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%18.7%
1 years$51,447$50,988$50,541$50,105$49,679$47,935
2 years$25,469$24,994$24,535$24,089$23,657$21,918
3 years$16,810$16,334$15,876$15,434$15,009$13,330
4 years$12,482$12,007$11,553$11,119$10,704$9,099
5 years$9,886$9,414$8,966$8,541$8,137$6,608
6 years$8,156$7,687$7,246$6,830$6,439$4,988
7 years$6,920$6,456$6,021$5,615$5,236$3,864
8 years$5,994$5,534$5,106$4,711$4,344$3,048
9 years$5,274$4,818$4,398$4,012$3,658$2,437
10 years$4,698$4,247$3,834$3,459$3,117$1,969
11 years$4,228$3,781$3,376$3,010$2,681$1,603
12 years$3,836$3,393$2,996$2,640$2,323$1,314
13 years$3,504$3,067$2,677$2,331$2,026$1,082
14 years$3,221$2,787$2,405$2,069$1,776$894
15 years$2,975$2,546$2,171$1,845$1,564$742
16 years$2,760$2,336$1,969$1,652$1,382$617
17 years$2,571$2,152$1,791$1,485$1,225$514
18 years$2,403$1,988$1,635$1,338$1,089$429
19 years$2,252$1,843$1,497$1,209$971$359
20 years$2,117$1,712$1,374$1,095$867$300
21 years$1,995$1,595$1,264$994$776$252
22 years$1,885$1,489$1,165$903$696$211
23 years$1,784$1,392$1,075$823$625$177
24 years$1,691$1,305$995$750$561$149
25 years$1,606$1,224$921$685$505$125
26 years$1,528$1,151$854$627$455$105
27 years$1,456$1,083$793$574$410$88
28 years$1,389$1,020$738$526$370$74
29 years$1,326$963$686$482$334$63
30 years$1,268$909$639$442$302$53
31 years$1,214$859$596$406$273$44
32 years$1,163$813$556$373$247$37
33 years$1,116$770$519$343$224$31
34 years$1,071$730$485$316$202$26
35 years$1,029$692$454$291$183$22
36 years$989$657$424$268$166$19
37 years$952$624$397$247$151$16
38 years$917$593$372$227$136$13
39 years$883$564$348$210$124$11
40 years$852$537$327$193$112$9
41 years$822$511$306$178$102$8
42 years$793$486$287$165$92$7
43 years$766$463$270$152$84$6
44 years$740$442$253$140$76$5
45 years$716$421$238$130$69$4
46 years$692$402$223$120$63$3
47 years$670$384$210$111$57$3
48 years$648$366$197$102$52$2
49 years$628$350$185$94$47$2
50 years$608$334$174$87$43$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $623,000, adding $4,356 every year, while hoping to spend $32,394 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: 52/28/20 Blend
55$623,000$623,000$623,000$623,000
56$691,039$658,020$648,364$722,954
57$727,058$655,796$635,617$743,168
58$765,666$652,378$621,357$761,420
59$807,091$647,671$605,500$780,580
60$851,586$641,580$587,957$800,747
61$899,429$633,998$568,634$822,029
62$950,922$624,815$547,435$844,548
63$1,006,400$613,915$524,258$868,440
64$1,066,229$601,173$498,996$893,856
65$1,130,811$586,457$471,540$920,966
66$1,200,589$569,629$441,772$949,958
67$1,276,049$550,541$409,571$981,043
68$1,357,726$529,037$374,812$1,014,455
69$1,446,207$504,953$337,361$1,050,455
70$1,542,138$478,113$297,080$1,089,333
71$1,646,228$448,333$253,824$1,131,413
72$1,759,260$415,418$207,444$1,177,053
73$1,882,092$379,161$157,781$1,226,653
74$2,015,670$339,344$104,671$1,280,657
75$2,161,033$295,737$47,943$1,339,557
76$2,319,326$248,096$0$1,403,901
77$2,491,808$196,163$0$1,476,983
78$2,679,864$139,667$0$1,567,884
79$2,885,019$78,319$0$1,667,150
80$3,108,952$11,818$0$1,775,653
81$3,353,511$0$0$1,894,359
82$3,620,729$0$0$2,042,869
83$3,912,846$0$0$2,209,257
84$4,232,327$0$0$2,391,294
85$4,581,887$0$0$2,590,535
86$4,964,514$0$0$2,808,691
87$5,383,501$0$0$3,047,648
88$5,842,472$0$0$3,309,481
89$6,345,418$0$0$3,596,477
90$6,896,735$0$0$3,911,153
91$7,501,265$0$0$4,256,283
92$8,164,341$0$0$4,634,922
93$8,891,836$0$0$5,050,433
94$9,690,220$0$0$5,506,523
95$10,566,618$0$0$6,007,274
96$11,528,881$0$0$6,557,182
97$12,585,656$0$0$7,161,203
98$13,746,467$0$0$7,824,791
99$15,021,809$0$0$8,553,960
100$16,423,242$0$0$9,355,332