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%15%
1 years$49,382$48,942$48,513$48,094$47,685$46,703
2 years$24,447$23,991$23,550$23,122$22,707$21,723
3 years$16,136$15,679$15,238$14,815$14,406$13,450
4 years$11,981$11,525$11,090$10,673$10,275$9,353
5 years$9,489$9,036$8,606$8,198$7,811$6,927
6 years$7,828$7,379$6,955$6,556$6,180$5,335
7 years$6,643$6,197$5,780$5,390$5,026$4,220
8 years$5,754$5,312$4,902$4,522$4,170$3,402
9 years$5,062$4,625$4,222$3,851$3,512$2,782
10 years$4,510$4,076$3,681$3,320$2,992$2,300
11 years$4,058$3,629$3,240$2,889$2,573$1,918
12 years$3,682$3,257$2,876$2,534$2,230$1,610
13 years$3,364$2,944$2,569$2,237$1,945$1,360
14 years$3,091$2,676$2,308$1,986$1,705$1,153
15 years$2,856$2,444$2,084$1,771$1,501$982
16 years$2,649$2,243$1,890$1,586$1,326$838
17 years$2,468$2,065$1,720$1,425$1,176$718
18 years$2,306$1,908$1,570$1,284$1,046$616
19 years$2,162$1,769$1,437$1,160$932$529
20 years$2,032$1,644$1,319$1,051$833$456
21 years$1,915$1,531$1,213$954$745$393
22 years$1,809$1,429$1,118$867$668$339
23 years$1,712$1,337$1,032$790$599$293
24 years$1,623$1,252$955$720$539$254
25 years$1,542$1,175$884$658$485$219
26 years$1,467$1,105$820$602$437$190
27 years$1,397$1,039$762$551$394$165
28 years$1,333$979$708$504$355$143
29 years$1,273$924$659$463$321$124
30 years$1,217$873$614$425$290$107
31 years$1,165$825$572$390$262$93
32 years$1,117$781$534$358$237$81
33 years$1,071$739$498$330$215$70
34 years$1,028$701$466$303$194$61
35 years$988$665$435$279$176$53
36 years$950$631$407$257$159$46
37 years$914$599$381$237$144$40
38 years$880$569$357$218$131$35
39 years$848$541$334$201$119$30
40 years$818$515$313$186$108$26
41 years$789$490$294$171$98$23
42 years$761$467$276$158$89$20
43 years$735$445$259$146$80$17
44 years$711$424$243$135$73$15
45 years$687$404$228$124$66$13
46 years$664$386$214$115$60$11
47 years$643$368$201$106$55$10
48 years$622$351$189$98$50$9
49 years$603$336$178$91$45$7
50 years$584$321$167$84$41$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $598,000, adding $6,540 every year, while hoping to spend $22,378 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: 57/31/12 Blend
55$598,000$598,000$598,000$598,000
56$665,742$634,048$624,779$701,329
57$709,838$641,306$621,899$733,393
58$757,681$648,170$618,173$765,274
59$809,631$654,597$613,548$799,482
60$866,082$660,541$607,970$836,243
61$927,467$665,952$601,382$875,809
62$994,265$670,780$593,724$918,453
63$1,067,000$674,968$584,935$964,480
64$1,146,251$678,459$574,947$1,014,227
65$1,232,653$681,188$563,692$1,068,064
66$1,326,908$683,090$551,100$1,126,400
67$1,429,785$684,094$537,094$1,189,687
68$1,542,132$684,124$521,596$1,258,424
69$1,664,884$683,101$504,524$1,333,161
70$1,799,069$680,939$485,792$1,414,506
71$1,945,818$677,549$465,310$1,503,129
72$2,106,377$672,835$442,984$1,599,771
73$2,282,120$666,696$418,716$1,705,248
74$2,474,556$659,024$392,403$1,820,462
75$2,685,350$649,705$363,938$1,946,407
76$2,916,334$638,619$333,208$2,084,183
77$3,169,527$625,638$300,097$2,235,000
78$3,447,150$610,626$264,482$2,400,196
79$3,751,653$593,440$226,235$2,581,245
80$4,085,731$573,928$185,224$2,779,776
81$4,452,354$551,929$141,307$2,997,585
82$4,854,794$527,274$94,341$3,236,654
83$5,296,655$499,782$44,173$3,499,168
84$5,781,905$469,262$0$3,787,540
85$6,314,918$435,515$0$4,105,630
86$6,900,511$398,327$0$4,461,288
87$7,543,991$357,473$0$4,852,112
88$8,251,205$312,715$0$5,281,697
89$9,028,592$263,803$0$5,754,008
90$9,883,249$210,470$0$6,273,415
91$10,822,995$152,437$0$6,844,737
92$11,856,441$89,407$0$7,473,289
93$12,993,079$21,069$0$8,164,930
94$14,243,362$0$0$8,926,119
95$15,618,812$0$0$9,782,028
96$17,132,120$0$0$10,731,692
97$18,797,272$0$0$11,776,705
98$20,629,676$0$0$12,926,747
99$22,646,310$0$0$14,192,481
100$24,865,882$0$0$15,585,657