Can I retire at age 60 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$58,136$57,618$57,113$56,619$56,138$55,575
2 years$28,780$28,244$27,725$27,221$26,732$26,165
3 years$18,996$18,458$17,940$17,441$16,960$16,406
4 years$14,105$13,568$13,055$12,565$12,096$11,560
5 years$11,171$10,638$10,132$9,651$9,195$8,679
6 years$9,216$8,687$8,188$7,718$7,276$6,779
7 years$7,820$7,295$6,804$6,345$5,917$5,441
8 years$6,773$6,253$5,770$5,323$4,909$4,453
9 years$5,960$5,444$4,970$4,534$4,134$3,698
10 years$5,309$4,799$4,333$3,908$3,522$3,106
11 years$4,777$4,272$3,815$3,401$3,029$2,633
12 years$4,335$3,835$3,385$2,984$2,625$2,247
13 years$3,960$3,465$3,025$2,634$2,289$1,930
14 years$3,639$3,150$2,718$2,338$2,007$1,666
15 years$3,362$2,877$2,454$2,085$1,767$1,443
16 years$3,119$2,640$2,225$1,867$1,562$1,255
17 years$2,905$2,431$2,024$1,678$1,385$1,095
18 years$2,715$2,247$1,848$1,512$1,231$957
19 years$2,545$2,082$1,692$1,366$1,097$839
20 years$2,393$1,935$1,553$1,237$980$736
21 years$2,255$1,802$1,428$1,123$877$647
22 years$2,130$1,682$1,316$1,021$786$570
23 years$2,015$1,573$1,215$930$706$503
24 years$1,911$1,474$1,124$848$634$444
25 years$1,815$1,384$1,041$774$571$392
26 years$1,727$1,300$965$708$514$346
27 years$1,645$1,224$897$648$464$307
28 years$1,569$1,153$833$594$418$271
29 years$1,499$1,088$776$545$378$240
30 years$1,433$1,027$722$500$341$213
31 years$1,372$971$673$459$309$189
32 years$1,314$919$628$422$279$168
33 years$1,261$870$587$388$253$149
34 years$1,210$825$548$357$229$132
35 years$1,163$782$513$329$207$117
36 years$1,118$743$479$303$188$104
37 years$1,076$705$449$279$170$92
38 years$1,036$670$420$257$154$82
39 years$998$637$394$237$140$73
40 years$962$606$369$219$127$65
41 years$929$577$346$202$115$58
42 years$896$550$325$186$104$51
43 years$866$524$305$172$95$46
44 years$836$499$286$159$86$40
45 years$809$476$268$146$78$36
46 years$782$454$252$135$71$32
47 years$757$433$237$125$64$28
48 years$733$414$223$116$58$25
49 years$709$395$209$107$53$22
50 years$687$377$197$99$48$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 60 starting with $704,000, adding $6,428 every year, while hoping to spend $56,894 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: 46/49/5 Blend
59$704,000$704,000$704,000$704,000
60$782,438$745,126$734,214$817,095
61$801,712$721,103$698,276$817,537
62$821,045$693,995$659,227$811,524
63$840,384$663,593$616,902$803,655
64$859,665$629,671$571,131$793,776
65$878,821$591,995$521,734$781,719
66$897,772$550,314$468,523$767,309
67$916,429$504,364$411,303$750,352
68$934,692$453,865$349,869$730,646
69$952,449$398,523$284,008$707,969
70$969,574$338,025$213,497$682,087
71$985,924$272,042$138,103$652,747
72$1,001,342$200,226$57,583$619,676
73$1,015,650$122,208$0$582,583
74$1,028,651$37,601$0$542,667
75$1,040,125$0$0$501,457
76$1,049,825$0$0$484,648
77$1,057,478$0$0$487,031
78$1,062,780$0$0$488,174
79$1,065,392$0$0$487,905
80$1,064,938$0$0$486,032
81$1,061,000$0$0$482,341
82$1,053,115$0$0$476,595
83$1,040,769$0$0$468,533
84$1,023,390$0$0$457,863
85$1,000,347$0$0$444,264
86$970,940$0$0$427,377
87$934,393$0$0$406,809
88$889,848$0$0$382,122
89$836,353$0$0$352,833
90$772,858$0$0$318,405
91$698,198$0$0$278,248
92$611,089$0$0$231,706
93$510,107$0$0$178,057
94$393,681$0$0$116,502
95$260,073$0$0$46,157
96$107,363$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0