Can I retire at age 56 with 673,000?

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 $673,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$55,576$55,081$54,598$54,126$53,666$53,128
2 years$27,513$27,000$26,504$26,022$25,555$25,013
3 years$18,160$17,645$17,150$16,673$16,213$15,684
4 years$13,484$12,971$12,481$12,012$11,563$11,051
5 years$10,679$10,169$9,685$9,226$8,790$8,297
6 years$8,810$8,304$7,827$7,378$6,956$6,481
7 years$7,476$6,974$6,504$6,066$5,657$5,201
8 years$6,475$5,978$5,516$5,089$4,693$4,257
9 years$5,697$5,205$4,751$4,334$3,952$3,535
10 years$5,076$4,588$4,142$3,736$3,367$2,969
11 years$4,567$4,084$3,647$3,252$2,896$2,517
12 years$4,144$3,666$3,236$2,852$2,510$2,148
13 years$3,786$3,313$2,891$2,518$2,188$1,845
14 years$3,479$3,011$2,598$2,235$1,918$1,592
15 years$3,214$2,751$2,346$1,993$1,689$1,380
16 years$2,982$2,524$2,127$1,785$1,493$1,200
17 years$2,777$2,324$1,935$1,604$1,324$1,047
18 years$2,596$2,148$1,767$1,445$1,177$915
19 years$2,433$1,991$1,617$1,306$1,049$802
20 years$2,287$1,850$1,484$1,183$937$704
21 years$2,155$1,723$1,365$1,073$838$619
22 years$2,036$1,608$1,258$976$752$545
23 years$1,927$1,504$1,162$889$675$480
24 years$1,827$1,409$1,074$811$606$424
25 years$1,735$1,323$995$740$546$375
26 years$1,651$1,243$923$677$492$331
27 years$1,572$1,170$857$620$443$293
28 years$1,500$1,102$797$568$400$259
29 years$1,433$1,040$741$521$361$230
30 years$1,370$982$691$478$326$204
31 years$1,311$928$644$439$295$181
32 years$1,257$878$601$403$267$160
33 years$1,205$832$561$371$241$142
34 years$1,157$788$524$341$219$126
35 years$1,112$748$490$314$198$112
36 years$1,069$710$458$289$179$99
37 years$1,029$674$429$267$163$88
38 years$990$641$402$246$147$78
39 years$954$609$376$227$134$70
40 years$920$580$353$209$121$62
41 years$888$552$331$193$110$55
42 years$857$525$310$178$100$49
43 years$828$501$291$164$91$44
44 years$800$477$273$152$82$39
45 years$773$455$257$140$75$34
46 years$748$434$241$129$68$31
47 years$723$414$226$120$62$27
48 years$700$396$213$110$56$24
49 years$678$378$200$102$51$22
50 years$657$361$188$94$46$19

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $673,000, adding $5,612 every year, while hoping to spend $36,242 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: 43/34/23 Blend
55$673,000$673,000$673,000$673,000
56$747,435$711,766$701,334$774,354
57$785,112$708,081$686,268$790,337
58$825,417$703,001$669,482$803,718
59$868,581$696,419$650,881$817,488
60$914,855$688,223$630,364$831,703
61$964,516$678,291$607,827$846,427
62$1,017,867$666,498$583,160$861,732
63$1,075,242$652,709$556,247$877,701
64$1,137,006$636,780$526,971$894,428
65$1,203,560$618,562$495,204$912,020
66$1,275,346$597,895$460,816$930,597
67$1,352,849$574,609$423,671$950,297
68$1,436,600$548,526$383,625$971,275
69$1,527,186$519,456$340,529$993,704
70$1,625,249$487,200$294,227$1,017,781
71$1,731,496$451,544$244,555$1,043,728
72$1,846,706$412,267$191,345$1,071,792
73$1,971,733$369,131$134,418$1,102,253
74$2,107,518$321,886$73,589$1,135,422
75$2,255,094$270,269$8,664$1,171,650
76$2,415,601$213,999$0$1,211,329
77$2,590,289$152,782$0$1,269,774
78$2,780,538$86,307$0$1,335,833
79$2,987,861$14,245$0$1,407,979
80$3,213,929$0$0$1,486,878
81$3,460,577$0$0$1,597,120
82$3,729,825$0$0$1,723,361
83$4,023,900$0$0$1,861,324
84$4,345,250$0$0$2,012,167
85$4,696,571$0$0$2,177,168
86$5,080,832$0$0$2,357,731
87$5,501,302$0$0$2,555,404
88$5,961,580$0$0$2,771,890
89$6,465,629$0$0$3,009,068
90$7,017,814$0$0$3,269,002
91$7,622,942$0$0$3,553,970
92$8,286,307$0$0$3,866,477
93$9,013,738$0$0$4,209,285
94$9,811,657$0$0$4,585,435
95$10,687,137$0$0$4,998,277
96$11,647,969$0$0$5,451,500
97$12,702,735$0$0$5,949,169
98$13,860,886$0$0$6,495,761
99$15,132,837$0$0$7,096,208
100$16,530,058$0$0$7,755,944