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%19.3%
1 years$57,392$56,881$56,382$55,896$55,420$53,348
2 years$28,412$27,883$27,370$26,873$26,391$24,326
3 years$18,753$18,222$17,710$17,218$16,743$14,752
4 years$13,925$13,395$12,889$12,404$11,941$10,039
5 years$11,028$10,502$10,002$9,528$9,078$7,268
6 years$9,098$8,576$8,083$7,619$7,183$5,468
7 years$7,720$7,202$6,717$6,264$5,842$4,221
8 years$6,687$6,173$5,697$5,255$4,846$3,318
9 years$5,884$5,375$4,907$4,476$4,081$2,643
10 years$5,241$4,738$4,278$3,858$3,477$2,127
11 years$4,716$4,218$3,766$3,358$2,991$1,726
12 years$4,279$3,786$3,342$2,945$2,592$1,408
13 years$3,909$3,421$2,986$2,600$2,260$1,155
14 years$3,593$3,110$2,683$2,308$1,981$951
15 years$3,319$2,841$2,422$2,059$1,744$785
16 years$3,079$2,606$2,196$1,843$1,542$650
17 years$2,868$2,400$1,998$1,656$1,367$539
18 years$2,680$2,218$1,824$1,493$1,215$448
19 years$2,513$2,056$1,670$1,349$1,083$373
20 years$2,362$1,910$1,533$1,221$968$311
21 years$2,226$1,779$1,410$1,109$866$259
22 years$2,102$1,661$1,299$1,008$776$217
23 years$1,990$1,553$1,200$918$697$181
24 years$1,887$1,455$1,110$837$626$151
25 years$1,792$1,366$1,028$765$564$126
26 years$1,705$1,284$953$699$508$106
27 years$1,624$1,208$885$640$458$89
28 years$1,549$1,138$823$586$413$74
29 years$1,479$1,074$766$538$373$62
30 years$1,415$1,014$713$493$337$52
31 years$1,354$959$665$453$305$44
32 years$1,298$907$620$416$276$36
33 years$1,245$859$579$383$249$31
34 years$1,195$814$541$352$226$26
35 years$1,148$772$506$324$204$21
36 years$1,104$733$473$299$185$18
37 years$1,062$696$443$275$168$15
38 years$1,023$662$415$254$152$13
39 years$985$629$389$234$138$11
40 years$950$599$364$216$125$9
41 years$917$570$342$199$114$7
42 years$885$543$320$184$103$6
43 years$855$517$301$170$94$5
44 years$826$493$282$157$85$4
45 years$798$470$265$145$77$4
46 years$772$448$249$134$70$3
47 years$747$428$234$123$64$3
48 years$723$408$220$114$58$2
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 $4,802 every year, while hoping to spend $42,224 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: 45/36/19 Blend
55$695,000$695,000$695,000$695,000
56$770,843$734,008$723,236$801,124
57$804,543$725,049$702,538$813,875
58$840,266$714,235$679,732$823,126
59$878,172$701,431$654,702$832,276
60$918,439$686,495$627,328$841,334
61$961,259$669,273$597,484$850,313
62$1,006,846$649,606$565,037$859,233
63$1,055,430$627,322$529,852$868,117
64$1,107,265$602,242$491,783$876,994
65$1,162,628$574,174$450,680$885,901
66$1,221,825$542,918$406,387$894,883
67$1,285,190$508,259$358,739$903,991
68$1,353,087$469,972$307,565$913,289
69$1,425,920$427,819$252,686$922,851
70$1,504,129$381,546$193,916$932,763
71$1,588,196$330,889$131,059$943,127
72$1,678,655$275,564$63,911$954,060
73$1,776,086$215,276$0$965,696
74$1,881,131$149,708$0$979,763
75$1,994,493$78,531$0$1,008,796
76$2,116,944$1,392$0$1,040,077
77$2,249,335$0$0$1,073,885
78$2,392,598$0$0$1,143,052
79$2,547,760$0$0$1,218,628
80$2,715,948$0$0$1,300,621
81$2,898,403$0$0$1,389,645
82$3,096,490$0$0$1,486,374
83$3,311,709$0$0$1,591,552
84$3,545,711$0$0$1,705,996
85$3,800,311$0$0$1,830,604
86$4,077,508$0$0$1,966,366
87$4,379,500$0$0$2,114,370
88$4,708,708$0$0$2,275,815
89$5,067,793$0$0$2,452,020
90$5,459,687$0$0$2,644,436
91$5,887,616$0$0$2,854,660
92$6,355,131$0$0$3,084,454
93$6,866,143$0$0$3,335,752
94$7,424,956$0$0$3,610,689
95$8,036,310$0$0$3,911,612
96$8,705,423$0$0$4,241,107
97$9,438,042$0$0$4,602,021
98$10,240,495$0$0$4,997,491
99$11,119,751$0$0$5,430,970
100$12,083,485$0$0$5,906,261