Can I retire at age 58 with 702,000?

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 $702,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$57,971$57,454$56,950$56,459$55,978$53,779
2 years$28,698$28,164$27,646$27,144$26,656$24,467
3 years$18,942$18,405$17,889$17,391$16,912$14,802
4 years$14,065$13,530$13,018$12,529$12,062$10,047
5 years$11,140$10,608$10,103$9,624$9,169$7,255
6 years$9,190$8,662$8,165$7,696$7,255$5,443
7 years$7,798$7,274$6,785$6,327$5,900$4,190
8 years$6,754$6,235$5,754$5,308$4,895$3,284
9 years$5,943$5,429$4,956$4,521$4,122$2,608
10 years$5,294$4,785$4,321$3,897$3,512$2,092
11 years$4,764$4,260$3,804$3,392$3,021$1,692
12 years$4,322$3,824$3,376$2,975$2,618$1,376
13 years$3,949$3,456$3,016$2,627$2,283$1,124
14 years$3,629$3,141$2,710$2,332$2,001$922
15 years$3,352$2,869$2,447$2,079$1,762$759
16 years$3,110$2,633$2,218$1,862$1,557$626
17 years$2,897$2,424$2,019$1,673$1,381$518
18 years$2,707$2,240$1,843$1,508$1,228$429
19 years$2,538$2,076$1,687$1,362$1,094$356
20 years$2,386$1,929$1,548$1,234$977$295
21 years$2,248$1,797$1,424$1,120$875$245
22 years$2,124$1,678$1,312$1,018$784$204
23 years$2,010$1,569$1,212$927$704$170
24 years$1,906$1,470$1,121$846$633$141
25 years$1,810$1,380$1,038$772$569$118
26 years$1,722$1,297$963$706$513$98
27 years$1,640$1,220$894$646$462$82
28 years$1,565$1,150$831$592$417$68
29 years$1,494$1,085$773$543$377$57
30 years$1,429$1,024$720$498$340$47
31 years$1,368$968$672$458$308$40
32 years$1,311$916$627$421$278$33
33 years$1,257$868$585$387$252$27
34 years$1,207$822$547$356$228$23
35 years$1,160$780$511$328$207$19
36 years$1,115$740$478$302$187$16
37 years$1,073$703$447$278$170$13
38 years$1,033$668$419$256$154$11
39 years$995$635$393$236$139$9
40 years$960$605$368$218$126$8
41 years$926$576$345$201$115$6
42 years$894$548$324$186$104$5
43 years$863$522$304$171$94$5
44 years$834$498$285$158$86$4
45 years$806$475$268$146$78$3
46 years$780$453$251$135$71$3
47 years$755$432$236$125$64$2
48 years$731$413$222$115$58$2
49 years$707$394$209$106$53$2
50 years$685$376$196$98$48$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $702,000, adding $5,478 every year, while hoping to spend $21,308 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: 29/41/30 Blend
57$702,000$702,000$702,000$702,000
58$779,255$742,049$731,168$794,543
59$836,067$755,737$732,990$820,843
60$897,960$769,383$734,160$846,897
61$965,430$782,960$734,632$874,488
62$1,039,021$796,443$734,360$903,767
63$1,119,335$809,803$733,295$934,896
64$1,207,033$823,009$731,385$968,059
65$1,302,842$836,028$728,578$1,003,456
66$1,407,563$848,824$724,817$1,041,312
67$1,522,079$861,361$720,043$1,081,873
68$1,647,360$873,596$714,193$1,125,414
69$1,784,475$885,487$707,203$1,172,236
70$1,934,603$896,987$699,005$1,222,676
71$2,099,038$908,046$689,528$1,277,105
72$2,279,211$918,610$678,698$1,335,932
73$2,476,691$928,623$666,435$1,399,611
74$2,693,213$938,025$652,660$1,468,645
75$2,930,682$946,750$637,286$1,543,590
76$3,191,201$954,730$620,224$1,625,058
77$3,477,082$961,890$601,380$1,713,729
78$3,790,875$968,153$580,657$1,810,354
79$4,135,388$973,436$557,952$1,915,763
80$4,513,713$977,650$533,159$2,030,873
81$4,929,257$980,701$506,166$2,156,697
82$5,385,774$982,488$476,855$2,294,356
83$5,887,399$982,905$445,105$2,445,088
84$6,438,685$981,839$410,788$2,610,259
85$7,044,653$979,171$373,771$2,791,382
86$7,710,829$974,772$333,914$2,990,125
87$8,443,306$968,508$291,072$3,208,331
88$9,248,793$960,235$245,093$3,448,036
89$10,134,684$949,801$195,818$3,711,489
90$11,109,126$937,045$143,082$4,001,172
91$12,181,092$921,796$86,711$4,319,826
92$13,360,473$903,873$26,525$4,670,479
93$14,658,163$883,085$0$5,056,470
94$16,086,168$859,228$0$5,493,559
95$17,657,714$832,087$0$5,983,591
96$19,387,377$801,436$0$6,522,628
97$21,291,216$767,033$0$7,115,697
98$23,386,926$728,623$0$7,768,344
99$25,694,004$685,937$0$8,486,682
100$28,233,935$638,691$0$9,277,455