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%13.7%
1 years$57,062$56,554$56,058$55,574$55,101$54,255
2 years$28,249$27,722$27,213$26,718$26,239$25,389
3 years$18,645$18,117$17,608$17,119$16,647$15,819
4 years$13,845$13,318$12,814$12,333$11,873$11,073
5 years$10,965$10,441$9,944$9,473$9,025$8,257
6 years$9,046$8,526$8,037$7,576$7,142$6,405
7 years$7,676$7,160$6,678$6,228$5,808$5,103
8 years$6,648$6,138$5,664$5,225$4,818$4,145
9 years$5,850$5,344$4,878$4,450$4,058$3,416
10 years$5,211$4,710$4,253$3,836$3,457$2,847
11 years$4,689$4,193$3,744$3,339$2,973$2,394
12 years$4,255$3,764$3,323$2,928$2,577$2,026
13 years$3,887$3,401$2,969$2,585$2,247$1,726
14 years$3,572$3,092$2,668$2,295$1,970$1,476
15 years$3,300$2,824$2,408$2,047$1,734$1,268
16 years$3,061$2,591$2,184$1,833$1,533$1,093
17 years$2,851$2,386$1,987$1,647$1,359$944
18 years$2,665$2,205$1,814$1,484$1,208$818
19 years$2,498$2,044$1,660$1,341$1,077$710
20 years$2,348$1,899$1,524$1,214$962$617
21 years$2,213$1,769$1,402$1,102$861$538
22 years$2,090$1,651$1,292$1,002$772$469
23 years$1,978$1,544$1,193$913$693$409
24 years$1,876$1,447$1,103$832$623$358
25 years$1,782$1,358$1,022$760$560$313
26 years$1,695$1,276$948$695$505$274
27 years$1,614$1,201$880$636$455$240
28 years$1,540$1,132$818$583$411$210
29 years$1,471$1,068$761$535$371$184
30 years$1,407$1,008$709$491$335$161
31 years$1,346$953$661$451$303$142
32 years$1,290$902$617$414$274$124
33 years$1,237$854$576$381$248$109
34 years$1,188$810$538$350$224$96
35 years$1,141$768$503$323$203$84
36 years$1,097$729$471$297$184$74
37 years$1,056$692$440$274$167$65
38 years$1,017$658$412$252$151$57
39 years$980$626$386$233$137$50
40 years$945$595$362$215$124$44
41 years$911$567$340$198$113$39
42 years$880$540$319$183$102$34
43 years$850$514$299$169$93$30
44 years$821$490$281$156$84$26
45 years$794$467$264$144$77$23
46 years$768$446$247$133$70$20
47 years$743$425$233$123$63$18
48 years$719$406$218$113$57$16
49 years$696$388$205$105$52$14
50 years$675$370$193$97$47$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $691,000, adding $2,974 every year, while hoping to spend $53,603 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: 84/8/8 Blend
55$691,000$691,000$691,000$691,000
56$764,550$727,927$717,216$827,832
57$785,501$706,562$684,210$848,250
58$806,792$682,354$648,301$863,125
59$828,402$655,106$609,336$877,791
60$850,304$624,612$567,155$892,196
61$872,469$590,652$521,588$906,278
62$894,861$552,994$472,462$919,971
63$917,439$511,393$419,591$933,203
64$940,156$465,589$362,786$945,890
65$962,958$415,309$301,845$957,946
66$985,784$360,263$236,560$969,270
67$1,008,562$300,144$166,714$979,755
68$1,031,214$234,630$92,078$989,281
69$1,053,650$163,379$12,414$997,716
70$1,075,768$86,030$0$1,004,917
71$1,097,453$2,202$0$1,016,920
72$1,118,576$0$0$1,028,888
73$1,138,993$0$0$1,047,381
74$1,158,542$0$0$1,065,258
75$1,177,042$0$0$1,082,156
76$1,194,288$0$0$1,097,888
77$1,210,055$0$0$1,112,242
78$1,224,090$0$0$1,124,985
79$1,236,110$0$0$1,135,856
80$1,245,802$0$0$1,144,564
81$1,252,816$0$0$1,150,785
82$1,256,765$0$0$1,154,158
83$1,257,214$0$0$1,154,284
84$1,253,686$0$0$1,150,719
85$1,245,648$0$0$1,142,970
86$1,232,508$0$0$1,130,488
87$1,213,611$0$0$1,112,668
88$1,188,232$0$0$1,088,837
89$1,155,566$0$0$1,058,249
90$1,114,721$0$0$1,020,079
91$1,064,710$0$0$973,414
92$1,004,441$0$0$917,241
93$932,705$0$0$850,441
94$848,166$0$0$771,777
95$749,343$0$0$679,878
96$634,603$0$0$573,231
97$502,137$0$0$450,163
98$349,948$0$0$308,822
99$175,828$0$0$147,167
100$0$0$0$0