Can I retire at age 56 with 614,000?

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 $614,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$50,704$50,252$49,811$49,381$48,961$48,755
2 years$25,101$24,633$24,180$23,741$23,315$23,107
3 years$16,568$16,098$15,646$15,211$14,792$14,588
4 years$12,302$11,834$11,386$10,959$10,550$10,352
5 years$9,743$9,278$8,836$8,417$8,020$7,829
6 years$8,038$7,576$7,141$6,731$6,346$6,161
7 years$6,820$6,362$5,934$5,534$5,161$4,983
8 years$5,907$5,454$5,033$4,643$4,281$4,111
9 years$5,198$4,748$4,335$3,954$3,606$3,442
10 years$4,631$4,186$3,779$3,409$3,072$2,916
11 years$4,167$3,726$3,327$2,967$2,642$2,492
12 years$3,780$3,344$2,953$2,602$2,290$2,147
13 years$3,454$3,022$2,638$2,297$1,997$1,860
14 years$3,174$2,747$2,370$2,039$1,750$1,620
15 years$2,932$2,510$2,140$1,819$1,541$1,417
16 years$2,720$2,303$1,940$1,628$1,362$1,244
17 years$2,534$2,121$1,766$1,463$1,208$1,096
18 years$2,368$1,959$1,612$1,319$1,074$967
19 years$2,220$1,816$1,475$1,191$957$856
20 years$2,087$1,688$1,354$1,079$855$759
21 years$1,967$1,572$1,246$979$765$675
22 years$1,857$1,467$1,148$890$686$600
23 years$1,758$1,372$1,060$811$616$535
24 years$1,667$1,286$980$740$553$477
25 years$1,583$1,207$908$675$498$426
26 years$1,506$1,134$842$618$448$381
27 years$1,435$1,067$782$565$404$341
28 years$1,368$1,006$727$518$365$305
29 years$1,307$949$676$475$329$273
30 years$1,250$896$630$436$298$245
31 years$1,196$847$587$400$269$220
32 years$1,146$801$548$368$243$197
33 years$1,100$759$512$338$220$177
34 years$1,056$719$478$311$199$159
35 years$1,014$682$447$287$181$143
36 years$975$648$418$264$164$128
37 years$938$615$391$243$148$115
38 years$904$585$367$224$134$104
39 years$871$556$343$207$122$93
40 years$839$529$322$191$111$84
41 years$810$503$302$176$100$75
42 years$782$479$283$162$91$68
43 years$755$457$266$150$83$61
44 years$730$435$249$138$75$55
45 years$705$415$234$128$68$49
46 years$682$396$220$118$62$44
47 years$660$378$207$109$56$40
48 years$639$361$194$101$51$36
49 years$619$345$182$93$46$32
50 years$599$329$172$86$42$29

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $614,000, adding $6,067 every year, while hoping to spend $41,191 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: 52/25/23 Blend
55$614,000$614,000$614,000$614,000
56$682,886$650,344$640,827$713,745
57$708,714$638,384$618,468$723,750
58$735,795$624,457$593,979$729,896
59$764,215$608,424$567,246$735,726
60$794,064$590,137$538,148$741,225
61$825,443$569,438$506,561$746,381
62$858,460$546,162$472,352$751,179
63$893,232$520,133$435,385$755,609
64$929,888$491,166$395,517$759,663
65$968,568$459,065$352,598$763,333
66$1,009,424$423,621$306,472$766,614
67$1,052,622$384,615$256,976$769,507
68$1,098,344$341,816$203,939$772,013
69$1,146,788$294,977$147,184$774,141
70$1,198,170$243,841$86,524$775,901
71$1,252,726$188,132$21,766$777,312
72$1,310,717$127,563$0$778,399
73$1,372,424$61,828$0$790,811
74$1,438,157$0$0$809,427
75$1,508,257$0$0$831,589
76$1,583,093$0$0$873,444
77$1,663,075$0$0$918,214
78$1,748,648$0$0$966,154
79$1,840,301$0$0$1,017,545
80$1,938,571$0$0$1,072,691
81$2,044,048$0$0$1,131,931
82$2,157,377$0$0$1,195,632
83$2,279,268$0$0$1,264,201
84$2,410,500$0$0$1,338,082
85$2,551,928$0$0$1,417,764
86$2,704,491$0$0$1,503,784
87$2,869,223$0$0$1,596,733
88$3,047,257$0$0$1,697,259
89$3,239,839$0$0$1,806,075
90$3,448,341$0$0$1,923,964
91$3,674,267$0$0$2,051,789
92$3,919,276$0$0$2,190,496
93$4,185,187$0$0$2,341,129
94$4,474,005$0$0$2,504,833
95$4,787,934$0$0$2,682,870
96$5,129,396$0$0$2,876,626
97$5,501,061$0$0$3,087,629
98$5,905,862$0$0$3,317,558
99$6,347,029$0$0$3,568,262
100$6,828,116$0$0$3,841,776