Can I retire at age 56 with 672,000?

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 $672,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$55,493$54,999$54,517$54,046$53,586$52,983
2 years$27,472$26,960$26,464$25,984$25,517$24,910
3 years$18,133$17,619$17,124$16,648$16,189$15,596
4 years$13,464$12,952$12,462$11,994$11,546$10,973
5 years$10,663$10,154$9,671$9,212$8,777$8,225
6 years$8,797$8,292$7,816$7,367$6,945$6,414
7 years$7,464$6,963$6,495$6,057$5,648$5,139
8 years$6,465$5,969$5,508$5,081$4,686$4,199
9 years$5,689$5,197$4,744$4,328$3,946$3,481
10 years$5,068$4,581$4,136$3,731$3,362$2,919
11 years$4,560$4,078$3,641$3,247$2,892$2,469
12 years$4,138$3,660$3,232$2,848$2,506$2,104
13 years$3,780$3,308$2,887$2,514$2,185$1,803
14 years$3,474$3,007$2,594$2,232$1,916$1,553
15 years$3,209$2,747$2,342$1,990$1,687$1,343
16 years$2,977$2,520$2,124$1,782$1,491$1,166
17 years$2,773$2,321$1,932$1,601$1,322$1,014
18 years$2,592$2,145$1,764$1,443$1,175$885
19 years$2,430$1,988$1,615$1,304$1,047$774
20 years$2,284$1,847$1,482$1,181$936$678
21 years$2,152$1,720$1,363$1,072$837$595
22 years$2,033$1,606$1,256$975$750$523
23 years$1,924$1,502$1,160$888$674$460
24 years$1,824$1,407$1,073$809$606$405
25 years$1,733$1,321$994$739$545$357
26 years$1,648$1,241$922$676$491$315
27 years$1,570$1,168$856$619$442$278
28 years$1,498$1,101$796$567$399$245
29 years$1,431$1,038$740$520$361$217
30 years$1,368$981$690$477$326$192
31 years$1,309$927$643$438$295$169
32 years$1,255$877$600$403$266$150
33 years$1,203$831$560$370$241$133
34 years$1,155$787$523$341$218$118
35 years$1,110$747$489$314$198$104
36 years$1,067$709$458$289$179$92
37 years$1,027$673$428$266$162$82
38 years$989$640$401$245$147$72
39 years$953$608$376$226$133$64
40 years$919$579$352$209$121$57
41 years$886$551$330$192$110$50
42 years$856$525$310$178$100$45
43 years$826$500$291$164$90$40
44 years$798$477$273$151$82$35
45 years$772$454$256$140$75$31
46 years$747$434$241$129$68$28
47 years$722$414$226$119$61$24
48 years$699$395$212$110$56$22
49 years$677$377$200$102$51$19
50 years$656$360$188$94$46$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $672,000, adding $4,384 every year, while hoping to spend $41,859 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: 66/23/11 Blend
55$672,000$672,000$672,000$672,000
56$745,066$709,450$699,034$792,168
57$776,525$699,675$677,914$814,326
58$809,790$688,019$654,684$833,182
59$845,001$674,344$629,228$852,718
60$882,311$658,507$601,427$872,995
61$921,886$640,353$571,154$894,084
62$963,910$619,722$538,279$916,065
63$1,008,582$596,442$502,665$939,025
64$1,056,121$570,331$464,168$963,064
65$1,106,766$541,198$422,638$988,292
66$1,160,779$508,839$377,919$1,014,833
67$1,218,446$473,040$329,847$1,042,826
68$1,280,082$433,573$278,251$1,072,424
69$1,346,031$390,200$222,954$1,103,802
70$1,416,672$342,665$163,769$1,137,151
71$1,492,419$290,702$100,501$1,172,686
72$1,573,727$234,027$32,948$1,210,647
73$1,661,093$172,341$0$1,251,300
74$1,755,067$105,328$0$1,299,537
75$1,856,249$32,654$0$1,355,521
76$1,965,300$0$0$1,415,774
77$2,082,945$0$0$1,492,385
78$2,209,981$0$0$1,584,070
79$2,347,284$0$0$1,683,199
80$2,495,816$0$0$1,790,473
81$2,656,635$0$0$1,906,659
82$2,830,905$0$0$2,032,604
83$3,019,904$0$0$2,169,236
84$3,225,039$0$0$2,317,578
85$3,447,856$0$0$2,478,753
86$3,690,057$0$0$2,654,000
87$3,953,515$0$0$2,844,677
88$4,240,287$0$0$3,052,282
89$4,552,641$0$0$3,278,463
90$4,893,070$0$0$3,525,032
91$5,264,319$0$0$3,793,984
92$5,669,409$0$0$4,087,516
93$6,111,663$0$0$4,408,043
94$6,594,743$0$0$4,758,228
95$7,122,676$0$0$5,141,000
96$7,699,901$0$0$5,559,584
97$8,331,299$0$0$6,017,530
98$9,022,249$0$0$6,518,749
99$9,778,673$0$0$7,067,547
100$10,607,091$0$0$7,668,665