Can I retire at age 56 with 692,000?

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 $692,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$57,145$56,636$56,139$55,654$55,181$54,650
2 years$28,289$27,763$27,252$26,757$26,277$25,742
3 years$18,672$18,143$17,634$17,143$16,671$16,149
4 years$13,865$13,337$12,833$12,351$11,890$11,385
5 years$10,981$10,456$9,959$9,487$9,039$8,551
6 years$9,059$8,539$8,048$7,587$7,152$6,683
7 years$7,687$7,171$6,688$6,237$5,816$5,367
8 years$6,658$6,147$5,672$5,232$4,825$4,395
9 years$5,858$5,352$4,885$4,457$4,064$3,652
10 years$5,219$4,717$4,259$3,842$3,462$3,069
11 years$4,696$4,199$3,750$3,344$2,978$2,603
12 years$4,261$3,769$3,328$2,933$2,580$2,224
13 years$3,893$3,406$2,973$2,589$2,250$1,911
14 years$3,577$3,096$2,671$2,298$1,973$1,650
15 years$3,304$2,828$2,412$2,050$1,737$1,431
16 years$3,066$2,595$2,187$1,835$1,535$1,245
17 years$2,856$2,390$1,990$1,649$1,361$1,087
18 years$2,669$2,208$1,816$1,486$1,210$951
19 years$2,502$2,047$1,663$1,343$1,079$834
20 years$2,352$1,902$1,526$1,216$963$733
21 years$2,216$1,772$1,404$1,104$862$645
22 years$2,093$1,654$1,294$1,004$773$568
23 years$1,981$1,547$1,195$914$694$501
24 years$1,878$1,449$1,105$834$624$443
25 years$1,784$1,360$1,023$761$561$391
26 years$1,697$1,278$949$696$505$346
27 years$1,617$1,203$881$637$456$307
28 years$1,542$1,133$819$584$411$272
29 years$1,473$1,069$762$535$371$241
30 years$1,409$1,010$710$491$335$214
31 years$1,348$955$662$451$303$190
32 years$1,292$903$618$415$274$168
33 years$1,239$855$577$381$248$149
34 years$1,190$811$539$351$225$133
35 years$1,143$769$504$323$204$118
36 years$1,099$730$471$297$184$105
37 years$1,058$693$441$274$167$93
38 years$1,018$659$413$253$152$83
39 years$981$626$387$233$137$74
40 years$946$596$363$215$125$66
41 years$913$567$340$198$113$58
42 years$881$540$319$183$103$52
43 years$851$515$299$169$93$46
44 years$822$491$281$156$85$41
45 years$795$468$264$144$77$37
46 years$769$446$248$133$70$33
47 years$744$426$233$123$63$29
48 years$720$407$219$114$57$26
49 years$697$388$206$105$52$23
50 years$676$371$193$97$47$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $692,000, adding $3,449 every year, while hoping to spend $44,458 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: 34/37/29 Blend
55$692,000$692,000$692,000$692,000
56$766,142$729,466$718,740$785,380
57$796,985$717,906$695,514$788,669
58$829,485$704,291$670,021$788,014
59$863,762$688,471$642,137$786,456
60$899,950$670,291$611,733$783,945
61$938,195$649,584$578,675$780,432
62$978,653$626,176$542,823$775,866
63$1,021,498$599,882$504,031$770,195
64$1,066,918$570,503$462,143$763,368
65$1,115,120$537,834$417,001$755,335
66$1,166,329$501,655$368,438$746,044
67$1,220,792$461,733$316,277$735,445
68$1,278,778$417,823$260,337$723,489
69$1,340,582$369,665$200,428$710,130
70$1,406,529$316,986$136,350$695,322
71$1,476,972$259,496$67,895$679,025
72$1,552,300$196,888$0$661,199
73$1,632,939$128,840$0$643,408
74$1,719,356$55,011$0$646,551
75$1,812,063$0$0$649,648
76$1,911,622$0$0$662,925
77$2,018,650$0$0$701,346
78$2,133,824$0$0$742,767
79$2,257,888$0$0$787,464
80$2,391,659$0$0$835,742
81$2,536,033$0$0$887,935
82$2,691,997$0$0$944,410
83$2,860,633$0$0$1,005,571
84$3,043,134$0$0$1,071,864
85$3,240,807$0$0$1,143,775
86$3,455,091$0$0$1,221,843
87$3,687,570$0$0$1,306,658
88$3,939,984$0$0$1,398,870
89$4,214,247$0$0$1,499,193
90$4,512,464$0$0$1,608,416
91$4,836,954$0$0$1,727,403
92$5,190,264$0$0$1,857,106
93$5,575,200$0$0$1,998,575
94$5,994,848$0$0$2,152,963
95$6,452,607$0$0$2,321,541
96$6,952,214$0$0$2,505,706
97$7,497,788$0$0$2,706,998
98$8,093,857$0$0$2,927,112
99$8,745,412$0$0$3,167,914
100$9,457,944$0$0$3,431,457