Can I retire at age 58 with 696,000?

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 $696,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$57,475$56,963$56,464$55,976$55,500$54,648
2 years$28,453$27,923$27,410$26,912$26,429$25,572
3 years$18,780$18,248$17,736$17,243$16,767$15,933
4 years$13,945$13,414$12,907$12,422$11,959$11,153
5 years$11,044$10,517$10,016$9,541$9,091$8,317
6 years$9,111$8,588$8,095$7,630$7,193$6,451
7 years$7,731$7,212$6,727$6,273$5,850$5,140
8 years$6,696$6,182$5,705$5,263$4,853$4,175
9 years$5,892$5,383$4,914$4,483$4,087$3,441
10 years$5,249$4,745$4,284$3,864$3,482$2,868
11 years$4,723$4,224$3,771$3,363$2,995$2,411
12 years$4,285$3,791$3,347$2,950$2,595$2,041
13 years$3,915$3,426$2,990$2,604$2,263$1,738
14 years$3,598$3,114$2,687$2,312$1,984$1,487
15 years$3,324$2,845$2,426$2,062$1,747$1,277
16 years$3,084$2,610$2,199$1,846$1,544$1,101
17 years$2,872$2,404$2,001$1,659$1,369$951
18 years$2,684$2,221$1,827$1,495$1,217$824
19 years$2,516$2,059$1,673$1,351$1,085$715
20 years$2,365$1,913$1,535$1,223$969$622
21 years$2,229$1,782$1,412$1,110$867$542
22 years$2,105$1,663$1,301$1,009$777$472
23 years$1,993$1,556$1,201$919$698$412
24 years$1,889$1,458$1,111$838$627$360
25 years$1,794$1,368$1,029$766$564$315
26 years$1,707$1,286$954$700$508$276
27 years$1,626$1,210$886$641$458$241
28 years$1,551$1,140$824$587$414$211
29 years$1,482$1,075$767$538$373$185
30 years$1,417$1,016$714$494$337$162
31 years$1,356$960$666$454$305$143
32 years$1,300$908$621$417$276$125
33 years$1,246$860$580$384$250$110
34 years$1,197$815$542$353$226$96
35 years$1,150$773$507$325$205$85
36 years$1,105$734$474$299$186$74
37 years$1,064$697$444$276$168$65
38 years$1,024$663$415$254$152$57
39 years$987$630$389$234$138$50
40 years$952$599$365$216$125$44
41 years$918$571$342$199$114$39
42 years$886$543$321$184$103$34
43 years$856$518$301$170$94$30
44 years$827$494$283$157$85$26
45 years$799$471$265$145$77$23
46 years$773$449$249$134$70$20
47 years$748$428$234$124$64$18
48 years$724$409$220$114$58$16
49 years$701$391$207$106$52$14
50 years$680$373$194$98$48$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $696,000, adding $4,389 every year, while hoping to spend $48,228 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: 39/46/15 Blend
57$696,000$696,000$696,000$696,000
58$771,519$734,631$723,843$797,981
59$798,900$719,314$696,778$801,923
60$827,457$701,630$667,189$801,185
61$857,260$681,412$634,942$799,350
62$888,383$658,483$599,895$796,345
63$920,906$632,657$561,900$792,090
64$954,917$603,735$520,802$786,503
65$990,509$571,509$476,439$779,500
66$1,027,785$535,757$428,644$770,990
67$1,066,854$496,245$377,239$760,881
68$1,107,837$452,725$322,040$749,077
69$1,150,864$404,935$262,856$735,477
70$1,196,075$352,600$199,484$719,978
71$1,243,624$295,427$131,716$702,473
72$1,293,677$233,107$59,333$682,850
73$1,346,418$165,314$0$660,995
74$1,402,042$91,704$0$639,656
75$1,460,766$11,914$0$626,167
76$1,522,825$0$0$610,936
77$1,588,476$0$0$631,559
78$1,657,998$0$0$659,828
79$1,731,698$0$0$689,841
80$1,809,909$0$0$721,741
81$1,892,997$0$0$755,682
82$1,981,363$0$0$791,837
83$2,075,443$0$0$830,390
84$2,175,717$0$0$871,545
85$2,282,709$0$0$915,527
86$2,396,994$0$0$962,580
87$2,519,202$0$0$1,012,973
88$2,650,022$0$0$1,067,000
89$2,790,213$0$0$1,124,986
90$2,940,606$0$0$1,187,284
91$3,102,110$0$0$1,254,285
92$3,275,727$0$0$1,326,416
93$3,462,555$0$0$1,404,146
94$3,663,800$0$0$1,487,991
95$3,880,785$0$0$1,578,518
96$4,114,966$0$0$1,676,349
97$4,367,942$0$0$1,782,169
98$4,641,468$0$0$1,896,730
99$4,937,476$0$0$2,020,859
100$5,258,088$0$0$2,155,465