,796 every year, while hoping to spend $26,941 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: 38/47/15 Blend
57$623,000$623,000$623,000$623,000
58$689,430$656,411$646,755$712,407
59$731,087$659,910$639,756$732,599
60$776,090$662,678$631,620$751,608
61$824,752$664,650$622,280$771,572
62$877,416$665,757$611,666$792,591
63$934,462$665,928$599,706$814,775
64$996,303$665,086$586,322$838,250
65$1,063,399$663,147$571,437$863,154
66$1,136,250$660,026$554,964$889,642
67$1,215,410$655,630$536,818$917,885
68$1,301,488$649,862$516,907$948,078
69$1,395,151$642,617$495,136$980,433
70$1,497,137$633,786$471,403$1,015,190
71$1,608,256$623,252$445,606$1,052,614
72$1,729,399$610,892$417,634$1,093,001
73$1,861,546$596,574$387,374$1,136,680
74$2,005,780$580,162$354,707$1,184,016
75$2,163,286$561,507$319,507$1,235,415
76$2,335,376$540,455$281,645$1,291,330
77$2,523,489$516,842$240,984$1,352,261
78$2,729,211$490,494$197,384$1,418,765
79$2,954,290$461,227$150,695$1,491,460
80$3,200,647$428,847$100,763$1,571,032
81$3,470,401$393,148$47,427$1,658,241
82$3,765,884$353,914$0$1,753,930
83$4,089,662$310,915$0$1,860,555
84$4,444,566$263,908$0$1,985,831
85$4,833,709$212,637$0$2,123,337
86$5,260,523$156,831$0$2,274,377
87$5,728,785$96,205$0$2,440,392
88$6,242,658$30,456$0$2,622,976
89$6,806,727$0$0$2,823,891
90$7,426,041$0$0$3,066,152
91$8,106,164$0$0$3,349,588
92$8,853,223$0$0$3,661,011
93$9,673,970$0$0$4,003,246
94$10,575,841$0$0$4,379,407
95$11,567,029$0$0$4,792,923
96$12,656,560$0$0$5,247,572
97$13,854,380$0$0$5,747,517
98$15,171,442$0$0$6,297,345
99$16,619,818$0$0$6,902,108
100$18,212,807$0$0$7,567,373