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Retirement Savings When Retiring at 65

Does the age you stop saving matter? This page ends deposits at 65 after starting at 35. It assumes $600 a month at 6.5 percent.

On the starting figures the balance at 65 is $663,707. Growth accounts for 67 percent of it.

years
years
$
$
%
Balance at retirement
$663,707
Total you put in
$216,000
Growth
$447,707
Years of saving
30
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
61$187,200$486,811
62$194,400$526,832
63$201,600$569,533
64$208,800$615,094
65$216,000$663,707
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How the balance is worked out

Picture a loop that repeats 360 times. Inside the loop the balance is multiplied by one plus the monthly rate of 0.5417 percent. Then the monthly deposit of $600 is added. When the loop ends the balance is your result.

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Worked example

A saver who begins at 35 and keeps depositing $600 a month until 65 ends with $663,707 at 6.5 percent.

Your own deposits make up $216,000 of that. The other $447,707 is growth. That is 67 percent of the balance.

Questions about this calculator

How much does waiting 5 years cost when saving $600 a month from age 35 to 65 at 6.5 percent?

Starting at 40 with the same $600 ends at $449,302 instead of $663,707. That is $214,405 less.

How much a month would it take to reach $1,000,000 by 65 from age 35 at 6.5 percent, compared with $600?

About $904 a month at 6.5 percent. That is $304 more than the $600 in the example.

What if you saved double, $1,200 a month, from age 35 to 65 at 6.5 percent?

The balance at 65 would be about $1,327,414 instead of $663,707. That is 2 times as much.

What if returns averaged 5 percent instead of 6.5 percent for $600 a month from age 35 to 65?

The $600 a month would reach $499,355 by age 65. That is $164,352 less than the $663,707 shown at 6.5 percent.

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