Can I retire at age 58 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.1%
1 years$58,136$57,618$57,113$56,619$56,138$55,413
2 years$28,780$28,244$27,725$27,221$26,732$26,004
3 years$18,996$18,458$17,940$17,441$16,960$16,250
4 years$14,105$13,568$13,055$12,565$12,096$11,409
5 years$11,171$10,638$10,132$9,651$9,195$8,534
6 years$9,216$8,687$8,188$7,718$7,276$6,641
7 years$7,820$7,295$6,804$6,345$5,917$5,309
8 years$6,773$6,253$5,770$5,323$4,909$4,328
9 years$5,960$5,444$4,970$4,534$4,134$3,579
10 years$5,309$4,799$4,333$3,908$3,522$2,994
11 years$4,777$4,272$3,815$3,401$3,029$2,526
12 years$4,335$3,835$3,385$2,984$2,625$2,147
13 years$3,960$3,465$3,025$2,634$2,289$1,836
14 years$3,639$3,150$2,718$2,338$2,007$1,577
15 years$3,362$2,877$2,454$2,085$1,767$1,360
16 years$3,119$2,640$2,225$1,867$1,562$1,177
17 years$2,905$2,431$2,024$1,678$1,385$1,021
18 years$2,715$2,247$1,848$1,512$1,231$889
19 years$2,545$2,082$1,692$1,366$1,097$775
20 years$2,393$1,935$1,553$1,237$980$677
21 years$2,255$1,802$1,428$1,123$877$592
22 years$2,130$1,682$1,316$1,021$786$518
23 years$2,015$1,573$1,215$930$706$455
24 years$1,911$1,474$1,124$848$634$399
25 years$1,815$1,384$1,041$774$571$351
26 years$1,727$1,300$965$708$514$308
27 years$1,645$1,224$897$648$464$271
28 years$1,569$1,153$833$594$418$239
29 years$1,499$1,088$776$545$378$210
30 years$1,433$1,027$722$500$341$185
31 years$1,372$971$673$459$309$163
32 years$1,314$919$628$422$279$144
33 years$1,261$870$587$388$253$127
34 years$1,210$825$548$357$229$112
35 years$1,163$782$513$329$207$99
36 years$1,118$743$479$303$188$87
37 years$1,076$705$449$279$170$77
38 years$1,036$670$420$257$154$68
39 years$998$637$394$237$140$60
40 years$962$606$369$219$127$53
41 years$929$577$346$202$115$47
42 years$896$550$325$186$104$41
43 years$866$524$305$172$95$37
44 years$836$499$286$159$86$32
45 years$809$476$268$146$78$29
46 years$782$454$252$135$71$25
47 years$757$433$237$125$64$22
48 years$733$414$223$116$58$20
49 years$709$395$209$107$53$17
50 years$687$377$197$99$48$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $704,000, adding $6,483 every year, while hoping to spend $40,654 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: 81/5/14 Blend
57$704,000$704,000$704,000$704,000
58$782,495$745,183$734,271$843,197
59$819,054$738,442$715,614$877,260
60$857,980$730,007$694,969$908,699
61$899,470$719,754$672,227$942,032
62$943,743$707,549$647,273$977,430
63$991,036$693,250$619,988$1,015,081
64$1,041,610$676,708$590,246$1,055,192
65$1,095,752$657,764$557,917$1,097,992
66$1,153,775$636,251$522,864$1,143,731
67$1,216,024$611,991$484,943$1,192,688
68$1,282,875$584,796$444,006$1,245,169
69$1,354,745$554,467$399,896$1,301,509
70$1,432,087$520,794$352,451$1,362,082
71$1,515,401$483,554$301,500$1,427,297
72$1,605,237$442,513$246,864$1,497,605
73$1,702,196$397,421$188,360$1,573,507
74$1,806,942$348,017$125,792$1,655,550
75$1,920,203$294,022$58,958$1,744,341
76$2,042,778$235,144$0$1,840,548
77$2,175,547$171,072$0$1,946,757
78$2,319,477$101,479$0$2,071,451
79$2,475,633$26,020$0$2,206,746
80$2,645,182$0$0$2,353,665
81$2,829,412$0$0$2,516,400
82$3,029,738$0$0$2,694,926
83$3,247,716$0$0$2,889,199
84$3,485,060$0$0$3,100,749
85$3,743,654$0$0$3,331,258
86$4,025,574$0$0$3,582,577
87$4,333,101$0$0$3,856,744
88$4,668,749$0$0$4,156,001
89$5,035,283$0$0$4,482,817
90$5,435,749$0$0$4,839,910
91$5,873,500$0$0$5,230,272
92$6,352,224$0$0$5,657,197
93$6,875,987$0$0$6,124,311
94$7,449,263$0$0$6,635,608
95$8,076,978$0$0$7,195,486
96$8,764,559$0$0$7,808,788
97$9,517,980$0$0$8,480,846
98$10,343,823$0$0$9,217,534
99$11,249,334$0$0$10,025,321
100$12,242,497$0$0$10,911,332