Can I retire at age 56 with 700,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%13%
1 years$57,805$57,290$56,788$56,298$55,819$55,121
2 years$28,617$28,084$27,567$27,066$26,580$25,879
3 years$18,888$18,353$17,838$17,342$16,864$16,179
4 years$14,025$13,491$12,981$12,494$12,027$11,366
5 years$11,108$10,577$10,074$9,596$9,143$8,506
6 years$9,164$8,637$8,141$7,674$7,235$6,623
7 years$7,776$7,254$6,765$6,309$5,884$5,298
8 years$6,735$6,218$5,738$5,293$4,881$4,321
9 years$5,926$5,414$4,942$4,508$4,111$3,576
10 years$5,279$4,772$4,308$3,886$3,502$2,993
11 years$4,750$4,248$3,793$3,382$3,012$2,527
12 years$4,310$3,813$3,366$2,967$2,610$2,149
13 years$3,938$3,446$3,008$2,619$2,276$1,838
14 years$3,619$3,132$2,702$2,325$1,995$1,580
15 years$3,343$2,861$2,440$2,073$1,757$1,364
16 years$3,101$2,625$2,212$1,857$1,553$1,181
17 years$2,889$2,418$2,013$1,668$1,377$1,026
18 years$2,700$2,234$1,837$1,503$1,224$893
19 years$2,531$2,070$1,682$1,358$1,091$779
20 years$2,379$1,924$1,544$1,230$975$681
21 years$2,242$1,792$1,420$1,117$872$596
22 years$2,117$1,673$1,309$1,015$782$523
23 years$2,004$1,565$1,208$925$702$459
24 years$1,900$1,466$1,118$843$631$403
25 years$1,805$1,376$1,035$770$568$354
26 years$1,717$1,293$960$704$511$312
27 years$1,635$1,217$891$645$461$274
28 years$1,560$1,147$829$591$416$242
29 years$1,490$1,082$771$542$376$213
30 years$1,425$1,021$718$497$339$188
31 years$1,364$966$670$456$307$166
32 years$1,307$914$625$419$278$146
33 years$1,254$865$583$386$251$129
34 years$1,203$820$545$355$227$114
35 years$1,156$778$510$327$206$101
36 years$1,112$738$477$301$187$89
37 years$1,070$701$446$277$169$79
38 years$1,030$666$418$256$153$70
39 years$993$634$391$236$139$62
40 years$957$603$367$217$126$54
41 years$923$574$344$201$114$48
42 years$891$547$323$185$104$43
43 years$861$521$303$171$94$38
44 years$832$496$284$158$86$33
45 years$804$473$267$146$78$29
46 years$778$452$251$135$70$26
47 years$753$431$236$124$64$23
48 years$728$411$221$115$58$20
49 years$705$393$208$106$53$18
50 years$683$375$196$98$48$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $700,000, adding $4,136 every year, while hoping to spend $48,636 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: 54/32/14 Blend
55$700,000$700,000$700,000$700,000
56$775,666$738,566$727,716$814,477
57$803,036$723,008$700,346$825,807
58$831,567$705,057$670,430$832,554
59$861,327$684,545$637,829$838,788
60$892,388$661,293$602,402$844,472
61$924,829$635,113$564,000$849,567
62$958,733$605,805$522,465$854,034
63$994,191$573,158$477,635$857,833
64$1,031,303$536,947$429,341$860,923
65$1,070,175$496,936$377,403$863,262
66$1,110,923$452,876$321,636$864,809
67$1,153,673$404,502$261,846$865,521
68$1,198,560$351,535$197,830$865,358
69$1,245,732$293,680$129,377$864,277
70$1,295,351$230,625$56,265$862,238
71$1,347,592$162,040$0$859,201
72$1,402,645$87,579$0$858,379
73$1,460,718$6,873$0$865,666
74$1,522,036$0$0$872,652
75$1,586,848$0$0$907,682
76$1,655,421$0$0$947,335
77$1,728,051$0$0$989,366
78$1,805,058$0$0$1,033,964
79$1,886,793$0$0$1,081,336
80$1,973,639$0$0$1,131,711
81$2,066,018$0$0$1,185,337
82$2,164,388$0$0$1,242,485
83$2,269,252$0$0$1,303,455
84$2,381,161$0$0$1,368,571
85$2,500,719$0$0$1,438,193
86$2,628,588$0$0$1,512,712
87$2,765,492$0$0$1,592,558
88$2,912,227$0$0$1,678,204
89$3,069,665$0$0$1,770,166
90$3,238,765$0$0$1,869,013
91$3,420,577$0$0$1,975,369
92$3,616,254$0$0$2,089,918
93$3,827,064$0$0$2,213,413
94$4,054,399$0$0$2,346,679
95$4,299,786$0$0$2,490,624
96$4,564,905$0$0$2,646,247
97$4,851,602$0$0$2,814,642
98$5,161,907$0$0$2,997,016
99$5,498,049$0$0$3,194,693
100$5,862,481$0$0$3,409,131