Can I retire at age 56 with 592,000?

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 $592,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$48,887$48,451$48,026$47,612$47,207$46,714
2 years$24,201$23,751$23,314$22,890$22,479$21,983
3 years$15,974$15,521$15,086$14,666$14,262$13,777
4 years$11,861$11,410$10,978$10,566$10,172$9,703
5 years$9,394$8,945$8,520$8,116$7,732$7,281
6 years$7,750$7,305$6,885$6,490$6,118$5,684
7 years$6,576$6,134$5,722$5,336$4,976$4,559
8 years$5,696$5,258$4,852$4,476$4,128$3,729
9 years$5,012$4,578$4,179$3,813$3,476$3,095
10 years$4,465$4,036$3,644$3,287$2,962$2,598
11 years$4,017$3,593$3,208$2,860$2,547$2,201
12 years$3,645$3,225$2,847$2,509$2,208$1,878
13 years$3,330$2,914$2,543$2,215$1,925$1,611
14 years$3,060$2,649$2,285$1,966$1,687$1,390
15 years$2,827$2,420$2,063$1,754$1,486$1,204
16 years$2,623$2,220$1,871$1,570$1,313$1,046
17 years$2,443$2,045$1,702$1,411$1,164$912
18 years$2,283$1,889$1,554$1,271$1,035$796
19 years$2,140$1,751$1,423$1,149$923$697
20 years$2,012$1,627$1,306$1,040$824$612
21 years$1,896$1,516$1,201$944$738$538
22 years$1,791$1,415$1,107$859$661$473
23 years$1,695$1,323$1,022$782$593$417
24 years$1,607$1,240$945$713$533$367
25 years$1,526$1,163$875$651$480$324
26 years$1,452$1,093$812$595$432$287
27 years$1,383$1,029$754$545$390$253
28 years$1,319$970$701$499$352$224
29 years$1,260$915$652$458$318$198
30 years$1,205$864$607$420$287$176
31 years$1,154$817$566$386$259$156
32 years$1,105$773$528$355$235$138
33 years$1,060$732$493$326$212$122
34 years$1,018$694$461$300$192$108
35 years$978$658$431$276$174$96
36 years$940$624$403$254$158$85
37 years$905$593$377$234$143$76
38 years$871$564$353$216$130$67
39 years$839$536$331$199$118$60
40 years$809$510$310$184$107$53
41 years$781$485$291$170$97$47
42 years$754$462$273$156$88$42
43 years$728$440$256$144$80$37
44 years$703$420$240$133$72$33
45 years$680$400$226$123$66$29
46 years$658$382$212$114$60$26
47 years$636$364$199$105$54$23
48 years$616$348$187$97$49$21
49 years$597$332$176$90$45$18
50 years$578$317$165$83$41$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $592,000, adding $5,919 every year, while hoping to spend $38,317 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: 40/33/27 Blend
55$592,000$592,000$592,000$592,000
56$658,489$627,113$617,937$679,379
57$684,886$617,073$597,869$685,034
58$712,692$605,256$575,845$687,139
59$742,008$591,536$551,758$688,678
60$772,949$575,777$525,497$689,624
61$805,636$557,836$496,948$689,948
62$840,203$537,563$465,988$689,624
63$876,797$514,796$432,491$688,625
64$915,576$489,367$396,326$686,927
65$956,715$461,096$357,353$684,504
66$1,000,404$429,794$315,429$681,337
67$1,046,852$395,261$270,402$677,404
68$1,096,286$357,284$222,116$672,690
69$1,148,957$315,641$170,406$667,181
70$1,205,136$270,093$115,101$660,868
71$1,265,124$220,391$56,021$653,747
72$1,329,248$166,272$0$645,817
73$1,397,868$107,456$0$639,113
74$1,471,378$43,649$0$648,979
75$1,550,210$0$0$659,341
76$1,634,839$0$0$679,540
77$1,725,784$0$0$718,334
78$1,823,618$0$0$760,124
79$1,928,969$0$0$805,185
80$2,042,524$0$0$853,819
81$2,165,040$0$0$906,359
82$2,297,350$0$0$963,170
83$2,440,368$0$0$1,024,652
84$2,595,097$0$0$1,091,248
85$2,762,641$0$0$1,163,442
86$2,944,214$0$0$1,241,769
87$3,141,151$0$0$1,326,813
88$3,354,919$0$0$1,419,221
89$3,587,133$0$0$1,519,703
90$3,839,567$0$0$1,629,039
91$4,114,177$0$0$1,748,088
92$4,413,110$0$0$1,877,796
93$4,738,732$0$0$2,019,204
94$5,093,645$0$0$2,173,457
95$5,480,714$0$0$2,341,814
96$5,903,091$0$0$2,525,664
97$6,364,245$0$0$2,726,534
98$6,867,996$0$0$2,946,104
99$7,418,550$0$0$3,186,227
100$8,020,537$0$0$3,448,941