Can I retire at age 56 with 647,000?

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 $647,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$53,429$52,953$52,488$52,035$51,593$50,634
2 years$26,450$25,957$25,480$25,017$24,568$23,606
3 years$17,458$16,963$16,487$16,029$15,587$14,651
4 years$12,963$12,470$11,998$11,548$11,117$10,214
5 years$10,267$9,777$9,311$8,870$8,451$7,585
6 years$8,470$7,983$7,525$7,093$6,687$5,858
7 years$7,187$6,704$6,253$5,832$5,438$4,646
8 years$6,225$5,747$5,303$4,892$4,511$3,757
9 years$5,477$5,004$4,568$4,167$3,799$3,081
10 years$4,879$4,410$3,982$3,592$3,237$2,555
11 years$4,391$3,926$3,506$3,126$2,784$2,138
12 years$3,984$3,524$3,111$2,742$2,413$1,801
13 years$3,639$3,185$2,780$2,421$2,104$1,525
14 years$3,345$2,895$2,498$2,149$1,844$1,298
15 years$3,090$2,645$2,255$1,916$1,624$1,109
16 years$2,866$2,426$2,045$1,716$1,435$950
17 years$2,670$2,235$1,860$1,542$1,272$816
18 years$2,495$2,065$1,698$1,389$1,131$703
19 years$2,339$1,914$1,555$1,255$1,008$607
20 years$2,199$1,778$1,427$1,137$901$524
21 years$2,072$1,656$1,312$1,032$806$454
22 years$1,957$1,546$1,210$938$723$393
23 years$1,852$1,446$1,117$855$649$341
24 years$1,756$1,355$1,033$779$583$296
25 years$1,668$1,271$957$712$525$257
26 years$1,587$1,195$887$651$473$224
27 years$1,512$1,125$824$596$426$195
28 years$1,442$1,060$766$546$384$169
29 years$1,377$1,000$713$501$347$148
30 years$1,317$944$664$459$314$129
31 years$1,261$893$619$422$284$112
32 years$1,208$845$577$388$257$98
33 years$1,159$800$539$357$232$85
34 years$1,112$758$504$328$210$74
35 years$1,069$719$471$302$190$65
36 years$1,028$682$441$278$172$57
37 years$989$648$412$256$156$49
38 years$952$616$386$236$142$43
39 years$917$586$362$218$129$38
40 years$885$557$339$201$117$33
41 years$853$530$318$185$106$29
42 years$824$505$298$171$96$25
43 years$796$481$280$158$87$22
44 years$769$459$263$146$79$19
45 years$743$438$247$135$72$17
46 years$719$417$232$124$65$15
47 years$696$398$218$115$59$13
48 years$673$380$205$106$54$11
49 years$652$363$192$98$49$10
50 years$632$347$181$91$44$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $647,000, adding $4,043 every year, while hoping to spend $32,576 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: 62/33/5 Blend
55$647,000$647,000$647,000$647,000
56$717,164$682,873$672,845$760,817
57$755,655$681,674$660,725$789,222
58$796,979$679,323$647,106$816,027
59$841,392$675,731$631,906$844,435
60$889,174$670,802$615,034$874,597
61$940,631$664,433$596,399$906,684
62$996,101$656,515$575,904$940,883
63$1,055,953$646,935$553,448$977,404
64$1,120,596$635,570$528,923$1,016,475
65$1,190,476$622,292$502,221$1,058,354
66$1,266,084$606,964$473,225$1,103,321
67$1,347,960$589,441$441,814$1,151,690
68$1,436,700$569,571$407,863$1,203,809
69$1,532,955$547,192$371,238$1,260,059
70$1,637,444$522,132$331,802$1,320,865
71$1,750,957$494,210$289,411$1,386,698
72$1,874,363$463,234$243,914$1,458,077
73$2,008,617$429,003$195,155$1,535,576
74$2,154,773$391,300$142,969$1,619,833
75$2,313,986$349,900$87,185$1,711,550
76$2,487,531$304,564$27,624$1,811,505
77$2,676,809$255,038$0$1,920,560
78$2,883,364$201,055$0$2,041,584
79$3,108,893$142,332$0$2,175,408
80$3,355,266$78,573$0$2,321,732
81$3,624,541$9,461$0$2,481,852
82$3,918,984$0$0$2,657,202
83$4,241,089$0$0$2,873,091
84$4,593,604$0$0$3,113,169
85$4,979,552$0$0$3,376,065
86$5,402,266$0$0$3,664,056
87$5,865,412$0$0$3,979,646
88$6,373,031$0$0$4,325,594
89$6,929,572$0$0$4,704,941
90$7,539,934$0$0$5,121,032
91$8,209,515$0$0$5,577,554
92$8,944,259$0$0$6,078,567
93$9,750,714$0$0$6,628,546
94$10,636,093$0$0$7,232,416
95$11,608,341$0$0$7,895,605
96$12,676,210$0$0$8,624,092
97$13,849,343$0$0$9,424,464
98$15,138,360$0$0$10,303,976
99$16,554,963$0$0$11,270,623
100$18,112,042$0$0$12,333,209