Can I retire at age 56 with 516,000?

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 $516,000?

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 years$42,611$42,231$41,861$41,499$41,147$39,974
2 years$21,094$20,702$20,321$19,952$19,594$18,421
3 years$13,923$13,529$13,149$12,783$12,431$11,295
4 years$10,338$9,945$9,569$9,210$8,866$7,776
5 years$8,188$7,797$7,426$7,074$6,740$5,699
6 years$6,755$6,367$6,001$5,657$5,333$4,342
7 years$5,732$5,347$4,987$4,651$4,337$3,396
8 years$4,965$4,583$4,229$3,902$3,598$2,706
9 years$4,368$3,991$3,643$3,323$3,030$2,186
10 years$3,891$3,517$3,176$2,865$2,582$1,785
11 years$3,502$3,131$2,796$2,493$2,220$1,470
12 years$3,177$2,811$2,481$2,187$1,924$1,218
13 years$2,903$2,540$2,217$1,931$1,678$1,014
14 years$2,668$2,309$1,992$1,714$1,471$849
15 years$2,464$2,109$1,798$1,528$1,295$712
16 years$2,286$1,935$1,631$1,369$1,145$600
17 years$2,129$1,782$1,484$1,230$1,015$506
18 years$1,990$1,647$1,354$1,108$902$428
19 years$1,866$1,526$1,240$1,001$804$362
20 years$1,754$1,418$1,138$907$718$307
21 years$1,653$1,321$1,047$823$643$261
22 years$1,561$1,233$965$748$576$222
23 years$1,477$1,153$891$682$517$189
24 years$1,401$1,081$824$622$465$161
25 years$1,330$1,014$763$568$418$137
26 years$1,266$953$708$519$377$117
27 years$1,206$897$657$475$340$99
28 years$1,150$845$611$435$307$85
29 years$1,098$797$568$399$277$72
30 years$1,050$753$529$366$250$62
31 years$1,005$712$494$336$226$53
32 years$963$674$461$309$205$45
33 years$924$638$430$284$185$38
34 years$887$605$402$262$168$33
35 years$852$573$376$241$152$28
36 years$820$544$351$222$138$24
37 years$789$517$329$204$125$20
38 years$759$491$308$188$113$17
39 years$732$467$289$174$102$15
40 years$705$444$270$160$93$13
41 years$681$423$254$148$84$11
42 years$657$403$238$136$77$9
43 years$634$384$223$126$69$8
44 years$613$366$210$116$63$7
45 years$593$349$197$107$57$6
46 years$573$333$185$99$52$5
47 years$555$318$174$92$47$4
48 years$537$303$163$85$43$4
49 years$520$290$153$78$39$3
50 years$504$277$144$72$35$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $516,000, adding $6,838 every year, while hoping to spend $29,688 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: 62/23/15 Blend
55$516,000$516,000$516,000$516,000
56$575,685$548,337$540,339$608,834
57$602,818$543,618$526,853$627,215
58$631,722$537,673$511,920$643,294
59$662,549$530,409$495,460$660,133
60$695,461$521,732$477,390$677,809
61$730,638$511,537$457,623$696,406
62$768,276$499,715$436,067$716,019
63$808,592$486,153$412,627$736,750
64$851,822$470,728$387,203$758,719
65$898,225$453,311$359,691$782,054
66$948,085$433,765$329,982$806,901
67$1,001,717$411,945$297,963$833,420
68$1,059,461$387,700$263,514$861,792
69$1,121,696$360,867$226,512$892,214
70$1,188,835$331,276$186,827$924,910
71$1,261,334$298,746$144,322$960,124
72$1,339,691$263,086$98,858$998,131
73$1,424,456$224,094$50,287$1,039,235
74$1,516,233$181,557$0$1,083,772
75$1,615,686$135,250$0$1,132,365
76$1,723,543$84,935$0$1,193,787
77$1,840,609$30,360$0$1,260,469
78$1,967,765$0$0$1,332,948
79$2,105,982$0$0$1,419,096
80$2,256,329$0$0$1,521,195
81$2,419,981$0$0$1,632,365
82$2,598,231$0$0$1,753,489
83$2,792,501$0$0$1,885,538
84$3,004,359$0$0$2,029,582
85$3,235,528$0$0$2,186,797
86$3,487,904$0$0$2,358,480
87$3,763,577$0$0$2,546,056
88$4,064,845$0$0$2,751,095
89$4,394,241$0$0$2,975,327
90$4,754,550$0$0$3,220,655
91$5,148,842$0$0$3,489,174
92$5,580,496$0$0$3,783,192
93$6,053,233$0$0$4,105,251
94$6,571,149$0$0$4,458,150
95$7,138,758$0$0$4,844,970
96$7,761,030$0$0$5,269,107
97$8,443,439$0$0$5,734,300
98$9,192,012$0$0$6,244,665
99$10,013,392$0$0$6,804,741
100$10,914,892$0$0$7,419,522