Can I retire at age 56 with 647,000?

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 $647,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.2%
1 years$53,429$52,953$52,488$52,035$51,593$51,118
2 years$26,450$25,957$25,480$25,017$24,568$24,089
3 years$17,458$16,963$16,487$16,029$15,587$15,120
4 years$12,963$12,470$11,998$11,548$11,117$10,664
5 years$10,267$9,777$9,311$8,870$8,451$8,015
6 years$8,470$7,983$7,525$7,093$6,687$6,267
7 years$7,187$6,704$6,253$5,832$5,438$5,036
8 years$6,225$5,747$5,303$4,892$4,511$4,126
9 years$5,477$5,004$4,568$4,167$3,799$3,430
10 years$4,879$4,410$3,982$3,592$3,237$2,885
11 years$4,391$3,926$3,506$3,126$2,784$2,448
12 years$3,984$3,524$3,111$2,742$2,413$2,093
13 years$3,639$3,185$2,780$2,421$2,104$1,799
14 years$3,345$2,895$2,498$2,149$1,844$1,555
15 years$3,090$2,645$2,255$1,916$1,624$1,349
16 years$2,866$2,426$2,045$1,716$1,435$1,175
17 years$2,670$2,235$1,860$1,542$1,272$1,026
18 years$2,495$2,065$1,698$1,389$1,131$898
19 years$2,339$1,914$1,555$1,255$1,008$788
20 years$2,199$1,778$1,427$1,137$901$693
21 years$2,072$1,656$1,312$1,032$806$610
22 years$1,957$1,546$1,210$938$723$538
23 years$1,852$1,446$1,117$855$649$475
24 years$1,756$1,355$1,033$779$583$420
25 years$1,668$1,271$957$712$525$372
26 years$1,587$1,195$887$651$473$329
27 years$1,512$1,125$824$596$426$292
28 years$1,442$1,060$766$546$384$259
29 years$1,377$1,000$713$501$347$230
30 years$1,317$944$664$459$314$204
31 years$1,261$893$619$422$284$181
32 years$1,208$845$577$388$257$161
33 years$1,159$800$539$357$232$143
34 years$1,112$758$504$328$210$127
35 years$1,069$719$471$302$190$113
36 years$1,028$682$441$278$172$100
37 years$989$648$412$256$156$89
38 years$952$616$386$236$142$80
39 years$917$586$362$218$129$71
40 years$885$557$339$201$117$63
41 years$853$530$318$185$106$56
42 years$824$505$298$171$96$50
43 years$796$481$280$158$87$44
44 years$769$459$263$146$79$40
45 years$743$438$247$135$72$35
46 years$719$417$232$124$65$31
47 years$696$398$218$115$59$28
48 years$673$380$205$106$54$25
49 years$652$363$192$98$49$22
50 years$632$347$181$91$44$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $647,000, adding $6,145 every year, while hoping to spend $48,446 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: 63/11/26 Blend
55$647,000$647,000$647,000$647,000
56$719,333$685,042$675,013$759,337
57$741,158$667,062$646,080$769,176
58$763,587$646,579$614,554$774,039
59$786,628$623,416$580,296$778,289
60$810,291$597,391$543,164$781,873
61$834,587$568,309$503,006$784,733
62$859,522$535,964$459,664$786,810
63$885,105$500,137$412,974$788,039
64$911,341$460,600$362,764$788,353
65$938,236$417,107$308,855$787,679
66$965,793$369,403$251,059$785,939
67$994,015$317,214$189,180$783,051
68$1,022,901$260,255$123,014$778,927
69$1,052,450$198,220$52,348$773,473
70$1,082,657$130,790$0$766,591
71$1,113,515$57,625$0$764,572
72$1,145,014$0$0$776,818
73$1,177,140$0$0$791,356
74$1,209,877$0$0$813,268
75$1,243,201$0$0$835,563
76$1,277,087$0$0$858,221
77$1,311,503$0$0$881,219
78$1,346,409$0$0$904,530
79$1,381,762$0$0$928,122
80$1,417,508$0$0$951,957
81$1,453,587$0$0$975,992
82$1,489,928$0$0$1,000,177
83$1,526,450$0$0$1,024,455
84$1,563,060$0$0$1,048,760
85$1,599,654$0$0$1,073,019
86$1,636,110$0$0$1,097,146
87$1,672,294$0$0$1,121,047
88$1,708,052$0$0$1,144,613
89$1,743,210$0$0$1,167,724
90$1,777,574$0$0$1,190,242
91$1,810,925$0$0$1,212,015
92$1,843,016$0$0$1,232,869
93$1,873,573$0$0$1,252,614
94$1,902,288$0$0$1,271,034
95$1,928,817$0$0$1,287,887
96$1,952,775$0$0$1,302,907
97$1,973,734$0$0$1,315,794
98$1,991,217$0$0$1,326,216
99$2,004,692$0$0$1,333,801
100$2,013,569$0$0$1,338,137