Can I retire at age 56 with 586,000?

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 $586,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.9%
1 years$48,391$47,960$47,540$47,129$46,728$45,053
2 years$23,956$23,510$23,078$22,658$22,252$20,581
3 years$15,812$15,364$14,933$14,517$14,117$12,505
4 years$11,741$11,294$10,867$10,459$10,069$8,527
5 years$9,299$8,855$8,433$8,033$7,654$6,187
6 years$7,671$7,231$6,815$6,424$6,056$4,665
7 years$6,509$6,072$5,664$5,282$4,925$3,609
8 years$5,638$5,205$4,803$4,431$4,086$2,844
9 years$4,961$4,532$4,137$3,774$3,441$2,271
10 years$4,419$3,995$3,607$3,253$2,932$1,832
11 years$3,977$3,556$3,175$2,831$2,522$1,490
12 years$3,608$3,192$2,818$2,483$2,185$1,219
13 years$3,296$2,885$2,518$2,193$1,906$1,003
14 years$3,029$2,622$2,262$1,946$1,670$828
15 years$2,798$2,395$2,042$1,736$1,471$686
16 years$2,596$2,198$1,852$1,554$1,300$569
17 years$2,418$2,024$1,685$1,396$1,153$474
18 years$2,260$1,870$1,538$1,258$1,025$395
19 years$2,119$1,733$1,408$1,137$913$330
20 years$1,992$1,611$1,292$1,030$816$276
21 years$1,877$1,500$1,189$935$730$231
22 years$1,773$1,400$1,096$850$654$193
23 years$1,678$1,310$1,012$774$587$162
24 years$1,591$1,227$936$706$528$136
25 years$1,511$1,152$866$645$475$114
26 years$1,437$1,082$804$589$428$96
27 years$1,369$1,019$746$540$386$80
28 years$1,306$960$694$494$348$67
29 years$1,247$905$646$453$314$57
30 years$1,193$855$601$416$284$48
31 years$1,142$808$561$382$257$40
32 years$1,094$765$523$351$232$34
33 years$1,049$724$488$323$210$28
34 years$1,007$687$456$297$190$24
35 years$968$651$427$274$172$20
36 years$931$618$399$252$156$17
37 years$896$587$374$232$142$14
38 years$862$558$350$214$128$12
39 years$831$530$328$197$116$10
40 years$801$505$307$182$106$8
41 years$773$480$288$168$96$7
42 years$746$458$270$155$87$6
43 years$721$436$254$143$79$5
44 years$696$416$238$132$72$4
45 years$673$396$223$122$65$4
46 years$651$378$210$113$59$3
47 years$630$361$197$104$54$2
48 years$610$344$185$96$49$2
49 years$591$329$174$89$44$2
50 years$572$314$164$82$40$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $586,000, adding $6,864 every year, while hoping to spend $41,617 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: 38/40/22 Blend
55$586,000$586,000$586,000$586,000
56$652,852$621,794$612,711$673,140
57$675,163$607,982$588,957$674,662
58$698,355$592,098$563,012$671,902
59$722,473$573,997$534,759$668,077
60$747,567$553,525$504,076$663,117
61$773,691$530,519$470,834$656,945
62$800,899$504,807$434,899$649,483
63$829,255$476,206$396,131$640,649
64$858,822$444,523$354,385$630,355
65$889,672$409,555$309,507$618,511
66$921,881$371,086$261,339$605,023
67$955,532$328,889$209,712$589,791
68$990,713$282,721$154,454$572,713
69$1,027,521$232,329$95,384$553,680
70$1,066,059$177,444$32,310$532,581
71$1,106,441$117,783$0$509,298
72$1,148,788$53,045$0$491,927
73$1,193,234$0$0$480,753
74$1,239,923$0$0$475,624
75$1,289,010$0$0$494,807
76$1,340,667$0$0$515,022
77$1,395,078$0$0$536,345
78$1,452,445$0$0$558,861
79$1,512,989$0$0$582,659
80$1,576,949$0$0$607,839
81$1,644,586$0$0$634,508
82$1,716,186$0$0$662,785
83$1,792,060$0$0$692,798
84$1,872,549$0$0$724,688
85$1,958,026$0$0$758,609
86$2,048,898$0$0$794,730
87$2,145,610$0$0$833,236
88$2,248,649$0$0$874,330
89$2,358,551$0$0$918,232
90$2,475,900$0$0$965,185
91$2,601,336$0$0$1,015,457
92$2,735,563$0$0$1,069,339
93$2,879,352$0$0$1,127,151
94$3,033,547$0$0$1,189,246
95$3,199,076$0$0$1,256,008
96$3,376,956$0$0$1,327,863
97$3,568,304$0$0$1,405,274
98$3,774,347$0$0$1,488,754
99$3,996,432$0$0$1,578,863
100$4,236,038$0$0$1,676,218