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Retirement Savings Starting at 50 With $200 a Month
Starting to save at 50 leaves 15 years until 65. Use this page to see what $200 a month could become over that time.
On the starting figures the balance at 65 is $55,749. Growth accounts for 35 percent of it.
How the balance is worked out
The calculator counts 180 months from age 50 to age 65. Each month your balance grows by one twelfth of the 5.5 percent yearly return and then your $200 deposit goes in. The final balance is what is left after the last month.
Worked example
A saver who begins at 50 and keeps depositing $200 a month until 65 ends with $55,749 at 5.5 percent.
Out of $55,749, $36,000 comes from your pay. The remaining $19,749 comes from growth.
Questions about this calculator
How much does waiting 5 years cost when saving $200 a month from age 50 to 65 at 5.5 percent?
Starting at 55 with the same $200 ends at $31,902 instead of $55,749. That is $23,848 less.
How much a month would it take to reach $1,000,000 by 65 from age 50 at 5.5 percent, compared with $200?
About $3,588 a month at 5.5 percent. That is $3,388 more than the $200 in the example.
What if you saved double, $400 a month, from age 50 to 65 at 5.5 percent?
The balance at 65 would be about $111,498 instead of $55,749. That is 2 times as much.
What if returns averaged 4 percent instead of 5.5 percent for $200 a month from age 50 to 65?
The $200 a month would reach $49,218 by age 65. That is $6,531 less than the $55,749 shown at 5.5 percent.
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This page is for education only and is not financial or tax advice.