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Home / Retirement savings / Retiring at 60

Retirement Savings When Retiring at 60

Stopping at 60 gives 25 years of deposits from age 35. The starting return is 6.5 percent and you can change it.

The balance at 60 on the starting figures is $449,302. Your deposits total $180,000.

years
years
$
$
%
Balance at retirement
$449,302
Total you put in
$180,000
Growth
$269,302
Years of saving
25
Year by year
YearTotal put inBalance
36$7,200$7,418
37$14,400$15,334
38$21,600$23,779
39$28,800$32,790
40$36,000$42,404
41$43,200$52,663
42$50,400$63,608
43$57,600$75,286
44$64,800$87,747
45$72,000$101,042
46$79,200$115,227
47$86,400$130,363
48$93,600$146,512
49$100,800$163,742
50$108,000$182,127
51$115,200$201,743
52$122,400$222,672
53$129,600$245,003
54$136,800$268,830
55$144,000$294,253
56$151,200$321,378
57$158,400$350,319
58$165,600$381,199
59$172,800$414,147
60$180,000$449,302
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How the balance is worked out

Turn the yearly return of 6.5 percent into a monthly rate of 0.5417 percent by dividing by twelve. Apply that rate to the balance once a month for 300 months. Add $600 at the end of each month. Nothing else goes into the result.

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Worked example

Save $600 a month from 35 to 60. That is 300 deposits and $180,000 in total. At 6.5 percent the balance reaches $449,302.

Your own deposits make up $180,000 of that. The other $269,302 is growth. That is 60 percent of the balance.

Questions about this calculator

What if you retired 3 years earlier, at 57, when saving $600 a month from age 35 to 60 at 6.5 percent?

The balance would be $350,319 instead of $449,302. That is $98,983 less.

What if you worked 3 years longer, to 63, when saving $600 a month from age 35 to 60 at 6.5 percent?

The balance would reach $569,533 instead of $449,302. That is $120,231 more.

What would an extra $100 a month add when saving $600 a month from age 35 to 60 at 6.5 percent?

The balance at 60 would be $524,186 instead of $449,302. The extra deposits total $30,000.

How much does waiting 5 years cost when saving $600 a month from age 35 to 60 at 6.5 percent?

Starting at 40 with the same $600 ends at $294,253 instead of $449,302. That is $155,049 less.

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This page is for education only and is not financial or tax advice.