Can I retire at age 56 with 788,000?

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 $788,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$65,072$64,493$63,927$63,375$62,836$61,020
2 years$32,214$31,614$31,033$30,469$29,922$28,107
3 years$21,263$20,660$20,080$19,522$18,984$17,227
4 years$15,788$15,187$14,613$14,064$13,539$11,853
5 years$12,504$11,907$11,340$10,803$10,292$8,682
6 years$10,316$9,723$9,165$8,639$8,144$6,611
7 years$8,753$8,165$7,616$7,103$6,623$5,168
8 years$7,582$6,999$6,459$5,958$5,495$4,115
9 years$6,671$6,094$5,563$5,075$4,627$3,323
10 years$5,943$5,372$4,850$4,375$3,943$2,712
11 years$5,348$4,782$4,270$3,807$3,391$2,231
12 years$4,852$4,292$3,789$3,340$2,938$1,848
13 years$4,433$3,879$3,386$2,948$2,562$1,538
14 years$4,074$3,526$3,042$2,617$2,246$1,286
15 years$3,763$3,221$2,746$2,334$1,978$1,079
16 years$3,491$2,955$2,490$2,090$1,748$907
17 years$3,252$2,721$2,266$1,878$1,550$765
18 years$3,039$2,515$2,068$1,692$1,378$646
19 years$2,849$2,331$1,894$1,529$1,228$547
20 years$2,678$2,166$1,738$1,385$1,097$464
21 years$2,524$2,017$1,598$1,257$982$393
22 years$2,384$1,883$1,473$1,143$880$334
23 years$2,256$1,761$1,360$1,041$790$284
24 years$2,139$1,650$1,258$949$710$242
25 years$2,032$1,549$1,165$867$639$206
26 years$1,933$1,455$1,081$793$576$175
27 years$1,841$1,370$1,003$726$519$149
28 years$1,756$1,291$933$665$468$127
29 years$1,677$1,218$868$610$423$108
30 years$1,604$1,150$809$559$382$92
31 years$1,535$1,087$754$514$345$79
32 years$1,471$1,029$703$472$312$67
33 years$1,411$974$657$434$283$57
34 years$1,355$923$614$400$256$49
35 years$1,302$876$574$368$232$42
36 years$1,252$831$537$339$210$36
37 years$1,204$789$502$312$190$30
38 years$1,160$750$470$288$173$26
39 years$1,117$713$441$265$157$22
40 years$1,077$679$413$245$142$19
41 years$1,039$646$387$226$129$16
42 years$1,003$615$363$208$117$14
43 years$969$586$341$192$106$12
44 years$936$559$320$178$96$10
45 years$905$533$300$164$87$9
46 years$875$508$282$151$79$7
47 years$847$485$265$140$72$6
48 years$820$463$249$129$65$5
49 years$794$442$234$119$59$5
50 years$769$422$220$110$54$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $788,000, adding $3,108 every year, while hoping to spend $59,997 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: 28/49/23 Blend
55$788,000$788,000$788,000$788,000
56$871,582$829,818$817,604$889,625
57$896,647$806,643$781,157$880,824
58$922,258$780,321$741,479$865,887
59$948,407$750,635$698,397$848,581
60$975,083$717,356$651,732$828,743
61$1,002,274$680,238$601,298$806,198
62$1,029,962$639,026$546,897$780,764
63$1,058,125$593,445$488,326$752,244
64$1,086,740$543,210$425,370$720,433
65$1,115,774$488,014$357,807$685,111
66$1,145,193$427,537$285,403$646,047
67$1,174,954$361,438$207,916$602,996
68$1,205,009$289,358$125,091$555,697
69$1,235,302$210,918$36,663$503,876
70$1,265,766$125,716$0$447,240
71$1,296,329$33,331$0$399,643
72$1,326,904$0$0$357,117
73$1,357,397$0$0$346,340
74$1,387,697$0$0$353,405
75$1,417,680$0$0$360,301
76$1,447,208$0$0$366,983
77$1,476,123$0$0$373,398
78$1,504,248$0$0$379,491
79$1,531,385$0$0$385,198
80$1,557,311$0$0$390,447
81$1,581,778$0$0$395,159
82$1,604,508$0$0$399,246
83$1,625,191$0$0$402,608
84$1,643,479$0$0$405,137
85$1,658,986$0$0$406,710
86$1,671,284$0$0$407,191
87$1,679,893$0$0$406,430
88$1,684,281$0$0$404,259
89$1,683,858$0$0$400,491
90$1,677,967$0$0$394,923
91$1,665,879$0$0$387,324
92$1,646,786$0$0$377,441
93$1,619,791$0$0$364,995
94$1,583,902$0$0$349,674
95$1,538,016$0$0$331,136
96$1,480,917$0$0$308,999
97$1,411,252$0$0$282,843
98$1,327,530$0$0$252,202
99$1,228,096$0$0$216,562
100$1,111,122$0$0$175,354