Can I retire at age 56 with 556,000?

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 $556,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$45,914$45,505$45,106$44,717$44,336$43,656
2 years$22,730$22,306$21,896$21,498$21,112$20,428
3 years$15,003$14,577$14,168$13,774$13,395$12,728
4 years$11,140$10,716$10,311$9,924$9,553$8,910
5 years$8,823$8,401$8,002$7,622$7,262$6,644
6 years$7,279$6,860$6,467$6,096$5,746$5,153
7 years$6,176$5,761$5,374$5,011$4,673$4,106
8 years$5,349$4,939$4,557$4,204$3,877$3,335
9 years$4,707$4,300$3,925$3,581$3,265$2,749
10 years$4,193$3,790$3,422$3,087$2,782$2,291
11 years$3,773$3,374$3,013$2,686$2,393$1,926
12 years$3,423$3,028$2,674$2,356$2,073$1,631
13 years$3,128$2,737$2,389$2,080$1,808$1,388
14 years$2,874$2,488$2,146$1,847$1,585$1,188
15 years$2,655$2,273$1,938$1,647$1,395$1,020
16 years$2,463$2,085$1,757$1,475$1,233$879
17 years$2,294$1,920$1,599$1,325$1,094$760
18 years$2,144$1,774$1,459$1,194$972$658
19 years$2,010$1,644$1,336$1,079$867$571
20 years$1,890$1,528$1,226$977$774$497
21 years$1,781$1,423$1,128$887$693$433
22 years$1,682$1,329$1,039$806$621$377
23 years$1,592$1,243$960$734$557$329
24 years$1,509$1,164$888$670$501$288
25 years$1,433$1,093$822$612$451$252
26 years$1,364$1,027$762$559$406$220
27 years$1,299$966$708$512$366$193
28 years$1,239$911$658$469$330$169
29 years$1,184$859$613$430$298$148
30 years$1,132$811$571$395$270$130
31 years$1,083$767$532$363$244$114
32 years$1,038$726$496$333$220$100
33 years$996$687$463$306$199$88
34 years$956$651$433$282$181$77
35 years$918$618$405$260$164$68
36 years$883$586$379$239$148$59
37 years$850$557$354$220$134$52
38 years$818$529$332$203$122$46
39 years$788$503$311$187$110$40
40 years$760$479$291$173$100$35
41 years$733$456$273$159$91$31
42 years$708$434$256$147$82$27
43 years$684$414$241$136$75$24
44 years$661$394$226$125$68$21
45 years$639$376$212$116$62$19
46 years$618$359$199$107$56$16
47 years$598$342$187$99$51$14
48 years$579$327$176$91$46$13
49 years$560$312$165$84$42$11
50 years$543$298$155$78$38$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $556,000, adding $2,046 every year, while hoping to spend $42,949 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: 67/9/24 Blend
55$556,000$556,000$556,000$556,000
56$614,822$585,354$576,736$652,095
57$631,837$568,339$550,360$660,371
58$649,147$549,051$521,660$664,328
59$666,739$527,333$490,514$667,661
60$684,593$503,019$456,793$670,307
61$702,688$475,934$420,362$672,202
62$721,000$445,892$381,082$673,274
63$739,498$412,697$338,804$673,448
64$758,149$376,142$293,377$672,640
65$776,915$336,007$244,639$670,761
66$795,749$292,060$192,424$667,716
67$814,602$244,057$136,556$663,400
68$833,415$191,740$76,854$657,701
69$852,122$134,834$13,127$650,498
70$870,648$73,051$0$641,658
71$888,910$6,086$0$645,094
72$906,813$0$0$651,099
73$924,249$0$0$662,770
74$941,100$0$0$674,593
75$957,231$0$0$685,865
76$972,491$0$0$696,474
77$986,713$0$0$706,296
78$999,709$0$0$715,191
79$1,011,270$0$0$723,004
80$1,021,162$0$0$729,563
81$1,029,125$0$0$734,674
82$1,034,871$0$0$738,123
83$1,038,077$0$0$739,672
84$1,038,386$0$0$739,057
85$1,035,400$0$0$735,983
86$1,028,680$0$0$730,123
87$1,017,736$0$0$721,117
88$1,002,026$0$0$708,563
89$980,949$0$0$692,015
90$953,838$0$0$670,982
91$919,956$0$0$644,918
92$878,486$0$0$613,218
93$828,525$0$0$575,214
94$769,071$0$0$530,166
95$699,017$0$0$477,256
96$617,141$0$0$415,579
97$522,088$0$0$344,135
98$412,362$0$0$261,818
99$286,311$0$0$167,406
100$142,107$0$0$59,549