Can I retire at age 56 with 701,000?

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 $701,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$57,888$57,372$56,869$56,378$55,899$55,338
2 years$28,657$28,124$27,606$27,105$26,618$26,054
3 years$18,915$18,379$17,863$17,366$16,888$16,337
4 years$14,045$13,511$13,000$12,511$12,045$11,511
5 years$11,124$10,592$10,088$9,610$9,156$8,642
6 years$9,177$8,650$8,153$7,685$7,245$6,751
7 years$7,787$7,264$6,775$6,318$5,892$5,418
8 years$6,745$6,226$5,746$5,300$4,888$4,434
9 years$5,934$5,421$4,949$4,515$4,116$3,682
10 years$5,287$4,779$4,315$3,892$3,507$3,093
11 years$4,757$4,254$3,798$3,387$3,016$2,621
12 years$4,316$3,818$3,371$2,971$2,614$2,238
13 years$3,943$3,451$3,012$2,623$2,279$1,922
14 years$3,624$3,136$2,706$2,328$1,998$1,659
15 years$3,347$2,865$2,443$2,076$1,759$1,437
16 years$3,106$2,629$2,215$1,859$1,555$1,250
17 years$2,893$2,421$2,016$1,670$1,379$1,090
18 years$2,703$2,237$1,840$1,505$1,226$953
19 years$2,534$2,073$1,685$1,360$1,093$835
20 years$2,382$1,927$1,546$1,232$976$733
21 years$2,245$1,795$1,422$1,118$873$645
22 years$2,121$1,675$1,311$1,017$783$568
23 years$2,007$1,567$1,210$926$703$500
24 years$1,903$1,468$1,119$844$632$442
25 years$1,807$1,378$1,037$771$568$390
26 years$1,719$1,295$961$705$512$345
27 years$1,638$1,219$893$645$462$305
28 years$1,562$1,148$830$591$417$270
29 years$1,492$1,083$772$542$376$239
30 years$1,427$1,023$719$498$340$212
31 years$1,366$967$671$457$307$188
32 years$1,309$915$626$420$278$167
33 years$1,255$867$584$386$252$148
34 years$1,205$821$546$355$228$131
35 years$1,158$779$510$327$206$117
36 years$1,113$739$477$301$187$104
37 years$1,071$702$447$278$169$92
38 years$1,032$667$418$256$154$82
39 years$994$635$392$236$139$73
40 years$958$604$367$218$126$65
41 years$925$575$345$201$115$57
42 years$892$547$323$185$104$51
43 years$862$522$303$171$94$45
44 years$833$497$285$158$86$40
45 years$805$474$267$146$78$36
46 years$779$452$251$135$71$32
47 years$754$432$236$124$64$28
48 years$729$412$222$115$58$25
49 years$706$393$208$106$53$22
50 years$684$376$196$98$48$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $701,000, adding $6,374 every year, while hoping to spend $46,732 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: 80/10/10 Blend
55$701,000$701,000$701,000$701,000
56$779,077$741,924$731,058$839,626
57$808,820$728,556$705,826$866,896
58$840,031$712,966$678,183$890,060
59$872,810$694,997$647,997$914,098
60$907,266$674,481$615,135$939,076
61$943,517$651,241$579,452$965,064
62$981,693$625,089$540,800$992,141
63$1,021,933$595,826$499,025$1,020,394
64$1,064,392$563,243$453,964$1,049,920
65$1,109,236$527,117$405,447$1,080,825
66$1,156,646$487,214$353,298$1,113,227
67$1,206,821$443,285$297,331$1,147,255
68$1,259,979$395,068$237,354$1,183,054
69$1,316,355$342,285$173,164$1,220,783
70$1,376,210$284,644$104,551$1,260,617
71$1,439,826$221,833$31,296$1,302,752
72$1,507,512$153,528$0$1,347,402
73$1,579,609$79,381$0$1,399,808
74$1,656,487$0$0$1,459,120
75$1,738,553$0$0$1,522,420
76$1,826,252$0$0$1,599,411
77$1,920,073$0$0$1,681,790
78$2,020,552$0$0$1,770,027
79$2,128,275$0$0$1,864,640
80$2,243,887$0$0$1,966,197
81$2,368,096$0$0$2,075,320
82$2,501,676$0$0$2,192,695
83$2,645,481$0$0$2,319,070
84$2,800,446$0$0$2,455,272
85$2,967,599$0$0$2,602,206
86$3,148,069$0$0$2,760,866
87$3,343,097$0$0$2,932,347
88$3,554,046$0$0$3,117,849
89$3,782,416$0$0$3,318,695
90$4,029,854$0$0$3,536,336
91$4,298,171$0$0$3,772,369
92$4,589,362$0$0$4,028,550
93$4,905,616$0$0$4,306,811
94$5,249,345$0$0$4,609,276
95$5,623,199$0$0$4,938,282
96$6,030,097$0$0$5,296,400
97$6,473,249$0$0$5,686,461
98$6,956,187$0$0$6,111,578
99$7,482,798$0$0$6,575,177
100$8,057,362$0$0$7,081,030