Can I retire at age 58 with 623,000?

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 $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%16.5%
1 years$51,447$50,988$50,541$50,105$49,679$48,360
2 years$25,469$24,994$24,535$24,089$23,657$22,337
3 years$16,810$16,334$15,876$15,434$15,009$13,730
4 years$12,482$12,007$11,553$11,119$10,704$9,476
5 years$9,886$9,414$8,966$8,541$8,137$6,963
6 years$8,156$7,687$7,246$6,830$6,439$5,319
7 years$6,920$6,456$6,021$5,615$5,236$4,172
8 years$5,994$5,534$5,106$4,711$4,344$3,334
9 years$5,274$4,818$4,398$4,012$3,658$2,702
10 years$4,698$4,247$3,834$3,459$3,117$2,213
11 years$4,228$3,781$3,376$3,010$2,681$1,828
12 years$3,836$3,393$2,996$2,640$2,323$1,520
13 years$3,504$3,067$2,677$2,331$2,026$1,270
14 years$3,221$2,787$2,405$2,069$1,776$1,066
15 years$2,975$2,546$2,171$1,845$1,564$898
16 years$2,760$2,336$1,969$1,652$1,382$759
17 years$2,571$2,152$1,791$1,485$1,225$643
18 years$2,403$1,988$1,635$1,338$1,089$546
19 years$2,252$1,843$1,497$1,209$971$464
20 years$2,117$1,712$1,374$1,095$867$395
21 years$1,995$1,595$1,264$994$776$337
22 years$1,885$1,489$1,165$903$696$287
23 years$1,784$1,392$1,075$823$625$245
24 years$1,691$1,305$995$750$561$210
25 years$1,606$1,224$921$685$505$179
26 years$1,528$1,151$854$627$455$153
27 years$1,456$1,083$793$574$410$131
28 years$1,389$1,020$738$526$370$112
29 years$1,326$963$686$482$334$96
30 years$1,268$909$639$442$302$83
31 years$1,214$859$596$406$273$71
32 years$1,163$813$556$373$247$61
33 years$1,116$770$519$343$224$52
34 years$1,071$730$485$316$202$45
35 years$1,029$692$454$291$183$38
36 years$989$657$424$268$166$33
37 years$952$624$397$247$151$28
38 years$917$593$372$227$136$24
39 years$883$564$348$210$124$21
40 years$852$537$327$193$112$18
41 years$822$511$306$178$102$15
42 years$793$486$287$165$92$13
43 years$766$463$270$152$84$11
44 years$740$442$253$140$76$10
45 years$716$421$238$130$69$8
46 years$692$402$223$120$63$7
47 years$670$384$210$111$57$6
48 years$648$366$197$102$52$5
49 years$628$350$185$94$47$4
50 years$608$334$174$87$43$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $623,000, adding $5,012 every year, while hoping to spend $35,094 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: 79/6/15 Blend
57$623,000$623,000$623,000$623,000
58$691,716$658,697$649,040$743,812
59$724,931$653,633$633,443$773,756
60$760,358$647,145$616,148$801,613
61$798,186$639,126$597,060$831,188
62$838,620$629,463$576,080$862,640
63$881,887$618,035$553,108$896,141
64$928,237$604,716$528,034$931,884
65$977,940$589,370$500,746$970,081
66$1,031,297$571,856$471,128$1,010,964
67$1,088,634$552,022$439,056$1,054,790
68$1,150,313$529,709$404,402$1,101,843
69$1,216,728$504,747$367,032$1,152,435
70$1,288,313$476,959$326,807$1,206,913
71$1,365,546$446,155$283,580$1,265,657
72$1,448,949$412,134$237,198$1,329,086
73$1,539,100$374,687$187,501$1,397,664
74$1,636,630$333,588$134,325$1,471,902
75$1,742,236$288,603$77,494$1,552,364
76$1,856,681$239,482$16,827$1,639,672
77$1,980,807$185,961$0$1,734,513
78$2,115,538$127,762$0$1,845,312
79$2,261,891$64,591$0$1,968,607
80$2,420,986$0$0$2,102,658
81$2,594,052$0$0$2,248,769
82$2,782,444$0$0$2,412,478
83$2,987,651$0$0$2,590,817
84$3,211,314$0$0$2,785,212
85$3,455,236$0$0$2,997,236
86$3,721,404$0$0$3,228,615
87$4,012,003$0$0$3,481,254
88$4,329,441$0$0$3,757,246
89$4,676,366$0$0$4,058,898
90$5,055,695$0$0$4,388,748
91$5,470,640$0$0$4,749,592
92$5,924,735$0$0$5,144,508
93$6,421,875$0$0$5,576,885
94$6,966,348$0$0$6,050,454
95$7,562,873$0$0$6,569,327
96$8,216,653$0$0$7,138,029
97$8,933,412$0$0$7,761,546
98$9,719,458$0$0$8,445,367
99$10,581,738$0$0$9,195,541
100$11,527,905$0$0$10,018,728