Can I retire at age 58 with 694,000?

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 $694,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$57,310$56,799$56,301$55,815$55,341$54,113
2 years$28,371$27,843$27,331$26,834$26,353$25,122
3 years$18,726$18,196$17,685$17,193$16,719$15,524
4 years$13,905$13,376$12,870$12,387$11,924$10,774
5 years$11,013$10,487$9,988$9,514$9,065$7,962
6 years$9,085$8,563$8,072$7,608$7,173$6,120
7 years$7,709$7,191$6,707$6,255$5,833$4,830
8 years$6,677$6,164$5,688$5,247$4,839$3,885
9 years$5,875$5,367$4,899$4,470$4,075$3,169
10 years$5,234$4,731$4,271$3,853$3,472$2,614
11 years$4,710$4,212$3,761$3,353$2,986$2,174
12 years$4,273$3,780$3,337$2,941$2,588$1,820
13 years$3,904$3,416$2,982$2,597$2,257$1,533
14 years$3,588$3,105$2,679$2,305$1,978$1,296
15 years$3,314$2,837$2,419$2,056$1,742$1,101
16 years$3,075$2,603$2,193$1,841$1,539$937
17 years$2,864$2,397$1,996$1,654$1,365$800
18 years$2,676$2,215$1,822$1,490$1,214$685
19 years$2,509$2,053$1,668$1,347$1,082$587
20 years$2,359$1,907$1,531$1,220$966$504
21 years$2,223$1,777$1,408$1,107$865$433
22 years$2,099$1,658$1,297$1,006$775$373
23 years$1,987$1,551$1,198$917$696$321
24 years$1,884$1,453$1,108$836$625$277
25 years$1,789$1,364$1,026$763$563$239
26 years$1,702$1,282$952$698$507$206
27 years$1,621$1,206$884$639$457$178
28 years$1,547$1,137$822$585$412$154
29 years$1,477$1,072$765$537$372$133
30 years$1,413$1,013$712$493$336$115
31 years$1,352$957$664$453$304$99
32 years$1,296$906$619$416$275$86
33 years$1,243$858$578$382$249$74
34 years$1,193$813$540$352$225$64
35 years$1,146$771$505$324$204$56
36 years$1,102$732$473$298$185$48
37 years$1,061$695$442$275$168$42
38 years$1,021$661$414$253$152$36
39 years$984$628$388$234$138$31
40 years$949$598$364$215$125$27
41 years$915$569$341$199$113$24
42 years$884$542$320$183$103$20
43 years$853$516$300$169$93$18
44 years$825$492$282$156$85$15
45 years$797$469$265$144$77$13
46 years$771$448$249$133$70$11
47 years$746$427$234$123$63$10
48 years$722$408$219$114$58$9
49 years$699$389$206$105$52$7
50 years$678$372$194$97$48$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $694,000, adding $3,293 every year, while hoping to spend $40,021 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: 72/12/16 Blend
57$694,000$694,000$694,000$694,000
58$768,185$731,403$720,646$820,456
59$803,958$724,659$702,205$848,835
60$842,038$716,244$681,806$874,730
61$882,619$706,033$659,339$902,045
62$925,912$693,895$634,693$930,913
63$972,148$679,690$607,749$961,480
64$1,021,583$663,270$578,384$993,909
65$1,074,493$644,479$546,469$1,028,380
66$1,131,185$623,151$511,869$1,065,092
67$1,191,992$599,113$474,443$1,104,266
68$1,257,283$572,177$434,044$1,146,145
69$1,327,461$542,148$390,519$1,190,999
70$1,402,967$508,818$343,707$1,239,127
71$1,484,288$471,969$293,440$1,290,860
72$1,571,958$431,368$239,543$1,346,562
73$1,666,563$386,770$181,833$1,406,639
74$1,768,747$337,917$120,119$1,471,536
75$1,879,218$284,533$54,201$1,541,749
76$1,998,753$226,331$0$1,617,824
77$2,128,209$163,004$0$1,703,121
78$2,268,525$94,230$0$1,805,607
79$2,420,736$19,668$0$1,916,796
80$2,585,978$0$0$2,037,545
81$2,765,501$0$0$2,176,857
82$2,960,683$0$0$2,331,174
83$3,173,035$0$0$2,499,097
84$3,404,224$0$0$2,681,949
85$3,656,082$0$0$2,881,181
86$3,930,624$0$0$3,098,394
87$4,230,072$0$0$3,335,347
88$4,556,866$0$0$3,593,979
89$4,913,696$0$0$3,876,421
90$5,303,522$0$0$4,185,022
91$5,729,602$0$0$4,522,366
92$6,195,524$0$0$4,891,299
93$6,705,236$0$0$5,294,955
94$7,263,090$0$0$5,736,782
95$7,873,872$0$0$6,220,581
96$8,542,858$0$0$6,750,535
97$9,275,855$0$0$7,331,251
98$10,079,258$0$0$7,967,803
99$10,960,113$0$0$8,665,780
100$11,926,177$0$0$9,431,336