Can I retire at age 56 with 640,000?

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 $640,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$52,851$52,380$51,921$51,472$51,034$49,680
2 years$26,164$25,676$25,204$24,746$24,302$22,947
3 years$17,269$16,780$16,309$15,855$15,418$14,105
4 years$12,823$12,335$11,869$11,423$10,996$9,735
5 years$10,156$9,671$9,211$8,774$8,359$7,153
6 years$8,378$7,897$7,443$7,016$6,614$5,464
7 years$7,109$6,632$6,186$5,769$5,379$4,286
8 years$6,158$5,685$5,246$4,839$4,463$3,425
9 years$5,418$4,950$4,518$4,122$3,758$2,776
10 years$4,827$4,363$3,939$3,553$3,202$2,274
11 years$4,343$3,884$3,468$3,092$2,754$1,878
12 years$3,941$3,486$3,078$2,712$2,387$1,561
13 years$3,600$3,150$2,750$2,395$2,081$1,305
14 years$3,309$2,864$2,471$2,126$1,824$1,095
15 years$3,056$2,616$2,231$1,896$1,606$923
16 years$2,835$2,400$2,022$1,697$1,420$780
17 years$2,641$2,210$1,840$1,525$1,259$660
18 years$2,468$2,042$1,680$1,374$1,119$560
19 years$2,314$1,893$1,538$1,242$998$476
20 years$2,175$1,759$1,411$1,125$891$406
21 years$2,050$1,638$1,298$1,021$797$346
22 years$1,936$1,529$1,197$928$715$295
23 years$1,832$1,430$1,105$845$642$252
24 years$1,737$1,340$1,022$771$577$215
25 years$1,650$1,258$946$704$519$184
26 years$1,570$1,182$878$644$467$158
27 years$1,495$1,112$815$589$421$135
28 years$1,426$1,048$758$540$380$116
29 years$1,362$989$705$495$343$99
30 years$1,303$934$657$454$310$85
31 years$1,247$883$612$417$280$73
32 years$1,195$835$571$384$254$62
33 years$1,146$791$533$353$230$53
34 years$1,100$750$498$324$208$46
35 years$1,057$711$466$299$188$39
36 years$1,016$675$436$275$171$34
37 years$978$641$408$253$155$29
38 years$942$609$382$234$140$25
39 years$908$579$358$215$127$21
40 years$875$551$335$199$115$18
41 years$844$525$315$183$105$16
42 years$815$500$295$169$95$13
43 years$787$476$277$156$86$12
44 years$760$454$260$144$78$10
45 years$735$433$244$133$71$9
46 years$711$413$229$123$64$7
47 years$688$394$215$114$59$6
48 years$666$376$202$105$53$5
49 years$645$359$190$97$48$5
50 years$625$343$179$90$44$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $640,000, adding $2,704 every year, while hoping to spend $43,823 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: 67/23/10 Blend
55$640,000$640,000$640,000$640,000
56$708,069$674,149$664,229$753,864
57$733,665$660,555$639,854$771,063
58$760,403$644,826$613,193$784,376
59$788,353$626,812$584,123$797,788
60$817,591$606,352$552,518$811,302
61$848,199$583,277$518,241$824,926
62$880,267$557,409$481,154$838,666
63$913,890$528,558$441,108$852,535
64$949,174$496,525$397,953$866,544
65$986,232$461,097$351,526$880,711
66$1,025,188$422,050$301,662$895,056
67$1,066,175$379,149$248,186$909,602
68$1,109,340$332,142$190,916$924,378
69$1,154,842$280,767$129,661$939,420
70$1,202,855$224,743$64,223$954,766
71$1,253,566$163,776$0$970,464
72$1,307,183$97,554$0$987,168
73$1,363,930$25,748$0$1,011,695
74$1,424,052$0$0$1,037,281
75$1,487,819$0$0$1,077,195
76$1,555,523$0$0$1,126,511
77$1,627,485$0$0$1,178,951
78$1,704,056$0$0$1,234,772
79$1,785,621$0$0$1,294,257
80$1,872,599$0$0$1,357,716
81$1,965,451$0$0$1,425,489
82$2,064,683$0$0$1,497,946
83$2,170,847$0$0$1,575,497
84$2,284,550$0$0$1,658,588
85$2,406,457$0$0$1,747,709
86$2,537,299$0$0$1,843,399
87$2,677,876$0$0$1,946,248
88$2,829,068$0$0$2,056,904
89$2,991,840$0$0$2,176,080
90$3,167,253$0$0$2,304,558
91$3,356,470$0$0$2,443,195
92$3,560,771$0$0$2,592,935
93$3,781,562$0$0$2,754,816
94$4,020,388$0$0$2,929,977
95$4,278,947$0$0$3,119,671
96$4,559,107$0$0$3,325,275
97$4,862,919$0$0$3,548,303
98$5,192,641$0$0$3,790,422
99$5,550,758$0$0$4,053,463
100$5,939,998$0$0$4,339,441