Can I retire at age 58 with 702,000?

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 $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%11.8%
1 years$57,971$57,454$56,950$56,459$55,978$55,556
2 years$28,698$28,164$27,646$27,144$26,656$26,230
3 years$18,942$18,405$17,889$17,391$16,912$16,496
4 years$14,065$13,530$13,018$12,529$12,062$11,658
5 years$11,140$10,608$10,103$9,624$9,169$8,780
6 years$9,190$8,662$8,165$7,696$7,255$6,881
7 years$7,798$7,274$6,785$6,327$5,900$5,541
8 years$6,754$6,235$5,754$5,308$4,895$4,550
9 years$5,943$5,429$4,956$4,521$4,122$3,792
10 years$5,294$4,785$4,321$3,897$3,512$3,197
11 years$4,764$4,260$3,804$3,392$3,021$2,719
12 years$4,322$3,824$3,376$2,975$2,618$2,330
13 years$3,949$3,456$3,016$2,627$2,283$2,009
14 years$3,629$3,141$2,710$2,332$2,001$1,741
15 years$3,352$2,869$2,447$2,079$1,762$1,514
16 years$3,110$2,633$2,218$1,862$1,557$1,322
17 years$2,897$2,424$2,019$1,673$1,381$1,158
18 years$2,707$2,240$1,843$1,508$1,228$1,017
19 years$2,538$2,076$1,687$1,362$1,094$895
20 years$2,386$1,929$1,548$1,234$977$789
21 years$2,248$1,797$1,424$1,120$875$697
22 years$2,124$1,678$1,312$1,018$784$616
23 years$2,010$1,569$1,212$927$704$546
24 years$1,906$1,470$1,121$846$633$484
25 years$1,810$1,380$1,038$772$569$430
26 years$1,722$1,297$963$706$513$382
27 years$1,640$1,220$894$646$462$339
28 years$1,565$1,150$831$592$417$302
29 years$1,494$1,085$773$543$377$269
30 years$1,429$1,024$720$498$340$239
31 years$1,368$968$672$458$308$213
32 years$1,311$916$627$421$278$190
33 years$1,257$868$585$387$252$169
34 years$1,207$822$547$356$228$151
35 years$1,160$780$511$328$207$135
36 years$1,115$740$478$302$187$120
37 years$1,073$703$447$278$170$107
38 years$1,033$668$419$256$154$96
39 years$995$635$393$236$139$86
40 years$960$605$368$218$126$77
41 years$926$576$345$201$115$68
42 years$894$548$324$186$104$61
43 years$863$522$304$171$94$55
44 years$834$498$285$158$86$49
45 years$806$475$268$146$78$44
46 years$780$453$251$135$71$39
47 years$755$432$236$125$64$35
48 years$731$413$222$115$58$31
49 years$707$394$209$106$53$28
50 years$685$376$196$98$48$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $702,000, adding $4,903 every year, while hoping to spend $56,354 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: 83/11/6 Blend
57$702,000$702,000$702,000$702,000
58$778,661$741,455$730,574$842,604
59$798,125$717,827$695,088$861,465
60$817,684$691,151$656,525$874,060
61$837,291$661,220$614,721$886,127
62$856,888$627,813$569,508$897,578
63$876,411$590,696$520,706$908,316
64$895,787$549,623$468,132$918,236
65$914,933$504,331$411,591$927,219
66$933,758$454,544$350,881$935,137
67$952,156$399,972$285,790$941,848
68$970,010$340,304$216,098$947,195
69$987,188$275,216$141,575$951,005
70$1,003,543$204,364$61,979$953,090
71$1,018,910$127,383$0$953,241
72$1,033,103$43,889$0$952,699
73$1,045,918$0$0$954,073
74$1,057,124$0$0$958,761
75$1,066,465$0$0$967,049
76$1,073,658$0$0$973,362
77$1,078,383$0$0$977,411
78$1,080,290$0$0$978,874
79$1,078,986$0$0$977,391
80$1,074,038$0$0$972,565
81$1,064,962$0$0$963,954
82$1,051,224$0$0$951,070
83$1,032,229$0$0$933,367
84$1,007,322$0$0$910,246
85$975,773$0$0$881,039
86$936,775$0$0$845,009
87$889,436$0$0$801,337
88$832,768$0$0$749,121
89$765,676$0$0$687,359
90$686,952$0$0$614,944
91$595,259$0$0$530,654
92$489,117$0$0$433,136
93$366,892$0$0$320,893
94$226,779$0$0$192,275
95$66,782$0$0$45,455
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0