Can I retire at age 56 with 296,000?

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 $296,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$24,443$24,226$24,013$23,806$23,603$23,070
2 years$12,101$11,875$11,657$11,445$11,240$10,705
3 years$7,987$7,761$7,543$7,333$7,131$6,612
4 years$5,931$5,705$5,489$5,283$5,086$4,587
5 years$4,697$4,473$4,260$4,058$3,866$3,388
6 years$3,875$3,652$3,443$3,245$3,059$2,602
7 years$3,288$3,067$2,861$2,668$2,488$2,053
8 years$2,848$2,629$2,426$2,238$2,064$1,650
9 years$2,506$2,289$2,090$1,906$1,738$1,345
10 years$2,232$2,018$1,822$1,643$1,481$1,109
11 years$2,009$1,796$1,604$1,430$1,274$922
12 years$1,822$1,612$1,423$1,254$1,104$771
13 years$1,665$1,457$1,272$1,107$963$649
14 years$1,530$1,324$1,143$983$844$549
15 years$1,413$1,210$1,032$877$743$465
16 years$1,311$1,110$935$785$657$396
17 years$1,221$1,022$851$705$582$338
18 years$1,142$945$777$636$518$289
19 years$1,070$875$711$574$461$247
20 years$1,006$814$653$520$412$212
21 years$948$758$600$472$369$182
22 years$895$707$553$429$331$157
23 years$847$662$511$391$297$135
24 years$803$620$473$357$267$116
25 years$763$582$438$326$240$100
26 years$726$547$406$298$216$86
27 years$692$515$377$273$195$75
28 years$660$485$350$250$176$64
29 years$630$457$326$229$159$56
30 years$603$432$304$210$143$48
31 years$577$408$283$193$130$42
32 years$553$386$264$177$117$36
33 years$530$366$247$163$106$31
34 years$509$347$230$150$96$27
35 years$489$329$215$138$87$23
36 years$470$312$202$127$79$20
37 years$452$297$189$117$72$17
38 years$436$282$177$108$65$15
39 years$420$268$166$100$59$13
40 years$405$255$155$92$53$11
41 years$390$243$145$85$48$10
42 years$377$231$136$78$44$8
43 years$364$220$128$72$40$7
44 years$352$210$120$67$36$6
45 years$340$200$113$62$33$5
46 years$329$191$106$57$30$5
47 years$318$182$100$53$27$4
48 years$308$174$94$49$25$4
49 years$298$166$88$45$22$3
50 years$289$159$83$41$20$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $296,000, adding $5,055 every year, while hoping to spend $22,741 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: 30/41/29 Blend
55$296,000$296,000$296,000$296,000
56$331,406$315,718$311,130$338,286
57$341,013$306,992$297,357$335,357
58$350,838$297,076$282,360$329,892
59$360,879$285,888$266,074$323,566
60$371,133$273,341$248,432$316,321
61$381,597$259,343$229,363$308,095
62$392,265$243,796$208,791$298,822
63$403,131$226,597$186,641$288,432
64$414,187$207,637$162,830$276,852
65$425,424$186,801$137,275$264,003
66$436,831$163,968$109,887$249,804
67$448,393$139,008$80,574$234,167
68$460,095$111,786$49,239$216,999
69$471,919$82,157$15,783$198,203
70$483,844$49,971$0$177,674
71$495,843$15,068$0$161,467
72$507,890$0$0$148,915
73$519,953$0$0$145,293
74$531,993$0$0$148,435
75$543,971$0$0$151,531
76$555,838$0$0$154,562
77$567,542$0$0$157,512
78$579,022$0$0$160,359
79$590,212$0$0$163,079
80$601,035$0$0$165,648
81$611,406$0$0$168,035
82$621,231$0$0$170,210
83$630,403$0$0$172,134
84$638,803$0$0$173,768
85$646,299$0$0$175,068
86$652,744$0$0$175,983
87$657,972$0$0$176,457
88$661,802$0$0$176,429
89$664,028$0$0$175,831
90$664,425$0$0$174,586
91$662,742$0$0$172,609
92$658,699$0$0$169,808
93$651,987$0$0$166,079
94$642,262$0$0$161,305
95$629,144$0$0$155,361
96$612,212$0$0$148,106
97$590,998$0$0$139,382
98$564,984$0$0$129,018
99$533,599$0$0$116,822
100$496,209$0$0$102,584