Can I retire at age 56 with 586,000?

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 $586,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$48,391$47,960$47,540$47,129$46,728$46,395
2 years$23,956$23,510$23,078$22,658$22,252$21,915
3 years$15,812$15,364$14,933$14,517$14,117$13,789
4 years$11,741$11,294$10,867$10,459$10,069$9,750
5 years$9,299$8,855$8,433$8,033$7,654$7,347
6 years$7,671$7,231$6,815$6,424$6,056$5,761
7 years$6,509$6,072$5,664$5,282$4,925$4,641
8 years$5,638$5,205$4,803$4,431$4,086$3,814
9 years$4,961$4,532$4,137$3,774$3,441$3,180
10 years$4,419$3,995$3,607$3,253$2,932$2,682
11 years$3,977$3,556$3,175$2,831$2,522$2,283
12 years$3,608$3,192$2,818$2,483$2,185$1,958
13 years$3,296$2,885$2,518$2,193$1,906$1,689
14 years$3,029$2,622$2,262$1,946$1,670$1,464
15 years$2,798$2,395$2,042$1,736$1,471$1,275
16 years$2,596$2,198$1,852$1,554$1,300$1,114
17 years$2,418$2,024$1,685$1,396$1,153$976
18 years$2,260$1,870$1,538$1,258$1,025$858
19 years$2,119$1,733$1,408$1,137$913$756
20 years$1,992$1,611$1,292$1,030$816$667
21 years$1,877$1,500$1,189$935$730$589
22 years$1,773$1,400$1,096$850$654$522
23 years$1,678$1,310$1,012$774$587$462
24 years$1,591$1,227$936$706$528$410
25 years$1,511$1,152$866$645$475$364
26 years$1,437$1,082$804$589$428$324
27 years$1,369$1,019$746$540$386$288
28 years$1,306$960$694$494$348$257
29 years$1,247$905$646$453$314$229
30 years$1,193$855$601$416$284$204
31 years$1,142$808$561$382$257$182
32 years$1,094$765$523$351$232$162
33 years$1,049$724$488$323$210$145
34 years$1,007$687$456$297$190$129
35 years$968$651$427$274$172$115
36 years$931$618$399$252$156$103
37 years$896$587$374$232$142$92
38 years$862$558$350$214$128$82
39 years$831$530$328$197$116$74
40 years$801$505$307$182$106$66
41 years$773$480$288$168$96$59
42 years$746$458$270$155$87$53
43 years$721$436$254$143$79$47
44 years$696$416$238$132$72$42
45 years$673$396$223$122$65$38
46 years$651$378$210$113$59$34
47 years$630$361$197$104$54$30
48 years$610$344$185$96$49$27
49 years$591$329$174$89$44$24
50 years$572$314$164$82$40$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $586,000, adding $2,467 every year, while hoping to spend $27,874 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: 49/32/19 Blend
55$586,000$586,000$586,000$586,000
56$648,317$617,259$608,176$676,521
57$684,787$617,847$598,892$696,908
58$724,044$617,529$588,363$715,999
59$766,341$616,233$576,517$736,146
60$811,958$613,878$563,281$757,461
61$861,202$610,384$548,576$780,065
62$914,413$605,660$532,321$804,096
63$971,959$599,614$514,430$829,706
64$1,034,250$592,146$494,815$857,064
65$1,101,734$583,152$473,382$886,360
66$1,174,905$572,519$450,033$917,803
67$1,254,303$560,131$424,668$951,626
68$1,340,526$545,862$397,178$988,089
69$1,434,230$529,579$367,454$1,027,479
70$1,536,137$511,144$335,379$1,070,117
71$1,647,039$490,406$300,831$1,116,358
72$1,767,812$467,211$263,683$1,166,596
73$1,899,416$441,391$223,803$1,221,268
74$2,042,909$412,772$181,053$1,280,861
75$2,199,455$381,167$135,288$1,345,911
76$2,370,336$346,381$86,357$1,417,016
77$2,556,964$308,207$34,103$1,494,837
78$2,760,890$266,425$0$1,580,107
79$2,983,824$220,804$0$1,678,029
80$3,227,650$171,099$0$1,792,775
81$3,494,439$117,052$0$1,918,457
82$3,786,475$58,390$0$2,056,214
83$4,106,269$0$0$2,207,307
84$4,456,590$0$0$2,374,950
85$4,840,486$0$0$2,581,253
86$5,261,313$0$0$2,807,467
87$5,722,767$0$0$3,055,586
88$6,228,921$0$0$3,327,810
89$6,784,259$0$0$3,626,557
90$7,393,722$0$0$3,954,495
91$8,062,749$0$0$4,314,561
92$8,797,336$0$0$4,709,990
93$9,604,085$0$0$5,144,346
94$10,490,269$0$0$5,621,555
95$11,463,901$0$0$6,145,942
96$12,533,807$0$0$6,722,274
97$13,709,712$0$0$7,355,798
98$15,002,329$0$0$8,052,300
99$16,423,461$0$0$8,818,150
100$17,986,112$0$0$9,660,369