Can I retire at age 56 with 702,000?

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 $702,000?

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$57,971$57,454$56,950$56,459$55,978$54,471
2 years$28,698$28,164$27,646$27,144$26,656$25,148
3 years$18,942$18,405$17,889$17,391$16,912$15,450
4 years$14,065$13,530$13,018$12,529$12,062$10,658
5 years$11,140$10,608$10,103$9,624$9,169$7,827
6 years$9,190$8,662$8,165$7,696$7,255$5,976
7 years$7,798$7,274$6,785$6,327$5,900$4,685
8 years$6,754$6,235$5,754$5,308$4,895$3,742
9 years$5,943$5,429$4,956$4,521$4,122$3,031
10 years$5,294$4,785$4,321$3,897$3,512$2,481
11 years$4,764$4,260$3,804$3,392$3,021$2,048
12 years$4,322$3,824$3,376$2,975$2,618$1,701
13 years$3,949$3,456$3,016$2,627$2,283$1,421
14 years$3,629$3,141$2,710$2,332$2,001$1,192
15 years$3,352$2,869$2,447$2,079$1,762$1,003
16 years$3,110$2,633$2,218$1,862$1,557$847
17 years$2,897$2,424$2,019$1,673$1,381$717
18 years$2,707$2,240$1,843$1,508$1,228$608
19 years$2,538$2,076$1,687$1,362$1,094$517
20 years$2,386$1,929$1,548$1,234$977$439
21 years$2,248$1,797$1,424$1,120$875$374
22 years$2,124$1,678$1,312$1,018$784$319
23 years$2,010$1,569$1,212$927$704$272
24 years$1,906$1,470$1,121$846$633$233
25 years$1,810$1,380$1,038$772$569$199
26 years$1,722$1,297$963$706$513$170
27 years$1,640$1,220$894$646$462$145
28 years$1,565$1,150$831$592$417$124
29 years$1,494$1,085$773$543$377$106
30 years$1,429$1,024$720$498$340$91
31 years$1,368$968$672$458$308$78
32 years$1,311$916$627$421$278$67
33 years$1,257$868$585$387$252$57
34 years$1,207$822$547$356$228$49
35 years$1,160$780$511$328$207$42
36 years$1,115$740$478$302$187$36
37 years$1,073$703$447$278$170$31
38 years$1,033$668$419$256$154$26
39 years$995$635$393$236$139$23
40 years$960$605$368$218$126$19
41 years$926$576$345$201$115$17
42 years$894$548$324$186$104$14
43 years$863$522$304$171$94$12
44 years$834$498$285$158$86$11
45 years$806$475$268$146$78$9
46 years$780$453$251$135$71$8
47 years$755$432$236$125$64$7
48 years$731$413$222$115$58$6
49 years$707$394$209$106$53$5
50 years$685$376$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 $702,000, adding $6,355 every year, while hoping to spend $54,562 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: 57/22/21 Blend
55$702,000$702,000$702,000$702,000
56$780,159$742,953$732,072$819,895
57$801,682$721,304$698,543$826,049
58$823,571$696,766$662,062$826,357
59$845,807$669,139$622,473$825,499
60$868,365$638,213$579,611$823,377
61$891,217$603,764$533,307$819,884
62$914,330$565,557$483,381$814,906
63$937,664$523,342$429,648$808,321
64$961,177$476,856$371,911$799,999
65$984,815$425,821$309,969$789,798
66$1,008,521$369,941$243,607$777,568
67$1,032,227$308,905$172,605$763,146
68$1,055,858$242,385$96,731$746,360
69$1,079,327$170,033$15,743$727,023
70$1,102,536$91,483$0$704,934
71$1,125,377$6,347$0$695,715
72$1,147,723$0$0$688,092
73$1,169,438$0$0$699,112
74$1,190,363$0$0$711,140
75$1,210,325$0$0$722,526
76$1,229,127$0$0$733,148
77$1,246,550$0$0$742,867
78$1,262,350$0$0$751,527
79$1,276,254$0$0$758,956
80$1,287,959$0$0$764,963
81$1,297,125$0$0$769,333
82$1,303,377$0$0$771,829
83$1,306,296$0$0$772,186
84$1,305,417$0$0$770,110
85$1,300,223$0$0$765,277
86$1,290,142$0$0$757,324
87$1,274,537$0$0$745,850
88$1,252,704$0$0$730,412
89$1,223,861$0$0$710,516
90$1,187,142$0$0$685,617
91$1,141,590$0$0$655,111
92$1,086,141$0$0$618,330
93$1,019,623$0$0$574,533
94$940,734$0$0$522,903
95$848,038$0$0$462,535
96$739,944$0$0$392,427
97$614,695$0$0$311,473
98$470,347$0$0$218,452
99$304,754$0$0$112,011
100$115,544$0$0$0