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%14.7%
1 years$57,640$57,127$56,626$56,137$55,660$54,580
2 years$28,535$28,003$27,488$26,989$26,505$25,422
3 years$18,834$18,300$17,787$17,292$16,816$15,763
4 years$13,985$13,453$12,944$12,458$11,993$10,978
5 years$11,076$10,547$10,045$9,569$9,117$8,143
6 years$9,137$8,613$8,118$7,652$7,214$6,282
7 years$7,753$7,233$6,746$6,291$5,867$4,978
8 years$6,716$6,200$5,721$5,278$4,867$4,020
9 years$5,909$5,398$4,928$4,495$4,099$3,293
10 years$5,264$4,758$4,296$3,875$3,492$2,728
11 years$4,737$4,236$3,782$3,373$3,004$2,279
12 years$4,298$3,802$3,357$2,958$2,603$1,917
13 years$3,926$3,436$2,999$2,612$2,270$1,622
14 years$3,608$3,123$2,695$2,318$1,990$1,378
15 years$3,333$2,853$2,433$2,067$1,752$1,176
16 years$3,092$2,618$2,206$1,851$1,548$1,006
17 years$2,880$2,411$2,007$1,663$1,373$863
18 years$2,692$2,228$1,832$1,499$1,221$742
19 years$2,524$2,064$1,677$1,354$1,088$640
20 years$2,372$1,918$1,539$1,227$972$552
21 years$2,236$1,787$1,416$1,113$870$477
22 years$2,111$1,668$1,305$1,012$780$413
23 years$1,998$1,560$1,205$922$700$358
24 years$1,895$1,462$1,114$841$629$310
25 years$1,800$1,372$1,032$768$566$269
26 years$1,712$1,289$957$702$510$233
27 years$1,631$1,213$889$643$460$203
28 years$1,556$1,143$826$589$415$176
29 years$1,486$1,079$769$540$374$153
30 years$1,421$1,019$716$496$338$133
31 years$1,360$963$668$455$306$116
32 years$1,303$911$623$418$277$101
33 years$1,250$863$582$385$250$88
34 years$1,200$818$544$354$227$76
35 years$1,153$776$508$326$205$67
36 years$1,109$736$475$300$186$58
37 years$1,067$699$445$276$169$50
38 years$1,027$664$417$255$153$44
39 years$990$632$390$235$139$38
40 years$954$601$366$217$126$33
41 years$921$572$343$200$114$29
42 years$889$545$322$185$104$25
43 years$858$519$302$170$94$22
44 years$829$495$283$157$85$19
45 years$802$472$266$145$77$17
46 years$775$450$250$134$70$15
47 years$750$430$235$124$64$13
48 years$726$410$221$115$58$11
49 years$703$392$207$106$53$10
50 years$681$374$195$98$48$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $698,000, adding $2,514 every year, while hoping to spend $37,829 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: 49/23/28 Blend
55$698,000$698,000$698,000$698,000
56$771,789$734,795$723,976$803,356
57$810,262$730,550$707,980$821,503
58$851,391$724,830$690,179$837,270
59$895,407$717,521$670,475$853,665
60$942,565$708,505$648,761$870,766
61$993,140$697,656$624,929$888,660
62$1,047,439$684,840$598,863$907,446
63$1,105,796$669,915$570,443$927,237
64$1,168,579$652,732$539,544$948,159
65$1,236,189$633,132$506,034$970,353
66$1,309,071$610,946$469,777$993,978
67$1,387,711$585,997$430,629$1,019,212
68$1,472,644$558,097$388,441$1,046,256
69$1,564,456$527,046$343,057$1,075,334
70$1,663,794$492,634$294,312$1,106,696
71$1,771,366$454,639$242,037$1,140,622
72$1,887,954$412,824$186,054$1,177,426
73$2,014,414$366,942$126,176$1,217,458
74$2,151,692$316,729$62,210$1,261,106
75$2,300,823$261,908$0$1,308,807
76$2,462,950$202,184$0$1,362,853
77$2,639,329$137,249$0$1,441,927
78$2,831,340$66,774$0$1,528,090
79$3,040,505$0$0$1,622,080
80$3,268,496$0$0$1,727,137
81$3,517,155$0$0$1,860,217
82$3,788,509$0$0$2,005,515
83$4,084,787$0$0$2,164,233
84$4,408,446$0$0$2,337,696
85$4,762,189$0$0$2,527,363
86$5,148,993$0$0$2,734,839
87$5,572,134$0$0$2,961,893
88$6,035,220$0$0$3,210,471
89$6,542,225$0$0$3,482,718
90$7,097,524$0$0$3,780,995
91$7,705,936$0$0$4,107,902
92$8,372,766$0$0$4,466,303
93$9,103,859$0$0$4,859,352
94$9,905,651$0$0$5,290,522
95$10,785,231$0$0$5,763,640
96$11,750,409$0$0$6,282,922
97$12,809,785$0$0$6,853,008
98$13,972,833$0$0$7,479,015
99$15,249,991$0$0$8,166,574
100$16,652,754$0$0$8,921,893