Can I retire at age 56 with 602,000?

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 $602,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$49,713$49,270$48,838$48,416$48,004$47,722
2 years$24,610$24,152$23,708$23,277$22,859$22,574
3 years$16,244$15,784$15,340$14,914$14,503$14,224
4 years$12,061$11,603$11,164$10,745$10,344$10,073
5 years$9,553$9,097$8,664$8,253$7,863$7,602
6 years$7,881$7,428$7,002$6,600$6,222$5,970
7 years$6,687$6,238$5,818$5,426$5,060$4,818
8 years$5,792$5,347$4,934$4,552$4,198$3,966
9 years$5,096$4,656$4,250$3,877$3,535$3,313
10 years$4,540$4,104$3,705$3,342$3,012$2,799
11 years$4,085$3,653$3,262$2,909$2,590$2,387
12 years$3,707$3,279$2,895$2,551$2,245$2,051
13 years$3,386$2,963$2,586$2,252$1,958$1,773
14 years$3,112$2,694$2,324$1,999$1,716$1,540
15 years$2,875$2,461$2,098$1,783$1,511$1,343
16 years$2,667$2,258$1,902$1,597$1,335$1,176
17 years$2,484$2,079$1,731$1,435$1,184$1,033
18 years$2,322$1,921$1,580$1,293$1,053$910
19 years$2,177$1,781$1,447$1,168$938$803
20 years$2,046$1,655$1,328$1,058$838$710
21 years$1,928$1,541$1,221$960$750$629
22 years$1,821$1,439$1,125$873$672$558
23 years$1,723$1,346$1,039$795$604$496
24 years$1,634$1,261$961$725$542$441
25 years$1,552$1,183$890$662$488$392
26 years$1,476$1,112$826$606$440$350
27 years$1,407$1,046$767$554$396$312
28 years$1,342$986$713$508$358$278
29 years$1,282$930$663$466$323$249
30 years$1,225$878$618$427$292$222
31 years$1,173$830$576$393$264$198
32 years$1,124$786$537$361$239$178
33 years$1,078$744$502$332$216$159
34 years$1,035$705$469$305$196$142
35 years$994$669$438$281$177$127
36 years$956$635$410$259$160$114
37 years$920$603$384$238$145$102
38 years$886$573$359$220$132$91
39 years$854$545$337$203$120$82
40 years$823$518$316$187$108$73
41 years$794$494$296$172$98$66
42 years$766$470$278$159$89$59
43 years$740$448$260$147$81$53
44 years$715$427$244$136$74$47
45 years$691$407$230$125$67$43
46 years$669$388$216$116$61$38
47 years$647$371$203$107$55$34
48 years$626$354$190$99$50$31
49 years$607$338$179$91$45$28
50 years$588$323$168$84$41$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $602,000, adding $4,385 every year, while hoping to spend $43,800 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: 74/5/21 Blend
55$602,000$602,000$602,000$602,000
56$667,927$636,021$626,690$713,670
57$689,453$620,583$601,081$729,200
58$711,706$602,921$573,147$740,483
59$734,715$582,879$542,762$751,729
60$758,509$560,293$509,798$762,926
61$783,119$534,989$474,118$774,061
62$808,577$506,784$435,581$785,119
63$834,918$475,482$394,038$796,087
64$862,177$440,878$349,336$806,950
65$890,392$402,755$301,312$817,692
66$919,604$360,882$249,799$828,297
67$949,856$315,017$194,618$838,749
68$981,191$264,902$135,588$849,032
69$1,013,657$210,267$72,515$859,129
70$1,047,305$150,826$5,199$869,022
71$1,082,188$86,274$0$878,693
72$1,118,364$16,294$0$903,057
73$1,155,891$0$0$929,378
74$1,194,835$0$0$959,795
75$1,235,264$0$0$992,305
76$1,277,252$0$0$1,026,072
77$1,320,876$0$0$1,061,158
78$1,366,220$0$0$1,097,632
79$1,413,373$0$0$1,135,565
80$1,462,432$0$0$1,175,035
81$1,513,499$0$0$1,216,127
82$1,566,685$0$0$1,258,928
83$1,622,108$0$0$1,303,536
84$1,679,896$0$0$1,350,055
85$1,740,187$0$0$1,398,595
86$1,803,129$0$0$1,449,278
87$1,868,883$0$0$1,502,233
88$1,937,622$0$0$1,557,601
89$2,009,532$0$0$1,615,534
90$2,084,817$0$0$1,676,197
91$2,163,696$0$0$1,739,767
92$2,246,407$0$0$1,806,439
93$2,333,208$0$0$1,876,421
94$2,424,379$0$0$1,949,942
95$2,520,225$0$0$2,027,249
96$2,621,076$0$0$2,108,611
97$2,727,294$0$0$2,194,322
98$2,839,270$0$0$2,284,699
99$2,957,433$0$0$2,380,092
100$3,082,247$0$0$2,480,880