Can I retire at age 56 with 690,000?

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 $690,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$56,980$56,472$55,977$55,494$55,022$54,066
2 years$28,208$27,682$27,173$26,680$26,201$25,241
3 years$18,618$18,091$17,583$17,094$16,623$15,689
4 years$13,825$13,299$12,796$12,315$11,856$10,954
5 years$10,949$10,426$9,930$9,459$9,012$8,147
6 years$9,033$8,514$8,025$7,565$7,131$6,302
7 years$7,664$7,150$6,669$6,219$5,800$5,008
8 years$6,639$6,129$5,656$5,217$4,811$4,056
9 years$5,841$5,336$4,871$4,444$4,052$3,333
10 years$5,204$4,704$4,247$3,831$3,452$2,769
11 years$4,682$4,187$3,739$3,334$2,969$2,320
12 years$4,248$3,758$3,318$2,924$2,573$1,958
13 years$3,881$3,396$2,965$2,582$2,244$1,662
14 years$3,567$3,087$2,664$2,292$1,967$1,417
15 years$3,295$2,820$2,405$2,044$1,732$1,213
16 years$3,057$2,588$2,180$1,830$1,531$1,042
17 years$2,847$2,383$1,984$1,644$1,357$897
18 years$2,661$2,202$1,811$1,482$1,207$774
19 years$2,495$2,041$1,658$1,339$1,075$670
20 years$2,345$1,896$1,522$1,213$961$580
21 years$2,210$1,766$1,400$1,101$860$503
22 years$2,087$1,649$1,290$1,001$771$437
23 years$1,975$1,542$1,191$911$692$380
24 years$1,873$1,445$1,102$831$622$331
25 years$1,779$1,356$1,020$759$559$288
26 years$1,692$1,274$946$694$504$251
27 years$1,612$1,199$879$635$454$219
28 years$1,538$1,130$817$582$410$191
29 years$1,469$1,066$760$534$370$167
30 years$1,405$1,007$708$490$334$146
31 years$1,345$952$660$450$302$127
32 years$1,288$901$616$413$274$111
33 years$1,236$853$575$380$248$97
34 years$1,186$808$537$350$224$85
35 years$1,140$767$502$322$203$74
36 years$1,096$728$470$297$184$65
37 years$1,055$691$440$273$167$57
38 years$1,015$657$412$252$151$50
39 years$978$625$386$232$137$44
40 years$943$594$362$214$124$38
41 years$910$566$339$198$113$33
42 years$878$539$318$182$102$29
43 years$848$513$299$168$93$26
44 years$820$489$280$155$84$22
45 years$793$467$263$144$77$20
46 years$767$445$247$133$69$17
47 years$742$425$232$123$63$15
48 years$718$406$218$113$57$13
49 years$695$387$205$105$52$11
50 years$674$370$193$97$47$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $690,000, adding $2,104 every year, while hoping to spend $56,396 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: 42/40/18 Blend
55$690,000$690,000$690,000$690,000
56$762,550$725,980$715,285$790,476
57$780,325$701,548$679,242$786,004
58$798,024$674,029$640,102$775,496
59$815,577$643,212$597,701$762,935
60$832,910$608,873$551,868$748,161
61$849,937$570,778$502,425$731,000
62$866,560$528,676$449,186$711,271
63$882,672$482,304$391,956$688,775
64$898,151$431,382$330,533$663,302
65$912,859$375,618$264,703$634,625
66$926,646$314,698$194,246$602,503
67$939,340$248,294$118,929$566,676
68$950,752$176,060$38,512$526,864
69$960,669$97,627$0$482,770
70$968,855$12,608$0$443,158
71$975,047$0$0$407,083
72$978,953$0$0$401,774
73$980,248$0$0$400,756
74$978,570$0$0$398,312
75$973,518$0$0$394,254
76$964,648$0$0$388,374
77$951,466$0$0$380,442
78$933,425$0$0$370,204
79$909,918$0$0$357,377
80$880,274$0$0$341,648
81$843,749$0$0$322,670
82$799,519$0$0$300,062
83$746,674$0$0$273,399
84$684,205$0$0$242,211
85$610,998$0$0$205,982
86$525,819$0$0$164,138
87$427,305$0$0$116,047
88$313,951$0$0$61,007
89$184,090$0$0$0
90$35,885$0$0$0
91$0$0$0$0
92$0$0$0$0
93$0$0$0$0
94$0$0$0$0
95$0$0$0$0
96$0$0$0$0
97$0$0$0$0
98$0$0$0$0
99$0$0$0$0
100$0$0$0$0