Can I retire at age 56 with 498,000?

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 $498,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$41,124$40,758$40,401$40,052$39,711$39,428
2 years$20,359$19,979$19,612$19,256$18,910$18,624
3 years$13,438$13,057$12,690$12,337$11,997$11,718
4 years$9,978$9,598$9,235$8,888$8,557$8,286
5 years$7,902$7,525$7,167$6,827$6,505$6,243
6 years$6,519$6,145$5,792$5,460$5,147$4,895
7 years$5,532$5,160$4,813$4,489$4,186$3,944
8 years$4,791$4,423$4,082$3,765$3,473$3,241
9 years$4,216$3,851$3,516$3,207$2,924$2,703
10 years$3,756$3,395$3,065$2,765$2,492$2,280
11 years$3,380$3,022$2,698$2,406$2,143$1,940
12 years$3,066$2,713$2,395$2,111$1,857$1,664
13 years$2,801$2,451$2,140$1,863$1,619$1,435
14 years$2,574$2,228$1,922$1,654$1,420$1,244
15 years$2,378$2,036$1,736$1,475$1,250$1,083
16 years$2,206$1,868$1,574$1,321$1,105$947
17 years$2,055$1,720$1,432$1,187$979$830
18 years$1,921$1,589$1,307$1,069$871$729
19 years$1,800$1,473$1,197$966$776$642
20 years$1,693$1,369$1,098$875$693$567
21 years$1,595$1,275$1,010$794$620$501
22 years$1,506$1,190$931$722$556$443
23 years$1,426$1,113$860$658$499$393
24 years$1,352$1,043$795$600$449$349
25 years$1,284$979$736$548$404$310
26 years$1,221$920$683$501$364$275
27 years$1,164$866$634$459$328$245
28 years$1,110$816$590$420$296$218
29 years$1,060$770$549$385$267$194
30 years$1,014$727$511$354$241$173
31 years$970$687$476$325$218$154
32 years$930$650$445$298$197$138
33 years$892$616$415$274$179$123
34 years$856$583$388$252$162$110
35 years$823$553$363$232$147$98
36 years$791$525$339$214$133$88
37 years$761$499$317$197$120$78
38 years$733$474$297$182$109$70
39 years$706$451$279$168$99$62
40 years$681$429$261$155$90$56
41 years$657$408$245$143$81$50
42 years$634$389$230$132$74$45
43 years$612$370$215$122$67$40
44 years$592$353$202$112$61$36
45 years$572$337$190$104$55$32
46 years$553$321$178$96$50$29
47 years$535$307$168$88$46$26
48 years$518$293$157$82$41$23
49 years$502$279$148$76$38$20
50 years$486$267$139$70$34$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $498,000, adding $6,994 every year, while hoping to spend $24,711 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: 39/33/28 Blend
55$498,000$498,000$498,000$498,000
56$556,010$529,616$521,897$572,855
57$586,431$529,275$513,089$585,451
58$619,126$528,089$503,157$596,272
59$654,303$525,991$492,037$607,502
60$692,185$522,908$479,665$619,193
61$733,023$518,766$465,968$631,406
62$777,089$513,483$450,876$644,210
63$824,683$506,974$434,310$657,681
64$876,133$499,148$416,193$671,906
65$931,802$489,910$396,439$686,985
66$992,088$479,158$374,962$703,027
67$1,057,428$466,784$351,670$720,157
68$1,128,304$452,674$326,469$738,514
69$1,205,244$436,708$299,259$758,257
70$1,288,831$418,759$269,935$779,560
71$1,379,703$398,690$238,390$802,620
72$1,478,566$376,359$204,510$827,659
73$1,586,195$351,615$168,176$854,921
74$1,703,441$324,299$129,264$884,684
75$1,831,243$294,240$87,645$917,253
76$1,970,634$261,262$43,185$952,973
77$2,122,749$225,174$0$992,226
78$2,288,840$185,779$0$1,036,710
79$2,470,284$142,864$0$1,099,479
80$2,668,597$96,208$0$1,168,192
81$2,885,447$45,576$0$1,243,484
82$3,122,673$0$0$1,326,058
83$3,382,297$0$0$1,420,064
84$3,666,548$0$0$1,541,172
85$3,977,879$0$0$1,673,885
86$4,318,993$0$0$1,819,363
87$4,692,864$0$0$1,978,885
88$5,102,770$0$0$2,153,856
89$5,552,320$0$0$2,345,829
90$6,045,490$0$0$2,556,509
91$6,586,658$0$0$2,787,779
92$7,180,649$0$0$3,041,708
93$7,832,774$0$0$3,320,580
94$8,548,886$0$0$3,626,909
95$9,335,433$0$0$3,963,463
96$10,199,516$0$0$4,333,294
97$11,148,959$0$0$4,739,763
98$12,192,382$0$0$5,186,572
99$13,339,281$0$0$5,677,802
100$14,600,116$0$0$6,217,946