Can I retire at age 56 with 593,000?

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 $593,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$48,969$48,533$48,108$47,692$47,287$45,446
2 years$24,242$23,791$23,353$22,929$22,517$20,686
3 years$16,001$15,548$15,111$14,691$14,286$12,520
4 years$11,881$11,429$10,997$10,584$10,189$8,503
5 years$9,410$8,961$8,534$8,129$7,745$6,143
6 years$7,763$7,317$6,897$6,501$6,129$4,611
7 years$6,587$6,145$5,731$5,345$4,984$3,551
8 years$5,705$5,267$4,861$4,484$4,135$2,785
9 years$5,020$4,586$4,186$3,819$3,482$2,213
10 years$4,472$4,042$3,650$3,292$2,967$1,777
11 years$4,024$3,599$3,213$2,865$2,552$1,437
12 years$3,651$3,230$2,852$2,513$2,211$1,170
13 years$3,336$2,919$2,548$2,219$1,928$957
14 years$3,066$2,653$2,289$1,970$1,690$786
15 years$2,832$2,424$2,067$1,756$1,488$647
16 years$2,627$2,224$1,874$1,573$1,315$534
17 years$2,447$2,048$1,705$1,413$1,166$442
18 years$2,287$1,892$1,557$1,273$1,037$366
19 years$2,144$1,754$1,425$1,151$924$304
20 years$2,015$1,630$1,308$1,042$826$252
21 years$1,899$1,518$1,203$946$739$210
22 years$1,794$1,417$1,109$860$662$175
23 years$1,698$1,325$1,024$783$594$145
24 years$1,610$1,242$947$714$534$121
25 years$1,529$1,165$877$652$481$101
26 years$1,454$1,095$813$596$433$84
27 years$1,385$1,031$755$546$390$70
28 years$1,322$971$702$500$352$59
29 years$1,262$916$653$459$318$49
30 years$1,207$865$609$421$287$41
31 years$1,155$818$567$387$260$34
32 years$1,107$774$529$355$235$28
33 years$1,062$733$494$327$213$24
34 years$1,019$695$462$301$193$20
35 years$979$659$432$277$174$17
36 years$942$625$404$255$158$14
37 years$906$594$378$235$143$12
38 years$873$565$354$216$130$10
39 years$841$537$332$200$118$8
40 years$811$511$311$184$107$7
41 years$782$486$291$170$97$6
42 years$755$463$273$157$88$5
43 years$729$441$257$145$80$4
44 years$705$421$241$134$72$3
45 years$681$401$226$123$66$3
46 years$659$383$212$114$60$2
47 years$637$365$200$105$54$2
48 years$617$348$188$97$49$2
49 years$598$333$176$90$45$1
50 years$579$318$166$83$41$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $593,000, adding $6,941 every year, while hoping to spend $36,325 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: 29/49/22 Blend
55$593,000$593,000$593,000$593,000
56$660,646$629,217$620,025$675,091
57$689,382$621,399$602,146$678,984
58$719,832$611,980$582,451$679,470
59$752,132$600,845$560,841$679,232
60$786,431$587,868$537,211$678,229
61$822,893$572,919$511,453$676,423
62$861,696$555,859$483,454$673,772
63$903,034$536,542$453,095$670,238
64$947,123$514,812$420,253$665,780
65$994,196$490,505$384,799$660,361
66$1,044,510$463,446$346,596$653,940
67$1,098,347$433,451$305,503$646,483
68$1,156,016$400,327$261,375$637,954
69$1,217,853$363,867$214,055$628,321
70$1,284,232$323,855$163,384$617,554
71$1,355,560$280,060$109,193$605,628
72$1,432,283$232,239$51,307$592,520
73$1,514,894$180,136$0$578,214
74$1,603,932$123,481$0$565,158
75$1,699,988$61,987$0$563,904
76$1,803,715$0$0$562,448
77$1,915,827$0$0$563,360
78$2,037,110$0$0$600,580
79$2,168,430$0$0$640,958
80$2,310,735$0$0$684,797
81$2,465,071$0$0$732,429
82$2,632,586$0$0$784,220
83$2,814,545$0$0$840,571
84$3,012,336$0$0$901,926
85$3,227,490$0$0$968,771
86$3,461,687$0$0$1,041,642
87$3,716,781$0$0$1,121,128
88$3,994,807$0$0$1,207,879
89$4,298,007$0$0$1,302,610
90$4,628,849$0$0$1,406,105
91$4,990,049$0$0$1,519,232
92$5,384,597$0$0$1,642,944
93$5,815,784$0$0$1,778,290
94$6,287,233$0$0$1,926,426
95$6,802,935$0$0$2,088,624
96$7,367,283$0$0$2,266,286
97$7,985,113$0$0$2,460,956
98$8,661,752$0$0$2,674,332
99$9,403,066$0$0$2,908,287
100$10,215,516$0$0$3,164,882