Can I retire at age 56 with 694,000?

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 $694,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.6%
1 years$57,310$56,799$56,301$55,815$55,341$54,069
2 years$28,371$27,843$27,331$26,834$26,353$25,078
3 years$18,726$18,196$17,685$17,193$16,719$15,482
4 years$13,905$13,376$12,870$12,387$11,924$10,734
5 years$11,013$10,487$9,988$9,514$9,065$7,925
6 years$9,085$8,563$8,072$7,608$7,173$6,084
7 years$7,709$7,191$6,707$6,255$5,833$4,796
8 years$6,677$6,164$5,688$5,247$4,839$3,853
9 years$5,875$5,367$4,899$4,470$4,075$3,140
10 years$5,234$4,731$4,271$3,853$3,472$2,586
11 years$4,710$4,212$3,761$3,353$2,986$2,148
12 years$4,273$3,780$3,337$2,941$2,588$1,797
13 years$3,904$3,416$2,982$2,597$2,257$1,511
14 years$3,588$3,105$2,679$2,305$1,978$1,276
15 years$3,314$2,837$2,419$2,056$1,742$1,082
16 years$3,075$2,603$2,193$1,841$1,539$920
17 years$2,864$2,397$1,996$1,654$1,365$784
18 years$2,676$2,215$1,822$1,490$1,214$670
19 years$2,509$2,053$1,668$1,347$1,082$573
20 years$2,359$1,907$1,531$1,220$966$491
21 years$2,223$1,777$1,408$1,107$865$422
22 years$2,099$1,658$1,297$1,006$775$362
23 years$1,987$1,551$1,198$917$696$312
24 years$1,884$1,453$1,108$836$625$268
25 years$1,789$1,364$1,026$763$563$231
26 years$1,702$1,282$952$698$507$199
27 years$1,621$1,206$884$639$457$172
28 years$1,547$1,137$822$585$412$148
29 years$1,477$1,072$765$537$372$128
30 years$1,413$1,013$712$493$336$110
31 years$1,352$957$664$453$304$95
32 years$1,296$906$619$416$275$82
33 years$1,243$858$578$382$249$71
34 years$1,193$813$540$352$225$61
35 years$1,146$771$505$324$204$53
36 years$1,102$732$473$298$185$46
37 years$1,061$695$442$275$168$40
38 years$1,021$661$414$253$152$34
39 years$984$628$388$234$138$30
40 years$949$598$364$215$125$26
41 years$915$569$341$199$113$22
42 years$884$542$320$183$103$19
43 years$853$516$300$169$93$17
44 years$825$492$282$156$85$14
45 years$797$469$265$144$77$12
46 years$771$448$249$133$70$11
47 years$746$427$234$123$63$9
48 years$722$408$219$114$58$8
49 years$699$389$206$105$52$7
50 years$678$372$194$97$48$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $694,000, adding $4,351 every year, while hoping to spend $43,096 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: 47/30/23 Blend
55$694,000$694,000$694,000$694,000
56$769,276$732,494$721,737$800,200
57$801,888$722,532$700,061$812,345
58$836,383$710,638$676,215$820,901
59$872,906$696,672$650,080$829,315
60$911,617$680,484$621,533$837,593
61$952,692$661,917$590,444$845,746
62$996,321$640,806$556,679$853,788
63$1,042,714$616,973$520,096$861,739
64$1,092,099$590,233$480,547$869,624
65$1,144,727$560,388$437,879$877,474
66$1,200,871$527,229$391,930$885,326
67$1,260,833$490,537$342,533$893,228
68$1,324,942$450,076$289,511$901,234
69$1,393,557$405,602$232,682$909,411
70$1,467,076$356,852$171,852$917,836
71$1,545,932$303,553$106,824$926,600
72$1,630,602$245,411$37,387$935,808
73$1,721,608$182,121$0$945,583
74$1,819,525$113,357$0$965,076
75$1,924,981$38,777$0$995,817
76$2,038,670$0$0$1,028,863
77$2,161,352$0$0$1,078,349
78$2,293,861$0$0$1,145,686
79$2,437,116$0$0$1,218,548
80$2,592,125$0$0$1,297,456
81$2,759,997$0$0$1,382,982
82$2,941,952$0$0$1,475,758
83$3,139,330$0$0$1,576,476
84$3,353,605$0$0$1,685,899
85$3,586,400$0$0$1,804,864
86$3,839,497$0$0$1,934,294
87$4,114,860$0$0$2,075,203
88$4,414,647$0$0$2,228,710
89$4,741,235$0$0$2,396,042
90$5,097,239$0$0$2,578,552
91$5,485,535$0$0$2,777,728
92$5,909,291$0$0$2,995,210
93$6,371,994$0$0$3,232,800
94$6,877,480$0$0$3,492,486
95$7,429,977$0$0$3,776,452
96$8,034,134$0$0$4,087,106
97$8,695,073$0$0$4,427,099
98$9,418,434$0$0$4,799,350
99$10,210,427$0$0$5,207,071
100$11,077,889$0$0$5,653,803