Can I retire at age 56 with 590,000?

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 $590,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.6%
1 years$48,722$48,288$47,864$47,451$47,047$46,344
2 years$24,120$23,670$23,235$22,813$22,404$21,697
3 years$15,920$15,469$15,035$14,616$14,214$13,525
4 years$11,821$11,371$10,941$10,530$10,137$9,473
5 years$9,362$8,915$8,491$8,088$7,706$7,067
6 years$7,724$7,280$6,862$6,468$6,098$5,485
7 years$6,554$6,114$5,702$5,318$4,959$4,373
8 years$5,677$5,241$4,836$4,461$4,114$3,554
9 years$4,995$4,563$4,165$3,800$3,465$2,931
10 years$4,450$4,022$3,631$3,276$2,952$2,444
11 years$4,004$3,580$3,197$2,851$2,539$2,056
12 years$3,633$3,214$2,837$2,500$2,200$1,742
13 years$3,319$2,904$2,535$2,208$1,919$1,484
14 years$3,050$2,640$2,278$1,960$1,682$1,271
15 years$2,817$2,412$2,056$1,748$1,481$1,092
16 years$2,614$2,213$1,864$1,565$1,309$942
17 years$2,435$2,038$1,697$1,406$1,160$814
18 years$2,275$1,883$1,549$1,267$1,032$706
19 years$2,133$1,745$1,418$1,145$920$613
20 years$2,005$1,622$1,301$1,037$821$534
21 years$1,890$1,510$1,197$941$735$465
22 years$1,785$1,410$1,103$856$659$406
23 years$1,689$1,319$1,018$779$591$354
24 years$1,602$1,236$942$711$532$310
25 years$1,521$1,159$872$649$478$271
26 years$1,447$1,090$809$593$431$238
27 years$1,378$1,026$751$543$389$208
28 years$1,315$966$698$498$351$183
29 years$1,256$912$650$456$317$160
30 years$1,201$861$605$419$286$141
31 years$1,150$814$564$385$259$123
32 years$1,102$770$527$354$234$108
33 years$1,057$729$492$325$212$95
34 years$1,014$691$459$299$192$84
35 years$975$656$430$275$174$74
36 years$937$622$402$254$157$65
37 years$902$591$376$234$143$57
38 years$868$562$352$215$129$50
39 years$837$534$330$199$117$44
40 years$807$508$309$183$106$39
41 years$778$484$290$169$96$34
42 years$751$461$272$156$88$30
43 years$725$439$255$144$79$26
44 years$701$418$240$133$72$23
45 years$678$399$225$123$65$20
46 years$655$381$211$113$59$18
47 years$634$363$199$105$54$16
48 years$614$347$187$97$49$14
49 years$595$331$175$89$45$12
50 years$576$316$165$83$40$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $590,000, adding $4,349 every year, while hoping to spend $30,415 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: 60/20/20 Blend
55$590,000$590,000$590,000$590,000
56$654,666$623,396$614,251$690,271
57$689,081$621,581$602,467$713,072
58$725,986$618,658$589,269$734,212
59$765,605$614,540$574,577$756,589
60$808,179$609,136$558,309$780,327
61$853,978$602,348$540,377$805,565
62$903,294$594,073$520,690$832,457
63$956,450$584,203$499,153$861,174
64$1,013,800$572,621$475,666$891,905
65$1,075,734$559,205$450,127$924,860
66$1,142,677$543,825$422,425$960,272
67$1,215,102$526,344$392,448$998,400
68$1,293,524$506,616$360,077$1,039,531
69$1,378,511$484,488$325,187$1,083,982
70$1,470,688$459,797$287,649$1,132,104
71$1,570,741$432,370$247,329$1,184,290
72$1,679,426$402,025$204,084$1,240,970
73$1,797,574$368,571$157,767$1,302,623
74$1,926,099$331,803$108,224$1,369,779
75$2,066,005$291,506$55,294$1,443,024
76$2,218,401$247,453$0$1,523,009
77$2,384,504$199,404$0$1,610,706
78$2,565,654$147,105$0$1,719,266
79$2,763,325$90,288$0$1,837,794
80$2,979,143$28,670$0$1,967,305
81$3,214,893$0$0$2,108,917
82$3,472,544$0$0$2,272,240
83$3,754,262$0$0$2,457,762
84$4,062,433$0$0$2,660,750
85$4,399,681$0$0$2,882,941
86$4,768,900$0$0$3,126,245
87$5,173,273$0$0$3,392,768
88$5,616,307$0$0$3,684,827
89$6,101,865$0$0$4,004,974
90$6,634,200$0$0$4,356,022
91$7,217,996$0$0$4,741,067
92$7,858,413$0$0$5,163,519
93$8,561,134$0$0$5,627,136
94$9,332,420$0$0$6,136,055
95$10,179,165$0$0$6,694,835
96$11,108,966$0$0$7,308,497
97$12,130,189$0$0$7,982,572
98$13,252,053$0$0$8,723,154
99$14,484,711$0$0$9,536,956
100$15,839,350$0$0$10,431,373