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%12.2%
1 years$51,447$50,988$50,541$50,105$49,679$49,222
2 years$25,469$24,994$24,535$24,089$23,657$23,196
3 years$16,810$16,334$15,876$15,434$15,009$14,559
4 years$12,482$12,007$11,553$11,119$10,704$10,269
5 years$9,886$9,414$8,966$8,541$8,137$7,717
6 years$8,156$7,687$7,246$6,830$6,439$6,035
7 years$6,920$6,456$6,021$5,615$5,236$4,849
8 years$5,994$5,534$5,106$4,711$4,344$3,973
9 years$5,274$4,818$4,398$4,012$3,658$3,303
10 years$4,698$4,247$3,834$3,459$3,117$2,778
11 years$4,228$3,781$3,376$3,010$2,681$2,357
12 years$3,836$3,393$2,996$2,640$2,323$2,015
13 years$3,504$3,067$2,677$2,331$2,026$1,733
14 years$3,221$2,787$2,405$2,069$1,776$1,497
15 years$2,975$2,546$2,171$1,845$1,564$1,299
16 years$2,760$2,336$1,969$1,652$1,382$1,131
17 years$2,571$2,152$1,791$1,485$1,225$988
18 years$2,403$1,988$1,635$1,338$1,089$865
19 years$2,252$1,843$1,497$1,209$971$759
20 years$2,117$1,712$1,374$1,095$867$667
21 years$1,995$1,595$1,264$994$776$588
22 years$1,885$1,489$1,165$903$696$518
23 years$1,784$1,392$1,075$823$625$458
24 years$1,691$1,305$995$750$561$405
25 years$1,606$1,224$921$685$505$358
26 years$1,528$1,151$854$627$455$317
27 years$1,456$1,083$793$574$410$281
28 years$1,389$1,020$738$526$370$249
29 years$1,326$963$686$482$334$221
30 years$1,268$909$639$442$302$196
31 years$1,214$859$596$406$273$174
32 years$1,163$813$556$373$247$155
33 years$1,116$770$519$343$224$138
34 years$1,071$730$485$316$202$122
35 years$1,029$692$454$291$183$109
36 years$989$657$424$268$166$97
37 years$952$624$397$247$151$86
38 years$917$593$372$227$136$77
39 years$883$564$348$210$124$68
40 years$852$537$327$193$112$61
41 years$822$511$306$178$102$54
42 years$793$486$287$165$92$48
43 years$766$463$270$152$84$43
44 years$740$442$253$140$76$38
45 years$716$421$238$130$69$34
46 years$692$402$223$120$63$30
47 years$670$384$210$111$57$27
48 years$648$366$197$102$52$24
49 years$628$350$185$94$47$21
50 years$608$334$174$87$43$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $623,000, adding $5,551 every year, while hoping to spend $25,860 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: 83/10/7 Blend
55$623,000$623,000$623,000$623,000
56$692,272$659,253$649,596$748,818
57$735,369$664,041$643,843$791,378
58$781,995$668,198$637,030$834,048
59$832,483$671,664$629,095$880,099
60$887,198$674,378$619,972$929,854
61$946,543$676,273$609,592$983,670
62$1,010,961$677,281$597,883$1,041,939
63$1,080,936$677,325$584,770$1,105,092
64$1,157,006$676,328$570,174$1,173,605
65$1,239,757$674,205$554,011$1,248,001
66$1,329,838$670,867$536,197$1,328,858
67$1,427,962$666,219$516,640$1,416,811
68$1,534,913$660,163$495,246$1,512,560
69$1,651,553$652,590$471,916$1,616,876
70$1,778,833$643,389$446,547$1,730,609
71$1,917,799$632,439$419,031$1,854,696
72$2,069,601$619,616$389,255$1,990,167
73$2,235,507$604,784$357,102$2,138,159
74$2,416,912$587,801$322,448$2,299,925
75$2,615,352$568,518$285,164$2,476,845
76$2,832,518$546,775$245,117$2,670,439
77$3,070,272$522,405$202,166$2,882,383
78$3,330,666$495,228$156,164$3,114,524
79$3,615,957$465,058$106,959$3,368,897
80$3,928,633$431,695$54,391$3,647,744
81$4,271,434$394,928$0$3,953,537
82$4,647,376$354,535$0$4,289,128
83$5,059,782$310,280$0$4,661,734
84$5,512,312$261,916$0$5,070,609
85$6,008,997$209,180$0$5,519,415
86$6,554,280$151,795$0$6,012,184
87$7,153,050$89,467$0$6,553,359
88$7,810,698$21,887$0$7,147,836
89$8,533,158$0$0$7,801,012
90$9,326,972$0$0$8,524,474
91$10,199,342$0$0$9,322,190
92$11,158,207$0$0$10,199,013
93$12,212,309$0$0$11,162,939
94$13,371,282$0$0$12,222,780
95$14,645,741$0$0$13,388,243
96$16,047,377$0$0$14,670,023
97$17,589,076$0$0$16,079,905
98$19,285,031$0$0$17,630,872
99$21,150,882$0$0$19,337,227
100$23,203,861$0$0$21,214,733