Can I retire at age 58 with 706,000?

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 $706,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.1%
1 years$58,301$57,782$57,275$56,780$56,297$55,342
2 years$28,862$28,324$27,803$27,298$26,808$25,849
3 years$19,050$18,510$17,991$17,490$17,008$16,074
4 years$14,145$13,607$13,093$12,601$12,130$11,229
5 years$11,203$10,668$10,160$9,679$9,221$8,356
6 years$9,242$8,711$8,211$7,740$7,297$6,467
7 years$7,842$7,316$6,823$6,364$5,934$5,142
8 years$6,793$6,271$5,787$5,338$4,923$4,167
9 years$5,977$5,460$4,984$4,547$4,146$3,426
10 years$5,324$4,813$4,345$3,920$3,532$2,848
11 years$4,791$4,284$3,826$3,411$3,038$2,388
12 years$4,347$3,845$3,395$2,992$2,633$2,017
13 years$3,971$3,475$3,033$2,642$2,296$1,713
14 years$3,650$3,159$2,725$2,345$2,012$1,462
15 years$3,371$2,886$2,461$2,091$1,772$1,252
16 years$3,128$2,648$2,231$1,872$1,566$1,076
17 years$2,913$2,438$2,030$1,682$1,389$927
18 years$2,723$2,253$1,853$1,516$1,235$801
19 years$2,553$2,088$1,697$1,370$1,100$693
20 years$2,399$1,940$1,557$1,241$983$601
21 years$2,261$1,807$1,432$1,126$880$522
22 years$2,136$1,687$1,320$1,024$788$453
23 years$2,021$1,578$1,219$932$708$395
24 years$1,916$1,478$1,127$850$636$344
25 years$1,820$1,387$1,044$777$572$300
26 years$1,731$1,304$968$710$516$261
27 years$1,650$1,227$899$650$465$228
28 years$1,574$1,156$836$596$419$199
29 years$1,503$1,091$778$546$379$174
30 years$1,437$1,030$724$501$342$152
31 years$1,376$974$675$460$309$133
32 years$1,318$922$630$423$280$116
33 years$1,264$873$588$389$253$102
34 years$1,214$827$550$358$229$89
35 years$1,166$785$514$330$208$78
36 years$1,121$745$481$303$188$68
37 years$1,079$707$450$280$171$60
38 years$1,039$672$421$258$155$52
39 years$1,001$639$395$238$140$46
40 years$965$608$370$219$127$40
41 years$931$579$347$202$115$35
42 years$899$551$326$187$105$31
43 years$868$525$305$172$95$27
44 years$839$501$287$159$86$24
45 years$811$477$269$147$78$21
46 years$784$455$253$136$71$18
47 years$759$435$238$125$65$16
48 years$735$415$223$116$59$14
49 years$712$396$210$107$53$12
50 years$689$378$197$99$48$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $706,000, adding $4,640 every year, while hoping to spend $49,995 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: 58/31/11 Blend
57$706,000$706,000$706,000$706,000
58$782,798$745,380$734,437$825,844
59$809,449$728,709$705,847$838,732
60$837,143$709,546$674,622$846,782
61$865,933$687,716$640,624$854,354
62$895,878$663,033$603,704$861,409
63$927,037$635,301$563,708$867,903
64$959,478$604,314$520,475$873,794
65$993,270$569,851$473,837$879,037
66$1,028,492$531,682$423,618$883,585
67$1,065,224$489,560$369,635$887,391
68$1,103,555$443,227$311,697$890,404
69$1,143,581$392,409$249,602$892,575
70$1,185,405$336,815$183,142$893,852
71$1,229,138$276,141$112,099$894,181
72$1,274,901$210,062$36,245$893,509
73$1,322,823$138,238$0$891,780
74$1,373,047$60,308$0$894,189
75$1,425,726$0$0$900,312
76$1,481,026$0$0$914,092
77$1,539,127$0$0$950,204
78$1,600,227$0$0$988,199
79$1,664,538$0$0$1,028,214
80$1,732,293$0$0$1,070,396
81$1,803,745$0$0$1,114,906
82$1,879,170$0$0$1,161,919
83$1,958,869$0$0$1,211,625
84$2,043,170$0$0$1,264,234
85$2,132,431$0$0$1,319,973
86$2,227,044$0$0$1,379,092
87$2,327,436$0$0$1,441,862
88$2,434,075$0$0$1,508,580
89$2,547,473$0$0$1,579,573
90$2,668,188$0$0$1,655,196
91$2,796,834$0$0$1,735,840
92$2,934,081$0$0$1,821,932
93$3,080,664$0$0$1,913,939
94$3,237,389$0$0$2,012,376
95$3,405,138$0$0$2,117,805
96$3,584,881$0$0$2,230,842
97$3,777,678$0$0$2,352,166
98$3,984,696$0$0$2,482,518
99$4,207,212$0$0$2,622,715
100$4,446,632$0$0$2,773,652