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%13.2%
1 years$57,971$57,454$56,950$56,459$55,978$55,233
2 years$28,698$28,164$27,646$27,144$26,656$25,907
3 years$18,942$18,405$17,889$17,391$16,912$16,181
4 years$14,065$13,530$13,018$12,529$12,062$11,356
5 years$11,140$10,608$10,103$9,624$9,169$8,490
6 years$9,190$8,662$8,165$7,696$7,255$6,603
7 years$7,798$7,274$6,785$6,327$5,900$5,276
8 years$6,754$6,235$5,754$5,308$4,895$4,298
9 years$5,943$5,429$4,956$4,521$4,122$3,553
10 years$5,294$4,785$4,321$3,897$3,512$2,970
11 years$4,764$4,260$3,804$3,392$3,021$2,504
12 years$4,322$3,824$3,376$2,975$2,618$2,127
13 years$3,949$3,456$3,016$2,627$2,283$1,817
14 years$3,629$3,141$2,710$2,332$2,001$1,560
15 years$3,352$2,869$2,447$2,079$1,762$1,345
16 years$3,110$2,633$2,218$1,862$1,557$1,163
17 years$2,897$2,424$2,019$1,673$1,381$1,008
18 years$2,707$2,240$1,843$1,508$1,228$877
19 years$2,538$2,076$1,687$1,362$1,094$764
20 years$2,386$1,929$1,548$1,234$977$667
21 years$2,248$1,797$1,424$1,120$875$583
22 years$2,124$1,678$1,312$1,018$784$510
23 years$2,010$1,569$1,212$927$704$447
24 years$1,906$1,470$1,121$846$633$392
25 years$1,810$1,380$1,038$772$569$344
26 years$1,722$1,297$963$706$513$302
27 years$1,640$1,220$894$646$462$266
28 years$1,565$1,150$831$592$417$234
29 years$1,494$1,085$773$543$377$206
30 years$1,429$1,024$720$498$340$181
31 years$1,368$968$672$458$308$160
32 years$1,311$916$627$421$278$141
33 years$1,257$868$585$387$252$124
34 years$1,207$822$547$356$228$109
35 years$1,160$780$511$328$207$96
36 years$1,115$740$478$302$187$85
37 years$1,073$703$447$278$170$75
38 years$1,033$668$419$256$154$66
39 years$995$635$393$236$139$58
40 years$960$605$368$218$126$52
41 years$926$576$345$201$115$45
42 years$894$548$324$186$104$40
43 years$863$522$304$171$94$35
44 years$834$498$285$158$86$31
45 years$806$475$268$146$78$28
46 years$780$453$251$135$71$24
47 years$755$432$236$125$64$22
48 years$731$413$222$115$58$19
49 years$707$394$209$106$53$17
50 years$685$376$196$98$48$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $702,000, adding $5,221 every year, while hoping to spend $50,835 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: 67/7/26 Blend
55$702,000$702,000$702,000$702,000
56$778,989$741,783$730,902$825,596
57$804,358$724,043$701,300$839,856
58$830,611$703,729$669,001$849,206
59$857,784$680,663$633,864$858,274
60$885,916$654,653$595,736$867,036
61$915,048$625,499$554,461$875,464
62$945,222$592,988$509,875$883,530
63$976,484$556,894$461,805$891,205
64$1,008,883$516,979$410,073$898,459
65$1,042,469$472,991$354,491$905,263
66$1,077,298$424,665$294,864$911,583
67$1,113,427$371,718$230,986$917,387
68$1,150,918$313,854$162,646$922,642
69$1,189,836$250,757$89,619$927,314
70$1,230,253$182,097$11,674$931,368
71$1,272,242$107,523$0$934,768
72$1,315,883$26,665$0$957,315
73$1,361,263$0$0$983,883
74$1,408,473$0$0$1,015,954
75$1,457,612$0$0$1,051,480
76$1,508,786$0$0$1,088,485
77$1,562,108$0$0$1,127,051
78$1,617,701$0$0$1,167,268
79$1,675,697$0$0$1,209,234
80$1,736,237$0$0$1,253,051
81$1,799,475$0$0$1,298,833
82$1,865,578$0$0$1,346,700
83$1,934,723$0$0$1,396,785
84$2,007,104$0$0$1,449,229
85$2,082,933$0$0$1,504,186
86$2,162,436$0$0$1,561,824
87$2,245,860$0$0$1,622,323
88$2,333,473$0$0$1,685,881
89$2,425,567$0$0$1,752,711
90$2,522,457$0$0$1,823,047
91$2,624,490$0$0$1,897,141
92$2,732,038$0$0$1,975,269
93$2,845,513$0$0$2,057,731
94$2,965,358$0$0$2,144,856
95$3,092,059$0$0$2,237,000
96$3,226,148$0$0$2,334,555
97$3,368,202$0$0$2,437,945
98$3,518,855$0$0$2,547,637
99$3,678,799$0$0$2,664,139
100$3,848,789$0$0$2,788,010