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%14%
1 years$65,072$64,493$63,927$63,375$62,836$61,795
2 years$32,214$31,614$31,033$30,469$29,922$28,876
3 years$21,263$20,660$20,080$19,522$18,984$17,966
4 years$15,788$15,187$14,613$14,064$13,539$12,557
5 years$12,504$11,907$11,340$10,803$10,292$9,349
6 years$10,316$9,723$9,165$8,639$8,144$7,240
7 years$8,753$8,165$7,616$7,103$6,623$5,759
8 years$7,582$6,999$6,459$5,958$5,495$4,670
9 years$6,671$6,094$5,563$5,075$4,627$3,842
10 years$5,943$5,372$4,850$4,375$3,943$3,196
11 years$5,348$4,782$4,270$3,807$3,391$2,682
12 years$4,852$4,292$3,789$3,340$2,938$2,266
13 years$4,433$3,879$3,386$2,948$2,562$1,926
14 years$4,074$3,526$3,042$2,617$2,246$1,644
15 years$3,763$3,221$2,746$2,334$1,978$1,409
16 years$3,491$2,955$2,490$2,090$1,748$1,212
17 years$3,252$2,721$2,266$1,878$1,550$1,045
18 years$3,039$2,515$2,068$1,692$1,378$904
19 years$2,849$2,331$1,894$1,529$1,228$783
20 years$2,678$2,166$1,738$1,385$1,097$679
21 years$2,524$2,017$1,598$1,257$982$590
22 years$2,384$1,883$1,473$1,143$880$513
23 years$2,256$1,761$1,360$1,041$790$447
24 years$2,139$1,650$1,258$949$710$389
25 years$2,032$1,549$1,165$867$639$340
26 years$1,933$1,455$1,081$793$576$297
27 years$1,841$1,370$1,003$726$519$259
28 years$1,756$1,291$933$665$468$226
29 years$1,677$1,218$868$610$423$198
30 years$1,604$1,150$809$559$382$173
31 years$1,535$1,087$754$514$345$152
32 years$1,471$1,029$703$472$312$133
33 years$1,411$974$657$434$283$116
34 years$1,355$923$614$400$256$102
35 years$1,302$876$574$368$232$89
36 years$1,252$831$537$339$210$78
37 years$1,204$789$502$312$190$68
38 years$1,160$750$470$288$173$60
39 years$1,117$713$441$265$157$53
40 years$1,077$679$413$245$142$46
41 years$1,039$646$387$226$129$40
42 years$1,003$615$363$208$117$35
43 years$969$586$341$192$106$31
44 years$936$559$320$178$96$27
45 years$905$533$300$164$87$24
46 years$875$508$282$151$79$21
47 years$847$485$265$140$72$18
48 years$820$463$249$129$65$16
49 years$794$442$234$119$59$14
50 years$769$422$220$110$54$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $788,000, adding $3,290 every year, while hoping to spend $42,581 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: 51/23/26 Blend
55$788,000$788,000$788,000$788,000
56$871,770$830,006$817,792$909,712
57$915,384$825,370$799,882$931,800
58$962,020$819,080$779,945$951,238
59$1,011,942$811,010$757,868$971,521
60$1,065,436$801,026$733,533$992,748
61$1,122,821$788,986$706,816$1,015,028
62$1,184,443$774,741$677,589$1,038,487
63$1,250,684$758,132$645,717$1,063,264
64$1,321,963$738,989$611,057$1,089,516
65$1,398,739$717,135$573,463$1,117,418
66$1,481,517$692,382$532,781$1,147,169
67$1,570,852$664,529$488,850$1,178,988
68$1,667,353$633,365$441,500$1,213,121
69$1,771,690$598,666$390,557$1,249,845
70$1,884,598$560,197$335,837$1,289,465
71$2,006,888$517,707$277,148$1,332,326
72$2,139,447$470,932$214,290$1,378,810
73$2,283,256$419,593$147,053$1,429,343
74$2,439,389$363,393$75,220$1,484,400
75$2,609,029$302,022$0$1,544,510
76$2,793,479$235,150$0$1,610,660
77$2,994,169$162,428$0$1,705,400
78$3,212,677$83,490$0$1,808,639
79$3,450,735$0$0$1,921,254
80$3,710,252$0$0$2,044,741
81$3,993,326$0$0$2,202,559
82$4,302,270$0$0$2,374,876
83$4,639,628$0$0$2,563,120
84$5,008,200$0$0$2,768,865
85$5,411,069$0$0$2,993,841
86$5,851,629$0$0$3,239,956
87$6,333,619$0$0$3,509,307
88$6,861,153$0$0$3,804,207
89$7,438,763$0$0$4,127,200
90$8,071,439$0$0$4,481,091
91$8,764,676$0$0$4,868,964
92$9,524,527$0$0$5,294,222
93$10,357,658$0$0$5,760,607
94$11,271,409$0$0$6,272,244
95$12,273,866$0$0$6,833,676
96$13,373,937$0$0$7,449,907
97$14,581,431$0$0$8,126,447
98$15,907,155$0$0$8,869,369
99$17,363,013$0$0$9,685,361
100$18,962,118$0$0$10,581,791