Can I retire at age 56 with 601,000?

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 $601,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$49,630$49,188$48,757$48,336$47,925$47,543
2 years$24,569$24,112$23,668$23,238$22,821$22,436
3 years$16,217$15,757$15,315$14,889$14,479$14,103
4 years$12,041$11,583$11,145$10,727$10,326$9,962
5 years$9,537$9,081$8,649$8,239$7,850$7,499
6 years$7,868$7,416$6,990$6,589$6,211$5,873
7 years$6,676$6,228$5,809$5,417$5,052$4,727
8 years$5,782$5,338$4,926$4,544$4,191$3,880
9 years$5,088$4,648$4,243$3,871$3,529$3,231
10 years$4,533$4,097$3,699$3,337$3,007$2,722
11 years$4,078$3,647$3,257$2,904$2,586$2,314
12 years$3,700$3,274$2,890$2,547$2,241$1,982
13 years$3,381$2,958$2,582$2,249$1,954$1,708
14 years$3,107$2,689$2,320$1,996$1,713$1,479
15 years$2,870$2,456$2,095$1,780$1,508$1,286
16 years$2,663$2,254$1,899$1,594$1,333$1,122
17 years$2,480$2,076$1,728$1,432$1,182$982
18 years$2,318$1,918$1,578$1,291$1,051$861
19 years$2,173$1,778$1,444$1,166$937$758
20 years$2,043$1,652$1,325$1,056$837$668
21 years$1,925$1,539$1,219$959$749$589
22 years$1,818$1,436$1,124$872$671$521
23 years$1,721$1,343$1,037$794$602$461
24 years$1,631$1,259$959$724$542$408
25 years$1,549$1,181$889$661$487$362
26 years$1,474$1,110$824$605$439$321
27 years$1,404$1,045$765$553$396$285
28 years$1,339$984$711$507$357$254
29 years$1,279$929$662$465$322$226
30 years$1,223$877$617$427$291$201
31 years$1,171$829$575$392$263$179
32 years$1,122$784$536$360$238$159
33 years$1,076$743$501$331$216$142
34 years$1,033$704$468$305$195$126
35 years$993$668$438$281$177$113
36 years$955$634$409$258$160$101
37 years$918$602$383$238$145$90
38 years$884$572$359$219$132$80
39 years$852$544$336$202$119$71
40 years$822$518$315$187$108$64
41 years$793$493$295$172$98$57
42 years$765$469$277$159$89$51
43 years$739$447$260$147$81$45
44 years$714$426$244$135$73$40
45 years$690$406$229$125$67$36
46 years$668$388$215$116$61$32
47 years$646$370$202$107$55$29
48 years$625$353$190$99$50$26
49 years$606$337$179$91$45$23
50 years$587$322$168$84$41$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $601,000, adding $2,785 every year, while hoping to spend $28,871 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: 69/11/20 Blend
55$601,000$601,000$601,000$601,000
56$665,175$633,322$624,006$707,610
57$702,304$633,636$614,192$736,620
58$742,253$632,998$603,081$764,706
59$785,278$631,331$590,600$794,732
60$831,663$628,552$576,671$826,887
61$881,717$624,575$561,214$861,380
62$935,781$619,308$544,144$898,444
63$994,229$612,653$525,371$938,332
64$1,057,474$604,506$504,804$981,327
65$1,125,967$594,758$482,346$1,027,740
66$1,200,207$583,292$457,896$1,077,915
67$1,280,739$569,985$431,347$1,132,233
68$1,368,167$554,707$402,589$1,191,113
69$1,463,151$537,319$371,507$1,255,018
70$1,566,420$517,674$337,980$1,324,461
71$1,678,774$495,620$301,882$1,400,005
72$1,801,094$470,990$263,080$1,482,276
73$1,934,350$443,613$221,438$1,571,962
74$2,079,609$413,306$176,811$1,669,824
75$2,238,045$379,874$129,050$1,776,701
76$2,410,951$343,112$77,998$1,893,519
77$2,599,748$302,805$23,491$2,021,304
78$2,806,004$258,724$0$2,161,182
79$3,031,441$210,626$0$2,321,801
80$3,277,959$158,258$0$2,502,968
81$3,547,647$101,349$0$2,701,221
82$3,842,806$39,614$0$2,918,278
83$4,165,971$0$0$3,156,029
84$4,519,930$0$0$3,419,859
85$4,907,759$0$0$3,714,220
86$5,332,839$0$0$4,036,891
87$5,798,900$0$0$4,390,704
88$6,310,045$0$0$4,778,780
89$6,870,796$0$0$5,204,558
90$7,486,133$0$0$5,671,822
91$8,161,542$0$0$6,184,744
92$8,903,065$0$0$6,747,918
93$9,717,358$0$0$7,366,404
94$10,611,754$0$0$8,045,776
95$11,594,330$0$0$8,792,177
96$12,673,984$0$0$9,612,371
97$13,860,519$0$0$10,513,811
98$15,164,735$0$0$11,504,710
99$16,598,531$0$0$12,594,112
100$18,175,013$0$0$13,791,985