Can I retire at age 58 with 624,000?

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 $624,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$51,529$51,070$50,623$50,185$49,759$47,974
2 years$25,510$25,034$24,574$24,128$23,695$21,916
3 years$16,837$16,360$15,901$15,459$15,033$13,316
4 years$12,502$12,027$11,572$11,137$10,722$9,080
5 years$9,902$9,429$8,980$8,554$8,150$6,588
6 years$8,169$7,699$7,257$6,841$6,449$4,967
7 years$6,931$6,466$6,031$5,624$5,245$3,843
8 years$6,004$5,543$5,115$4,718$4,351$3,028
9 years$5,283$4,826$4,405$4,019$3,664$2,418
10 years$4,706$4,254$3,841$3,464$3,122$1,951
11 years$4,235$3,787$3,381$3,015$2,685$1,587
12 years$3,842$3,399$3,001$2,645$2,327$1,298
13 years$3,510$3,072$2,681$2,335$2,029$1,068
14 years$3,226$2,792$2,409$2,073$1,779$881
15 years$2,980$2,551$2,175$1,848$1,566$730
16 years$2,765$2,340$1,972$1,655$1,384$606
17 years$2,575$2,155$1,794$1,487$1,227$505
18 years$2,407$1,991$1,638$1,340$1,091$421
19 years$2,256$1,846$1,499$1,211$973$351
20 years$2,121$1,715$1,376$1,097$869$294
21 years$1,999$1,597$1,266$995$777$246
22 years$1,888$1,491$1,167$905$697$206
23 years$1,786$1,395$1,077$824$626$172
24 years$1,694$1,307$996$752$562$145
25 years$1,609$1,226$923$686$506$121
26 years$1,530$1,153$856$628$456$102
27 years$1,458$1,085$795$575$411$85
28 years$1,391$1,022$739$526$371$72
29 years$1,328$964$687$483$335$60
30 years$1,270$911$640$443$302$51
31 years$1,216$861$597$407$273$43
32 years$1,165$814$557$374$247$36
33 years$1,117$771$520$344$224$30
34 years$1,073$731$486$316$203$25
35 years$1,031$693$454$291$184$21
36 years$991$658$425$268$166$18
37 years$954$625$398$247$151$15
38 years$918$594$372$228$137$13
39 years$885$565$349$210$124$11
40 years$853$537$327$194$112$9
41 years$823$512$307$179$102$8
42 years$794$487$288$165$93$6
43 years$767$464$270$152$84$5
44 years$741$443$253$141$76$4
45 years$717$422$238$130$69$4
46 years$693$403$223$120$63$3
47 years$671$384$210$111$57$3
48 years$649$367$197$102$52$2
49 years$629$350$185$95$47$2
50 years$609$335$174$87$43$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $624,000, adding $2,186 every year, while hoping to spend $30,105 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: 41/41/18 Blend
57$624,000$624,000$624,000$624,000
58$689,903$656,831$647,159$714,446
59$728,241$656,984$636,807$732,238
60$769,482$656,136$625,100$748,397
61$813,887$654,205$611,959$765,256
62$861,749$651,106$597,305$782,895
63$913,385$646,748$581,053$801,403
64$969,146$641,035$563,114$820,880
65$1,029,417$633,863$543,395$841,438
66$1,094,619$625,124$521,801$863,205
67$1,165,218$614,703$498,229$886,321
68$1,241,726$602,479$472,575$910,947
69$1,324,703$588,322$444,728$937,259
70$1,414,768$572,095$414,572$965,457
71$1,512,601$553,654$381,986$995,763
72$1,618,949$532,845$346,845$1,028,425
73$1,734,634$509,507$309,017$1,063,722
74$1,860,561$483,467$268,363$1,101,962
75$1,997,726$454,545$224,741$1,143,491
76$2,147,225$422,549$178,001$1,188,694
77$2,310,263$387,275$127,985$1,237,999
78$2,488,168$348,509$74,531$1,291,882
79$2,682,400$306,025$17,467$1,350,876
80$2,894,568$259,583$0$1,415,571
81$3,126,441$208,931$0$1,494,964
82$3,379,970$153,800$0$1,585,566
83$3,657,299$93,908$0$1,684,867
84$3,960,792$28,958$0$1,793,806
85$4,293,050$0$0$1,913,423
86$4,656,938$0$0$2,063,531
87$5,055,612$0$0$2,242,382
88$5,492,547$0$0$2,438,480
89$5,971,568$0$0$2,653,552
90$6,496,892$0$0$2,889,501
91$7,073,159$0$0$3,148,423
92$7,705,483$0$0$3,432,628
93$8,399,497$0$0$3,744,658
94$9,161,404$0$0$4,087,315
95$9,998,038$0$0$4,463,685
96$10,916,926$0$0$4,877,168
97$11,926,363$0$0$5,331,509
98$13,035,483$0$0$5,830,835
99$14,254,352$0$0$6,379,690
100$15,594,057$0$0$6,983,083