Can I retire at age 54 with 704,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$58,136$57,618$57,113$56,619$56,138$54,168
2 years$28,780$28,244$27,725$27,221$26,732$24,768
3 years$18,996$18,458$17,940$17,441$16,960$15,063
4 years$14,105$13,568$13,055$12,565$12,096$10,282
5 years$11,171$10,638$10,132$9,651$9,195$7,468
6 years$9,216$8,687$8,188$7,718$7,276$5,637
7 years$7,820$7,295$6,804$6,345$5,917$4,366
8 years$6,773$6,253$5,770$5,323$4,909$3,444
9 years$5,960$5,444$4,970$4,534$4,134$2,754
10 years$5,309$4,799$4,333$3,908$3,522$2,225
11 years$4,777$4,272$3,815$3,401$3,029$1,812
12 years$4,335$3,835$3,385$2,984$2,625$1,484
13 years$3,960$3,465$3,025$2,634$2,289$1,222
14 years$3,639$3,150$2,718$2,338$2,007$1,011
15 years$3,362$2,877$2,454$2,085$1,767$838
16 years$3,119$2,640$2,225$1,867$1,562$697
17 years$2,905$2,431$2,024$1,678$1,385$581
18 years$2,715$2,247$1,848$1,512$1,231$485
19 years$2,545$2,082$1,692$1,366$1,097$406
20 years$2,393$1,935$1,553$1,237$980$340
21 years$2,255$1,802$1,428$1,123$877$285
22 years$2,130$1,682$1,316$1,021$786$239
23 years$2,015$1,573$1,215$930$706$200
24 years$1,911$1,474$1,124$848$634$168
25 years$1,815$1,384$1,041$774$571$141
26 years$1,727$1,300$965$708$514$119
27 years$1,645$1,224$897$648$464$100
28 years$1,569$1,153$833$594$418$84
29 years$1,499$1,088$776$545$378$71
30 years$1,433$1,027$722$500$341$60
31 years$1,372$971$673$459$309$50
32 years$1,314$919$628$422$279$42
33 years$1,261$870$587$388$253$35
34 years$1,210$825$548$357$229$30
35 years$1,163$782$513$329$207$25
36 years$1,118$743$479$303$188$21
37 years$1,076$705$449$279$170$18
38 years$1,036$670$420$257$154$15
39 years$998$637$394$237$140$13
40 years$962$606$369$219$127$11
41 years$929$577$346$202$115$9
42 years$896$550$325$186$104$8
43 years$866$524$305$172$95$6
44 years$836$499$286$159$86$5
45 years$809$476$268$146$78$5
46 years$782$454$252$135$71$4
47 years$757$433$237$125$64$3
48 years$733$414$223$116$58$3
49 years$709$395$209$107$53$2
50 years$687$377$197$99$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 54 starting with $704,000, adding $6,765 every year, while hoping to spend $48,925 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: 43/27/30 Blend
53$704,000$704,000$704,000$704,000
54$782,786$745,474$734,562$809,354
55$810,574$729,947$707,114$813,577
56$839,557$712,018$677,107$813,040
57$869,805$691,520$644,403$811,541
58$901,394$668,273$608,859$809,022
59$934,405$642,087$570,324$805,421
60$968,926$612,762$528,642$800,675
61$1,005,054$580,085$483,649$794,718
62$1,042,892$543,831$435,174$787,482
63$1,082,552$503,764$383,037$778,899
64$1,124,156$459,632$327,053$768,897
65$1,167,836$411,170$267,025$757,403
66$1,213,735$358,097$202,750$744,343
67$1,262,009$300,117$134,015$729,640
68$1,312,828$236,917$60,599$713,218
69$1,366,377$168,166$0$694,999
70$1,422,857$93,515$0$680,586
71$1,482,486$12,595$0$685,289
72$1,545,504$0$0$689,691
73$1,612,172$0$0$716,079
74$1,682,774$0$0$748,027
75$1,757,622$0$0$781,939
76$1,837,055$0$0$817,975
77$1,921,445$0$0$856,309
78$2,011,199$0$0$897,133
79$2,106,761$0$0$940,656
80$2,208,619$0$0$987,106
81$2,317,306$0$0$1,036,735
82$2,433,407$0$0$1,089,818
83$2,557,561$0$0$1,146,657
84$2,690,471$0$0$1,207,581
85$2,832,908$0$0$1,272,956
86$2,985,715$0$0$1,343,177
87$3,149,820$0$0$1,418,684
88$3,326,240$0$0$1,499,954
89$3,516,091$0$0$1,587,517
90$3,720,601$0$0$1,681,949
91$3,941,115$0$0$1,783,887
92$4,179,114$0$0$1,894,031
93$4,436,223$0$0$2,013,146
94$4,714,228$0$0$2,142,078
95$5,015,093$0$0$2,281,754
96$5,340,977$0$0$2,433,195
97$5,694,253$0$0$2,597,521
98$6,077,531$0$0$2,775,967
99$6,493,681$0$0$2,969,890
100$6,945,859$0$0$3,180,782