Can I retire at age 56 with 583,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
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 $583,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$48,144$47,715$47,296$46,888$46,489$45,384
2 years$23,833$23,390$22,959$22,542$22,138$21,030
3 years$15,731$15,285$14,856$14,443$14,045$12,971
4 years$11,681$11,236$10,812$10,405$10,017$8,984
5 years$9,251$8,809$8,390$7,992$7,615$6,625
6 years$7,632$7,194$6,781$6,392$6,025$5,081
7 years$6,476$6,041$5,635$5,255$4,900$4,001
8 years$5,609$5,178$4,779$4,408$4,065$3,211
9 years$4,935$4,509$4,116$3,755$3,423$2,613
10 years$4,397$3,974$3,588$3,237$2,917$2,149
11 years$3,956$3,538$3,159$2,817$2,509$1,783
12 years$3,590$3,176$2,804$2,471$2,174$1,489
13 years$3,279$2,870$2,505$2,181$1,896$1,251
14 years$3,014$2,609$2,251$1,936$1,662$1,055
15 years$2,784$2,383$2,032$1,727$1,463$893
16 years$2,583$2,186$1,842$1,546$1,293$758
17 years$2,406$2,013$1,676$1,389$1,147$646
18 years$2,248$1,861$1,530$1,252$1,020$551
19 years$2,108$1,724$1,401$1,131$909$471
20 years$1,981$1,602$1,286$1,025$812$403
21 years$1,867$1,493$1,183$930$726$345
22 years$1,764$1,393$1,090$845$651$296
23 years$1,669$1,303$1,006$770$584$254
24 years$1,583$1,221$931$702$525$219
25 years$1,503$1,146$862$641$473$188
26 years$1,430$1,077$800$586$426$162
27 years$1,362$1,013$742$537$384$139
28 years$1,299$955$690$492$346$120
29 years$1,241$901$642$451$313$103
30 years$1,187$851$598$414$283$89
31 years$1,136$804$558$380$256$77
32 years$1,089$761$520$349$231$66
33 years$1,044$721$486$321$209$57
34 years$1,002$683$454$296$189$49
35 years$963$648$424$272$172$42
36 years$926$615$397$251$155$37
37 years$891$584$372$231$141$32
38 years$858$555$348$213$128$27
39 years$827$528$326$196$116$24
40 years$797$502$306$181$105$20
41 years$769$478$287$167$95$18
42 years$742$455$269$154$86$15
43 years$717$434$252$142$78$13
44 years$693$413$237$131$71$11
45 years$670$394$222$121$65$10
46 years$648$376$209$112$59$8
47 years$627$359$196$104$53$7
48 years$607$343$184$96$48$6
49 years$588$327$173$88$44$5
50 years$569$313$163$82$40$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $583,000, adding $3,732 every year, while hoping to spend $39,130 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: 36/50/14 Blend
55$583,000$583,000$583,000$583,000
56$646,316$615,417$606,380$666,676
57$670,606$603,938$585,060$670,205
58$696,062$590,585$561,714$670,009
59$722,762$575,226$536,233$668,947
60$750,790$557,718$508,503$666,964
61$780,238$537,913$478,405$663,998
62$811,204$515,653$445,814$659,990
63$843,798$490,771$410,599$654,876
64$878,136$463,090$372,626$648,590
65$914,348$432,423$331,750$641,064
66$952,572$398,573$287,825$632,229
67$992,962$361,330$240,694$622,013
68$1,035,683$320,474$190,196$610,344
69$1,080,917$275,772$136,162$597,146
70$1,128,862$226,976$78,415$582,343
71$1,179,734$173,826$16,770$565,859
72$1,233,771$116,048$0$547,614
73$1,291,231$53,350$0$534,852
74$1,352,399$0$0$523,322
75$1,417,583$0$0$518,489
76$1,487,124$0$0$544,694
77$1,561,395$0$0$572,733
78$1,640,802$0$0$602,764
79$1,725,793$0$0$634,964
80$1,816,859$0$0$669,527
81$1,914,537$0$0$706,663
82$2,019,418$0$0$746,605
83$2,132,148$0$0$789,610
84$2,253,440$0$0$835,957
85$2,384,074$0$0$885,954
86$2,524,907$0$0$939,940
87$2,676,881$0$0$998,286
88$2,841,031$0$0$1,061,402
89$3,018,495$0$0$1,129,736
90$3,210,521$0$0$1,203,782
91$3,418,485$0$0$1,284,084
92$3,643,897$0$0$1,371,238
93$3,888,417$0$0$1,465,901
94$4,153,873$0$0$1,568,797
95$4,442,274$0$0$1,680,719
96$4,755,830$0$0$1,802,542
97$5,096,973$0$0$1,935,228
98$5,468,377$0$0$2,079,836
99$5,872,988$0$0$2,237,531
100$6,314,044$0$0$2,409,596