Can I retire at age 56 with 585,000?

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 $585,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.4%
1 years$48,309$47,878$47,459$47,049$46,649$45,065
2 years$23,915$23,470$23,038$22,620$22,214$20,634
3 years$15,785$15,338$14,907$14,493$14,093$12,568
4 years$11,721$11,275$10,849$10,441$10,051$8,591
5 years$9,283$8,840$8,419$8,020$7,641$6,250
6 years$7,658$7,218$6,804$6,413$6,046$4,725
7 years$6,498$6,062$5,654$5,273$4,917$3,666
8 years$5,628$5,196$4,795$4,423$4,079$2,897
9 years$4,952$4,524$4,130$3,768$3,435$2,321
10 years$4,412$3,988$3,601$3,248$2,927$1,879
11 years$3,970$3,550$3,170$2,827$2,517$1,533
12 years$3,602$3,186$2,813$2,479$2,181$1,258
13 years$3,291$2,880$2,513$2,189$1,902$1,038
14 years$3,024$2,617$2,258$1,943$1,668$860
15 years$2,793$2,391$2,039$1,733$1,468$715
16 years$2,592$2,194$1,849$1,552$1,298$596
17 years$2,414$2,020$1,682$1,394$1,151$498
18 years$2,256$1,867$1,536$1,256$1,023$416
19 years$2,115$1,730$1,406$1,135$912$349
20 years$1,988$1,608$1,290$1,028$814$293
21 years$1,874$1,498$1,187$933$729$246
22 years$1,770$1,398$1,094$848$653$207
23 years$1,675$1,308$1,010$773$586$174
24 years$1,588$1,225$934$705$527$146
25 years$1,508$1,150$865$644$474$123
26 years$1,435$1,080$802$588$427$104
27 years$1,367$1,017$745$539$385$88
28 years$1,304$958$693$493$348$74
29 years$1,245$904$644$453$314$62
30 years$1,191$854$600$415$284$53
31 years$1,140$807$560$381$256$44
32 years$1,092$764$522$351$232$37
33 years$1,048$723$488$322$210$32
34 years$1,006$685$456$297$190$27
35 years$966$650$426$273$172$23
36 years$929$617$398$251$156$19
37 years$894$586$373$232$141$16
38 years$861$557$349$214$128$14
39 years$830$530$327$197$116$11
40 years$800$504$307$182$105$10
41 years$772$480$288$168$96$8
42 years$745$457$270$155$87$7
43 years$719$435$253$143$79$6
44 years$695$415$238$132$71$5
45 years$672$396$223$122$65$4
46 years$650$377$210$112$59$4
47 years$629$360$197$104$53$3
48 years$609$344$185$96$49$2
49 years$590$328$174$89$44$2
50 years$571$314$163$82$40$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $585,000, adding $6,711 every year, while hoping to spend $41,947 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: 66/8/26 Blend
55$585,000$585,000$585,000$585,000
56$651,592$620,587$611,520$689,764
57$673,424$606,365$587,375$702,082
58$696,076$590,040$561,014$710,217
59$719,588$571,464$532,321$718,165
60$744,003$550,483$501,171$725,910
61$769,365$526,930$467,434$733,438
62$795,722$500,632$430,975$740,732
63$823,127$471,404$391,653$747,776
64$851,633$439,050$349,321$754,554
65$881,299$403,363$303,823$761,050
66$912,191$364,127$255,000$767,250
67$944,374$321,109$202,683$773,138
68$977,923$274,066$146,695$778,700
69$1,012,917$222,741$86,855$783,923
70$1,049,440$166,861$22,970$788,794
71$1,087,585$106,139$0$793,303
72$1,127,450$40,271$0$809,981
73$1,169,142$0$0$833,896
74$1,212,778$0$0$861,459
75$1,258,483$0$0$894,051
76$1,306,393$0$0$928,227
77$1,356,656$0$0$964,093
78$1,409,431$0$0$1,001,765
79$1,464,892$0$0$1,041,368
80$1,523,229$0$0$1,083,039
81$1,584,648$0$0$1,126,928
82$1,649,372$0$0$1,173,196
83$1,717,645$0$0$1,222,019
84$1,789,732$0$0$1,273,592
85$1,865,925$0$0$1,328,123
86$1,946,539$0$0$1,385,841
87$2,031,920$0$0$1,446,998
88$2,122,445$0$0$1,511,867
89$2,218,527$0$0$1,580,746
90$2,320,616$0$0$1,653,963
91$2,429,206$0$0$1,731,876
92$2,544,836$0$0$1,814,876
93$2,668,098$0$0$1,903,392
94$2,799,639$0$0$1,997,894
95$2,940,168$0$0$2,098,895
96$3,090,463$0$0$2,206,962
97$3,251,375$0$0$2,322,711
98$3,423,839$0$0$2,446,823
99$3,608,881$0$0$2,580,040
100$3,807,624$0$0$2,723,180