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Retirement Savings Starting at Age 48

Starting to save at 48 leaves 17 years until 65. Use this page to see what $500 a month could become over that time.

You would make 204 deposits. By 65 the account reaches $185,560 and growth supplies 45 percent of it.

years
years
$
$
%
Balance at retirement
$185,560
Total you put in
$102,000
Growth
$83,560
Years of saving
17
Year by year
YearTotal put inBalance
49$6,000$6,182
50$12,000$12,778
51$18,000$19,816
52$24,000$27,325
53$30,000$35,337
54$36,000$43,886
55$42,000$53,007
56$48,000$62,739
57$54,000$73,122
58$60,000$84,202
59$66,000$96,023
60$72,000$108,636
61$78,000$122,093
62$84,000$136,452
63$90,000$151,772
64$96,000$168,119
65$102,000$185,560
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How the balance is worked out

Picture a loop that repeats 204 times. Inside the loop the balance is multiplied by one plus the monthly rate of 0.5417 percent. Then the monthly deposit of $500 is added. When the loop ends the balance is your result.

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Worked example

A saver who begins at 48 and keeps depositing $500 a month until 65 ends with $185,560 at 6.5 percent.

Growth supplies 45 percent of the final amount. That is $83,560 that you did not have to deposit.

Questions about this calculator

What if you worked 3 years longer, to 68, when saving $500 a month from age 48 to 65 at 6.5 percent?

The balance would reach $245,210 instead of $185,560. That is $59,650 more.

What would an extra $100 a month add when saving $500 a month from age 48 to 65 at 6.5 percent?

The balance at 65 would be $222,672 instead of $185,560. The extra deposits total $20,400.

How much does waiting 5 years cost when saving $500 a month from age 48 to 65 at 6.5 percent?

Starting at 53 with the same $500 ends at $108,636 instead of $185,560. That is $76,925 less.

How much a month would it take to reach $1,000,000 by 65 from age 48 at 6.5 percent, compared with $500?

About $2,695 a month at 6.5 percent. That is $2,195 more than the $500 in the example.

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