Can I retire at age 56 with 699,000?

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 $699,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$57,723$57,209$56,707$56,217$55,739$55,388
2 years$28,576$28,043$27,528$27,028$26,542$26,188
3 years$18,861$18,327$17,812$17,317$16,840$16,493
4 years$14,005$13,472$12,963$12,476$12,010$11,674
5 years$11,092$10,562$10,060$9,583$9,130$8,806
6 years$9,151$8,625$8,130$7,663$7,224$6,912
7 years$7,764$7,243$6,756$6,300$5,875$5,575
8 years$6,725$6,209$5,729$5,285$4,874$4,586
9 years$5,917$5,406$4,935$4,502$4,105$3,829
10 years$5,272$4,765$4,302$3,881$3,497$3,233
11 years$4,744$4,242$3,788$3,377$3,008$2,756
12 years$4,304$3,807$3,361$2,962$2,607$2,366
13 years$3,932$3,441$3,003$2,615$2,273$2,044
14 years$3,614$3,128$2,698$2,322$1,992$1,774
15 years$3,338$2,857$2,436$2,070$1,754$1,547
16 years$3,097$2,621$2,209$1,854$1,550$1,353
17 years$2,884$2,414$2,010$1,666$1,375$1,188
18 years$2,696$2,231$1,835$1,501$1,222$1,045
19 years$2,527$2,067$1,680$1,356$1,090$922
20 years$2,376$1,921$1,542$1,228$973$814
21 years$2,239$1,789$1,418$1,115$871$721
22 years$2,114$1,670$1,307$1,014$781$639
23 years$2,001$1,562$1,207$923$701$567
24 years$1,897$1,464$1,116$842$630$504
25 years$1,802$1,374$1,034$769$567$449
26 years$1,714$1,291$959$703$511$399
27 years$1,633$1,215$890$644$460$356
28 years$1,558$1,145$827$590$415$317
29 years$1,488$1,080$770$541$375$283
30 years$1,423$1,020$717$496$339$253
31 years$1,362$964$669$456$306$226
32 years$1,305$912$624$419$277$202
33 years$1,252$864$583$385$251$180
34 years$1,202$819$544$354$227$161
35 years$1,155$777$509$326$206$144
36 years$1,110$737$476$300$186$129
37 years$1,068$700$446$277$169$116
38 years$1,029$665$417$255$153$103
39 years$991$633$391$235$139$93
40 years$956$602$366$217$126$83
41 years$922$573$344$200$114$74
42 years$890$546$322$185$104$67
43 years$859$520$302$171$94$60
44 years$831$496$284$157$85$53
45 years$803$473$267$145$78$48
46 years$777$451$250$134$70$43
47 years$751$430$235$124$64$38
48 years$727$411$221$115$58$34
49 years$704$392$208$106$53$31
50 years$682$375$195$98$48$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $699,000, adding $2,272 every year, while hoping to spend $36,595 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: 61/34/5 Blend
55$699,000$699,000$699,000$699,000
56$772,642$735,595$724,760$819,005
57$812,514$732,702$710,103$847,345
58$855,227$728,441$693,728$873,790
59$901,032$722,706$675,539$901,698
60$950,204$715,385$655,436$931,207
61$1,003,045$706,360$633,314$962,475
62$1,059,888$695,503$609,062$995,672
63$1,121,096$682,683$582,565$1,030,991
64$1,187,070$667,756$553,704$1,068,644
65$1,258,250$650,575$522,351$1,108,867
66$1,335,118$630,980$488,376$1,151,921
67$1,418,205$608,803$451,642$1,198,097
68$1,508,094$583,867$412,005$1,247,715
69$1,605,428$555,984$369,314$1,301,133
70$1,710,909$524,955$323,414$1,358,744
71$1,825,314$490,570$274,141$1,420,988
72$1,949,495$452,607$221,324$1,488,348
73$2,084,390$410,831$164,784$1,561,362
74$2,231,029$364,993$104,336$1,640,626
75$2,390,547$314,831$39,784$1,726,799
76$2,564,193$260,067$0$1,820,609
77$2,753,340$200,410$0$1,924,419
78$2,959,499$135,548$0$2,039,935
79$3,184,333$65,156$0$2,166,036
80$3,429,675$0$0$2,303,827
81$3,697,538$0$0$2,458,693
82$3,990,141$0$0$2,654,540
83$4,309,926$0$0$2,868,633
84$4,659,583$0$0$3,102,779
85$5,042,071$0$0$3,358,966
86$5,460,650$0$0$3,639,385
87$5,918,909$0$0$3,946,448
88$6,420,800$0$0$4,282,810
89$6,970,677$0$0$4,651,397
90$7,573,332$0$0$5,055,429
91$8,234,045$0$0$5,498,455
92$8,958,630$0$0$5,984,381
93$9,753,490$0$0$6,517,512
94$10,625,681$0$0$7,102,588
95$11,582,971$0$0$7,744,831
96$12,633,919$0$0$8,449,993
97$13,787,953$0$0$9,224,410
98$15,055,457$0$0$10,075,062
99$16,447,873$0$0$11,009,637
100$17,977,803$0$0$12,036,608