Can I retire at age 56 with 598,000?

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 $598,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$49,382$48,942$48,513$48,094$47,685$46,012
2 years$24,447$23,991$23,550$23,122$22,707$21,039
3 years$16,136$15,679$15,238$14,815$14,406$12,795
4 years$11,981$11,525$11,090$10,673$10,275$8,734
5 years$9,489$9,036$8,606$8,198$7,811$6,343
6 years$7,828$7,379$6,955$6,556$6,180$4,788
7 years$6,643$6,197$5,780$5,390$5,026$3,708
8 years$5,754$5,312$4,902$4,522$4,170$2,926
9 years$5,062$4,625$4,222$3,851$3,512$2,339
10 years$4,510$4,076$3,681$3,320$2,992$1,890
11 years$4,058$3,629$3,240$2,889$2,573$1,539
12 years$3,682$3,257$2,876$2,534$2,230$1,261
13 years$3,364$2,944$2,569$2,237$1,945$1,038
14 years$3,091$2,676$2,308$1,986$1,705$858
15 years$2,856$2,444$2,084$1,771$1,501$712
16 years$2,649$2,243$1,890$1,586$1,326$592
17 years$2,468$2,065$1,720$1,425$1,176$493
18 years$2,306$1,908$1,570$1,284$1,046$412
19 years$2,162$1,769$1,437$1,160$932$345
20 years$2,032$1,644$1,319$1,051$833$288
21 years$1,915$1,531$1,213$954$745$242
22 years$1,809$1,429$1,118$867$668$203
23 years$1,712$1,337$1,032$790$599$170
24 years$1,623$1,252$955$720$539$143
25 years$1,542$1,175$884$658$485$120
26 years$1,467$1,105$820$602$437$101
27 years$1,397$1,039$762$551$394$85
28 years$1,333$979$708$504$355$71
29 years$1,273$924$659$463$321$60
30 years$1,217$873$614$425$290$51
31 years$1,165$825$572$390$262$43
32 years$1,117$781$534$358$237$36
33 years$1,071$739$498$330$215$30
34 years$1,028$701$466$303$194$25
35 years$988$665$435$279$176$21
36 years$950$631$407$257$159$18
37 years$914$599$381$237$144$15
38 years$880$569$357$218$131$13
39 years$848$541$334$201$119$11
40 years$818$515$313$186$108$9
41 years$789$490$294$171$98$8
42 years$761$467$276$158$89$6
43 years$735$445$259$146$80$5
44 years$711$424$243$135$73$5
45 years$687$404$228$124$66$4
46 years$664$386$214$115$60$3
47 years$643$368$201$106$55$3
48 years$622$351$189$98$50$2
49 years$603$336$178$91$45$2
50 years$584$321$167$84$41$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $598,000, adding $4,349 every year, while hoping to spend $22,883 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: 32/50/18 Blend
55$598,000$598,000$598,000$598,000
56$663,482$631,788$622,519$680,867
57$706,810$638,398$619,026$700,785
58$753,790$644,566$614,649$719,821
59$804,771$650,244$609,335$739,838
60$860,137$655,384$603,026$760,937
61$920,307$659,935$595,664$783,226
62$985,747$663,841$587,187$806,829
63$1,056,967$667,042$577,531$831,883
64$1,134,527$669,476$566,628$858,540
65$1,219,045$671,077$554,406$886,971
66$1,311,201$671,773$540,792$917,364
67$1,411,743$671,489$525,708$949,928
68$1,521,494$670,146$509,073$984,898
69$1,641,362$667,658$490,802$1,022,532
70$1,772,343$663,936$470,806$1,063,119
71$1,915,536$658,883$448,993$1,106,979
72$2,072,152$652,399$425,265$1,154,468
73$2,243,520$644,376$399,520$1,205,979
74$2,431,109$634,700$371,654$1,261,951
75$2,636,532$623,250$341,555$1,322,869
76$2,861,568$609,899$309,106$1,389,271
77$3,108,176$594,512$274,189$1,461,756
78$3,378,511$576,944$236,675$1,540,984
79$3,674,949$557,045$196,434$1,627,690
80$4,000,107$534,653$153,328$1,722,685
81$4,356,866$509,599$107,212$1,826,872
82$4,748,399$481,702$57,937$1,941,246
83$5,178,204$450,774$5,346$2,066,912
84$5,650,131$416,612$0$2,205,092
85$6,168,423$379,004$0$2,366,892
86$6,737,752$337,726$0$2,545,785
87$7,363,268$292,540$0$2,742,435
88$8,050,643$243,195$0$2,958,711
89$8,806,123$189,427$0$3,196,675
90$9,636,593$130,954$0$3,458,610
91$10,549,638$67,483$0$3,747,032
92$11,553,611$0$0$4,064,726
93$12,657,718$0$0$4,415,480
94$13,872,102$0$0$4,842,204
95$15,207,938$0$0$5,311,708
96$16,677,536$0$0$5,828,334
97$18,294,462$0$0$6,396,863
98$20,073,663$0$0$7,022,564
99$22,031,607$0$0$7,711,242
100$24,186,441$0$0$8,469,296