Can I retire at age 56 with 593,000?

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 $593,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.3%
1 years$48,969$48,533$48,108$47,692$47,287$45,518
2 years$24,242$23,791$23,353$22,929$22,517$20,756
3 years$16,001$15,548$15,111$14,691$14,286$12,587
4 years$11,881$11,429$10,997$10,584$10,189$8,565
5 years$9,410$8,961$8,534$8,129$7,745$6,202
6 years$7,763$7,317$6,897$6,501$6,129$4,665
7 years$6,587$6,145$5,731$5,345$4,984$3,601
8 years$5,705$5,267$4,861$4,484$4,135$2,831
9 years$5,020$4,586$4,186$3,819$3,482$2,255
10 years$4,472$4,042$3,650$3,292$2,967$1,815
11 years$4,024$3,599$3,213$2,865$2,552$1,472
12 years$3,651$3,230$2,852$2,513$2,211$1,202
13 years$3,336$2,919$2,548$2,219$1,928$985
14 years$3,066$2,653$2,289$1,970$1,690$811
15 years$2,832$2,424$2,067$1,756$1,488$670
16 years$2,627$2,224$1,874$1,573$1,315$555
17 years$2,447$2,048$1,705$1,413$1,166$460
18 years$2,287$1,892$1,557$1,273$1,037$383
19 years$2,144$1,754$1,425$1,151$924$318
20 years$2,015$1,630$1,308$1,042$826$265
21 years$1,899$1,518$1,203$946$739$221
22 years$1,794$1,417$1,109$860$662$185
23 years$1,698$1,325$1,024$783$594$154
24 years$1,610$1,242$947$714$534$129
25 years$1,529$1,165$877$652$481$108
26 years$1,454$1,095$813$596$433$90
27 years$1,385$1,031$755$546$390$76
28 years$1,322$971$702$500$352$63
29 years$1,262$916$653$459$318$53
30 years$1,207$865$609$421$287$44
31 years$1,155$818$567$387$260$37
32 years$1,107$774$529$355$235$31
33 years$1,062$733$494$327$213$26
34 years$1,019$695$462$301$193$22
35 years$979$659$432$277$174$18
36 years$942$625$404$255$158$15
37 years$906$594$378$235$143$13
38 years$873$565$354$216$130$11
39 years$841$537$332$200$118$9
40 years$811$511$311$184$107$8
41 years$782$486$291$170$97$6
42 years$755$463$273$157$88$5
43 years$729$441$257$145$80$4
44 years$705$421$241$134$72$4
45 years$681$401$226$123$66$3
46 years$659$383$212$114$60$3
47 years$637$365$200$105$54$2
48 years$617$348$188$97$49$2
49 years$598$333$176$90$45$2
50 years$579$318$166$83$41$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $593,000, adding $3,484 every year, while hoping to spend $42,773 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: 51/36/13 Blend
55$593,000$593,000$593,000$593,000
56$657,080$625,651$616,459$688,121
57$678,592$610,797$591,600$694,897
58$700,864$593,783$564,475$697,451
59$723,930$574,456$534,963$699,260
60$747,823$552,656$502,936$700,266
61$772,580$528,215$468,264$700,408
62$798,239$500,954$430,806$699,621
63$824,842$470,683$390,420$697,838
64$852,431$437,201$346,955$694,988
65$881,053$400,298$300,252$690,995
66$910,757$359,750$250,147$685,781
67$941,596$315,319$196,468$679,262
68$973,625$266,756$139,037$671,353
69$1,006,905$213,798$77,665$661,961
70$1,041,500$156,164$12,157$650,992
71$1,077,478$93,561$0$638,345
72$1,114,913$25,678$0$631,927
73$1,153,883$0$0$625,938
74$1,194,473$0$0$637,547
75$1,236,775$0$0$660,258
76$1,280,887$0$0$683,952
77$1,326,914$0$0$708,688
78$1,374,969$0$0$734,529
79$1,425,177$0$0$761,543
80$1,477,670$0$0$789,802
81$1,532,591$0$0$819,388
82$1,590,097$0$0$850,385
83$1,650,355$0$0$882,889
84$1,713,549$0$0$916,999
85$1,779,877$0$0$952,825
86$1,849,553$0$0$990,489
87$1,922,813$0$0$1,030,119
88$1,999,911$0$0$1,071,857
89$2,081,123$0$0$1,115,858
90$2,166,751$0$0$1,162,289
91$2,257,124$0$0$1,211,333
92$2,352,600$0$0$1,263,190
93$2,453,569$0$0$1,318,078
94$2,560,460$0$0$1,376,235
95$2,673,737$0$0$1,437,921
96$2,793,909$0$0$1,503,420
97$2,921,534$0$0$1,573,043
98$3,057,220$0$0$1,647,130
99$3,201,633$0$0$1,726,054
100$3,355,502$0$0$1,810,222