Can I retire at age 56 with 688,000?

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 $688,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$56,814$56,308$55,815$55,333$54,862$54,380
2 years$28,126$27,602$27,094$26,602$26,125$25,639
3 years$18,564$18,038$17,532$17,044$16,575$16,100
4 years$13,785$13,260$12,759$12,279$11,821$11,361
5 years$10,917$10,396$9,901$9,432$8,986$8,543
6 years$9,007$8,489$8,002$7,543$7,111$6,684
7 years$7,642$7,129$6,649$6,201$5,783$5,373
8 years$6,619$6,111$5,639$5,202$4,797$4,405
9 years$5,824$5,321$4,857$4,431$4,040$3,665
10 years$5,189$4,690$4,235$3,820$3,442$3,084
11 years$4,669$4,175$3,728$3,324$2,961$2,619
12 years$4,236$3,747$3,309$2,916$2,566$2,240
13 years$3,870$3,387$2,956$2,574$2,237$1,927
14 years$3,557$3,078$2,656$2,285$1,961$1,666
15 years$3,285$2,812$2,398$2,038$1,727$1,447
16 years$3,048$2,580$2,174$1,825$1,526$1,261
17 years$2,839$2,376$1,978$1,639$1,353$1,102
18 years$2,653$2,196$1,806$1,477$1,203$966
19 years$2,487$2,035$1,653$1,335$1,072$848
20 years$2,338$1,891$1,517$1,209$958$746
21 years$2,204$1,761$1,396$1,097$857$657
22 years$2,081$1,644$1,286$998$768$580
23 years$1,970$1,538$1,188$909$690$513
24 years$1,868$1,441$1,098$829$620$454
25 years$1,774$1,352$1,017$757$558$402
26 years$1,687$1,271$944$692$502$356
27 years$1,607$1,196$876$633$453$316
28 years$1,533$1,127$814$580$409$280
29 years$1,465$1,063$758$532$369$249
30 years$1,400$1,004$706$488$334$221
31 years$1,341$949$658$449$302$196
32 years$1,285$898$614$412$273$175
33 years$1,232$850$573$379$247$155
34 years$1,183$806$536$349$223$138
35 years$1,136$765$501$321$202$123
36 years$1,093$726$469$296$183$110
37 years$1,051$689$439$272$166$98
38 years$1,012$655$411$251$151$87
39 years$976$623$385$232$137$77
40 years$941$593$361$214$124$69
41 years$907$564$338$197$112$61
42 years$876$537$317$182$102$55
43 years$846$512$298$168$93$49
44 years$817$488$279$155$84$43
45 years$790$465$262$143$76$39
46 years$764$444$246$132$69$35
47 years$740$424$232$122$63$31
48 years$716$404$218$113$57$27
49 years$693$386$204$104$52$24
50 years$672$369$192$96$47$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $688,000, adding $5,180 every year, while hoping to spend $37,500 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: 73/15/12 Blend
55$688,000$688,000$688,000$688,000
56$763,519$727,055$716,391$817,011
57$801,498$722,781$700,491$848,802
58$842,095$717,041$682,800$878,471
59$885,535$709,723$663,221$909,949
60$932,070$700,709$641,649$943,405
61$981,971$689,874$617,975$979,026
62$1,035,540$677,086$592,084$1,017,019
63$1,093,105$662,203$563,859$1,057,611
64$1,155,027$645,076$533,174$1,101,055
65$1,221,704$625,550$499,900$1,147,629
66$1,293,572$603,455$463,900$1,197,641
67$1,371,108$578,616$425,033$1,251,430
68$1,454,840$550,847$383,150$1,309,371
69$1,545,344$519,949$338,096$1,371,880
70$1,643,256$485,713$289,709$1,439,415
71$1,749,274$447,919$237,820$1,512,482
72$1,864,165$406,333$182,252$1,591,639
73$1,988,775$360,708$122,822$1,677,504
74$2,124,030$310,782$59,337$1,770,759
75$2,270,951$256,281$0$1,872,158
76$2,430,662$196,913$0$1,983,608
77$2,604,398$132,370$0$2,113,129
78$2,793,518$62,328$0$2,254,158
79$2,999,518$0$0$2,407,844
80$3,224,043$0$0$2,577,692
81$3,468,905$0$0$2,774,171
82$3,736,097$0$0$2,988,599
83$4,027,813$0$0$3,222,740
84$4,346,469$0$0$3,478,536
85$4,694,725$0$0$3,758,126
86$5,075,508$0$0$4,063,864
87$5,492,041$0$0$4,398,344
88$5,947,873$0$0$4,764,420
89$6,446,913$0$0$5,165,235
90$6,993,465$0$0$5,604,251
91$7,592,267$0$0$6,085,280
92$8,248,539$0$0$6,612,519
93$8,968,030$0$0$7,190,593
94$9,757,070$0$0$7,824,594
95$10,622,633$0$0$8,520,130
96$11,572,399$0$0$9,283,380
97$12,614,828$0$0$10,121,149
98$13,759,240$0$0$11,040,933
99$15,015,899$0$0$12,050,988
100$16,396,113$0$0$13,160,411