Can I retire at age 56 with 671,000?

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 $671,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$55,411$54,917$54,435$53,965$53,506$52,255
2 years$27,431$26,920$26,425$25,945$25,479$24,226
3 years$18,106$17,593$17,099$16,623$16,165$14,949
4 years$13,444$12,932$12,443$11,976$11,529$10,359
5 years$10,648$10,139$9,657$9,199$8,764$7,644
6 years$8,784$8,279$7,804$7,356$6,935$5,865
7 years$7,453$6,953$6,485$6,048$5,640$4,621
8 years$6,456$5,960$5,500$5,074$4,679$3,710
9 years$5,680$5,189$4,737$4,322$3,940$3,021
10 years$5,060$4,574$4,130$3,725$3,357$2,487
11 years$4,554$4,072$3,636$3,242$2,887$2,065
12 years$4,131$3,655$3,227$2,844$2,502$1,726
13 years$3,774$3,303$2,883$2,511$2,182$1,450
14 years$3,469$3,002$2,590$2,229$1,913$1,224
15 years$3,204$2,743$2,339$1,988$1,684$1,037
16 years$2,973$2,516$2,120$1,780$1,488$881
17 years$2,769$2,317$1,929$1,599$1,320$751
18 years$2,588$2,141$1,761$1,441$1,173$641
19 years$2,426$1,985$1,612$1,302$1,046$548
20 years$2,281$1,844$1,480$1,179$934$469
21 years$2,149$1,718$1,361$1,070$836$403
22 years$2,030$1,604$1,254$973$749$346
23 years$1,921$1,500$1,158$886$673$297
24 years$1,821$1,405$1,071$808$605$255
25 years$1,730$1,319$992$738$544$220
26 years$1,646$1,239$920$675$490$189
27 years$1,568$1,166$854$618$442$163
28 years$1,496$1,099$794$566$399$141
29 years$1,428$1,037$739$519$360$121
30 years$1,366$979$689$476$325$105
31 years$1,307$926$642$438$294$90
32 years$1,253$876$599$402$266$78
33 years$1,202$829$559$370$241$67
34 years$1,154$786$522$340$218$58
35 years$1,108$746$488$313$197$50
36 years$1,066$708$457$288$179$43
37 years$1,025$672$428$266$162$37
38 years$987$639$401$245$147$32
39 years$951$607$375$226$133$28
40 years$917$578$352$208$121$24
41 years$885$550$330$192$110$21
42 years$854$524$309$177$100$18
43 years$825$499$290$164$90$16
44 years$797$476$273$151$82$13
45 years$771$454$256$140$74$12
46 years$745$433$240$129$68$10
47 years$721$413$226$119$61$9
48 years$698$394$212$110$56$7
49 years$676$377$199$102$51$6
50 years$655$360$187$94$46$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $671,000, adding $6,163 every year, while hoping to spend $33,569 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: 33/45/22 Blend
55$671,000$671,000$671,000$671,000
56$745,799$710,236$699,836$765,205
57$786,153$709,321$687,563$779,312
58$829,499$707,235$673,754$791,021
59$876,105$703,887$658,322$802,954
60$926,268$699,177$641,176$815,150
61$980,313$693,002$622,221$827,657
62$1,038,596$685,251$601,357$840,530
63$1,101,511$675,806$578,480$853,833
64$1,169,487$664,543$553,482$867,638
65$1,243,000$651,331$526,248$882,031
66$1,322,569$636,029$496,660$897,107
67$1,408,766$618,490$464,594$912,977
68$1,502,222$598,557$429,919$929,767
69$1,603,627$576,065$392,500$947,618
70$1,713,743$550,839$352,195$966,694
71$1,833,408$522,692$308,857$987,177
72$1,963,541$491,430$262,329$1,009,274
73$2,105,157$456,844$212,451$1,033,220
74$2,259,369$418,716$159,055$1,059,279
75$2,427,405$376,813$101,963$1,087,746
76$2,610,614$330,891$40,993$1,118,955
77$2,810,482$280,690$0$1,153,281
78$3,028,645$225,938$0$1,196,796
79$3,266,902$166,345$0$1,254,955
80$3,527,236$101,605$0$1,318,702
81$3,811,828$31,398$0$1,388,678
82$4,123,080$0$0$1,465,596
83$4,463,637$0$0$1,572,340
84$4,836,410$0$0$1,706,300
85$5,244,607$0$0$1,853,091
86$5,691,759$0$0$2,013,996
87$6,181,755$0$0$2,190,428
88$6,718,877$0$0$2,383,942
89$7,307,844$0$0$2,596,253
90$7,953,850$0$0$2,829,248
91$8,662,617$0$0$3,085,006
92$9,440,449$0$0$3,365,818
93$10,294,289$0$0$3,674,205
94$11,231,784$0$0$4,012,948
95$12,261,359$0$0$4,385,108
96$13,392,295$0$0$4,794,058
97$14,634,815$0$0$5,243,513
98$16,000,182$0$0$5,737,567
99$17,500,804$0$0$6,280,729
100$19,150,350$0$0$6,877,970