Can I retire at age 56 with 695,000?

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 $695,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$57,392$56,881$56,382$55,896$55,420$53,776
2 years$28,412$27,883$27,370$26,873$26,391$24,747
3 years$18,753$18,222$17,710$17,218$16,743$15,153
4 years$13,925$13,395$12,889$12,404$11,941$10,416
5 years$11,028$10,502$10,002$9,528$9,078$7,621
6 years$9,098$8,576$8,083$7,619$7,183$5,797
7 years$7,720$7,202$6,717$6,264$5,842$4,526
8 years$6,687$6,173$5,697$5,255$4,846$3,600
9 years$5,884$5,375$4,907$4,476$4,081$2,903
10 years$5,241$4,738$4,278$3,858$3,477$2,366
11 years$4,716$4,218$3,766$3,358$2,991$1,944
12 years$4,279$3,786$3,342$2,945$2,592$1,608
13 years$3,909$3,421$2,986$2,600$2,260$1,337
14 years$3,593$3,110$2,683$2,308$1,981$1,116
15 years$3,319$2,841$2,422$2,059$1,744$935
16 years$3,079$2,606$2,196$1,843$1,542$785
17 years$2,868$2,400$1,998$1,656$1,367$661
18 years$2,680$2,218$1,824$1,493$1,215$558
19 years$2,513$2,056$1,670$1,349$1,083$471
20 years$2,362$1,910$1,533$1,221$968$399
21 years$2,226$1,779$1,410$1,109$866$338
22 years$2,102$1,661$1,299$1,008$776$287
23 years$1,990$1,553$1,200$918$697$243
24 years$1,887$1,455$1,110$837$626$207
25 years$1,792$1,366$1,028$765$564$176
26 years$1,705$1,284$953$699$508$149
27 years$1,624$1,208$885$640$458$127
28 years$1,549$1,138$823$586$413$108
29 years$1,479$1,074$766$538$373$92
30 years$1,415$1,014$713$493$337$78
31 years$1,354$959$665$453$305$67
32 years$1,298$907$620$416$276$57
33 years$1,245$859$579$383$249$48
34 years$1,195$814$541$352$226$41
35 years$1,148$772$506$324$204$35
36 years$1,104$733$473$299$185$30
37 years$1,062$696$443$275$168$25
38 years$1,023$662$415$254$152$22
39 years$985$629$389$234$138$18
40 years$950$599$364$216$125$16
41 years$917$570$342$199$114$13
42 years$885$543$320$184$103$11
43 years$855$517$301$170$94$10
44 years$826$493$282$157$85$8
45 years$798$470$265$145$77$7
46 years$772$448$249$134$70$6
47 years$747$428$234$123$64$5
48 years$723$408$220$114$58$4
49 years$700$390$207$105$52$4
50 years$679$373$194$97$48$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $695,000, adding $3,583 every year, while hoping to spend $38,510 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: 37/45/18 Blend
55$695,000$695,000$695,000$695,000
56$769,586$732,751$721,978$793,752
57$807,109$727,681$705,190$806,476
58$847,169$721,073$686,549$816,308
59$889,984$712,809$665,952$826,120
60$935,793$702,767$643,292$835,933
61$984,858$690,816$618,456$845,770
62$1,037,466$676,819$591,327$855,662
63$1,093,933$660,628$561,782$865,647
64$1,154,605$642,090$529,692$875,767
65$1,219,861$621,039$494,924$886,075
66$1,290,120$597,303$457,337$896,634
67$1,365,839$570,698$416,784$907,517
68$1,447,522$541,029$373,113$918,809
69$1,535,720$508,090$326,164$930,608
70$1,631,042$471,665$275,769$943,028
71$1,734,155$431,524$221,754$956,202
72$1,845,794$387,423$163,938$970,279
73$1,966,764$339,106$102,129$985,432
74$2,097,953$286,302$36,129$1,001,859
75$2,240,337$228,723$0$1,019,782
76$2,394,988$166,067$0$1,046,046
77$2,563,087$98,015$0$1,082,182
78$2,745,932$24,228$0$1,121,616
79$2,944,952$0$0$1,164,760
80$3,161,718$0$0$1,239,635
81$3,397,961$0$0$1,334,400
82$3,655,583$0$0$1,437,834
83$3,936,680$0$0$1,550,789
84$4,243,558$0$0$1,674,203
85$4,578,756$0$0$1,809,111
86$4,945,068$0$0$1,956,649
87$5,345,571$0$0$2,118,071
88$5,783,653$0$0$2,294,757
89$6,263,044$0$0$2,488,224
90$6,787,850$0$0$2,700,146
91$7,362,595$0$0$2,932,365
92$7,992,259$0$0$3,186,910
93$8,682,327$0$0$3,466,015
94$9,438,840$0$0$3,772,141
95$10,268,452$0$0$4,107,999
96$11,178,489$0$0$4,476,573
97$12,177,024$0$0$4,881,154
98$13,272,947$0$0$5,325,362
99$14,476,050$0$0$5,813,189
100$15,797,122$0$0$6,349,031