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%11.9%
1 years$58,218$57,700$57,194$56,700$56,218$55,770
2 years$28,821$28,284$27,764$27,260$26,770$26,319
3 years$19,023$18,484$17,965$17,465$16,984$16,543
4 years$14,125$13,588$13,074$12,583$12,113$11,686
5 years$11,187$10,653$10,146$9,665$9,208$8,796
6 years$9,229$8,699$8,199$7,729$7,286$6,890
7 years$7,831$7,305$6,814$6,354$5,926$5,545
8 years$6,783$6,262$5,779$5,331$4,916$4,551
9 years$5,968$5,452$4,977$4,541$4,140$3,790
10 years$5,317$4,806$4,339$3,914$3,527$3,193
11 years$4,784$4,278$3,820$3,406$3,034$2,715
12 years$4,341$3,840$3,390$2,988$2,629$2,325
13 years$3,966$3,470$3,029$2,638$2,292$2,003
14 years$3,645$3,154$2,722$2,342$2,010$1,734
15 years$3,366$2,882$2,457$2,088$1,769$1,508
16 years$3,123$2,644$2,228$1,870$1,564$1,316
17 years$2,909$2,435$2,027$1,680$1,387$1,152
18 years$2,719$2,250$1,851$1,514$1,233$1,011
19 years$2,549$2,085$1,694$1,368$1,099$889
20 years$2,396$1,938$1,555$1,239$982$783
21 years$2,258$1,805$1,430$1,124$878$691
22 years$2,133$1,685$1,318$1,022$787$611
23 years$2,018$1,576$1,217$931$707$541
24 years$1,914$1,476$1,126$849$635$479
25 years$1,818$1,385$1,042$776$572$425
26 years$1,729$1,302$967$709$515$377
27 years$1,647$1,225$898$649$464$335
28 years$1,571$1,155$835$595$419$298
29 years$1,501$1,089$777$545$378$265
30 years$1,435$1,029$723$501$342$236
31 years$1,374$973$674$460$309$210
32 years$1,316$920$629$422$279$187
33 years$1,263$871$588$388$253$166
34 years$1,212$826$549$357$229$148
35 years$1,164$783$513$329$207$132
36 years$1,120$744$480$303$188$118
37 years$1,077$706$449$279$170$105
38 years$1,037$671$421$257$154$94
39 years$1,000$638$394$237$140$84
40 years$964$607$370$219$127$75
41 years$930$578$347$202$115$67
42 years$898$550$325$186$105$60
43 years$867$524$305$172$95$53
44 years$838$500$286$159$86$47
45 years$810$477$269$147$78$42
46 years$783$455$253$136$71$38
47 years$758$434$237$125$64$34
48 years$734$414$223$116$59$30
49 years$710$396$210$107$53$27
50 years$688$378$197$99$48$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $705,000, adding $2,540 every year, while hoping to spend $48,642 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: 30/47/23 Blend
57$705,000$705,000$705,000$705,000
58$779,530$742,165$731,238$797,280
59$807,287$726,776$703,979$795,726
60$836,246$709,003$674,178$789,553
61$866,476$688,678$641,696$781,908
62$898,055$665,622$606,392$772,695
63$931,067$639,647$568,115$761,813
64$965,599$610,554$526,711$749,157
65$1,001,751$578,131$482,016$734,616
66$1,039,626$542,156$433,860$718,074
67$1,079,339$502,393$382,065$699,411
68$1,121,013$458,591$326,446$678,500
69$1,164,783$410,489$266,808$655,211
70$1,210,794$357,806$202,950$629,405
71$1,259,205$300,249$134,659$600,940
72$1,310,189$237,506$61,715$569,667
73$1,363,933$169,249$0$535,431
74$1,420,643$95,130$0$502,032
75$1,480,541$14,784$0$481,763
76$1,543,871$0$0$459,353
77$1,610,898$0$0$472,017
78$1,681,913$0$0$493,588
79$1,757,233$0$0$516,521
80$1,837,204$0$0$540,930
81$1,922,205$0$0$566,939
82$2,012,651$0$0$594,681
83$2,108,995$0$0$624,305
84$2,211,735$0$0$655,974
85$2,321,414$0$0$689,864
86$2,438,629$0$0$726,171
87$2,564,034$0$0$765,109
88$2,698,344$0$0$806,911
89$2,842,348$0$0$851,836
90$2,996,905$0$0$900,166
91$3,162,964$0$0$952,210
92$3,341,562$0$0$1,008,311
93$3,533,841$0$0$1,068,841
94$3,741,052$0$0$1,134,213
95$3,964,572$0$0$1,204,877
96$4,205,912$0$0$1,281,331
97$4,466,733$0$0$1,364,121
98$4,748,859$0$0$1,453,845
99$5,054,298$0$0$1,551,165
100$5,385,255$0$0$1,656,806