Can I retire at age 56 with 623,000?

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 $623,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.7%
1 years$51,447$50,988$50,541$50,105$49,679$48,321
2 years$25,469$24,994$24,535$24,089$23,657$22,299
3 years$16,810$16,334$15,876$15,434$15,009$13,693
4 years$12,482$12,007$11,553$11,119$10,704$9,441
5 years$9,886$9,414$8,966$8,541$8,137$6,930
6 years$8,156$7,687$7,246$6,830$6,439$5,288
7 years$6,920$6,456$6,021$5,615$5,236$4,143
8 years$5,994$5,534$5,106$4,711$4,344$3,307
9 years$5,274$4,818$4,398$4,012$3,658$2,677
10 years$4,698$4,247$3,834$3,459$3,117$2,190
11 years$4,228$3,781$3,376$3,010$2,681$1,806
12 years$3,836$3,393$2,996$2,640$2,323$1,500
13 years$3,504$3,067$2,677$2,331$2,026$1,252
14 years$3,221$2,787$2,405$2,069$1,776$1,049
15 years$2,975$2,546$2,171$1,845$1,564$883
16 years$2,760$2,336$1,969$1,652$1,382$745
17 years$2,571$2,152$1,791$1,485$1,225$630
18 years$2,403$1,988$1,635$1,338$1,089$534
19 years$2,252$1,843$1,497$1,209$971$453
20 years$2,117$1,712$1,374$1,095$867$385
21 years$1,995$1,595$1,264$994$776$328
22 years$1,885$1,489$1,165$903$696$279
23 years$1,784$1,392$1,075$823$625$238
24 years$1,691$1,305$995$750$561$203
25 years$1,606$1,224$921$685$505$174
26 years$1,528$1,151$854$627$455$148
27 years$1,456$1,083$793$574$410$127
28 years$1,389$1,020$738$526$370$108
29 years$1,326$963$686$482$334$93
30 years$1,268$909$639$442$302$79
31 years$1,214$859$596$406$273$68
32 years$1,163$813$556$373$247$58
33 years$1,116$770$519$343$224$50
34 years$1,071$730$485$316$202$43
35 years$1,029$692$454$291$183$36
36 years$989$657$424$268$166$31
37 years$952$624$397$247$151$27
38 years$917$593$372$227$136$23
39 years$883$564$348$210$124$20
40 years$852$537$327$193$112$17
41 years$822$511$306$178$102$14
42 years$793$486$287$165$92$12
43 years$766$463$270$152$84$11
44 years$740$442$253$140$76$9
45 years$716$421$238$130$69$8
46 years$692$402$223$120$63$7
47 years$670$384$210$111$57$6
48 years$648$366$197$102$52$5
49 years$628$350$185$94$47$4
50 years$608$334$174$87$43$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $623,000, adding $3,284 every year, while hoping to spend $49,782 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: 74/7/19 Blend
55$623,000$623,000$623,000$623,000
56$689,933$656,914$647,258$737,674
57$707,339$636,136$615,973$749,005
58$724,851$612,670$581,972$755,028
59$742,429$586,334$545,111$760,337
60$760,024$556,932$505,240$764,849
61$777,583$524,258$462,202$768,474
62$795,044$488,094$415,833$771,113
63$812,338$448,210$365,963$772,660
64$829,386$404,361$312,412$772,999
65$846,100$356,292$254,994$772,001
66$862,380$303,728$193,515$769,527
67$878,115$246,383$127,770$765,426
68$893,180$183,953$57,547$759,532
69$907,435$116,117$0$751,663
70$920,723$42,536$0$745,149
71$932,869$0$0$748,925
72$943,679$0$0$753,988
73$952,935$0$0$761,046
74$960,393$0$0$766,623
75$965,786$0$0$770,499
76$968,814$0$0$772,430
77$969,142$0$0$772,142
78$966,401$0$0$769,335
79$960,181$0$0$763,672
80$950,025$0$0$754,781
81$935,428$0$0$742,249
82$915,830$0$0$725,619
83$890,610$0$0$704,384
84$859,081$0$0$677,983
85$820,481$0$0$645,795
86$773,968$0$0$607,130
87$718,609$0$0$561,229
88$653,373$0$0$507,250
89$577,119$0$0$444,261
90$488,586$0$0$371,234
91$386,379$0$0$287,029
92$268,958$0$0$190,391
93$134,620$0$0$79,929
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0