Can I retire at age 56 with 695,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%18.6%
1 years$57,392$56,881$56,382$55,896$55,420$53,496
2 years$28,412$27,883$27,370$26,873$26,391$24,472
3 years$18,753$18,222$17,710$17,218$16,743$14,891
4 years$13,925$13,395$12,889$12,404$11,941$10,169
5 years$11,028$10,502$10,002$9,528$9,078$7,390
6 years$9,098$8,576$8,083$7,619$7,183$5,581
7 years$7,720$7,202$6,717$6,264$5,842$4,325
8 years$6,687$6,173$5,697$5,255$4,846$3,414
9 years$5,884$5,375$4,907$4,476$4,081$2,732
10 years$5,241$4,738$4,278$3,858$3,477$2,208
11 years$4,716$4,218$3,766$3,358$2,991$1,799
12 years$4,279$3,786$3,342$2,945$2,592$1,475
13 years$3,909$3,421$2,986$2,600$2,260$1,216
14 years$3,593$3,110$2,683$2,308$1,981$1,006
15 years$3,319$2,841$2,422$2,059$1,744$835
16 years$3,079$2,606$2,196$1,843$1,542$695
17 years$2,868$2,400$1,998$1,656$1,367$579
18 years$2,680$2,218$1,824$1,493$1,215$484
19 years$2,513$2,056$1,670$1,349$1,083$405
20 years$2,362$1,910$1,533$1,221$968$339
21 years$2,226$1,779$1,410$1,109$866$285
22 years$2,102$1,661$1,299$1,008$776$239
23 years$1,990$1,553$1,200$918$697$201
24 years$1,887$1,455$1,110$837$626$169
25 years$1,792$1,366$1,028$765$564$142
26 years$1,705$1,284$953$699$508$119
27 years$1,624$1,208$885$640$458$100
28 years$1,549$1,138$823$586$413$85
29 years$1,479$1,074$766$538$373$71
30 years$1,415$1,014$713$493$337$60
31 years$1,354$959$665$453$305$51
32 years$1,298$907$620$416$276$43
33 years$1,245$859$579$383$249$36
34 years$1,195$814$541$352$226$30
35 years$1,148$772$506$324$204$25
36 years$1,104$733$473$299$185$21
37 years$1,062$696$443$275$168$18
38 years$1,023$662$415$254$152$15
39 years$985$629$389$234$138$13
40 years$950$599$364$216$125$11
41 years$917$570$342$199$114$9
42 years$885$543$320$184$103$8
43 years$855$517$301$170$94$6
44 years$826$493$282$157$85$5
45 years$798$470$265$145$77$5
46 years$772$448$249$134$70$4
47 years$747$428$234$123$64$3
48 years$723$408$220$114$58$3
49 years$700$390$207$105$52$2
50 years$679$373$194$97$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $695,000, adding $5,103 every year, while hoping to spend $50,942 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: 31/46/23 Blend
55$695,000$695,000$695,000$695,000
56$771,154$734,319$723,546$789,445
57$795,610$716,098$693,583$785,564
58$820,852$695,278$660,909$776,479
59$846,909$671,676$625,379$765,655
60$873,807$645,101$586,842$752,973
61$901,574$615,351$545,141$738,306
62$930,241$582,209$500,109$721,522
63$959,838$545,450$451,575$702,482
64$990,398$504,833$399,359$681,037
65$1,021,953$460,104$343,272$657,033
66$1,054,538$410,996$283,118$630,305
67$1,088,191$357,224$218,692$600,679
68$1,122,947$298,489$149,779$567,974
69$1,158,848$234,475$76,157$531,997
70$1,195,933$164,847$0$492,545
71$1,234,245$89,251$0$449,997
72$1,273,830$7,316$0$423,520
73$1,314,733$0$0$394,229
74$1,357,005$0$0$403,120
75$1,400,695$0$0$416,141
76$1,445,858$0$0$429,605
77$1,492,550$0$0$443,530
78$1,540,829$0$0$457,933
79$1,590,759$0$0$472,833
80$1,642,403$0$0$488,252
81$1,695,830$0$0$504,210
82$1,751,114$0$0$520,730
83$1,808,328$0$0$537,835
84$1,867,555$0$0$555,550
85$1,928,878$0$0$573,902
86$1,992,388$0$0$592,919
87$2,058,178$0$0$612,632
88$2,126,350$0$0$633,070
89$2,197,010$0$0$654,269
90$2,270,271$0$0$676,264
91$2,346,253$0$0$699,093
92$2,425,085$0$0$722,797
93$2,506,902$0$0$747,419
94$2,591,850$0$0$773,005
95$2,680,084$0$0$799,607
96$2,771,769$0$0$827,275
97$2,867,084$0$0$856,069
98$2,966,217$0$0$886,048
99$3,069,372$0$0$917,279
100$3,176,768$0$0$949,832