Can I retire at age 56 with 297,000?

Use the below retirement simulation to view the chances of a successful retirement.
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $297,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$24,526$24,308$24,094$23,886$23,683$22,870
2 years$12,142$11,915$11,696$11,484$11,278$10,467
3 years$8,014$7,787$7,568$7,358$7,155$6,372
4 years$5,951$5,724$5,508$5,301$5,103$4,354
5 years$4,713$4,488$4,274$4,072$3,879$3,165
6 years$3,888$3,665$3,454$3,256$3,070$2,392
7 years$3,299$3,078$2,870$2,677$2,496$1,855
8 years$2,858$2,638$2,434$2,246$2,071$1,465
9 years$2,514$2,297$2,097$1,913$1,744$1,173
10 years$2,240$2,025$1,828$1,649$1,486$949
11 years$2,015$1,802$1,609$1,435$1,278$773
12 years$1,829$1,618$1,428$1,259$1,108$635
13 years$1,671$1,462$1,276$1,111$966$523
14 years$1,535$1,329$1,147$986$847$433
15 years$1,418$1,214$1,035$880$745$360
16 years$1,316$1,114$939$788$659$300
17 years$1,226$1,026$854$708$584$250
18 years$1,145$948$780$638$519$209
19 years$1,074$878$714$576$463$175
20 years$1,009$816$655$522$413$147
21 years$951$760$602$474$370$123
22 years$898$710$555$431$332$104
23 years$850$664$513$392$298$87
24 years$806$622$474$358$268$73
25 years$766$584$439$327$241$62
26 years$728$549$407$299$217$52
27 years$694$516$378$273$196$44
28 years$662$486$352$251$176$37
29 years$632$459$327$230$159$31
30 years$605$433$305$211$144$26
31 years$579$410$284$194$130$22
32 years$555$388$265$178$118$19
33 years$532$367$248$164$107$16
34 years$511$348$231$151$96$13
35 years$491$330$216$139$87$11
36 years$472$313$202$128$79$9
37 years$454$298$189$118$72$8
38 years$437$283$177$108$65$7
39 years$421$269$166$100$59$6
40 years$406$256$156$92$54$5
41 years$392$243$146$85$49$4
42 years$378$232$137$79$44$3
43 years$365$221$128$72$40$3
44 years$353$211$121$67$36$2
45 years$341$201$113$62$33$2
46 years$330$192$106$57$30$2
47 years$319$183$100$53$27$1
48 years$309$175$94$49$25$1
49 years$299$167$88$45$22$1
50 years$290$159$83$42$20$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $297,000, adding $6,293 every year, while hoping to spend $20,484 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 56/34/10 Blend
55$297,000$297,000$297,000$297,000
56$333,785$318,044$313,441$351,313
57$346,037$311,834$302,146$357,672
58$358,851$304,632$289,787$361,788
59$372,264$296,370$276,305$365,780
60$386,315$286,972$261,641$369,640
61$401,046$276,360$245,733$373,359
62$416,502$264,451$228,514$376,931
63$432,733$251,156$209,917$380,345
64$449,792$236,384$189,870$383,596
65$467,738$220,034$168,298$386,676
66$486,636$202,004$145,124$389,580
67$506,553$182,182$120,266$392,303
68$527,565$160,453$93,639$394,840
69$549,755$136,694$65,154$397,191
70$573,212$110,774$34,719$399,353
71$598,035$82,557$2,237$401,330
72$624,329$51,897$0$403,125
73$652,213$18,642$0$408,204
74$681,813$0$0$413,597
75$713,269$0$0$425,589
76$746,733$0$0$445,781
77$782,374$0$0$467,302
78$820,373$0$0$490,263
79$860,931$0$0$514,788
80$904,268$0$0$541,012
81$950,624$0$0$569,083
82$1,000,264$0$0$599,163
83$1,053,476$0$0$631,431
84$1,110,577$0$0$666,081
85$1,171,918$0$0$703,327
86$1,237,878$0$0$743,407
87$1,308,879$0$0$786,577
88$1,385,382$0$0$833,121
89$1,467,892$0$0$883,353
90$1,556,966$0$0$937,613
91$1,653,215$0$0$996,279
92$1,757,311$0$0$1,059,764
93$1,869,992$0$0$1,128,523
94$1,992,069$0$0$1,203,056
95$2,124,435$0$0$1,283,914
96$2,268,072$0$0$1,371,701
97$2,424,059$0$0$1,467,083
98$2,593,582$0$0$1,570,790
99$2,777,949$0$0$1,683,629
100$2,978,595$0$0$1,806,484