Can I retire at age 56 with 589,000?

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 $589,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$48,639$48,206$47,783$47,371$46,968$46,672
2 years$24,079$23,630$23,196$22,774$22,366$22,067
3 years$15,893$15,443$15,009$14,592$14,190$13,898
4 years$11,801$11,352$10,923$10,513$10,120$9,837
5 years$9,346$8,900$8,477$8,075$7,693$7,420
6 years$7,711$7,268$6,850$6,457$6,087$5,824
7 years$6,543$6,103$5,693$5,309$4,951$4,698
8 years$5,667$5,232$4,828$4,454$4,107$3,864
9 years$4,986$4,555$4,158$3,793$3,459$3,226
10 years$4,442$4,015$3,625$3,270$2,947$2,725
11 years$3,997$3,574$3,192$2,846$2,535$2,322
12 years$3,627$3,208$2,832$2,496$2,196$1,994
13 years$3,313$2,899$2,531$2,204$1,915$1,722
14 years$3,045$2,635$2,274$1,956$1,679$1,495
15 years$2,813$2,407$2,053$1,745$1,478$1,303
16 years$2,609$2,209$1,861$1,562$1,306$1,140
17 years$2,430$2,034$1,694$1,404$1,158$1,001
18 years$2,272$1,880$1,546$1,265$1,030$881
19 years$2,130$1,742$1,415$1,143$918$777
20 years$2,002$1,619$1,299$1,035$820$686
21 years$1,886$1,508$1,195$939$734$608
22 years$1,782$1,408$1,101$854$658$539
23 years$1,686$1,316$1,017$778$590$478
24 years$1,599$1,233$940$710$531$425
25 years$1,519$1,158$871$648$478$378
26 years$1,445$1,088$808$592$430$337
27 years$1,376$1,024$750$542$388$300
28 years$1,313$965$697$497$350$267
29 years$1,254$910$649$456$316$239
30 years$1,199$860$604$418$286$213
31 years$1,148$813$563$384$258$190
32 years$1,100$769$526$353$234$170
33 years$1,055$728$491$325$211$152
34 years$1,013$690$459$299$191$136
35 years$973$655$429$275$173$122
36 years$935$621$401$253$157$109
37 years$900$590$375$233$142$97
38 years$867$561$352$215$129$87
39 years$835$533$329$198$117$78
40 years$805$507$309$183$106$70
41 years$777$483$290$169$96$63
42 years$750$460$272$156$87$56
43 years$724$438$255$144$79$50
44 years$700$418$239$133$72$45
45 years$677$398$225$123$65$40
46 years$654$380$211$113$59$36
47 years$633$363$198$105$54$32
48 years$613$346$186$97$49$29
49 years$594$331$175$89$44$26
50 years$575$316$165$83$40$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $589,000, adding $2,595 every year, while hoping to spend $25,298 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: 56/34/10 Blend
55$589,000$589,000$589,000$589,000
56$651,755$620,538$611,408$686,514
57$691,317$624,027$604,974$713,791
58$734,066$626,840$597,475$740,466
59$780,302$628,916$588,851$768,916
60$830,351$630,191$579,037$799,312
61$884,575$630,598$567,962$831,847
62$943,370$630,066$555,557$866,733
63$1,007,171$628,517$541,746$904,203
64$1,076,459$625,871$526,451$944,516
65$1,151,762$622,042$509,591$987,959
66$1,233,658$616,938$491,079$1,034,850
67$1,322,787$610,464$470,825$1,085,537
68$1,419,850$602,516$448,738$1,140,409
69$1,525,622$592,987$424,717$1,199,893
70$1,640,952$581,760$398,662$1,264,464
71$1,766,777$568,714$370,465$1,334,643
72$1,904,127$553,720$340,014$1,411,011
73$2,054,137$536,641$307,194$1,494,206
74$2,218,055$517,332$271,881$1,584,934
75$2,397,256$495,641$233,948$1,683,977
76$2,593,254$471,405$193,264$1,792,197
77$2,807,716$444,454$149,687$1,910,547
78$3,042,476$414,605$103,075$2,040,080
79$3,299,555$381,667$53,274$2,181,960
80$3,581,178$345,437$128$2,337,471
81$3,889,797$305,703$0$2,508,032
82$4,228,111$262,236$0$2,701,248
83$4,599,091$214,798$0$2,913,220
84$5,006,012$163,137$0$3,145,864
85$5,452,480$106,986$0$3,401,310
86$5,942,467$46,063$0$3,681,909
87$6,480,349$0$0$3,990,255
88$7,070,945$0$0$4,336,667
89$7,719,564$0$0$4,736,094
90$8,432,055$0$0$5,174,910
91$9,214,860$0$0$5,657,092
92$10,075,078$0$0$6,187,017
93$11,020,527$0$0$6,769,512
94$12,059,823$0$0$7,409,890
95$13,202,456$0$0$8,114,009
96$14,458,881$0$0$8,888,320
97$15,840,621$0$0$9,739,931
98$17,360,366$0$0$10,676,673
99$19,032,101$0$0$11,707,177
100$20,871,234$0$0$12,840,948