Can I retire at age 58 with 705,000?

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 $705,000?

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$58,218$57,700$57,194$56,700$56,218$55,355
2 years$28,821$28,284$27,764$27,260$26,770$25,903
3 years$19,023$18,484$17,965$17,465$16,984$16,139
4 years$14,125$13,588$13,074$12,583$12,113$11,298
5 years$11,187$10,653$10,146$9,665$9,208$8,424
6 years$9,229$8,699$8,199$7,729$7,286$6,535
7 years$7,831$7,305$6,814$6,354$5,926$5,207
8 years$6,783$6,262$5,779$5,331$4,916$4,229
9 years$5,968$5,452$4,977$4,541$4,140$3,486
10 years$5,317$4,806$4,339$3,914$3,527$2,905
11 years$4,784$4,278$3,820$3,406$3,034$2,442
12 years$4,341$3,840$3,390$2,988$2,629$2,068
13 years$3,966$3,470$3,029$2,638$2,292$1,761
14 years$3,645$3,154$2,722$2,342$2,010$1,506
15 years$3,366$2,882$2,457$2,088$1,769$1,294
16 years$3,123$2,644$2,228$1,870$1,564$1,115
17 years$2,909$2,435$2,027$1,680$1,387$964
18 years$2,719$2,250$1,851$1,514$1,233$835
19 years$2,549$2,085$1,694$1,368$1,099$725
20 years$2,396$1,938$1,555$1,239$982$630
21 years$2,258$1,805$1,430$1,124$878$549
22 years$2,133$1,685$1,318$1,022$787$478
23 years$2,018$1,576$1,217$931$707$418
24 years$1,914$1,476$1,126$849$635$365
25 years$1,818$1,385$1,042$776$572$319
26 years$1,729$1,302$967$709$515$279
27 years$1,647$1,225$898$649$464$244
28 years$1,571$1,155$835$595$419$214
29 years$1,501$1,089$777$545$378$188
30 years$1,435$1,029$723$501$342$165
31 years$1,374$973$674$460$309$144
32 years$1,316$920$629$422$279$127
33 years$1,263$871$588$388$253$111
34 years$1,212$826$549$357$229$98
35 years$1,164$783$513$329$207$86
36 years$1,120$744$480$303$188$75
37 years$1,077$706$449$279$170$66
38 years$1,037$671$421$257$154$58
39 years$1,000$638$394$237$140$51
40 years$964$607$370$219$127$45
41 years$930$578$347$202$115$39
42 years$898$550$325$186$105$35
43 years$867$524$305$172$95$30
44 years$838$500$286$159$86$27
45 years$810$477$269$147$78$24
46 years$783$455$253$136$71$21
47 years$758$434$237$125$64$18
48 years$734$414$223$116$59$16
49 years$710$396$210$107$53$14
50 years$688$378$197$99$48$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $705,000, adding $3,589 every year, while hoping to spend $48,628 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: 43/46/11 Blend
57$705,000$705,000$705,000$705,000
58$780,612$743,247$732,320$811,542
59$808,495$727,926$705,112$818,154
60$837,592$710,225$675,364$820,132
61$867,975$689,975$642,938$821,190
62$899,724$666,999$607,692$821,262
63$932,922$641,109$569,476$820,281
64$967,661$612,104$528,134$818,176
65$1,004,041$579,776$483,505$814,875
66$1,042,168$543,900$435,418$810,301
67$1,082,159$504,241$383,694$804,376
68$1,124,141$460,550$328,149$797,018
69$1,168,250$412,564$268,589$788,145
70$1,214,636$360,003$204,811$777,668
71$1,263,460$302,575$136,604$765,499
72$1,314,901$239,969$63,747$751,547
73$1,369,148$171,855$0$735,719
74$1,426,414$97,888$0$719,563
75$1,486,925$17,702$0$709,431
76$1,550,931$0$0$697,763
77$1,618,705$0$0$719,465
78$1,690,543$0$0$752,008
79$1,766,771$0$0$786,583
80$1,847,743$0$0$823,358
81$1,933,849$0$0$862,516
82$2,025,513$0$0$904,255
83$2,123,200$0$0$948,795
84$2,227,421$0$0$996,376
85$2,338,734$0$0$1,047,261
86$2,457,750$0$0$1,101,737
87$2,585,140$0$0$1,160,121
88$2,721,641$0$0$1,222,760
89$2,868,058$0$0$1,290,033
90$3,025,277$0$0$1,362,359
91$3,194,269$0$0$1,440,195
92$3,376,102$0$0$1,524,045
93$3,571,947$0$0$1,614,462
94$3,783,089$0$0$1,712,052
95$4,010,943$0$0$1,817,484
96$4,257,059$0$0$1,931,489
97$4,523,145$0$0$2,054,875
98$4,811,076$0$0$2,188,528
99$5,122,912$0$0$2,333,420
100$5,460,921$0$0$2,490,624