Can I retire at age 56 with 700,000?

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 $700,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$57,805$57,290$56,788$56,298$55,819$54,315
2 years$28,617$28,084$27,567$27,066$26,580$25,076
3 years$18,888$18,353$17,838$17,342$16,864$15,406
4 years$14,025$13,491$12,981$12,494$12,027$10,628
5 years$11,108$10,577$10,074$9,596$9,143$7,805
6 years$9,164$8,637$8,141$7,674$7,235$5,959
7 years$7,776$7,254$6,765$6,309$5,884$4,671
8 years$6,735$6,218$5,738$5,293$4,881$3,731
9 years$5,926$5,414$4,942$4,508$4,111$3,022
10 years$5,279$4,772$4,308$3,886$3,502$2,474
11 years$4,750$4,248$3,793$3,382$3,012$2,042
12 years$4,310$3,813$3,366$2,967$2,610$1,696
13 years$3,938$3,446$3,008$2,619$2,276$1,417
14 years$3,619$3,132$2,702$2,325$1,995$1,189
15 years$3,343$2,861$2,440$2,073$1,757$1,001
16 years$3,101$2,625$2,212$1,857$1,553$845
17 years$2,889$2,418$2,013$1,668$1,377$715
18 years$2,700$2,234$1,837$1,503$1,224$606
19 years$2,531$2,070$1,682$1,358$1,091$515
20 years$2,379$1,924$1,544$1,230$975$438
21 years$2,242$1,792$1,420$1,117$872$373
22 years$2,117$1,673$1,309$1,015$782$318
23 years$2,004$1,565$1,208$925$702$272
24 years$1,900$1,466$1,118$843$631$232
25 years$1,805$1,376$1,035$770$568$198
26 years$1,717$1,293$960$704$511$169
27 years$1,635$1,217$891$645$461$145
28 years$1,560$1,147$829$591$416$124
29 years$1,490$1,082$771$542$376$106
30 years$1,425$1,021$718$497$339$91
31 years$1,364$966$670$456$307$78
32 years$1,307$914$625$419$278$67
33 years$1,254$865$583$386$251$57
34 years$1,203$820$545$355$227$49
35 years$1,156$778$510$327$206$42
36 years$1,112$738$477$301$187$36
37 years$1,070$701$446$277$169$31
38 years$1,030$666$418$256$153$26
39 years$993$634$391$236$139$23
40 years$957$603$367$217$126$19
41 years$923$574$344$201$114$17
42 years$891$547$323$185$104$14
43 years$861$521$303$171$94$12
44 years$832$496$284$158$86$10
45 years$804$473$267$146$78$9
46 years$778$452$251$135$70$8
47 years$753$431$236$124$64$7
48 years$728$411$221$115$58$6
49 years$705$393$208$106$53$5
50 years$683$375$196$98$48$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $700,000, adding $5,554 every year, while hoping to spend $39,597 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: 44/39/17 Blend
55$700,000$700,000$700,000$700,000
56$777,129$740,029$729,179$807,281
57$814,265$734,159$711,476$823,111
58$853,862$726,675$691,852$835,894
59$896,129$717,455$670,202$848,908
60$941,295$706,372$646,415$862,193
61$989,612$693,288$620,374$875,795
62$1,041,354$678,062$591,959$889,766
63$1,096,825$660,539$561,042$904,170
64$1,156,355$640,559$527,490$919,078
65$1,220,308$617,951$491,166$934,571
66$1,289,083$592,535$451,924$950,745
67$1,363,120$564,119$409,613$967,706
68$1,442,898$532,501$364,075$985,579
69$1,528,946$497,466$315,145$1,004,503
70$1,621,847$458,790$262,650$1,024,637
71$1,722,237$416,232$206,410$1,046,160
72$1,830,818$369,540$146,238$1,069,278
73$1,948,361$318,447$81,937$1,094,219
74$2,075,713$262,671$13,301$1,121,244
75$2,213,807$201,913$0$1,150,646
76$2,363,668$135,859$0$1,193,625
77$2,526,421$64,176$0$1,242,961
78$2,703,308$0$0$1,296,696
79$2,895,692$0$0$1,361,126
80$3,105,074$0$0$1,461,299
81$3,333,104$0$0$1,570,471
82$3,581,599$0$0$1,689,522
83$3,852,560$0$0$1,819,421
84$4,148,185$0$0$1,961,233
85$4,470,899$0$0$2,116,131
86$4,823,367$0$0$2,285,406
87$5,208,524$0$0$2,470,481
88$5,629,602$0$0$2,672,920
89$6,090,159$0$0$2,894,447
90$6,594,113$0$0$3,136,960
91$7,145,777$0$0$3,402,548
92$7,749,901$0$0$3,693,513
93$8,411,716$0$0$4,012,390
94$9,136,983$0$0$4,361,970
95$9,932,047$0$0$4,745,326
96$10,803,894$0$0$5,165,846
97$11,760,221$0$0$5,627,259
98$12,809,505$0$0$6,133,672
99$13,961,083$0$0$6,689,611
100$15,225,239$0$0$7,300,060