Can I retire at age 58 with 696,000?

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 $696,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$57,475$56,963$56,464$55,976$55,500$54,626
2 years$28,453$27,923$27,410$26,912$26,429$25,550
3 years$18,780$18,248$17,736$17,243$16,767$15,912
4 years$13,945$13,414$12,907$12,422$11,959$11,133
5 years$11,044$10,517$10,016$9,541$9,091$8,297
6 years$9,111$8,588$8,095$7,630$7,193$6,432
7 years$7,731$7,212$6,727$6,273$5,850$5,122
8 years$6,696$6,182$5,705$5,263$4,853$4,158
9 years$5,892$5,383$4,914$4,483$4,087$3,425
10 years$5,249$4,745$4,284$3,864$3,482$2,853
11 years$4,723$4,224$3,771$3,363$2,995$2,397
12 years$4,285$3,791$3,347$2,950$2,595$2,028
13 years$3,915$3,426$2,990$2,604$2,263$1,726
14 years$3,598$3,114$2,687$2,312$1,984$1,475
15 years$3,324$2,845$2,426$2,062$1,747$1,266
16 years$3,084$2,610$2,199$1,846$1,544$1,091
17 years$2,872$2,404$2,001$1,659$1,369$942
18 years$2,684$2,221$1,827$1,495$1,217$815
19 years$2,516$2,059$1,673$1,351$1,085$707
20 years$2,365$1,913$1,535$1,223$969$614
21 years$2,229$1,782$1,412$1,110$867$535
22 years$2,105$1,663$1,301$1,009$777$466
23 years$1,993$1,556$1,201$919$698$406
24 years$1,889$1,458$1,111$838$627$355
25 years$1,794$1,368$1,029$766$564$310
26 years$1,707$1,286$954$700$508$271
27 years$1,626$1,210$886$641$458$237
28 years$1,551$1,140$824$587$414$208
29 years$1,482$1,075$767$538$373$182
30 years$1,417$1,016$714$494$337$159
31 years$1,356$960$666$454$305$140
32 years$1,300$908$621$417$276$122
33 years$1,246$860$580$384$250$107
34 years$1,197$815$542$353$226$94
35 years$1,150$773$507$325$205$83
36 years$1,105$734$474$299$186$72
37 years$1,064$697$444$276$168$64
38 years$1,024$663$415$254$152$56
39 years$987$630$389$234$138$49
40 years$952$599$365$216$125$43
41 years$918$571$342$199$114$38
42 years$886$543$321$184$103$33
43 years$856$518$301$170$94$29
44 years$827$494$283$157$85$26
45 years$799$471$265$145$77$22
46 years$773$449$249$134$70$20
47 years$748$428$234$124$64$17
48 years$724$409$220$114$58$15
49 years$701$391$207$106$52$13
50 years$680$373$194$98$48$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 58 starting with $696,000, adding $6,873 every year, while hoping to spend $41,201 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: 41/30/29 Blend
57$696,000$696,000$696,000$696,000
58$774,081$737,193$726,405$798,985
59$809,200$729,478$706,903$809,953
60$846,520$720,004$685,365$817,470
61$886,223$708,642$661,682$824,828
62$928,505$695,253$635,737$832,040
63$973,585$679,693$607,406$839,120
64$1,021,700$661,807$576,563$846,091
65$1,073,110$641,432$543,075$852,976
66$1,128,101$618,396$506,801$859,811
67$1,186,984$592,515$467,597$866,635
68$1,250,105$563,596$425,309$873,496
69$1,317,838$531,435$379,779$880,453
70$1,390,597$495,814$330,841$887,574
71$1,468,835$456,506$278,322$894,941
72$1,553,049$413,269$222,039$902,648
73$1,643,787$365,846$161,804$910,805
74$1,741,649$313,968$97,420$919,539
75$1,847,293$257,348$28,680$928,997
76$1,961,446$195,687$0$939,346
77$2,084,902$128,664$0$964,604
78$2,218,538$55,944$0$1,001,535
79$2,363,315$0$0$1,041,577
80$2,520,291$0$0$1,092,626
81$2,690,631$0$0$1,168,137
82$2,875,613$0$0$1,250,218
83$3,076,646$0$0$1,339,504
84$3,295,277$0$0$1,436,692
85$3,533,210$0$0$1,542,552
86$3,792,319$0$0$1,657,927
87$4,074,667$0$0$1,783,749
88$4,382,524$0$0$1,921,041
89$4,718,388$0$0$2,070,930
90$5,085,009$0$0$2,234,657
91$5,485,413$0$0$2,413,588
92$5,922,934$0$0$2,609,226
93$6,401,238$0$0$2,823,228
94$6,924,366$0$0$3,057,414
95$7,496,765$0$0$3,313,794
96$8,123,330$0$0$3,594,577
97$8,809,455$0$0$3,902,197
98$9,561,077$0$0$4,239,335
99$10,384,736$0$0$4,608,944
100$11,287,634$0$0$5,014,274