Can I retire at age 56 with 590,000?

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 $590,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$48,722$48,288$47,864$47,451$47,047$45,523
2 years$24,120$23,670$23,235$22,813$22,404$20,882
3 years$15,920$15,469$15,035$14,616$14,214$12,743
4 years$11,821$11,371$10,941$10,530$10,137$8,729
5 years$9,362$8,915$8,491$8,088$7,706$6,363
6 years$7,724$7,280$6,862$6,468$6,098$4,821
7 years$6,554$6,114$5,702$5,318$4,959$3,749
8 years$5,677$5,241$4,836$4,461$4,114$2,970
9 years$4,995$4,563$4,165$3,800$3,465$2,385
10 years$4,450$4,022$3,631$3,276$2,952$1,935
11 years$4,004$3,580$3,197$2,851$2,539$1,583
12 years$3,633$3,214$2,837$2,500$2,200$1,303
13 years$3,319$2,904$2,535$2,208$1,919$1,078
14 years$3,050$2,640$2,278$1,960$1,682$896
15 years$2,817$2,412$2,056$1,748$1,481$747
16 years$2,614$2,213$1,864$1,565$1,309$624
17 years$2,435$2,038$1,697$1,406$1,160$523
18 years$2,275$1,883$1,549$1,267$1,032$439
19 years$2,133$1,745$1,418$1,145$920$369
20 years$2,005$1,622$1,301$1,037$821$310
21 years$1,890$1,510$1,197$941$735$262
22 years$1,785$1,410$1,103$856$659$221
23 years$1,689$1,319$1,018$779$591$186
24 years$1,602$1,236$942$711$532$157
25 years$1,521$1,159$872$649$478$133
26 years$1,447$1,090$809$593$431$112
27 years$1,378$1,026$751$543$389$95
28 years$1,315$966$698$498$351$80
29 years$1,256$912$650$456$317$68
30 years$1,201$861$605$419$286$58
31 years$1,150$814$564$385$259$49
32 years$1,102$770$527$354$234$41
33 years$1,057$729$492$325$212$35
34 years$1,014$691$459$299$192$30
35 years$975$656$430$275$174$25
36 years$937$622$402$254$157$21
37 years$902$591$376$234$143$18
38 years$868$562$352$215$129$15
39 years$837$534$330$199$117$13
40 years$807$508$309$183$106$11
41 years$778$484$290$169$96$9
42 years$751$461$272$156$88$8
43 years$725$439$255$144$79$7
44 years$701$418$240$133$72$6
45 years$678$399$225$123$65$5
46 years$655$381$211$113$59$4
47 years$634$363$199$105$54$3
48 years$614$347$187$97$49$3
49 years$595$331$175$89$45$2
50 years$576$316$165$83$40$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $590,000, adding $2,087 every year, while hoping to spend $23,138 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: 53/17/30 Blend
55$590,000$590,000$590,000$590,000
56$652,333$621,063$611,918$681,325
57$694,252$626,876$607,798$707,507
58$739,672$632,199$602,765$733,480
59$788,924$636,983$596,764$761,296
60$842,375$641,176$589,736$791,144
61$900,427$644,723$581,622$823,228
62$963,522$647,566$572,359$857,778
63$1,032,148$649,643$561,879$895,046
64$1,106,839$650,888$550,114$935,312
65$1,188,186$651,230$536,991$978,885
66$1,276,835$650,595$522,435$1,026,108
67$1,373,502$648,904$506,366$1,077,357
68$1,478,971$646,072$488,702$1,133,053
69$1,594,108$642,011$469,355$1,193,655
70$1,719,863$636,626$448,234$1,259,677
71$1,857,285$629,816$425,246$1,331,681
72$2,007,526$621,476$400,290$1,410,293
73$2,171,857$611,492$373,263$1,496,202
74$2,351,677$599,745$344,058$1,590,169
75$2,548,524$586,108$312,560$1,693,037
76$2,764,094$570,448$278,651$1,805,735
77$3,000,255$552,623$242,209$1,929,291
78$3,259,061$532,482$203,104$2,064,838
79$3,542,779$509,867$161,201$2,213,629
80$3,853,902$484,610$116,360$2,377,047
81$4,195,176$456,533$68,435$2,556,620
82$4,569,628$425,447$17,272$2,754,035
83$4,980,591$391,154$0$2,971,151
84$5,431,735$353,444$0$3,221,974
85$5,927,103$312,095$0$3,503,500
86$6,471,151$266,871$0$3,812,753
87$7,068,786$217,525$0$4,152,554
88$7,725,414$163,795$0$4,526,015
89$8,446,989$105,404$0$4,936,564
90$9,240,073$42,059$0$5,387,979
91$10,111,893$0$0$5,884,427
92$11,070,413$0$0$6,435,466
93$12,124,405$0$0$7,050,106
94$13,283,537$0$0$7,726,123
95$14,558,457$0$0$8,469,737
96$15,960,898$0$0$9,287,798
97$17,503,789$0$0$10,187,858
98$19,201,374$0$0$11,178,234
99$21,069,347$0$0$12,268,092
100$23,125,000$0$0$13,467,530