Can I retire at age 56 with 691,000?

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 $691,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.2%
1 years$57,062$56,554$56,058$55,574$55,101$54,368
2 years$28,249$27,722$27,213$26,718$26,239$25,501
3 years$18,645$18,117$17,608$17,119$16,647$15,928
4 years$13,845$13,318$12,814$12,333$11,873$11,178
5 years$10,965$10,441$9,944$9,473$9,025$8,356
6 years$9,046$8,526$8,037$7,576$7,142$6,500
7 years$7,676$7,160$6,678$6,228$5,808$5,193
8 years$6,648$6,138$5,664$5,225$4,818$4,231
9 years$5,850$5,344$4,878$4,450$4,058$3,497
10 years$5,211$4,710$4,253$3,836$3,457$2,923
11 years$4,689$4,193$3,744$3,339$2,973$2,465
12 years$4,255$3,764$3,323$2,928$2,577$2,094
13 years$3,887$3,401$2,969$2,585$2,247$1,789
14 years$3,572$3,092$2,668$2,295$1,970$1,536
15 years$3,300$2,824$2,408$2,047$1,734$1,324
16 years$3,061$2,591$2,184$1,833$1,533$1,145
17 years$2,851$2,386$1,987$1,647$1,359$993
18 years$2,665$2,205$1,814$1,484$1,208$863
19 years$2,498$2,044$1,660$1,341$1,077$752
20 years$2,348$1,899$1,524$1,214$962$656
21 years$2,213$1,769$1,402$1,102$861$573
22 years$2,090$1,651$1,292$1,002$772$502
23 years$1,978$1,544$1,193$913$693$440
24 years$1,876$1,447$1,103$832$623$386
25 years$1,782$1,358$1,022$760$560$339
26 years$1,695$1,276$948$695$505$298
27 years$1,614$1,201$880$636$455$262
28 years$1,540$1,132$818$583$411$230
29 years$1,471$1,068$761$535$371$203
30 years$1,407$1,008$709$491$335$178
31 years$1,346$953$661$451$303$157
32 years$1,290$902$617$414$274$138
33 years$1,237$854$576$381$248$122
34 years$1,188$810$538$350$224$108
35 years$1,141$768$503$323$203$95
36 years$1,097$729$471$297$184$84
37 years$1,056$692$440$274$167$74
38 years$1,017$658$412$252$151$65
39 years$980$626$386$233$137$57
40 years$945$595$362$215$124$51
41 years$911$567$340$198$113$45
42 years$880$540$319$183$102$40
43 years$850$514$299$169$93$35
44 years$821$490$281$156$84$31
45 years$794$467$264$144$77$27
46 years$768$446$247$133$70$24
47 years$743$425$233$123$63$21
48 years$719$406$218$113$57$19
49 years$696$388$205$105$52$17
50 years$675$370$193$97$47$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $691,000, adding $4,306 every year, while hoping to spend $41,736 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: 70/19/11 Blend
55$691,000$691,000$691,000$691,000
56$765,924$729,301$718,590$817,508
57$799,641$720,630$698,256$843,601
58$835,399$710,135$675,842$866,663
59$873,361$697,683$651,234$890,789
60$913,707$683,133$624,314$916,077
61$956,633$666,334$594,956$942,634
62$1,002,354$647,129$563,032$970,580
63$1,051,105$625,349$528,404$1,000,047
64$1,103,144$600,817$490,932$1,031,182
65$1,158,753$573,346$450,466$1,064,150
66$1,218,241$542,735$406,852$1,099,131
67$1,281,948$508,775$359,928$1,136,327
68$1,350,245$471,244$309,524$1,175,963
69$1,423,542$429,906$255,465$1,218,284
70$1,502,284$384,513$197,564$1,263,568
71$1,586,966$334,802$135,631$1,312,119
72$1,678,125$280,497$69,464$1,364,276
73$1,776,355$221,302$0$1,420,413
74$1,882,307$156,910$0$1,481,082
75$1,996,697$86,993$0$1,555,317
76$2,120,309$11,205$0$1,635,495
77$2,254,009$0$0$1,722,209
78$2,398,744$0$0$1,830,921
79$2,555,560$0$0$1,951,275
80$2,725,603$0$0$2,081,814
81$2,910,137$0$0$2,223,510
82$3,110,548$0$0$2,377,434
83$3,328,363$0$0$2,544,763
84$3,565,263$0$0$2,726,791
85$3,823,095$0$0$2,924,944
86$4,103,893$0$0$3,140,789
87$4,409,893$0$0$3,376,052
88$4,743,558$0$0$3,632,630
89$5,107,599$0$0$3,912,615
90$5,504,998$0$0$4,218,306
91$5,939,039$0$0$4,552,235
92$6,413,337$0$0$4,917,191
93$6,931,872$0$0$5,316,242
94$7,499,025$0$0$5,752,767
95$8,119,621$0$0$6,230,488
96$8,798,972$0$0$6,753,500
97$9,542,929$0$0$7,326,316
98$10,357,932$0$0$7,953,904
99$11,251,077$0$0$8,641,736
100$12,230,176$0$0$9,395,837