Can I retire at age 58 with 688,000?

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 $688,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$56,814$56,308$55,815$55,333$54,862$53,427
2 years$28,126$27,602$27,094$26,602$26,125$24,689
3 years$18,564$18,038$17,532$17,044$16,575$15,183
4 years$13,785$13,260$12,759$12,279$11,821$10,484
5 years$10,917$10,396$9,901$9,432$8,986$7,708
6 years$9,007$8,489$8,002$7,543$7,111$5,892
7 years$7,642$7,129$6,649$6,201$5,783$4,623
8 years$6,619$6,111$5,639$5,202$4,797$3,697
9 years$5,824$5,321$4,857$4,431$4,040$2,998
10 years$5,189$4,690$4,235$3,820$3,442$2,457
11 years$4,669$4,175$3,728$3,324$2,961$2,031
12 years$4,236$3,747$3,309$2,916$2,566$1,689
13 years$3,870$3,387$2,956$2,574$2,237$1,413
14 years$3,557$3,078$2,656$2,285$1,961$1,187
15 years$3,285$2,812$2,398$2,038$1,727$1,001
16 years$3,048$2,580$2,174$1,825$1,526$846
17 years$2,839$2,376$1,978$1,639$1,353$717
18 years$2,653$2,196$1,806$1,477$1,203$609
19 years$2,487$2,035$1,653$1,335$1,072$518
20 years$2,338$1,891$1,517$1,209$958$441
21 years$2,204$1,761$1,396$1,097$857$377
22 years$2,081$1,644$1,286$998$768$322
23 years$1,970$1,538$1,188$909$690$275
24 years$1,868$1,441$1,098$829$620$235
25 years$1,774$1,352$1,017$757$558$201
26 years$1,687$1,271$944$692$502$172
27 years$1,607$1,196$876$633$453$148
28 years$1,533$1,127$814$580$409$127
29 years$1,465$1,063$758$532$369$108
30 years$1,400$1,004$706$488$334$93
31 years$1,341$949$658$449$302$80
32 years$1,285$898$614$412$273$68
33 years$1,232$850$573$379$247$59
34 years$1,183$806$536$349$223$50
35 years$1,136$765$501$321$202$43
36 years$1,093$726$469$296$183$37
37 years$1,051$689$439$272$166$32
38 years$1,012$655$411$251$151$27
39 years$976$623$385$232$137$24
40 years$941$593$361$214$124$20
41 years$907$564$338$197$112$17
42 years$876$537$317$182$102$15
43 years$846$512$298$168$93$13
44 years$817$488$279$155$84$11
45 years$790$465$262$143$76$9
46 years$764$444$246$132$69$8
47 years$740$424$232$122$63$7
48 years$716$404$218$113$57$6
49 years$693$386$204$104$52$5
50 years$672$369$192$96$47$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $688,000, adding $2,310 every year, while hoping to spend $40,690 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: 65/9/26 Blend
57$688,000$688,000$688,000$688,000
58$760,559$724,095$713,431$804,667
59$794,842$716,282$694,037$826,902
60$831,258$706,722$672,629$846,441
61$869,982$695,287$649,098$866,888
62$911,205$681,841$623,328$888,337
63$955,136$666,239$595,197$910,891
64$1,002,004$648,328$564,580$934,668
65$1,052,060$627,948$531,345$959,794
66$1,105,579$604,926$495,354$986,416
67$1,162,862$579,082$456,463$1,014,692
68$1,224,241$550,224$414,521$1,044,802
69$1,290,077$518,149$369,371$1,076,943
70$1,360,769$482,642$320,849$1,111,337
71$1,436,753$443,477$268,784$1,148,229
72$1,518,510$400,415$212,995$1,187,891
73$1,606,564$353,202$153,297$1,230,628
74$1,701,494$301,570$89,494$1,276,775
75$1,803,936$245,236$21,381$1,326,705
76$1,914,587$183,902$0$1,380,834
77$2,034,214$117,252$0$1,453,856
78$2,163,660$44,953$0$1,539,300
79$2,303,850$0$0$1,631,861
80$2,455,804$0$0$1,735,535
81$2,620,642$0$0$1,852,866
82$2,799,595$0$0$1,980,284
83$2,994,018$0$0$2,118,760
84$3,205,402$0$0$2,269,360
85$3,435,385$0$0$2,433,257
86$3,685,773$0$0$2,611,743
87$3,958,549$0$0$2,806,238
88$4,255,898$0$0$3,018,308
89$4,580,225$0$0$3,249,672
90$4,934,175$0$0$3,502,225
91$5,320,661$0$0$3,778,053
92$5,742,890$0$0$4,079,452
93$6,204,390$0$0$4,408,948
94$6,709,050$0$0$4,769,325
95$7,261,146$0$0$5,163,646
96$7,865,392$0$0$5,595,286
97$8,526,974$0$0$6,067,958
98$9,251,605$0$0$6,585,754
99$10,045,578$0$0$7,153,180
100$10,915,821$0$0$7,775,197