Can I retire at age 56 with 624,000?

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 $624,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$51,529$51,070$50,623$50,185$49,759$48,321
2 years$25,510$25,034$24,574$24,128$23,695$22,257
3 years$16,837$16,360$15,901$15,459$15,033$13,641
4 years$12,502$12,027$11,572$11,137$10,722$9,386
5 years$9,902$9,429$8,980$8,554$8,150$6,875
6 years$8,169$7,699$7,257$6,841$6,449$5,235
7 years$6,931$6,466$6,031$5,624$5,245$4,092
8 years$6,004$5,543$5,115$4,718$4,351$3,259
9 years$5,283$4,826$4,405$4,019$3,664$2,631
10 years$4,706$4,254$3,841$3,464$3,122$2,147
11 years$4,235$3,787$3,381$3,015$2,685$1,767
12 years$3,842$3,399$3,001$2,645$2,327$1,463
13 years$3,510$3,072$2,681$2,335$2,029$1,218
14 years$3,226$2,792$2,409$2,073$1,779$1,018
15 years$2,980$2,551$2,175$1,848$1,566$854
16 years$2,765$2,340$1,972$1,655$1,384$719
17 years$2,575$2,155$1,794$1,487$1,227$606
18 years$2,407$1,991$1,638$1,340$1,091$512
19 years$2,256$1,846$1,499$1,211$973$433
20 years$2,121$1,715$1,376$1,097$869$367
21 years$1,999$1,597$1,266$995$777$312
22 years$1,888$1,491$1,167$905$697$265
23 years$1,786$1,395$1,077$824$626$225
24 years$1,694$1,307$996$752$562$191
25 years$1,609$1,226$923$686$506$163
26 years$1,530$1,153$856$628$456$139
27 years$1,458$1,085$795$575$411$118
28 years$1,391$1,022$739$526$371$101
29 years$1,328$964$687$483$335$86
30 years$1,270$911$640$443$302$73
31 years$1,216$861$597$407$273$62
32 years$1,165$814$557$374$247$53
33 years$1,117$771$520$344$224$45
34 years$1,073$731$486$316$203$39
35 years$1,031$693$454$291$184$33
36 years$991$658$425$268$166$28
37 years$954$625$398$247$151$24
38 years$918$594$372$228$137$21
39 years$885$565$349$210$124$18
40 years$853$537$327$194$112$15
41 years$823$512$307$179$102$13
42 years$794$487$288$165$93$11
43 years$767$464$270$152$84$9
44 years$741$443$253$141$76$8
45 years$717$422$238$130$69$7
46 years$693$403$223$120$63$6
47 years$671$384$210$111$57$5
48 years$649$367$197$102$52$4
49 years$629$350$185$95$47$4
50 years$609$335$174$87$43$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $624,000, adding $3,244 every year, while hoping to spend $27,913 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: 81/14/5 Blend
55$624,000$624,000$624,000$624,000
56$690,994$657,922$648,250$746,611
57$731,776$660,461$640,267$785,987
58$775,783$662,189$631,082$825,132
59$823,313$663,037$620,623$867,230
60$874,696$662,930$608,819$912,561
61$930,293$661,792$595,592$961,431
62$990,502$659,539$580,864$1,014,179
63$1,055,759$656,083$564,549$1,071,178
64$1,126,547$651,331$546,561$1,132,840
65$1,203,392$645,183$526,809$1,199,616
66$1,286,876$637,535$505,195$1,272,005
67$1,377,639$628,276$481,621$1,350,556
68$1,476,384$617,288$455,981$1,435,876
69$1,583,886$604,445$428,166$1,528,630
70$1,700,995$589,616$398,063$1,629,554
71$1,828,649$572,659$365,550$1,739,458
72$1,967,879$553,428$330,505$1,859,235
73$2,119,822$531,765$292,796$1,989,867
74$2,285,726$507,504$252,286$2,132,440
75$2,466,967$480,468$208,835$2,288,149
76$2,665,060$450,474$162,293$2,458,309
77$2,881,672$417,322$112,506$2,644,374
78$3,118,639$380,808$59,311$2,847,942
79$3,377,982$340,709$2,540$3,070,778
80$3,661,927$296,795$0$3,314,825
81$3,972,925$248,819$0$3,585,322
82$4,313,676$196,524$0$3,881,881
83$4,687,152$139,635$0$4,206,978
84$5,096,627$77,863$0$4,563,495
85$5,545,708$10,902$0$4,954,605
86$6,038,365$0$0$5,383,805
87$6,578,973$0$0$5,864,437
88$7,172,352$0$0$6,393,844
89$7,823,808$0$0$6,975,084
90$8,539,189$0$0$7,613,376
91$9,324,935$0$0$8,314,469
92$10,188,142$0$0$9,084,697
93$11,136,627$0$0$9,931,036
94$12,178,999$0$0$10,861,171
95$13,324,746$0$0$11,883,572
96$14,584,319$0$0$13,007,565
97$15,969,233$0$0$14,243,430
98$17,492,174$0$0$15,602,490
99$19,167,117$0$0$17,097,220
100$21,009,464$0$0$18,741,366