Can I retire at age 56 with 503,000?

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 $503,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$41,537$41,167$40,806$40,454$40,110$39,840
2 years$20,563$20,180$19,809$19,449$19,100$18,828
3 years$13,572$13,188$12,818$12,461$12,118$11,852
4 years$10,078$9,694$9,328$8,978$8,643$8,385
5 years$7,982$7,601$7,239$6,896$6,570$6,321
6 years$6,585$6,206$5,850$5,514$5,199$4,959
7 years$5,587$5,212$4,861$4,534$4,228$3,998
8 years$4,839$4,468$4,123$3,803$3,507$3,287
9 years$4,258$3,890$3,551$3,240$2,954$2,742
10 years$3,793$3,429$3,096$2,793$2,517$2,315
11 years$3,413$3,053$2,726$2,430$2,164$1,971
12 years$3,097$2,740$2,419$2,132$1,876$1,691
13 years$2,829$2,476$2,161$1,882$1,636$1,460
14 years$2,600$2,251$1,942$1,671$1,434$1,267
15 years$2,402$2,056$1,753$1,490$1,262$1,104
16 years$2,228$1,886$1,589$1,334$1,116$965
17 years$2,076$1,737$1,446$1,199$989$846
18 years$1,940$1,605$1,320$1,080$880$744
19 years$1,819$1,488$1,209$976$784$656
20 years$1,710$1,382$1,109$884$700$579
21 years$1,611$1,288$1,020$802$627$512
22 years$1,522$1,202$940$729$562$454
23 years$1,440$1,124$868$664$504$403
24 years$1,365$1,053$803$606$453$357
25 years$1,297$989$744$553$408$318
26 years$1,234$929$690$506$367$283
27 years$1,175$874$641$463$331$252
28 years$1,121$824$595$424$299$224
29 years$1,071$777$554$389$270$200
30 years$1,024$734$516$357$244$178
31 years$980$694$481$328$220$159
32 years$939$657$449$301$199$142
33 years$901$622$419$277$180$127
34 years$865$589$392$255$163$113
35 years$831$559$366$235$148$101
36 years$799$531$343$216$134$91
37 years$769$504$321$199$122$81
38 years$740$479$300$184$110$72
39 years$713$455$281$169$100$65
40 years$688$433$264$156$91$58
41 years$663$412$247$144$82$52
42 years$640$393$232$133$75$46
43 years$618$374$218$123$68$42
44 years$598$357$204$113$61$37
45 years$578$340$192$105$56$33
46 years$559$324$180$97$51$30
47 years$541$310$169$89$46$27
48 years$523$296$159$83$42$24
49 years$507$282$149$76$38$21
50 years$491$270$141$71$34$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $503,000, adding $2,158 every year, while hoping to spend $33,863 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: 68/24/8 Blend
55$503,000$503,000$503,000$503,000
56$556,532$529,873$522,076$593,422
57$577,268$519,807$503,536$608,100
58$598,985$508,112$483,240$619,846
59$621,746$494,674$461,093$631,786
60$645,620$479,370$436,996$643,933
61$670,685$462,071$410,847$656,302
62$697,021$442,638$382,536$668,912
63$724,718$420,929$351,952$681,784
64$753,874$396,788$318,977$694,942
65$784,593$370,055$283,486$708,415
66$816,990$340,557$245,352$722,236
67$851,192$308,113$204,441$736,440
68$887,335$272,532$160,611$751,072
69$925,568$233,611$113,716$766,180
70$966,054$191,136$63,604$781,820
71$1,008,972$144,881$10,114$798,056
72$1,054,515$94,608$0$814,958
73$1,102,895$40,064$0$836,619
74$1,154,347$0$0$860,302
75$1,209,124$0$0$890,287
76$1,267,505$0$0$933,538
77$1,329,794$0$0$979,703
78$1,396,327$0$0$1,029,031
79$1,467,469$0$0$1,081,796
80$1,543,622$0$0$1,138,299
81$1,625,227$0$0$1,198,870
82$1,712,766$0$0$1,263,870
83$1,806,770$0$0$1,333,695
84$1,907,820$0$0$1,408,781
85$2,016,556$0$0$1,489,606
86$2,133,677$0$0$1,576,694
87$2,259,956$0$0$1,670,623
88$2,396,237$0$0$1,772,025
89$2,543,450$0$0$1,881,597
90$2,702,617$0$0$2,000,103
91$2,874,861$0$0$2,128,384
92$3,061,416$0$0$2,267,364
93$3,263,639$0$0$2,418,059
94$3,483,022$0$0$2,581,588
95$3,721,207$0$0$2,759,178
96$3,979,999$0$0$2,952,182
97$4,261,383$0$0$3,162,086
98$4,567,544$0$0$3,390,528
99$4,900,886$0$0$3,639,306
100$5,264,054$0$0$3,910,403