Can I retire at age 56 with 703,000?

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 $703,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$58,053$57,536$57,031$56,539$56,058$55,822
2 years$28,739$28,204$27,685$27,182$26,694$26,456
3 years$18,969$18,432$17,914$17,416$16,936$16,703
4 years$14,085$13,549$13,037$12,547$12,079$11,852
5 years$11,155$10,623$10,117$9,637$9,182$8,963
6 years$9,203$8,674$8,176$7,707$7,266$7,055
7 years$7,809$7,285$6,794$6,336$5,909$5,706
8 years$6,764$6,244$5,762$5,316$4,902$4,707
9 years$5,951$5,437$4,963$4,528$4,128$3,941
10 years$5,302$4,792$4,327$3,903$3,517$3,338
11 years$4,771$4,266$3,809$3,397$3,025$2,854
12 years$4,328$3,829$3,381$2,979$2,621$2,458
13 years$3,954$3,460$3,020$2,630$2,286$2,130
14 years$3,634$3,145$2,714$2,335$2,004$1,855
15 years$3,357$2,873$2,450$2,082$1,764$1,622
16 years$3,115$2,636$2,221$1,864$1,559$1,424
17 years$2,901$2,428$2,021$1,675$1,383$1,254
18 years$2,711$2,244$1,845$1,510$1,229$1,108
19 years$2,542$2,079$1,689$1,364$1,096$980
20 years$2,389$1,932$1,550$1,236$979$869
21 years$2,252$1,800$1,426$1,121$876$772
22 years$2,127$1,680$1,314$1,020$785$687
23 years$2,013$1,571$1,214$928$705$612
24 years$1,908$1,472$1,122$847$633$546
25 years$1,812$1,382$1,039$773$570$488
26 years$1,724$1,298$964$707$513$436
27 years$1,643$1,222$895$647$463$390
28 years$1,567$1,151$832$593$418$349
29 years$1,497$1,086$774$544$377$313
30 years$1,431$1,026$721$499$341$280
31 years$1,370$970$673$458$308$252
32 years$1,313$918$627$421$279$226
33 years$1,259$869$586$387$252$203
34 years$1,209$824$547$356$228$182
35 years$1,161$781$512$328$207$163
36 years$1,117$741$479$302$187$147
37 years$1,074$704$448$278$170$132
38 years$1,035$669$420$257$154$119
39 years$997$636$393$237$140$107
40 years$961$605$369$218$127$96
41 years$927$576$346$201$115$86
42 years$895$549$324$186$104$78
43 years$864$523$304$172$95$70
44 years$835$499$286$158$86$63
45 years$807$475$268$146$78$57
46 years$781$454$252$135$71$51
47 years$756$433$237$125$64$46
48 years$732$413$222$115$58$41
49 years$708$395$209$107$53$37
50 years$686$377$196$99$48$33

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $703,000, adding $3,620 every year, while hoping to spend $41,852 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: 44/32/24 Blend
55$703,000$703,000$703,000$703,000
56$778,440$741,181$730,285$807,133
57$813,311$732,969$710,219$819,618
58$850,335$722,951$688,078$828,813
59$889,690$710,996$663,749$837,947
60$931,566$696,963$637,112$847,036
61$976,174$680,702$608,044$856,103
62$1,023,744$662,057$576,414$865,173
63$1,074,528$640,860$542,086$874,280
64$1,128,803$616,935$504,919$883,462
65$1,186,871$590,094$464,763$892,768
66$1,249,064$560,141$421,465$902,253
67$1,315,746$526,866$374,862$911,984
68$1,387,317$490,048$324,785$922,038
69$1,464,216$449,452$271,057$932,506
70$1,546,923$404,832$213,495$943,493
71$1,635,967$355,927$151,905$955,119
72$1,731,928$302,459$86,086$967,524
73$1,835,443$244,139$15,828$980,866
74$1,947,213$180,656$0$995,327
75$2,068,007$111,687$0$1,026,262
76$2,198,671$36,886$0$1,064,069
77$2,340,133$0$0$1,105,020
78$2,493,417$0$0$1,165,012
79$2,659,645$0$0$1,244,226
80$2,840,053$0$0$1,330,273
81$3,036,001$0$0$1,423,810
82$3,248,982$0$0$1,525,559
83$3,480,641$0$0$1,636,317
84$3,732,788$0$0$1,756,960
85$4,007,414$0$0$1,888,451
86$4,306,708$0$0$2,031,851
87$4,633,083$0$0$2,188,327
88$4,989,190$0$0$2,359,164
89$5,377,953$0$0$2,545,778
90$5,802,585$0$0$2,749,724
91$6,266,625$0$0$2,972,717
92$6,773,972$0$0$3,216,645
93$7,328,914$0$0$3,483,586
94$7,936,177$0$0$3,775,829
95$8,600,961$0$0$4,095,893
96$9,328,996$0$0$4,446,555
97$10,126,587$0$0$4,830,869
98$11,000,684$0$0$5,252,202
99$11,958,935$0$0$5,714,262
100$13,009,768$0$0$6,221,132