Can I retire at age 56 with 670,000?

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 $670,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$55,328$54,835$54,354$53,885$53,427$52,434
2 years$27,390$26,880$26,386$25,906$25,441$24,445
3 years$18,079$17,566$17,073$16,598$16,141$15,172
4 years$13,424$12,913$12,425$11,958$11,512$10,577
5 years$10,632$10,124$9,642$9,185$8,751$7,854
6 years$8,771$8,267$7,792$7,345$6,924$6,066
7 years$7,442$6,943$6,476$6,039$5,631$4,812
8 years$6,446$5,951$5,492$5,066$4,672$3,890
9 years$5,672$5,182$4,730$4,315$3,934$3,191
10 years$5,053$4,567$4,124$3,720$3,352$2,646
11 years$4,547$4,066$3,630$3,237$2,883$2,214
12 years$4,125$3,649$3,222$2,839$2,498$1,865
13 years$3,769$3,298$2,879$2,507$2,179$1,579
14 years$3,464$2,998$2,586$2,225$1,910$1,344
15 years$3,199$2,739$2,335$1,985$1,682$1,148
16 years$2,968$2,513$2,117$1,777$1,486$984
17 years$2,765$2,314$1,927$1,597$1,318$845
18 years$2,584$2,138$1,759$1,439$1,172$728
19 years$2,422$1,982$1,610$1,300$1,044$628
20 years$2,277$1,841$1,478$1,178$933$543
21 years$2,146$1,715$1,359$1,069$835$470
22 years$2,027$1,601$1,253$972$748$407
23 years$1,918$1,497$1,157$885$672$353
24 years$1,819$1,403$1,070$807$604$307
25 years$1,727$1,317$991$737$543$267
26 years$1,643$1,237$919$674$489$232
27 years$1,565$1,165$853$617$441$202
28 years$1,493$1,097$793$565$398$176
29 years$1,426$1,035$738$518$359$153
30 years$1,364$978$688$476$325$133
31 years$1,306$924$641$437$294$116
32 years$1,251$875$598$401$266$101
33 years$1,200$828$558$369$240$88
34 years$1,152$785$522$340$218$77
35 years$1,107$745$488$313$197$67
36 years$1,064$707$456$288$179$59
37 years$1,024$671$427$265$162$51
38 years$986$638$400$245$147$45
39 years$950$607$375$226$133$39
40 years$916$577$351$208$121$34
41 years$884$549$329$192$110$30
42 years$853$523$309$177$99$26
43 years$824$498$290$163$90$23
44 years$796$475$272$151$82$20
45 years$770$453$255$139$74$17
46 years$744$432$240$129$67$15
47 years$720$412$225$119$61$13
48 years$697$394$212$110$56$11
49 years$675$376$199$102$51$10
50 years$654$359$187$94$46$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $670,000, adding $2,014 every year, while hoping to spend $22,742 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: 76/18/6 Blend
55$670,000$670,000$670,000$670,000
56$740,417$704,907$694,522$796,099
57$791,743$715,251$693,592$843,301
58$847,541$725,338$691,867$891,899
59$908,244$735,134$689,299$944,499
60$974,329$744,599$685,834$1,001,490
61$1,046,317$753,691$681,416$1,063,298
62$1,124,785$762,366$675,987$1,130,394
63$1,210,367$770,575$669,487$1,203,296
64$1,303,760$778,269$661,850$1,282,575
65$1,405,732$785,393$653,011$1,368,860
66$1,517,128$791,889$642,898$1,462,842
67$1,638,880$797,696$631,440$1,565,286
68$1,772,010$802,748$618,558$1,677,032
69$1,917,648$806,975$604,172$1,799,008
70$2,077,035$810,304$588,199$1,932,233
71$2,251,538$812,655$570,549$2,077,834
72$2,442,665$813,944$551,132$2,237,049
73$2,652,072$814,083$529,851$2,411,246
74$2,881,587$812,977$506,605$2,601,930
75$3,133,221$810,525$481,288$2,810,760
76$3,409,190$806,621$453,792$3,039,565
77$3,711,934$801,152$424,000$3,290,360
78$4,044,140$793,997$391,793$3,565,366
79$4,408,770$785,030$357,045$3,867,032
80$4,809,083$774,116$319,625$4,198,055
81$5,248,673$761,111$279,396$4,561,407
82$5,731,497$745,864$236,215$4,960,367
83$6,261,914$728,216$189,932$5,398,545
84$6,844,726$707,995$140,392$5,879,923
85$7,485,223$685,023$87,431$6,408,887
86$8,189,236$659,108$30,879$6,990,271
87$8,963,184$630,051$0$7,629,407
88$9,814,141$597,636$0$8,334,052
89$10,749,904$561,640$0$9,111,028
90$11,779,057$521,824$0$9,965,500
91$12,911,063$477,935$0$10,905,347
92$14,156,346$429,708$0$11,939,247
93$15,526,390$376,861$0$13,076,768
94$17,033,852$319,097$0$14,328,451
95$18,692,673$256,101$0$15,705,916
96$20,518,217$187,541$0$17,221,965
97$22,527,411$113,067$0$18,890,711
98$24,738,908$32,309$0$20,727,704
99$27,173,260$0$0$22,750,084
100$29,853,111$0$0$24,987,658