Ledgerly
Ad slot

Home / Retirement savings / Starting at 38

Retirement Savings Starting at Age 38

How much could you have by 65 if you begin at 38? The page assumes $500 a month and a return of 6.5 percent a year. You can change both.

Deposits come to $162,000. Growth adds $277,027. The balance at 65 is $439,027.

years
years
$
$
%
Balance at retirement
$439,027
Total you put in
$162,000
Growth
$277,027
Years of saving
27
Year by year
YearTotal put inBalance
39$6,000$6,182
40$12,000$12,778
41$18,000$19,816
42$24,000$27,325
43$30,000$35,337
44$36,000$43,886
45$42,000$53,007
46$48,000$62,739
47$54,000$73,122
48$60,000$84,202
49$66,000$96,023
50$72,000$108,636
51$78,000$122,093
52$84,000$136,452
53$90,000$151,772
54$96,000$168,119
55$102,000$185,560
56$108,000$204,169
57$114,000$224,025
58$120,000$245,210
59$126,000$267,815
60$132,000$291,933
61$138,000$317,666
62$144,000$345,123
63$150,000$374,418
64$156,000$405,676
65$162,000$439,027
Ad slot

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 324 months. Add $500 at the end of each month. Nothing else goes into the result.

Ad slot

Worked example

Save $500 a month from 38 to 65. That is 324 deposits and $162,000 in total. At 6.5 percent the balance reaches $439,027.

Growth supplies 63 percent of the final amount. That is $277,027 that you did not have to deposit.

Questions about this calculator

What would an extra $100 a month add when saving $500 a month from age 38 to 65 at 6.5 percent?

The balance at 65 would be $526,832 instead of $439,027. The extra deposits total $32,400.

How much does waiting 5 years cost when saving $500 a month from age 38 to 65 at 6.5 percent?

Starting at 43 with the same $500 ends at $291,933 instead of $439,027. That is $147,094 less.

How much a month would it take to reach $1,000,000 by 65 from age 38 at 6.5 percent, compared with $500?

About $1,139 a month at 6.5 percent. That is $639 more than the $500 in the example.

What if you saved double, $1,000 a month, from age 38 to 65 at 6.5 percent?

The balance at 65 would be about $878,053 instead of $439,027. That is 2 times as much.

Related calculators

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