Can I retire at age 56 with 698,000?

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 $698,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$57,640$57,127$56,626$56,137$55,660$53,599
2 years$28,535$28,003$27,488$26,989$26,505$24,452
3 years$18,834$18,300$17,787$17,292$16,816$14,836
4 years$13,985$13,453$12,944$12,458$11,993$10,101
5 years$11,076$10,547$10,045$9,569$9,117$7,317
6 years$9,137$8,613$8,118$7,652$7,214$5,508
7 years$7,753$7,233$6,746$6,291$5,867$4,254
8 years$6,716$6,200$5,721$5,278$4,867$3,346
9 years$5,909$5,398$4,928$4,495$4,099$2,667
10 years$5,264$4,758$4,296$3,875$3,492$2,148
11 years$4,737$4,236$3,782$3,373$3,004$1,743
12 years$4,298$3,802$3,357$2,958$2,603$1,424
13 years$3,926$3,436$2,999$2,612$2,270$1,168
14 years$3,608$3,123$2,695$2,318$1,990$963
15 years$3,333$2,853$2,433$2,067$1,752$796
16 years$3,092$2,618$2,206$1,851$1,548$659
17 years$2,880$2,411$2,007$1,663$1,373$547
18 years$2,692$2,228$1,832$1,499$1,221$455
19 years$2,524$2,064$1,677$1,354$1,088$379
20 years$2,372$1,918$1,539$1,227$972$316
21 years$2,236$1,787$1,416$1,113$870$264
22 years$2,111$1,668$1,305$1,012$780$221
23 years$1,998$1,560$1,205$922$700$184
24 years$1,895$1,462$1,114$841$629$154
25 years$1,800$1,372$1,032$768$566$129
26 years$1,712$1,289$957$702$510$108
27 years$1,631$1,213$889$643$460$91
28 years$1,556$1,143$826$589$415$76
29 years$1,486$1,079$769$540$374$64
30 years$1,421$1,019$716$496$338$53
31 years$1,360$963$668$455$306$45
32 years$1,303$911$623$418$277$37
33 years$1,250$863$582$385$250$31
34 years$1,200$818$544$354$227$26
35 years$1,153$776$508$326$205$22
36 years$1,109$736$475$300$186$19
37 years$1,067$699$445$276$169$16
38 years$1,027$664$417$255$153$13
39 years$990$632$390$235$139$11
40 years$954$601$366$217$126$9
41 years$921$572$343$200$114$8
42 years$889$545$322$185$104$6
43 years$858$519$302$170$94$5
44 years$829$495$283$157$85$5
45 years$802$472$266$145$77$4
46 years$775$450$250$134$70$3
47 years$750$430$235$124$64$3
48 years$726$410$221$115$58$2
49 years$703$392$207$106$53$2
50 years$681$374$195$98$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $698,000, adding $5,182 every year, while hoping to spend $41,890 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: 82/9/9 Blend
55$698,000$698,000$698,000$698,000
56$774,541$737,547$726,728$836,648
57$808,974$729,116$706,503$869,631
58$845,515$718,869$684,196$899,736
59$884,334$706,670$659,694$931,516
60$925,620$692,380$632,877$965,116
61$969,575$675,850$603,621$1,000,695
62$1,016,425$656,919$571,795$1,038,427
63$1,066,414$635,422$537,264$1,078,507
64$1,119,811$611,180$499,885$1,121,147
65$1,176,910$584,006$459,509$1,166,582
66$1,238,033$553,701$415,982$1,215,069
67$1,303,535$520,055$369,140$1,266,895
68$1,373,804$482,846$318,814$1,322,373
69$1,449,266$441,839$264,828$1,381,850
70$1,530,387$396,786$206,996$1,445,708
71$1,617,682$347,423$145,126$1,514,367
72$1,711,713$293,475$79,015$1,588,292
73$1,813,101$234,648$8,455$1,667,996
74$1,922,523$170,632$0$1,754,044
75$2,040,728$101,100$0$1,853,477
76$2,168,536$25,708$0$1,961,847
77$2,306,850$0$0$2,079,122
78$2,456,661$0$0$2,211,700
79$2,619,060$0$0$2,358,191
80$2,795,247$0$0$2,517,132
81$2,986,539$0$0$2,689,715
82$3,194,387$0$0$2,877,250
83$3,420,387$0$0$3,081,179
84$3,666,295$0$0$3,303,088
85$3,934,041$0$0$3,544,722
86$4,225,753$0$0$3,808,002
87$4,543,767$0$0$4,095,040
88$4,890,659$0$0$4,408,162
89$5,269,262$0$0$4,749,929
90$5,682,695$0$0$5,123,159
91$6,134,391$0$0$5,530,953
92$6,628,130$0$0$5,976,726
93$7,168,073$0$0$6,464,240
94$7,758,802$0$0$6,997,634
95$8,405,363$0$0$7,581,466
96$9,113,311$0$0$8,220,756
97$9,888,763$0$0$8,921,032
98$10,738,457$0$0$9,688,382
99$11,669,812$0$0$10,529,509
100$12,691,001$0$0$11,451,799