Can I retire at age 56 with 514,000?

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 $514,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$42,446$42,068$41,699$41,339$40,987$40,627
2 years$21,013$20,621$20,242$19,874$19,518$19,155
3 years$13,869$13,476$13,098$12,734$12,383$12,028
4 years$10,298$9,906$9,532$9,174$8,832$8,488
5 years$8,156$7,767$7,397$7,046$6,714$6,382
6 years$6,729$6,342$5,978$5,635$5,312$4,994
7 years$5,709$5,326$4,968$4,633$4,320$4,014
8 years$4,945$4,566$4,213$3,886$3,584$3,291
9 years$4,351$3,975$3,629$3,310$3,018$2,738
10 years$3,876$3,504$3,164$2,854$2,572$2,304
11 years$3,488$3,119$2,785$2,483$2,212$1,956
12 years$3,165$2,800$2,472$2,178$1,917$1,673
13 years$2,891$2,530$2,208$1,923$1,671$1,440
14 years$2,657$2,300$1,984$1,707$1,465$1,245
15 years$2,454$2,101$1,791$1,522$1,290$1,081
16 years$2,277$1,928$1,624$1,363$1,140$942
17 years$2,121$1,775$1,478$1,225$1,011$823
18 years$1,982$1,640$1,349$1,104$899$721
19 years$1,858$1,520$1,235$997$801$633
20 years$1,747$1,413$1,134$903$716$557
21 years$1,646$1,316$1,043$820$640$491
22 years$1,555$1,228$961$745$574$433
23 years$1,472$1,149$887$679$515$383
24 years$1,395$1,076$821$619$463$339
25 years$1,325$1,010$760$565$417$300
26 years$1,261$949$705$517$375$266
27 years$1,201$893$655$473$338$236
28 years$1,146$842$608$434$305$209
29 years$1,094$794$566$398$276$186
30 years$1,046$750$527$365$249$165
31 years$1,002$709$492$335$225$147
32 years$960$671$459$308$204$130
33 years$920$635$428$283$184$116
34 years$884$602$400$261$167$103
35 years$849$571$374$240$151$92
36 years$816$542$350$221$137$82
37 years$786$515$328$204$124$73
38 years$756$489$307$188$113$65
39 years$729$465$287$173$102$58
40 years$703$443$269$160$93$52
41 years$678$421$253$147$84$46
42 years$654$401$237$136$76$41
43 years$632$382$222$125$69$36
44 years$611$364$209$116$63$32
45 years$590$348$196$107$57$29
46 years$571$332$184$99$52$26
47 years$553$316$173$91$47$23
48 years$535$302$163$84$43$21
49 years$518$288$153$78$39$18
50 years$502$276$144$72$35$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $514,000, adding $6,107 every year, while hoping to spend $46,408 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: 50/33/17 Blend
55$514,000$514,000$514,000$514,000
56$572,727$545,485$537,518$598,384
57$581,768$522,836$506,147$594,070
58$590,175$497,522$472,170$584,083
59$597,835$469,363$435,450$572,221
60$604,622$438,170$395,846$558,325
61$610,394$403,740$353,207$542,220
62$614,994$365,863$307,379$523,719
63$618,246$324,314$258,199$502,620
64$619,957$278,855$205,499$478,703
65$619,910$229,236$149,100$451,733
66$617,865$175,193$88,819$421,451
67$613,555$116,445$24,462$387,582
68$606,684$52,697$0$349,825
69$596,925$0$0$315,875
70$583,913$0$0$288,556
71$567,247$0$0$278,328
72$546,480$0$0$265,807
73$521,117$0$0$250,720
74$490,613$0$0$232,765
75$454,362$0$0$211,608
76$411,695$0$0$186,878
77$361,873$0$0$158,167
78$304,076$0$0$125,022
79$237,401$0$0$86,945
80$160,848$0$0$43,382
81$73,312$0$0$0
82$0$0$0$0
83$0$0$0$0
84$0$0$0$0
85$0$0$0$0
86$0$0$0$0
87$0$0$0$0
88$0$0$0$0
89$0$0$0$0
90$0$0$0$0
91$0$0$0$0
92$0$0$0$0
93$0$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0