Can I retire at age 56 with 671,000?

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 $671,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17%
1 years$55,411$54,917$54,435$53,965$53,506$51,981
2 years$27,431$26,920$26,425$25,945$25,479$23,954
3 years$18,106$17,593$17,099$16,623$16,165$14,689
4 years$13,444$12,932$12,443$11,976$11,529$10,112
5 years$10,648$10,139$9,657$9,199$8,764$7,411
6 years$8,784$8,279$7,804$7,356$6,935$5,646
7 years$7,453$6,953$6,485$6,048$5,640$4,416
8 years$6,456$5,960$5,500$5,074$4,679$3,519
9 years$5,680$5,189$4,737$4,322$3,940$2,843
10 years$5,060$4,574$4,130$3,725$3,357$2,321
11 years$4,554$4,072$3,636$3,242$2,887$1,911
12 years$4,131$3,655$3,227$2,844$2,502$1,584
13 years$3,774$3,303$2,883$2,511$2,182$1,319
14 years$3,469$3,002$2,590$2,229$1,913$1,104
15 years$3,204$2,743$2,339$1,988$1,684$926
16 years$2,973$2,516$2,120$1,780$1,488$780
17 years$2,769$2,317$1,929$1,599$1,320$658
18 years$2,588$2,141$1,761$1,441$1,173$557
19 years$2,426$1,985$1,612$1,302$1,046$471
20 years$2,281$1,844$1,480$1,179$934$400
21 years$2,149$1,718$1,361$1,070$836$339
22 years$2,030$1,604$1,254$973$749$289
23 years$1,921$1,500$1,158$886$673$245
24 years$1,821$1,405$1,071$808$605$209
25 years$1,730$1,319$992$738$544$178
26 years$1,646$1,239$920$675$490$152
27 years$1,568$1,166$854$618$442$129
28 years$1,496$1,099$794$566$399$110
29 years$1,428$1,037$739$519$360$94
30 years$1,366$979$689$476$325$80
31 years$1,307$926$642$438$294$69
32 years$1,253$876$599$402$266$59
33 years$1,202$829$559$370$241$50
34 years$1,154$786$522$340$218$43
35 years$1,108$746$488$313$197$36
36 years$1,066$708$457$288$179$31
37 years$1,025$672$428$266$162$27
38 years$987$639$401$245$147$23
39 years$951$607$375$226$133$19
40 years$917$578$352$208$121$17
41 years$885$550$330$192$110$14
42 years$854$524$309$177$100$12
43 years$825$499$290$164$90$10
44 years$797$476$273$151$82$9
45 years$771$454$256$140$74$8
46 years$745$433$240$129$68$6
47 years$721$413$226$119$61$6
48 years$698$394$212$110$56$5
49 years$676$377$199$102$51$4
50 years$655$360$187$94$46$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $671,000, adding $4,196 every year, while hoping to spend $36,536 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: 31/43/26 Blend
55$671,000$671,000$671,000$671,000
56$743,770$708,207$697,807$760,780
57$780,761$704,035$682,309$770,023
58$820,300$698,434$665,068$776,446
59$862,609$691,296$645,986$782,630
60$907,930$682,505$624,962$788,578
61$956,531$671,939$601,890$794,298
62$1,008,702$659,470$576,658$799,801
63$1,064,765$644,959$549,152$805,104
64$1,125,071$628,262$519,249$810,230
65$1,190,007$609,226$486,822$815,207
66$1,259,998$587,688$451,741$820,071
67$1,335,508$563,475$413,865$824,867
68$1,417,051$536,406$373,050$829,649
69$1,505,189$506,289$329,146$834,482
70$1,600,540$472,919$281,994$839,443
71$1,703,784$436,081$231,430$844,622
72$1,815,669$395,548$177,282$850,127
73$1,937,017$351,079$119,370$856,081
74$2,068,730$302,420$57,507$862,629
75$2,211,804$249,301$0$869,935
76$2,367,331$191,440$0$880,553
77$2,536,514$128,536$0$909,518
78$2,720,677$60,273$0$941,168
79$2,921,276$0$0$975,850
80$3,139,914$0$0$1,020,426
81$3,378,354$0$0$1,100,237
82$3,638,536$0$0$1,187,423
83$3,922,599$0$0$1,282,714
84$4,232,893$0$0$1,386,911
85$4,572,008$0$0$1,500,897
86$4,942,795$0$0$1,625,644
87$5,348,392$0$0$1,762,222
88$5,792,255$0$0$1,911,811
89$6,278,189$0$0$2,075,707
90$6,810,385$0$0$2,255,341
91$7,393,458$0$0$2,452,286
92$8,032,488$0$0$2,668,278
93$8,733,075$0$0$2,905,225
94$9,501,381$0$0$3,165,231
95$10,344,196$0$0$3,450,614
96$11,269,000$0$0$3,763,926
97$12,284,029$0$0$4,107,978
98$13,398,357$0$0$4,485,867
99$14,621,979$0$0$4,901,005
100$15,965,905$0$0$5,357,152