Can I retire at age 56 with 591,000?

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 $591,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$48,804$48,370$47,945$47,531$47,127$45,802
2 years$24,161$23,711$23,274$22,852$22,442$21,117
3 years$15,947$15,495$15,060$14,641$14,238$12,955
4 years$11,841$11,391$10,960$10,548$10,155$8,923
5 years$9,378$8,930$8,505$8,102$7,719$6,543
6 years$7,737$7,292$6,874$6,479$6,108$4,987
7 years$6,565$6,124$5,712$5,327$4,967$3,903
8 years$5,686$5,249$4,844$4,469$4,121$3,112
9 years$5,003$4,571$4,172$3,806$3,470$2,516
10 years$4,457$4,029$3,638$3,281$2,957$2,055
11 years$4,011$3,587$3,202$2,856$2,543$1,693
12 years$3,639$3,219$2,842$2,505$2,204$1,404
13 years$3,324$2,909$2,539$2,211$1,922$1,170
14 years$3,055$2,644$2,281$1,963$1,685$980
15 years$2,822$2,416$2,060$1,751$1,483$823
16 years$2,618$2,216$1,868$1,567$1,311$693
17 years$2,439$2,041$1,699$1,408$1,162$586
18 years$2,279$1,886$1,551$1,269$1,034$496
19 years$2,137$1,748$1,420$1,147$921$420
20 years$2,009$1,624$1,303$1,039$823$356
21 years$1,893$1,513$1,199$943$736$303
22 years$1,788$1,412$1,105$857$660$258
23 years$1,692$1,321$1,020$781$592$219
24 years$1,604$1,238$944$712$533$187
25 years$1,524$1,161$874$650$479$159
26 years$1,449$1,092$810$594$432$136
27 years$1,381$1,027$753$544$389$116
28 years$1,317$968$700$499$351$99
29 years$1,258$913$651$457$317$85
30 years$1,203$862$606$420$286$72
31 years$1,152$815$565$385$259$62
32 years$1,103$771$528$354$234$53
33 years$1,058$731$493$326$212$45
34 years$1,016$692$460$300$192$38
35 years$976$657$430$276$174$33
36 years$939$623$402$254$158$28
37 years$903$592$377$234$143$24
38 years$870$563$353$216$129$21
39 years$838$535$331$199$117$18
40 years$808$509$310$183$106$15
41 years$779$485$290$169$97$13
42 years$752$461$272$156$88$11
43 years$727$440$256$144$80$9
44 years$702$419$240$133$72$8
45 years$679$400$225$123$66$7
46 years$657$381$212$114$60$6
47 years$635$364$199$105$54$5
48 years$615$347$187$97$49$4
49 years$596$332$176$90$45$4
50 years$577$317$165$83$40$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $591,000, adding $2,837 every year, while hoping to spend $22,077 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: 68/18/14 Blend
55$591,000$591,000$591,000$591,000
56$654,208$622,885$613,725$696,408
57$697,448$629,917$610,795$731,903
58$744,358$636,553$607,027$767,825
59$795,289$642,751$602,369$806,550
60$850,629$648,466$596,768$848,353
61$910,801$653,649$590,168$893,535
62$976,272$658,247$582,509$942,426
63$1,047,558$662,208$573,729$995,394
64$1,125,224$665,471$563,763$1,052,841
65$1,209,892$667,974$552,545$1,115,214
66$1,302,248$669,652$540,002$1,183,003
67$1,403,047$670,434$526,061$1,256,749
68$1,513,117$670,245$510,644$1,337,048
69$1,633,375$669,006$493,670$1,424,561
70$1,764,824$666,633$475,054$1,520,011
71$1,908,575$663,037$454,707$1,624,201
72$2,065,846$658,122$432,535$1,738,012
73$2,237,980$651,787$408,443$1,862,418
74$2,426,456$643,928$382,328$1,998,493
75$2,632,904$634,429$354,085$2,147,420
76$2,859,116$623,172$323,603$2,310,505
77$3,107,067$610,029$290,766$2,489,188
78$3,378,934$594,867$255,452$2,685,056
79$3,677,112$577,542$217,537$2,899,859
80$4,004,241$557,905$176,887$3,135,528
81$4,363,226$535,795$133,366$3,394,191
82$4,757,271$511,044$86,829$3,678,194
83$5,189,901$483,474$37,127$3,990,126
84$5,665,003$452,896$0$4,332,839
85$6,186,855$419,110$0$4,711,858
86$6,760,173$381,905$0$5,134,345
87$7,390,151$341,058$0$5,598,600
88$8,082,510$296,334$0$6,108,865
89$8,843,554$247,483$0$6,669,818
90$9,680,229$194,242$0$7,286,612
91$10,600,186$136,333$0$7,964,929
92$11,611,854$73,462$0$8,711,030
93$12,724,522$5,320$0$9,531,817
94$13,948,421$0$0$10,434,895
95$15,294,828$0$0$11,442,200
96$16,776,163$0$0$12,551,651
97$18,406,115$0$0$13,772,450
98$20,199,763$0$0$15,115,897
99$22,173,724$0$0$16,594,443
100$24,346,308$0$0$18,221,808