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%14.1%
1 years$57,227$56,718$56,220$55,735$55,261$54,323
2 years$28,330$27,803$27,291$26,796$26,315$25,373
3 years$18,699$18,169$17,659$17,168$16,695$15,778
4 years$13,885$13,356$12,851$12,369$11,907$11,023
5 years$10,997$10,472$9,973$9,500$9,052$8,202
6 years$9,072$8,551$8,060$7,598$7,162$6,348
7 years$7,698$7,181$6,698$6,246$5,825$5,047
8 years$6,668$6,155$5,680$5,240$4,832$4,090
9 years$5,867$5,359$4,892$4,463$4,069$3,363
10 years$5,226$4,724$4,265$3,847$3,467$2,796
11 years$4,703$4,206$3,755$3,348$2,982$2,344
12 years$4,267$3,775$3,333$2,937$2,584$1,980
13 years$3,898$3,411$2,977$2,593$2,253$1,681
14 years$3,583$3,101$2,675$2,302$1,975$1,435
15 years$3,309$2,833$2,415$2,053$1,739$1,229
16 years$3,070$2,599$2,190$1,838$1,537$1,056
17 years$2,860$2,393$1,993$1,651$1,363$910
18 years$2,673$2,212$1,819$1,488$1,212$786
19 years$2,506$2,050$1,665$1,345$1,080$680
20 years$2,355$1,905$1,528$1,218$965$590
21 years$2,220$1,774$1,406$1,105$863$512
22 years$2,096$1,656$1,296$1,005$774$445
23 years$1,984$1,549$1,196$915$695$387
24 years$1,881$1,451$1,106$835$624$337
25 years$1,787$1,362$1,025$762$562$294
26 years$1,700$1,280$950$697$506$256
27 years$1,619$1,205$882$638$456$224
28 years$1,545$1,135$820$585$412$196
29 years$1,475$1,071$763$536$372$171
30 years$1,411$1,011$711$492$336$149
31 years$1,350$956$663$452$304$131
32 years$1,294$905$619$415$275$114
33 years$1,241$857$578$382$249$100
34 years$1,191$812$540$351$225$87
35 years$1,145$770$505$323$204$76
36 years$1,101$731$472$298$185$67
37 years$1,059$694$442$274$167$59
38 years$1,020$660$414$253$152$51
39 years$983$627$388$233$138$45
40 years$947$597$363$215$125$39
41 years$914$568$341$198$113$34
42 years$882$541$320$183$103$30
43 years$852$516$300$169$93$26
44 years$823$491$281$156$85$23
45 years$796$469$264$144$77$20
46 years$770$447$248$133$70$18
47 years$745$427$233$123$63$16
48 years$721$407$219$114$58$14
49 years$698$389$206$105$52$12
50 years$677$372$194$97$47$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $693,000, adding $4,327 every year, while hoping to spend $39,732 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: 75/10/15 Blend
57$693,000$693,000$693,000$693,000
58$768,149$731,420$720,679$822,939
59$804,226$724,985$702,547$853,310
60$842,651$716,903$682,476$881,224
61$883,621$707,052$660,359$910,742
62$927,354$695,301$636,085$942,014
63$974,086$681,512$609,535$975,202
64$1,024,077$665,541$580,589$1,010,487
65$1,077,612$647,232$549,118$1,048,069
66$1,135,004$626,421$514,989$1,088,168
67$1,196,595$602,937$478,062$1,131,028
68$1,262,762$576,595$438,191$1,176,918
69$1,333,918$547,202$395,224$1,226,136
70$1,410,515$514,552$349,002$1,279,011
71$1,493,053$478,430$299,358$1,335,904
72$1,582,077$438,606$246,120$1,397,219
73$1,678,189$394,838$189,105$1,463,397
74$1,782,048$346,869$128,124$1,534,929
75$1,894,381$294,429$62,980$1,612,356
76$2,015,984$237,233$0$1,696,273
77$2,147,734$174,977$0$1,788,389
78$2,290,596$107,344$0$1,899,211
79$2,445,630$33,997$0$2,019,487
80$2,614,001$0$0$2,150,144
81$2,796,991$0$0$2,297,202
82$2,996,012$0$0$2,461,235
83$3,212,615$0$0$2,639,787
84$3,448,509$0$0$2,834,266
85$3,705,572$0$0$3,046,228
86$3,985,873$0$0$3,277,379
87$4,291,689$0$0$3,529,602
88$4,625,524$0$0$3,804,966
89$4,990,137$0$0$4,105,751
90$5,388,564$0$0$4,434,465
91$5,824,148$0$0$4,793,871
92$6,300,569$0$0$5,187,009
93$6,821,879$0$0$5,617,229
94$7,392,540$0$0$6,088,217
95$8,017,466$0$0$6,604,034
96$8,702,067$0$0$7,169,152
97$9,452,302$0$0$7,788,493
98$10,274,734$0$0$8,467,482
99$11,176,590$0$0$9,212,092
100$12,165,832$0$0$10,028,901