Can I retire at age 56 with 623,000?

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 $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%14.8%
1 years$51,447$50,988$50,541$50,105$49,679$48,696
2 years$25,469$24,994$24,535$24,089$23,657$22,670
3 years$16,810$16,334$15,876$15,434$15,009$14,050
4 years$12,482$12,007$11,553$11,119$10,704$9,781
5 years$9,886$9,414$8,966$8,541$8,137$7,251
6 years$8,156$7,687$7,246$6,830$6,439$5,591
7 years$6,920$6,456$6,021$5,615$5,236$4,427
8 years$5,994$5,534$5,106$4,711$4,344$3,574
9 years$5,274$4,818$4,398$4,012$3,658$2,926
10 years$4,698$4,247$3,834$3,459$3,117$2,422
11 years$4,228$3,781$3,376$3,010$2,681$2,022
12 years$3,836$3,393$2,996$2,640$2,323$1,700
13 years$3,504$3,067$2,677$2,331$2,026$1,437
14 years$3,221$2,787$2,405$2,069$1,776$1,220
15 years$2,975$2,546$2,171$1,845$1,564$1,040
16 years$2,760$2,336$1,969$1,652$1,382$890
17 years$2,571$2,152$1,791$1,485$1,225$763
18 years$2,403$1,988$1,635$1,338$1,089$656
19 years$2,252$1,843$1,497$1,209$971$564
20 years$2,117$1,712$1,374$1,095$867$487
21 years$1,995$1,595$1,264$994$776$420
22 years$1,885$1,489$1,165$903$696$363
23 years$1,784$1,392$1,075$823$625$315
24 years$1,691$1,305$995$750$561$272
25 years$1,606$1,224$921$685$505$236
26 years$1,528$1,151$854$627$455$205
27 years$1,456$1,083$793$574$410$178
28 years$1,389$1,020$738$526$370$154
29 years$1,326$963$686$482$334$134
30 years$1,268$909$639$442$302$117
31 years$1,214$859$596$406$273$101
32 years$1,163$813$556$373$247$88
33 years$1,116$770$519$343$224$77
34 years$1,071$730$485$316$202$67
35 years$1,029$692$454$291$183$58
36 years$989$657$424$268$166$50
37 years$952$624$397$247$151$44
38 years$917$593$372$227$136$38
39 years$883$564$348$210$124$33
40 years$852$537$327$193$112$29
41 years$822$511$306$178$102$25
42 years$793$486$287$165$92$22
43 years$766$463$270$152$84$19
44 years$740$442$253$140$76$17
45 years$716$421$238$130$69$14
46 years$692$402$223$120$63$13
47 years$670$384$210$111$57$11
48 years$648$366$197$102$52$10
49 years$628$350$185$94$47$8
50 years$608$334$174$87$43$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $623,000, adding $2,927 every year, while hoping to spend $36,766 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: 41/36/23 Blend
55$623,000$623,000$623,000$623,000
56$689,565$656,546$646,890$713,064
57$720,782$649,598$629,442$723,227
58$753,951$641,078$610,177$730,499
59$789,232$630,868$588,996$737,635
60$826,800$618,848$565,794$744,642
61$866,849$604,886$540,463$751,534
62$909,587$588,845$512,888$758,325
63$955,245$570,579$482,950$765,036
64$1,004,076$549,933$450,525$771,695
65$1,056,357$526,745$415,483$778,333
66$1,112,392$500,842$377,688$784,990
67$1,172,513$472,040$336,997$791,715
68$1,237,086$440,147$293,263$798,563
69$1,306,512$404,957$246,331$805,603
70$1,381,232$366,256$196,039$812,913
71$1,461,729$323,814$142,218$820,585
72$1,548,535$277,390$84,691$828,728
73$1,642,232$226,729$23,276$837,464
74$1,743,463$171,562$0$846,936
75$1,852,932$111,604$0$867,679
76$1,971,413$46,555$0$896,279
77$2,099,757$0$0$927,281
78$2,238,902$0$0$970,450
79$2,389,876$0$0$1,037,368
80$2,553,811$0$0$1,110,101
81$2,731,953$0$0$1,189,210
82$2,925,672$0$0$1,275,314
83$3,136,474$0$0$1,369,092
84$3,366,018$0$0$1,471,292
85$3,616,129$0$0$1,582,736
86$3,888,815$0$0$1,704,331
87$4,186,285$0$0$1,837,074
88$4,510,973$0$0$1,982,062
89$4,865,557$0$0$2,140,503
90$5,252,983$0$0$2,313,728
91$5,676,498$0$0$2,503,200
92$6,139,674$0$0$2,710,534
93$6,646,446$0$0$2,937,503
94$7,201,145$0$0$3,186,064
95$7,808,541$0$0$3,458,370
96$8,473,887$0$0$3,756,792
97$9,202,969$0$0$4,083,941
98$10,002,156$0$0$4,442,694
99$10,878,465$0$0$4,836,219
100$11,839,625$0$0$5,268,005