Can I retire at age 56 with 697,000?

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 $697,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.6%
1 years$57,558$57,045$56,545$56,056$55,580$54,749
2 years$28,494$27,963$27,449$26,950$26,467$25,632
3 years$18,807$18,274$17,761$17,267$16,791$15,978
4 years$13,965$13,434$12,926$12,440$11,976$11,190
5 years$11,060$10,532$10,031$9,555$9,104$8,349
6 years$9,124$8,600$8,106$7,641$7,204$6,479
7 years$7,742$7,222$6,736$6,282$5,858$5,166
8 years$6,706$6,191$5,713$5,270$4,860$4,198
9 years$5,901$5,390$4,921$4,489$4,093$3,462
10 years$5,257$4,751$4,290$3,870$3,487$2,887
11 years$4,730$4,230$3,777$3,368$2,999$2,429
12 years$4,291$3,796$3,352$2,954$2,599$2,057
13 years$3,921$3,431$2,995$2,608$2,266$1,753
14 years$3,603$3,119$2,691$2,315$1,987$1,501
15 years$3,328$2,849$2,429$2,065$1,749$1,290
16 years$3,088$2,614$2,203$1,849$1,546$1,113
17 years$2,876$2,407$2,004$1,661$1,371$962
18 years$2,688$2,224$1,830$1,497$1,219$834
19 years$2,520$2,062$1,675$1,353$1,086$725
20 years$2,369$1,916$1,537$1,225$970$630
21 years$2,232$1,784$1,414$1,112$868$549
22 years$2,108$1,666$1,303$1,011$778$479
23 years$1,995$1,558$1,203$921$699$419
24 years$1,892$1,460$1,113$840$628$366
25 years$1,797$1,370$1,031$767$565$320
26 years$1,709$1,287$956$701$509$281
27 years$1,628$1,212$888$642$459$246
28 years$1,553$1,142$825$588$414$216
29 years$1,484$1,077$768$539$374$189
30 years$1,419$1,017$715$495$338$166
31 years$1,358$962$667$454$305$146
32 years$1,301$910$622$418$276$128
33 years$1,248$862$581$384$250$112
34 years$1,198$817$543$353$226$99
35 years$1,151$775$507$325$205$87
36 years$1,107$735$475$300$186$76
37 years$1,065$698$444$276$168$67
38 years$1,026$664$416$254$153$59
39 years$988$631$390$235$138$52
40 years$953$600$365$216$126$46
41 years$919$571$343$200$114$40
42 years$887$544$321$184$103$35
43 years$857$519$302$170$94$31
44 years$828$494$283$157$85$27
45 years$801$471$266$145$77$24
46 years$774$450$250$134$70$21
47 years$749$429$235$124$64$19
48 years$725$410$220$114$58$16
49 years$702$391$207$106$53$14
50 years$681$374$195$98$48$13

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $697,000, adding $2,410 every year, while hoping to spend $39,670 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: 35/49/16 Blend
55$697,000$697,000$697,000$697,000
56$770,580$733,639$722,835$793,677
57$806,970$727,379$704,842$804,428
58$845,743$719,482$684,916$812,115
59$887,100$709,827$662,951$819,560
60$931,259$698,284$638,836$826,764
61$978,464$684,717$612,453$833,730
62$1,028,979$668,979$583,682$840,464
63$1,083,094$650,918$552,394$846,980
64$1,141,127$630,370$518,456$853,294
65$1,203,427$607,164$481,730$859,429
66$1,270,378$581,116$442,069$865,416
67$1,342,400$552,035$399,322$871,292
68$1,419,956$519,715$353,330$877,105
69$1,503,552$483,941$303,927$882,913
70$1,593,745$444,486$250,940$888,784
71$1,691,149$401,108$194,188$894,800
72$1,796,435$353,551$133,483$901,060
73$1,910,344$301,547$68,627$907,677
74$2,033,687$244,811$0$914,785
75$2,167,359$183,042$0$922,638
76$2,312,341$115,924$0$943,825
77$2,469,715$43,119$0$966,862
78$2,640,669$0$0$992,024
79$2,826,511$0$0$1,038,887
80$3,028,677$0$0$1,115,246
81$3,248,751$0$0$1,198,462
82$3,488,474$0$0$1,289,204
83$3,749,761$0$0$1,388,209
84$4,034,722$0$0$1,496,289
85$4,345,678$0$0$1,614,338
86$4,685,182$0$0$1,743,338
87$5,056,047$0$0$1,884,373
88$5,461,370$0$0$2,038,635
89$5,904,558$0$0$2,207,437
90$6,389,364$0$0$2,392,223
91$6,919,920$0$0$2,594,586
92$7,500,777$0$0$2,816,277
93$8,136,944$0$0$3,059,229
94$8,833,940$0$0$3,325,566
95$9,597,841$0$0$3,617,629
96$10,435,339$0$0$3,937,998
97$11,353,805$0$0$4,289,512
98$12,361,357$0$0$4,675,301
99$13,466,938$0$0$5,098,811
100$14,680,397$0$0$5,563,838