Can I retire at age 56 with 702,000?

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 $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%19.2%
1 years$57,971$57,454$56,950$56,459$55,978$53,907
2 years$28,698$28,164$27,646$27,144$26,656$24,592
3 years$18,942$18,405$17,889$17,391$16,912$14,921
4 years$14,065$13,530$13,018$12,529$12,062$10,159
5 years$11,140$10,608$10,103$9,624$9,169$7,359
6 years$9,190$8,662$8,165$7,696$7,255$5,539
7 years$7,798$7,274$6,785$6,327$5,900$4,278
8 years$6,754$6,235$5,754$5,308$4,895$3,365
9 years$5,943$5,429$4,956$4,521$4,122$2,683
10 years$5,294$4,785$4,321$3,897$3,512$2,160
11 years$4,764$4,260$3,804$3,392$3,021$1,753
12 years$4,322$3,824$3,376$2,975$2,618$1,432
13 years$3,949$3,456$3,016$2,627$2,283$1,175
14 years$3,629$3,141$2,710$2,332$2,001$968
15 years$3,352$2,869$2,447$2,079$1,762$800
16 years$3,110$2,633$2,218$1,862$1,557$663
17 years$2,897$2,424$2,019$1,673$1,381$550
18 years$2,707$2,240$1,843$1,508$1,228$458
19 years$2,538$2,076$1,687$1,362$1,094$381
20 years$2,386$1,929$1,548$1,234$977$318
21 years$2,248$1,797$1,424$1,120$875$266
22 years$2,124$1,678$1,312$1,018$784$222
23 years$2,010$1,569$1,212$927$704$185
24 years$1,906$1,470$1,121$846$633$155
25 years$1,810$1,380$1,038$772$569$130
26 years$1,722$1,297$963$706$513$109
27 years$1,640$1,220$894$646$462$91
28 years$1,565$1,150$831$592$417$76
29 years$1,494$1,085$773$543$377$64
30 years$1,429$1,024$720$498$340$54
31 years$1,368$968$672$458$308$45
32 years$1,311$916$627$421$278$38
33 years$1,257$868$585$387$252$32
34 years$1,207$822$547$356$228$26
35 years$1,160$780$511$328$207$22
36 years$1,115$740$478$302$187$19
37 years$1,073$703$447$278$170$16
38 years$1,033$668$419$256$154$13
39 years$995$635$393$236$139$11
40 years$960$605$368$218$126$9
41 years$926$576$345$201$115$8
42 years$894$548$324$186$104$6
43 years$863$522$304$171$94$5
44 years$834$498$285$158$86$5
45 years$806$475$268$146$78$4
46 years$780$453$251$135$71$3
47 years$755$432$236$125$64$3
48 years$731$413$222$115$58$2
49 years$707$394$209$106$53$2
50 years$685$376$196$98$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $702,000, adding $2,336 every year, while hoping to spend $53,870 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: 54/27/19 Blend
55$702,000$702,000$702,000$702,000
56$776,014$738,808$727,927$813,802
57$797,850$717,692$694,995$818,809
58$820,108$693,736$659,154$818,366
59$842,773$666,744$620,251$816,709
60$865,830$636,508$578,123$813,737
61$889,257$602,809$532,603$809,343
62$913,030$565,415$483,513$803,412
63$937,119$524,081$430,671$795,820
64$961,490$478,546$373,884$786,438
65$986,104$428,537$312,951$775,123
66$1,010,915$373,763$247,663$761,727
67$1,035,869$313,919$177,800$746,087
68$1,060,907$248,680$103,136$728,031
69$1,085,959$177,705$23,431$707,375
70$1,110,947$100,633$0$683,921
71$1,135,782$17,082$0$669,952
72$1,160,363$0$0$658,627
73$1,184,576$0$0$666,796
74$1,208,293$0$0$679,709
75$1,231,370$0$0$692,203
76$1,253,646$0$0$704,182
77$1,274,939$0$0$715,535
78$1,295,047$0$0$726,141
79$1,313,743$0$0$735,865
80$1,330,774$0$0$744,553
81$1,345,857$0$0$752,037
82$1,358,678$0$0$758,128
83$1,368,887$0$0$762,615
84$1,376,093$0$0$765,266
85$1,379,863$0$0$765,820
86$1,379,715$0$0$763,990
87$1,375,114$0$0$759,455
88$1,365,465$0$0$751,859
89$1,350,110$0$0$740,809
90$1,328,317$0$0$725,869
91$1,299,278$0$0$706,554
92$1,262,094$0$0$682,328
93$1,215,771$0$0$652,597
94$1,159,209$0$0$616,706
95$1,091,190$0$0$573,925
96$1,010,366$0$0$523,453
97$915,245$0$0$464,398
98$804,180$0$0$395,777
99$675,347$0$0$316,504
100$526,730$0$0$225,376