Can I retire at age 56 with 508,000?

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 $508,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.5%
1 years$41,950$41,576$41,212$40,856$40,509$39,920
2 years$20,767$20,381$20,006$19,642$19,290$18,698
3 years$13,707$13,319$12,945$12,585$12,238$11,661
4 years$10,178$9,791$9,421$9,067$8,728$8,171
5 years$8,061$7,676$7,311$6,964$6,635$6,099
6 years$6,650$6,268$5,908$5,569$5,250$4,736
7 years$5,643$5,264$4,910$4,579$4,270$3,778
8 years$4,888$4,512$4,164$3,841$3,542$3,072
9 years$4,301$3,929$3,586$3,272$2,983$2,535
10 years$3,831$3,463$3,127$2,820$2,542$2,115
11 years$3,447$3,083$2,753$2,454$2,186$1,781
12 years$3,128$2,767$2,443$2,153$1,894$1,509
13 years$2,858$2,501$2,183$1,901$1,652$1,287
14 years$2,626$2,273$1,961$1,687$1,448$1,103
15 years$2,426$2,076$1,771$1,505$1,275$948
16 years$2,251$1,905$1,605$1,347$1,127$818
17 years$2,096$1,754$1,461$1,211$999$708
18 years$1,959$1,621$1,333$1,091$888$614
19 years$1,837$1,503$1,221$986$792$534
20 years$1,727$1,396$1,120$893$707$465
21 years$1,627$1,301$1,030$810$633$406
22 years$1,537$1,214$950$737$567$354
23 years$1,454$1,135$877$671$509$310
24 years$1,379$1,064$811$612$458$271
25 years$1,310$998$751$559$412$237
26 years$1,246$938$697$511$371$208
27 years$1,187$883$647$468$335$182
28 years$1,132$832$601$429$302$160
29 years$1,081$785$560$393$273$141
30 years$1,034$741$521$361$246$123
31 years$990$701$486$331$223$108
32 years$949$663$453$304$201$95
33 years$910$628$423$280$182$84
34 years$873$595$396$258$165$74
35 years$839$564$370$237$149$65
36 years$807$536$346$218$135$57
37 years$776$509$324$201$123$50
38 years$748$484$303$185$111$44
39 years$720$460$284$171$101$39
40 years$695$438$266$158$92$34
41 years$670$416$250$146$83$30
42 years$647$397$234$134$75$27
43 years$625$378$220$124$68$23
44 years$604$360$206$114$62$21
45 years$584$344$194$106$56$18
46 years$564$328$182$98$51$16
47 years$546$313$171$90$46$14
48 years$529$299$161$83$42$12
49 years$512$285$151$77$38$11
50 years$496$272$142$71$35$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $508,000, adding $3,417 every year, while hoping to spend $32,951 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: 58/29/13 Blend
55$508,000$508,000$508,000$508,000
56$563,341$536,417$528,543$593,986
57$585,742$527,641$511,189$606,302
58$609,323$517,332$492,150$615,766
59$634,171$505,378$471,334$625,303
60$660,379$491,663$448,645$634,925
61$688,047$476,065$423,985$644,645
62$717,287$458,451$397,248$654,481
63$748,220$438,685$368,325$664,454
64$780,978$416,620$337,104$674,588
65$815,706$392,102$303,464$684,912
66$852,560$364,967$267,283$695,462
67$891,713$335,043$228,429$706,277
68$933,354$302,146$186,767$717,404
69$977,689$266,084$142,157$728,898
70$1,024,944$226,653$94,449$740,821
71$1,075,365$183,636$43,491$753,245
72$1,129,226$136,807$0$766,252
73$1,186,821$85,925$0$781,447
74$1,248,477$30,736$0$803,963
75$1,314,551$0$0$827,908
76$1,385,434$0$0$862,709
77$1,461,557$0$0$910,645
78$1,543,391$0$0$962,209
79$1,631,453$0$0$1,017,730
80$1,726,313$0$0$1,077,573
81$1,828,595$0$0$1,142,134
82$1,938,985$0$0$1,211,852
83$2,058,236$0$0$1,287,207
84$2,187,178$0$0$1,368,729
85$2,326,720$0$0$1,456,998
86$2,477,864$0$0$1,552,654
87$2,641,710$0$0$1,656,398
88$2,819,468$0$0$1,769,003
89$3,012,468$0$0$1,891,319
90$3,222,175$0$0$2,024,280
91$3,450,200$0$0$2,168,915
92$3,698,312$0$0$2,326,355
93$3,968,462$0$0$2,497,844
94$4,262,794$0$0$2,684,753
95$4,583,670$0$0$2,888,588
96$4,933,685$0$0$3,111,009
97$5,315,700$0$0$3,353,842
98$5,732,863$0$0$3,619,098
99$6,188,637$0$0$3,908,989
100$6,686,838$0$0$4,225,953