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%15.8%
1 years$57,227$56,718$56,220$55,735$55,261$53,947
2 years$28,330$27,803$27,291$26,796$26,315$24,999
3 years$18,699$18,169$17,659$17,168$16,695$15,418
4 years$13,885$13,356$12,851$12,369$11,907$10,679
5 years$10,997$10,472$9,973$9,500$9,052$7,875
6 years$9,072$8,551$8,060$7,598$7,162$6,040
7 years$7,698$7,181$6,698$6,246$5,825$4,756
8 years$6,668$6,155$5,680$5,240$4,832$3,816
9 years$5,867$5,359$4,892$4,463$4,069$3,106
10 years$5,226$4,724$4,265$3,847$3,467$2,555
11 years$4,703$4,206$3,755$3,348$2,982$2,120
12 years$4,267$3,775$3,333$2,937$2,584$1,770
13 years$3,898$3,411$2,977$2,593$2,253$1,487
14 years$3,583$3,101$2,675$2,302$1,975$1,254
15 years$3,309$2,833$2,415$2,053$1,739$1,062
16 years$3,070$2,599$2,190$1,838$1,537$901
17 years$2,860$2,393$1,993$1,651$1,363$767
18 years$2,673$2,212$1,819$1,488$1,212$655
19 years$2,506$2,050$1,665$1,345$1,080$559
20 years$2,355$1,905$1,528$1,218$965$479
21 years$2,220$1,774$1,406$1,105$863$410
22 years$2,096$1,656$1,296$1,005$774$352
23 years$1,984$1,549$1,196$915$695$302
24 years$1,881$1,451$1,106$835$624$260
25 years$1,787$1,362$1,025$762$562$223
26 years$1,700$1,280$950$697$506$192
27 years$1,619$1,205$882$638$456$166
28 years$1,545$1,135$820$585$412$143
29 years$1,475$1,071$763$536$372$123
30 years$1,411$1,011$711$492$336$106
31 years$1,350$956$663$452$304$91
32 years$1,294$905$619$415$275$79
33 years$1,241$857$578$382$249$68
34 years$1,191$812$540$351$225$59
35 years$1,145$770$505$323$204$51
36 years$1,101$731$472$298$185$44
37 years$1,059$694$442$274$167$38
38 years$1,020$660$414$253$152$32
39 years$983$627$388$233$138$28
40 years$947$597$363$215$125$24
41 years$914$568$341$198$113$21
42 years$882$541$320$183$103$18
43 years$852$516$300$169$93$16
44 years$823$491$281$156$85$13
45 years$796$469$264$144$77$12
46 years$770$447$248$133$70$10
47 years$745$427$233$123$63$9
48 years$721$407$219$114$58$7
49 years$698$389$206$105$52$6
50 years$677$372$194$97$47$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $693,000, adding $4,999 every year, while hoping to spend $38,044 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: 51/27/22 Blend
57$693,000$693,000$693,000$693,000
58$768,842$732,113$721,372$803,105
59$806,786$727,509$705,059$822,731
60$847,324$721,403$686,925$839,755
61$890,683$713,683$666,868$857,471
62$937,107$704,228$644,783$875,962
63$986,867$692,910$620,558$895,316
64$1,040,259$679,594$594,079$915,636
65$1,097,608$664,137$565,223$937,037
66$1,159,271$646,386$533,865$959,646
67$1,225,639$626,182$499,872$983,610
68$1,297,143$603,353$463,106$1,009,090
69$1,374,254$577,720$423,423$1,036,268
70$1,457,492$549,093$380,672$1,065,347
71$1,547,427$517,269$334,695$1,096,555
72$1,644,685$482,036$285,328$1,130,147
73$1,749,955$443,168$232,398$1,166,406
74$1,863,994$400,427$175,728$1,205,651
75$1,987,636$353,562$115,128$1,248,235
76$2,121,794$302,306$50,405$1,294,553
77$2,267,476$246,378$0$1,345,046
78$2,425,789$185,481$0$1,404,584
79$2,597,952$119,302$0$1,482,243
80$2,785,304$47,509$0$1,566,838
81$2,989,321$0$0$1,659,098
82$3,211,624$0$0$1,768,817
83$3,454,001$0$0$1,903,898
84$3,718,416$0$0$2,051,329
85$4,007,032$0$0$2,212,324
86$4,322,232$0$0$2,388,222
87$4,666,636$0$0$2,580,494
88$5,043,131$0$0$2,790,760
89$5,454,894$0$0$3,020,807
90$5,905,423$0$0$3,272,597
91$6,398,572$0$0$3,548,296
92$6,938,582$0$0$3,850,286
93$7,530,125$0$0$4,181,191
94$8,178,345$0$0$4,543,900
95$8,888,908$0$0$4,941,598
96$9,668,054$0$0$5,377,788
97$10,522,657$0$0$5,856,332
98$11,460,285$0$0$6,381,483
99$12,489,277$0$0$6,957,925
100$13,618,818$0$0$7,590,819