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%15%
1 years$57,062$56,554$56,058$55,574$55,101$53,967
2 years$28,249$27,722$27,213$26,718$26,239$25,101
3 years$18,645$18,117$17,608$17,119$16,647$15,541
4 years$13,845$13,318$12,814$12,333$11,873$10,808
5 years$10,965$10,441$9,944$9,473$9,025$8,004
6 years$9,046$8,526$8,037$7,576$7,142$6,165
7 years$7,676$7,160$6,678$6,228$5,808$4,876
8 years$6,648$6,138$5,664$5,225$4,818$3,931
9 years$5,850$5,344$4,878$4,450$4,058$3,215
10 years$5,211$4,710$4,253$3,836$3,457$2,658
11 years$4,689$4,193$3,744$3,339$2,973$2,216
12 years$4,255$3,764$3,323$2,928$2,577$1,861
13 years$3,887$3,401$2,969$2,585$2,247$1,571
14 years$3,572$3,092$2,668$2,295$1,970$1,332
15 years$3,300$2,824$2,408$2,047$1,734$1,134
16 years$3,061$2,591$2,184$1,833$1,533$969
17 years$2,851$2,386$1,987$1,647$1,359$829
18 years$2,665$2,205$1,814$1,484$1,208$712
19 years$2,498$2,044$1,660$1,341$1,077$612
20 years$2,348$1,899$1,524$1,214$962$527
21 years$2,213$1,769$1,402$1,102$861$454
22 years$2,090$1,651$1,292$1,002$772$392
23 years$1,978$1,544$1,193$913$693$339
24 years$1,876$1,447$1,103$832$623$293
25 years$1,782$1,358$1,022$760$560$254
26 years$1,695$1,276$948$695$505$220
27 years$1,614$1,201$880$636$455$190
28 years$1,540$1,132$818$583$411$165
29 years$1,471$1,068$761$535$371$143
30 years$1,407$1,008$709$491$335$124
31 years$1,346$953$661$451$303$108
32 years$1,290$902$617$414$274$94
33 years$1,237$854$576$381$248$81
34 years$1,188$810$538$350$224$71
35 years$1,141$768$503$323$203$61
36 years$1,097$729$471$297$184$53
37 years$1,056$692$440$274$167$46
38 years$1,017$658$412$252$151$40
39 years$980$626$386$233$137$35
40 years$945$595$362$215$124$30
41 years$911$567$340$198$113$26
42 years$880$540$319$183$102$23
43 years$850$514$299$169$93$20
44 years$821$490$281$156$84$17
45 years$794$467$264$144$77$15
46 years$768$446$247$133$70$13
47 years$743$425$233$123$63$11
48 years$719$406$218$113$57$10
49 years$696$388$205$105$52$9
50 years$675$370$193$97$47$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $691,000, adding $4,805 every year, while hoping to spend $31,648 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: 39/49/12 Blend
55$691,000$691,000$691,000$691,000
56$766,438$729,815$719,105$793,380
57$810,942$731,903$709,522$815,010
58$858,924$733,032$698,557$834,925
59$910,706$733,123$686,130$855,759
60$966,642$732,089$672,159$877,612
61$1,027,118$729,841$656,556$900,591
62$1,092,563$726,282$639,229$924,821
63$1,163,444$721,309$620,083$950,438
64$1,240,277$714,815$599,017$977,596
65$1,323,630$706,686$575,929$1,006,466
66$1,414,125$696,798$550,707$1,037,241
67$1,512,448$685,024$523,239$1,070,135
68$1,619,354$671,226$493,403$1,105,387
69$1,735,673$655,261$461,077$1,143,264
70$1,862,317$636,974$426,128$1,184,063
71$2,000,291$616,203$388,421$1,228,117
72$2,150,701$592,778$347,814$1,275,794
73$2,314,764$566,515$304,157$1,327,506
74$2,493,819$537,224$257,295$1,383,710
75$2,689,341$504,700$207,067$1,444,916
76$2,902,952$468,728$153,302$1,511,690
77$3,136,439$429,082$95,824$1,584,661
78$3,391,770$385,521$34,448$1,664,529
79$3,671,110$337,791$0$1,752,068
80$3,976,844$285,624$0$1,852,119
81$4,311,599$228,736$0$1,966,627
82$4,678,265$166,828$0$2,092,266
83$5,080,028$99,583$0$2,230,242
84$5,520,396$26,667$0$2,381,890
85$6,003,230$0$0$2,548,689
86$6,532,786$0$0$2,760,462
87$7,113,749$0$0$3,008,661
88$7,751,281$0$0$3,281,126
89$8,451,067$0$0$3,580,298
90$9,219,369$0$0$3,908,867
91$10,063,087$0$0$4,269,797
92$10,989,819$0$0$4,666,352
93$12,007,937$0$0$5,102,128
94$13,126,663$0$0$5,581,087
95$14,356,158$0$0$6,107,593
96$15,707,614$0$0$6,686,457
97$17,193,364$0$0$7,322,975
98$18,826,993$0$0$8,022,985
99$20,623,468$0$0$8,792,917
100$22,599,282$0$0$9,639,857