Can I retire at age 56 with 624,000?

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 $624,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.6%
1 years$51,529$51,070$50,623$50,185$49,759$49,219
2 years$25,510$25,034$24,574$24,128$23,695$23,151
3 years$16,837$16,360$15,901$15,459$15,033$14,502
4 years$12,502$12,027$11,572$11,137$10,722$10,208
5 years$9,902$9,429$8,980$8,554$8,150$7,656
6 years$8,169$7,699$7,257$6,841$6,449$5,974
7 years$6,931$6,466$6,031$5,624$5,245$4,789
8 years$6,004$5,543$5,115$4,718$4,351$3,915
9 years$5,283$4,826$4,405$4,019$3,664$3,247
10 years$4,706$4,254$3,841$3,464$3,122$2,724
11 years$4,235$3,787$3,381$3,015$2,685$2,306
12 years$3,842$3,399$3,001$2,645$2,327$1,966
13 years$3,510$3,072$2,681$2,335$2,029$1,686
14 years$3,226$2,792$2,409$2,073$1,779$1,453
15 years$2,980$2,551$2,175$1,848$1,566$1,258
16 years$2,765$2,340$1,972$1,655$1,384$1,092
17 years$2,575$2,155$1,794$1,487$1,227$951
18 years$2,407$1,991$1,638$1,340$1,091$831
19 years$2,256$1,846$1,499$1,211$973$727
20 years$2,121$1,715$1,376$1,097$869$637
21 years$1,999$1,597$1,266$995$777$559
22 years$1,888$1,491$1,167$905$697$492
23 years$1,786$1,395$1,077$824$626$433
24 years$1,694$1,307$996$752$562$382
25 years$1,609$1,226$923$686$506$337
26 years$1,530$1,153$856$628$456$297
27 years$1,458$1,085$795$575$411$262
28 years$1,391$1,022$739$526$371$232
29 years$1,328$964$687$483$335$205
30 years$1,270$911$640$443$302$181
31 years$1,216$861$597$407$273$161
32 years$1,165$814$557$374$247$142
33 years$1,117$771$520$344$224$126
34 years$1,073$731$486$316$203$112
35 years$1,031$693$454$291$184$99
36 years$991$658$425$268$166$88
37 years$954$625$398$247$151$78
38 years$918$594$372$228$137$69
39 years$885$565$349$210$124$61
40 years$853$537$327$194$112$54
41 years$823$512$307$179$102$48
42 years$794$487$288$165$93$43
43 years$767$464$270$152$84$38
44 years$741$443$253$141$76$34
45 years$717$422$238$130$69$30
46 years$693$403$223$120$63$27
47 years$671$384$210$111$57$24
48 years$649$367$197$102$52$21
49 years$629$350$185$95$47$19
50 years$609$335$174$87$43$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $624,000, adding $6,275 every year, while hoping to spend $26,707 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: 51/22/27 Blend
55$624,000$624,000$624,000$624,000
56$694,121$661,049$651,377$723,965
57$736,505$665,024$644,782$749,369
58$782,317$668,299$637,071$773,785
59$831,879$670,811$628,178$799,805
60$885,544$672,494$618,035$827,592
61$943,700$673,277$606,570$857,329
62$1,006,775$673,085$593,708$889,218
63$1,075,238$671,839$579,369$923,482
64$1,149,607$669,453$563,472$960,369
65$1,230,449$665,838$545,930$1,000,154
66$1,318,389$660,899$526,654$1,043,142
67$1,414,116$654,534$505,548$1,089,669
68$1,518,387$646,637$482,515$1,140,110
69$1,632,034$637,094$457,451$1,194,876
70$1,755,975$625,785$430,249$1,254,426
71$1,891,218$612,582$400,795$1,319,265
72$2,038,874$597,350$368,974$1,389,955
73$2,200,165$579,946$334,661$1,467,115
74$2,376,438$560,220$297,728$1,551,432
75$2,569,174$538,010$258,042$1,643,663
76$2,780,006$513,148$215,461$1,744,647
77$3,010,728$485,454$169,841$1,855,312
78$3,263,320$454,739$121,028$1,976,684
79$3,539,959$420,802$68,863$2,109,895
80$3,843,044$383,431$13,180$2,256,200
81$4,175,218$342,402$0$2,416,982
82$4,539,388$297,478$0$2,607,095
83$4,938,761$248,410$0$2,819,823
84$5,376,865$194,932$0$3,053,289
85$5,857,588$136,766$0$3,309,613
86$6,385,211$73,617$0$3,591,132
87$6,964,451$5,173$0$3,900,426
88$7,600,505$0$0$4,240,337
89$8,299,094$0$0$4,630,681
90$9,066,525$0$0$5,060,934
91$9,909,743$0$0$5,533,749
92$10,836,400$0$0$6,053,423
93$11,854,926$0$0$6,624,694
94$12,974,607$0$0$7,252,780
95$14,205,676$0$0$7,943,430
96$15,559,405$0$0$8,702,979
97$17,048,214$0$0$9,538,406
98$18,685,787$0$0$10,457,399
99$20,487,200$0$0$11,468,431
100$22,469,064$0$0$12,580,836