Can I retire at age 56 with 602,000?

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 $602,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$49,713$49,270$48,838$48,416$48,004$47,112
2 years$24,610$24,152$23,708$23,277$22,859$21,964
3 years$16,244$15,784$15,340$14,914$14,503$13,632
4 years$12,061$11,603$11,164$10,745$10,344$9,504
5 years$9,553$9,097$8,664$8,253$7,863$7,057
6 years$7,881$7,428$7,002$6,600$6,222$5,450
7 years$6,687$6,238$5,818$5,426$5,060$4,323
8 years$5,792$5,347$4,934$4,552$4,198$3,496
9 years$5,096$4,656$4,250$3,877$3,535$2,867
10 years$4,540$4,104$3,705$3,342$3,012$2,378
11 years$4,085$3,653$3,262$2,909$2,590$1,989
12 years$3,707$3,279$2,895$2,551$2,245$1,675
13 years$3,386$2,963$2,586$2,252$1,958$1,419
14 years$3,112$2,694$2,324$1,999$1,716$1,208
15 years$2,875$2,461$2,098$1,783$1,511$1,032
16 years$2,667$2,258$1,902$1,597$1,335$884
17 years$2,484$2,079$1,731$1,435$1,184$760
18 years$2,322$1,921$1,580$1,293$1,053$654
19 years$2,177$1,781$1,447$1,168$938$565
20 years$2,046$1,655$1,328$1,058$838$488
21 years$1,928$1,541$1,221$960$750$422
22 years$1,821$1,439$1,125$873$672$366
23 years$1,723$1,346$1,039$795$604$317
24 years$1,634$1,261$961$725$542$276
25 years$1,552$1,183$890$662$488$240
26 years$1,476$1,112$826$606$440$208
27 years$1,407$1,046$767$554$396$181
28 years$1,342$986$713$508$358$158
29 years$1,282$930$663$466$323$137
30 years$1,225$878$618$427$292$120
31 years$1,173$830$576$393$264$104
32 years$1,124$786$537$361$239$91
33 years$1,078$744$502$332$216$79
34 years$1,035$705$469$305$196$69
35 years$994$669$438$281$177$60
36 years$956$635$410$259$160$53
37 years$920$603$384$238$145$46
38 years$886$573$359$220$132$40
39 years$854$545$337$203$120$35
40 years$823$518$316$187$108$30
41 years$794$494$296$172$98$27
42 years$766$470$278$159$89$23
43 years$740$448$260$147$81$20
44 years$715$427$244$136$74$18
45 years$691$407$230$125$67$15
46 years$669$388$216$116$61$13
47 years$647$371$203$107$55$12
48 years$626$354$190$99$50$10
49 years$607$338$179$91$45$9
50 years$588$323$168$84$41$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $602,000, adding $5,552 every year, while hoping to spend $45,057 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: 45/44/11 Blend
55$602,000$602,000$602,000$602,000
56$669,131$637,225$627,894$696,914
57$689,442$620,509$600,988$700,030
58$710,315$601,463$571,671$698,365
59$731,759$579,927$539,814$695,548
60$753,783$555,728$505,282$691,489
61$776,397$528,687$467,937$686,094
62$799,607$498,611$427,631$679,262
63$823,422$465,297$384,212$670,885
64$847,847$428,533$337,519$660,849
65$872,887$388,090$287,385$649,034
66$898,545$343,731$233,637$635,311
67$924,825$295,201$176,091$619,544
68$951,726$242,235$114,559$601,588
69$979,246$184,549$48,841$581,290
70$1,007,383$121,845$0$558,486
71$1,036,129$53,809$0$535,504
72$1,065,477$0$0$515,941
73$1,095,413$0$0$503,521
74$1,125,922$0$0$517,401
75$1,156,985$0$0$531,515
76$1,188,577$0$0$545,851
77$1,220,670$0$0$560,393
78$1,253,227$0$0$575,123
79$1,286,209$0$0$590,019
80$1,319,568$0$0$605,055
81$1,353,248$0$0$620,203
82$1,387,183$0$0$635,430
83$1,421,302$0$0$650,696
84$1,455,518$0$0$665,959
85$1,489,735$0$0$681,168
86$1,523,844$0$0$696,269
87$1,557,719$0$0$711,196
88$1,591,221$0$0$725,880
89$1,624,191$0$0$740,238
90$1,656,449$0$0$754,182
91$1,687,796$0$0$767,608
92$1,718,005$0$0$780,403
93$1,746,823$0$0$792,441
94$1,773,970$0$0$803,578
95$1,799,128$0$0$813,655
96$1,821,944$0$0$822,496
97$1,842,026$0$0$829,903
98$1,858,935$0$0$835,656
99$1,872,183$0$0$839,511
100$1,881,227$0$0$841,195