Can I retire at age 56 with 673,000?

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 $673,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$55,576$55,081$54,598$54,126$53,666$52,157
2 years$27,513$27,000$26,504$26,022$25,555$24,047
3 years$18,160$17,645$17,150$16,673$16,213$14,752
4 years$13,484$12,971$12,481$12,012$11,563$10,161
5 years$10,679$10,169$9,685$9,226$8,790$7,450
6 years$8,810$8,304$7,827$7,378$6,956$5,679
7 years$7,476$6,974$6,504$6,066$5,657$4,444
8 years$6,475$5,978$5,516$5,089$4,693$3,544
9 years$5,697$5,205$4,751$4,334$3,952$2,865
10 years$5,076$4,588$4,142$3,736$3,367$2,341
11 years$4,567$4,084$3,647$3,252$2,896$1,928
12 years$4,144$3,666$3,236$2,852$2,510$1,599
13 years$3,786$3,313$2,891$2,518$2,188$1,333
14 years$3,479$3,011$2,598$2,235$1,918$1,116
15 years$3,214$2,751$2,346$1,993$1,689$937
16 years$2,982$2,524$2,127$1,785$1,493$790
17 years$2,777$2,324$1,935$1,604$1,324$667
18 years$2,596$2,148$1,767$1,445$1,177$564
19 years$2,433$1,991$1,617$1,306$1,049$478
20 years$2,287$1,850$1,484$1,183$937$406
21 years$2,155$1,723$1,365$1,073$838$345
22 years$2,036$1,608$1,258$976$752$293
23 years$1,927$1,504$1,162$889$675$250
24 years$1,827$1,409$1,074$811$606$213
25 years$1,735$1,323$995$740$546$181
26 years$1,651$1,243$923$677$492$155
27 years$1,572$1,170$857$620$443$132
28 years$1,500$1,102$797$568$400$113
29 years$1,433$1,040$741$521$361$96
30 years$1,370$982$691$478$326$82
31 years$1,311$928$644$439$295$70
32 years$1,257$878$601$403$267$60
33 years$1,205$832$561$371$241$51
34 years$1,157$788$524$341$219$44
35 years$1,112$748$490$314$198$37
36 years$1,069$710$458$289$179$32
37 years$1,029$674$429$267$163$27
38 years$990$641$402$246$147$23
39 years$954$609$376$227$134$20
40 years$920$580$353$209$121$17
41 years$888$552$331$193$110$15
42 years$857$525$310$178$100$13
43 years$828$501$291$164$91$11
44 years$800$477$273$152$82$9
45 years$773$455$257$140$75$8
46 years$748$434$241$129$68$7
47 years$723$414$226$120$62$6
48 years$700$396$213$110$56$5
49 years$678$378$200$102$51$4
50 years$657$361$188$94$46$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $673,000, adding $4,212 every year, while hoping to spend $45,362 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: 63/19/18 Blend
55$673,000$673,000$673,000$673,000
56$745,991$710,322$699,890$789,340
57$773,817$696,863$675,072$805,547
58$802,961$681,224$647,901$817,730
59$833,510$663,250$618,253$829,966
60$865,557$642,779$585,993$842,262
61$899,204$619,635$550,984$854,630
62$934,562$593,636$513,082$867,081
63$971,751$564,589$472,134$879,635
64$1,010,902$532,286$427,983$892,310
65$1,052,158$496,512$380,464$905,132
66$1,095,673$457,036$329,404$918,132
67$1,141,617$413,616$274,625$931,344
68$1,190,174$365,995$215,937$944,811
69$1,241,546$313,903$153,144$958,583
70$1,295,951$257,052$86,043$972,716
71$1,353,631$195,140$14,417$987,278
72$1,414,847$127,847$0$1,002,345
73$1,479,885$54,836$0$1,029,917
74$1,549,061$0$0$1,061,915
75$1,622,717$0$0$1,100,799
76$1,701,229$0$0$1,154,494
77$1,785,008$0$0$1,211,821
78$1,874,506$0$0$1,273,091
79$1,970,216$0$0$1,338,648
80$2,072,682$0$0$1,408,865
81$2,182,495$0$0$1,484,156
82$2,300,310$0$0$1,564,972
83$2,426,840$0$0$1,651,807
84$2,562,871$0$0$1,745,207
85$2,709,265$0$0$1,845,769
86$2,866,969$0$0$1,954,148
87$3,037,020$0$0$2,071,065
88$3,220,562$0$0$2,197,313
89$3,418,849$0$0$2,333,759
90$3,633,259$0$0$2,481,362
91$3,865,309$0$0$2,641,171
92$4,116,663$0$0$2,814,342
93$4,389,154$0$0$3,002,145
94$4,684,796$0$0$3,205,978
95$5,005,803$0$0$3,427,376
96$5,354,613$0$0$3,668,030
97$5,733,905$0$0$3,929,800
98$6,146,629$0$0$4,214,730
99$6,596,027$0$0$4,525,072
100$7,085,672$0$0$4,863,302