Can I retire at age 58 with 711,000?

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 $711,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$58,714$58,191$57,680$57,182$56,696$56,221
2 years$29,066$28,525$28,000$27,492$26,998$26,519
3 years$19,185$18,641$18,118$17,614$17,129$16,661
4 years$14,245$13,703$13,185$12,690$12,216$11,763
5 years$11,282$10,744$10,232$9,747$9,287$8,850
6 years$9,308$8,773$8,269$7,795$7,348$6,928
7 years$7,898$7,368$6,872$6,409$5,976$5,573
8 years$6,841$6,315$5,828$5,376$4,958$4,571
9 years$6,019$5,499$5,019$4,579$4,175$3,805
10 years$5,362$4,847$4,376$3,947$3,557$3,204
11 years$4,825$4,315$3,853$3,435$3,060$2,722
12 years$4,378$3,873$3,419$3,013$2,651$2,330
13 years$3,999$3,500$3,055$2,660$2,312$2,006
14 years$3,676$3,181$2,745$2,361$2,027$1,736
15 years$3,395$2,906$2,478$2,106$1,784$1,508
16 years$3,150$2,666$2,247$1,886$1,577$1,315
17 years$2,934$2,456$2,044$1,694$1,398$1,150
18 years$2,742$2,269$1,866$1,527$1,243$1,008
19 years$2,571$2,103$1,709$1,380$1,108$886
20 years$2,416$1,954$1,568$1,250$990$780
21 years$2,277$1,820$1,442$1,134$886$688
22 years$2,151$1,699$1,329$1,031$794$608
23 years$2,035$1,589$1,227$939$713$537
24 years$1,930$1,489$1,135$856$641$476
25 years$1,833$1,397$1,051$782$576$422
26 years$1,744$1,313$975$715$519$374
27 years$1,661$1,236$905$655$468$332
28 years$1,585$1,165$842$600$422$295
29 years$1,514$1,099$783$550$381$262
30 years$1,447$1,038$730$505$345$233
31 years$1,385$981$680$464$312$207
32 years$1,328$928$635$426$282$184
33 years$1,273$879$593$392$255$164
34 years$1,222$833$554$360$231$146
35 years$1,174$790$518$332$209$130
36 years$1,129$750$484$306$190$116
37 years$1,087$712$453$282$172$103
38 years$1,046$677$424$260$156$92
39 years$1,008$644$398$239$141$82
40 years$972$612$373$221$128$73
41 years$938$583$349$204$116$65
42 years$905$555$328$188$105$58
43 years$874$529$308$173$96$52
44 years$845$504$289$160$87$46
45 years$817$481$271$148$79$41
46 years$790$459$255$137$72$37
47 years$764$438$239$126$65$33
48 years$740$418$225$117$59$29
49 years$717$399$211$108$54$26
50 years$694$381$199$100$49$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $711,000, adding $5,602 every year, while hoping to spend $41,643 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: 62/29/9 Blend
57$711,000$711,000$711,000$711,000
58$789,300$751,617$740,597$836,353
59$825,501$744,139$721,099$861,028
60$863,999$734,898$699,552$882,628
61$904,984$723,765$675,844$905,155
62$948,664$710,601$649,857$928,696
63$995,267$695,261$621,467$953,354
64$1,045,045$677,589$590,546$979,238
65$1,098,269$657,421$556,960$1,006,475
66$1,155,242$634,583$520,567$1,035,204
67$1,216,291$608,893$481,221$1,065,580
68$1,281,779$580,155$438,768$1,097,777
69$1,352,102$548,163$393,048$1,131,988
70$1,427,694$512,701$343,893$1,168,429
71$1,509,034$473,538$291,128$1,207,339
72$1,596,645$430,431$234,570$1,248,988
73$1,691,104$383,124$174,029$1,293,671
74$1,793,043$331,343$109,306$1,341,721
75$1,903,157$274,803$40,192$1,393,505
76$2,022,211$213,200$0$1,449,434
77$2,151,043$146,213$0$1,513,187
78$2,290,578$73,506$0$1,586,373
79$2,441,828$0$0$1,665,714
80$2,605,911$0$0$1,753,543
81$2,784,054$0$0$1,874,410
82$2,977,605$0$0$2,005,777
83$3,188,051$0$0$2,148,660
84$3,417,024$0$0$2,304,173
85$3,666,322$0$0$2,473,543
86$3,937,923$0$0$2,658,121
87$4,234,002$0$0$2,859,393
88$4,556,955$0$0$3,078,994
89$4,909,418$0$0$3,318,724
90$5,294,294$0$0$3,580,566
91$5,714,777$0$0$3,866,700
92$6,174,383$0$0$4,179,529
93$6,676,986$0$0$4,521,697
94$7,226,848$0$0$4,896,115
95$7,828,663$0$0$5,305,990
96$8,487,600$0$0$5,754,853
97$9,209,352$0$0$6,246,590
98$10,000,188$0$0$6,785,484
99$10,867,010$0$0$7,376,249
100$11,817,423$0$0$8,024,081