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%16.2%
1 years$57,640$57,127$56,626$56,137$55,660$54,248
2 years$28,535$28,003$27,488$26,989$26,505$25,092
3 years$18,834$18,300$17,787$17,292$16,816$15,445
4 years$13,985$13,453$12,944$12,458$11,993$10,676
5 years$11,076$10,547$10,045$9,569$9,117$7,857
6 years$9,137$8,613$8,118$7,652$7,214$6,012
7 years$7,753$7,233$6,746$6,291$5,867$4,724
8 years$6,716$6,200$5,721$5,278$4,867$3,782
9 years$5,909$5,398$4,928$4,495$4,099$3,070
10 years$5,264$4,758$4,296$3,875$3,492$2,519
11 years$4,737$4,236$3,782$3,373$3,004$2,085
12 years$4,298$3,802$3,357$2,958$2,603$1,737
13 years$3,926$3,436$2,999$2,612$2,270$1,455
14 years$3,608$3,123$2,695$2,318$1,990$1,224
15 years$3,333$2,853$2,433$2,067$1,752$1,033
16 years$3,092$2,618$2,206$1,851$1,548$875
17 years$2,880$2,411$2,007$1,663$1,373$742
18 years$2,692$2,228$1,832$1,499$1,221$631
19 years$2,524$2,064$1,677$1,354$1,088$538
20 years$2,372$1,918$1,539$1,227$972$459
21 years$2,236$1,787$1,416$1,113$870$392
22 years$2,111$1,668$1,305$1,012$780$335
23 years$1,998$1,560$1,205$922$700$287
24 years$1,895$1,462$1,114$841$629$246
25 years$1,800$1,372$1,032$768$566$211
26 years$1,712$1,289$957$702$510$181
27 years$1,631$1,213$889$643$460$155
28 years$1,556$1,143$826$589$415$133
29 years$1,486$1,079$769$540$374$114
30 years$1,421$1,019$716$496$338$98
31 years$1,360$963$668$455$306$84
32 years$1,303$911$623$418$277$73
33 years$1,250$863$582$385$250$62
34 years$1,200$818$544$354$227$54
35 years$1,153$776$508$326$205$46
36 years$1,109$736$475$300$186$40
37 years$1,067$699$445$276$169$34
38 years$1,027$664$417$255$153$29
39 years$990$632$390$235$139$25
40 years$954$601$366$217$126$22
41 years$921$572$343$200$114$19
42 years$889$545$322$185$104$16
43 years$858$519$302$170$94$14
44 years$829$495$283$157$85$12
45 years$802$472$266$145$77$10
46 years$775$450$250$134$70$9
47 years$750$430$235$124$64$8
48 years$726$410$221$115$58$7
49 years$703$392$207$106$53$6
50 years$681$374$195$98$48$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $698,000, adding $3,932 every year, while hoping to spend $45,831 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: 53/37/10 Blend
55$698,000$698,000$698,000$698,000
56$773,252$736,258$725,439$812,057
57$803,360$723,571$700,977$826,179
58$835,003$708,726$674,160$836,243
59$868,288$691,569$644,860$846,117
60$903,335$671,937$612,944$855,791
61$940,271$649,658$578,273$865,261
62$979,235$624,547$540,702$874,521
63$1,020,380$596,413$500,078$883,569
64$1,063,871$565,050$456,244$892,407
65$1,109,890$530,241$409,032$901,039
66$1,158,634$491,759$358,270$909,475
67$1,210,320$449,360$303,777$917,728
68$1,265,183$402,788$245,363$925,816
69$1,323,481$351,775$182,833$933,767
70$1,385,497$296,033$115,979$941,612
71$1,451,540$235,260$44,586$949,392
72$1,521,948$169,139$0$957,160
73$1,597,091$97,332$0$968,347
74$1,677,377$19,483$0$984,953
75$1,763,249$0$0$1,002,329
76$1,855,195$0$0$1,046,982
77$1,953,751$0$0$1,103,393
78$2,059,504$0$0$1,163,971
79$2,173,097$0$0$1,229,090
80$2,295,237$0$0$1,299,164
81$2,426,701$0$0$1,374,643
82$2,568,341$0$0$1,456,024
83$2,721,093$0$0$1,543,853
84$2,885,985$0$0$1,638,729
85$3,064,148$0$0$1,741,310
86$3,256,822$0$0$1,852,321
87$3,465,373$0$0$1,972,557
88$3,691,302$0$0$2,102,893
89$3,936,258$0$0$2,244,291
90$4,202,056$0$0$2,397,809
91$4,490,690$0$0$2,564,611
92$4,804,356$0$0$2,745,977
93$5,145,467$0$0$2,943,315
94$5,516,681$0$0$3,158,174
95$5,920,919$0$0$3,392,261
96$6,361,398$0$0$3,647,451
97$6,841,657$0$0$3,925,809
98$7,365,591$0$0$4,229,609
99$7,937,488$0$0$4,561,353
100$8,562,068$0$0$4,923,794