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%19.5%
1 years$65,072$64,493$63,927$63,375$62,836$60,439
2 years$32,214$31,614$31,033$30,469$29,922$27,535
3 years$21,263$20,660$20,080$19,522$18,984$16,682
4 years$15,788$15,187$14,613$14,064$13,539$11,340
5 years$12,504$11,907$11,340$10,803$10,292$8,202
6 years$10,316$9,723$9,165$8,639$8,144$6,164
7 years$8,753$8,165$7,616$7,103$6,623$4,752
8 years$7,582$6,999$6,459$5,958$5,495$3,731
9 years$6,671$6,094$5,563$5,075$4,627$2,969
10 years$5,943$5,372$4,850$4,375$3,943$2,386
11 years$5,348$4,782$4,270$3,807$3,391$1,933
12 years$4,852$4,292$3,789$3,340$2,938$1,576
13 years$4,433$3,879$3,386$2,948$2,562$1,290
14 years$4,074$3,526$3,042$2,617$2,246$1,061
15 years$3,763$3,221$2,746$2,334$1,978$875
16 years$3,491$2,955$2,490$2,090$1,748$723
17 years$3,252$2,721$2,266$1,878$1,550$599
18 years$3,039$2,515$2,068$1,692$1,378$497
19 years$2,849$2,331$1,894$1,529$1,228$413
20 years$2,678$2,166$1,738$1,385$1,097$344
21 years$2,524$2,017$1,598$1,257$982$286
22 years$2,384$1,883$1,473$1,143$880$239
23 years$2,256$1,761$1,360$1,041$790$199
24 years$2,139$1,650$1,258$949$710$166
25 years$2,032$1,549$1,165$867$639$139
26 years$1,933$1,455$1,081$793$576$116
27 years$1,841$1,370$1,003$726$519$97
28 years$1,756$1,291$933$665$468$81
29 years$1,677$1,218$868$610$423$68
30 years$1,604$1,150$809$559$382$57
31 years$1,535$1,087$754$514$345$47
32 years$1,471$1,029$703$472$312$40
33 years$1,411$974$657$434$283$33
34 years$1,355$923$614$400$256$28
35 years$1,302$876$574$368$232$23
36 years$1,252$831$537$339$210$19
37 years$1,204$789$502$312$190$16
38 years$1,160$750$470$288$173$14
39 years$1,117$713$441$265$157$11
40 years$1,077$679$413$245$142$9
41 years$1,039$646$387$226$129$8
42 years$1,003$615$363$208$117$7
43 years$969$586$341$192$106$6
44 years$936$559$320$178$96$5
45 years$905$533$300$164$87$4
46 years$875$508$282$151$79$3
47 years$847$485$265$140$72$3
48 years$820$463$249$129$65$2
49 years$794$442$234$119$59$2
50 years$769$422$220$110$54$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $788,000, adding $2,210 every year, while hoping to spend $45,954 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: 63/29/8 Blend
55$788,000$788,000$788,000$788,000
56$870,656$828,892$816,678$923,956
57$910,568$820,613$795,142$951,519
58$953,011$810,388$771,344$976,033
59$998,194$798,073$745,160$1,001,620
60$1,046,348$783,516$716,461$1,028,383
61$1,097,723$766,556$685,110$1,056,436
62$1,152,594$747,021$650,965$1,085,906
63$1,211,264$724,730$613,877$1,116,937
64$1,274,063$699,492$573,692$1,149,686
65$1,341,353$671,103$530,247$1,184,330
66$1,413,534$639,350$483,373$1,221,067
67$1,491,041$604,004$432,892$1,260,116
68$1,574,353$564,827$378,620$1,301,722
69$1,663,997$521,563$320,364$1,346,156
70$1,760,550$473,945$257,921$1,393,721
71$1,864,646$421,688$191,081$1,444,755
72$1,976,982$364,494$119,625$1,499,631
73$2,098,325$302,044$43,323$1,558,767
74$2,229,514$234,004$0$1,622,624
75$2,371,475$160,021$0$1,694,970
76$2,525,225$79,721$0$1,777,280
77$2,691,880$0$0$1,866,508
78$2,872,671$0$0$1,965,708
79$3,068,948$0$0$2,101,072
80$3,282,199$0$0$2,248,192
81$3,514,057$0$0$2,408,201
82$3,766,323$0$0$2,582,348
83$4,040,976$0$0$2,772,006
84$4,340,194$0$0$2,978,686
85$4,666,374$0$0$3,204,052
86$5,022,154$0$0$3,449,934
87$5,410,437$0$0$3,718,346
88$5,834,420$0$0$4,011,506
89$6,297,621$0$0$4,331,856
90$6,803,914$0$0$4,682,085
91$7,357,562$0$0$5,065,150
92$7,963,261$0$0$5,484,311
93$8,626,181$0$0$5,943,156
94$9,352,015$0$0$6,445,635
95$10,147,032$0$0$6,996,100
96$11,018,136$0$0$7,599,342
97$11,972,929$0$0$8,260,639
98$13,019,787$0$0$8,985,802
99$14,167,931$0$0$9,781,233
100$15,427,519$0$0$10,653,982