Can I retire at age 58 with 693,000?

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 $693,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$57,227$56,718$56,220$55,735$55,261$54,593
2 years$28,330$27,803$27,291$26,796$26,315$25,643
3 years$18,699$18,169$17,659$17,168$16,695$16,040
4 years$13,885$13,356$12,851$12,369$11,907$11,273
5 years$10,997$10,472$9,973$9,500$9,052$8,441
6 years$9,072$8,551$8,060$7,598$7,162$6,576
7 years$7,698$7,181$6,698$6,246$5,825$5,263
8 years$6,668$6,155$5,680$5,240$4,832$4,295
9 years$5,867$5,359$4,892$4,463$4,069$3,556
10 years$5,226$4,724$4,265$3,847$3,467$2,978
11 years$4,703$4,206$3,755$3,348$2,982$2,516
12 years$4,267$3,775$3,333$2,937$2,584$2,141
13 years$3,898$3,411$2,977$2,593$2,253$1,833
14 years$3,583$3,101$2,675$2,302$1,975$1,577
15 years$3,309$2,833$2,415$2,053$1,739$1,362
16 years$3,070$2,599$2,190$1,838$1,537$1,180
17 years$2,860$2,393$1,993$1,651$1,363$1,026
18 years$2,673$2,212$1,819$1,488$1,212$894
19 years$2,506$2,050$1,665$1,345$1,080$780
20 years$2,355$1,905$1,528$1,218$965$682
21 years$2,220$1,774$1,406$1,105$863$598
22 years$2,096$1,656$1,296$1,005$774$524
23 years$1,984$1,549$1,196$915$695$461
24 years$1,881$1,451$1,106$835$624$405
25 years$1,787$1,362$1,025$762$562$356
26 years$1,700$1,280$950$697$506$314
27 years$1,619$1,205$882$638$456$277
28 years$1,545$1,135$820$585$412$244
29 years$1,475$1,071$763$536$372$215
30 years$1,411$1,011$711$492$336$190
31 years$1,350$956$663$452$304$168
32 years$1,294$905$619$415$275$148
33 years$1,241$857$578$382$249$131
34 years$1,191$812$540$351$225$116
35 years$1,145$770$505$323$204$102
36 years$1,101$731$472$298$185$90
37 years$1,059$694$442$274$167$80
38 years$1,020$660$414$253$152$71
39 years$983$627$388$233$138$63
40 years$947$597$363$215$125$55
41 years$914$568$341$198$113$49
42 years$882$541$320$183$103$43
43 years$852$516$300$169$93$38
44 years$823$491$281$156$85$34
45 years$796$469$264$144$77$30
46 years$770$447$248$133$70$27
47 years$745$427$233$123$63$24
48 years$721$407$219$114$58$21
49 years$698$389$206$105$52$18
50 years$677$372$194$97$47$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $693,000, adding $5,022 every year, while hoping to spend $24,111 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: 83/7/10 Blend
57$693,000$693,000$693,000$693,000
58$768,866$732,137$721,396$831,095
59$821,637$742,358$719,909$882,778
60$878,982$752,272$717,563$935,788
61$941,342$761,837$714,306$993,269
62$1,009,204$771,012$710,080$1,055,655
63$1,083,100$779,749$704,826$1,123,425
64$1,163,619$788,000$698,480$1,197,106
65$1,251,408$795,711$690,978$1,277,280
66$1,347,177$802,827$682,252$1,364,586
67$1,451,711$809,287$672,229$1,459,729
68$1,565,872$815,028$660,835$1,563,486
69$1,690,608$819,983$647,991$1,676,712
70$1,826,966$824,078$633,615$1,800,349
71$1,976,096$827,237$617,620$1,935,435
72$2,139,265$829,378$599,917$2,083,114
73$2,317,868$830,415$580,412$2,244,645
74$2,513,440$830,256$559,006$2,421,417
75$2,727,674$828,801$535,596$2,614,960
76$2,962,433$825,949$510,074$2,826,959
77$3,219,768$821,587$482,328$3,059,270
78$3,501,939$815,599$452,241$3,313,940
79$3,811,434$807,861$419,689$3,593,224
80$4,150,996$798,242$384,543$3,899,606
81$4,523,642$786,601$346,671$4,235,824
82$4,932,700$772,791$305,931$4,604,895
83$5,381,833$756,655$262,177$5,010,143
84$5,875,076$738,027$215,256$5,455,231
85$6,416,876$716,732$165,009$5,944,197
86$7,012,129$692,583$111,268$6,481,489
87$7,666,230$665,385$53,860$7,072,010
88$8,385,125$634,928$0$7,721,163
89$9,175,360$600,991$0$8,435,691
90$10,044,150$563,344$0$9,227,550
91$10,999,444$521,737$0$10,098,238
92$12,049,997$475,912$0$11,055,746
93$13,205,457$425,593$0$12,108,878
94$14,476,455$370,489$0$13,267,335
95$15,874,703$310,291$0$14,541,807
96$17,413,103$244,676$0$15,944,073
97$19,105,874$173,300$0$17,487,112
98$20,968,682$95,801$0$19,185,225
99$23,018,788$11,795$0$21,054,174
100$25,275,211$0$0$23,111,324