Can I retire at age 56 with 690,000?

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 $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%15.9%
1 years$56,980$56,472$55,977$55,494$55,022$53,691
2 years$28,208$27,682$27,173$26,680$26,201$24,869
3 years$18,618$18,091$17,583$17,094$16,623$15,330
4 years$13,825$13,299$12,796$12,315$11,856$10,613
5 years$10,949$10,426$9,930$9,459$9,012$7,823
6 years$9,033$8,514$8,025$7,565$7,131$5,996
7 years$7,664$7,150$6,669$6,219$5,800$4,719
8 years$6,639$6,129$5,656$5,217$4,811$3,784
9 years$5,841$5,336$4,871$4,444$4,052$3,078
10 years$5,204$4,704$4,247$3,831$3,452$2,531
11 years$4,682$4,187$3,739$3,334$2,969$2,098
12 years$4,248$3,758$3,318$2,924$2,573$1,751
13 years$3,881$3,396$2,965$2,582$2,244$1,470
14 years$3,567$3,087$2,664$2,292$1,967$1,239
15 years$3,295$2,820$2,405$2,044$1,732$1,048
16 years$3,057$2,588$2,180$1,830$1,531$889
17 years$2,847$2,383$1,984$1,644$1,357$756
18 years$2,661$2,202$1,811$1,482$1,207$645
19 years$2,495$2,041$1,658$1,339$1,075$551
20 years$2,345$1,896$1,522$1,213$961$471
21 years$2,210$1,766$1,400$1,101$860$403
22 years$2,087$1,649$1,290$1,001$771$346
23 years$1,975$1,542$1,191$911$692$297
24 years$1,873$1,445$1,102$831$622$255
25 years$1,779$1,356$1,020$759$559$219
26 years$1,692$1,274$946$694$504$188
27 years$1,612$1,199$879$635$454$162
28 years$1,538$1,130$817$582$410$139
29 years$1,469$1,066$760$534$370$120
30 years$1,405$1,007$708$490$334$103
31 years$1,345$952$660$450$302$89
32 years$1,288$901$616$413$274$77
33 years$1,236$853$575$380$248$66
34 years$1,186$808$537$350$224$57
35 years$1,140$767$502$322$203$49
36 years$1,096$728$470$297$184$42
37 years$1,055$691$440$273$167$36
38 years$1,015$657$412$252$151$31
39 years$978$625$386$232$137$27
40 years$943$594$362$214$124$23
41 years$910$566$339$198$113$20
42 years$878$539$318$182$102$17
43 years$848$513$299$168$93$15
44 years$820$489$280$155$84$13
45 years$793$467$263$144$77$11
46 years$767$445$247$133$69$10
47 years$742$425$232$123$63$8
48 years$718$406$218$113$57$7
49 years$695$387$205$105$52$6
50 years$674$370$193$97$47$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $690,000, adding $5,986 every year, while hoping to spend $29,385 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: 37/35/28 Blend
55$690,000$690,000$690,000$690,000
56$766,555$729,985$719,290$788,320
57$813,478$734,488$712,120$809,438
58$864,202$738,228$703,726$829,127
59$919,085$741,135$694,035$849,833
60$978,517$743,137$682,971$871,667
61$1,042,931$744,155$670,455$894,753
62$1,112,800$744,109$656,406$919,230
63$1,188,646$742,911$640,736$945,255
64$1,271,041$740,467$623,354$973,000
65$1,360,618$736,680$604,166$1,002,659
66$1,458,069$731,445$583,074$1,034,449
67$1,564,158$724,652$559,973$1,068,611
68$1,679,725$716,183$534,755$1,105,411
69$1,805,694$705,914$507,307$1,145,150
70$1,943,084$693,712$477,511$1,188,159
71$2,093,014$679,439$445,242$1,234,807
72$2,256,715$662,946$410,372$1,285,507
73$2,435,547$644,077$372,766$1,340,714
74$2,631,001$622,665$332,282$1,400,936
75$2,844,723$598,536$288,774$1,466,737
76$3,078,524$571,503$242,087$1,538,742
77$3,334,397$541,370$192,060$1,617,646
78$3,614,538$507,929$138,526$1,704,219
79$3,921,364$470,961$81,310$1,799,315
80$4,257,537$430,233$20,229$1,903,883
81$4,625,991$385,499$0$2,018,972
82$5,029,954$336,500$0$2,159,177
83$5,472,982$282,962$0$2,319,680
84$5,958,994$224,594$0$2,495,920
85$6,492,304$161,092$0$2,689,544
86$7,077,664$92,130$0$2,902,371
87$7,720,309$17,369$0$3,136,410
88$8,426,008$0$0$3,393,879
89$9,201,112$0$0$3,701,705
90$10,052,619$0$0$4,047,325
91$10,988,240$0$0$4,427,191
92$12,016,466$0$0$4,844,766
93$13,146,656$0$0$5,303,863
94$14,389,118$0$0$5,808,683
95$15,755,207$0$0$6,363,854
96$17,257,438$0$0$6,974,478
97$18,909,594$0$0$7,646,174
98$20,726,866$0$0$8,385,131
99$22,725,987$0$0$9,198,172
100$24,925,395$0$0$10,092,813