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%15.9%
1 years$58,053$57,536$57,031$56,539$56,058$54,703
2 years$28,739$28,204$27,685$27,182$26,694$25,337
3 years$18,969$18,432$17,914$17,416$16,936$15,619
4 years$14,085$13,549$13,037$12,547$12,079$10,813
5 years$11,155$10,623$10,117$9,637$9,182$7,970
6 years$9,203$8,674$8,176$7,707$7,266$6,109
7 years$7,809$7,285$6,794$6,336$5,909$4,808
8 years$6,764$6,244$5,762$5,316$4,902$3,856
9 years$5,951$5,437$4,963$4,528$4,128$3,136
10 years$5,302$4,792$4,327$3,903$3,517$2,578
11 years$4,771$4,266$3,809$3,397$3,025$2,138
12 years$4,328$3,829$3,381$2,979$2,621$1,784
13 years$3,954$3,460$3,020$2,630$2,286$1,497
14 years$3,634$3,145$2,714$2,335$2,004$1,262
15 years$3,357$2,873$2,450$2,082$1,764$1,068
16 years$3,115$2,636$2,221$1,864$1,559$906
17 years$2,901$2,428$2,021$1,675$1,383$771
18 years$2,711$2,244$1,845$1,510$1,229$657
19 years$2,542$2,079$1,689$1,364$1,096$561
20 years$2,389$1,932$1,550$1,236$979$480
21 years$2,252$1,800$1,426$1,121$876$411
22 years$2,127$1,680$1,314$1,020$785$352
23 years$2,013$1,571$1,214$928$705$302
24 years$1,908$1,472$1,122$847$633$260
25 years$1,812$1,382$1,039$773$570$223
26 years$1,724$1,298$964$707$513$192
27 years$1,643$1,222$895$647$463$165
28 years$1,567$1,151$832$593$418$142
29 years$1,497$1,086$774$544$377$122
30 years$1,431$1,026$721$499$341$105
31 years$1,370$970$673$458$308$91
32 years$1,313$918$627$421$279$78
33 years$1,259$869$586$387$252$67
34 years$1,209$824$547$356$228$58
35 years$1,161$781$512$328$207$50
36 years$1,117$741$479$302$187$43
37 years$1,074$704$448$278$170$37
38 years$1,035$669$420$257$154$32
39 years$997$636$393$237$140$28
40 years$961$605$369$218$127$24
41 years$927$576$346$201$115$21
42 years$895$549$324$186$104$18
43 years$864$523$304$172$95$15
44 years$835$499$286$158$86$13
45 years$807$475$268$146$78$11
46 years$781$454$252$135$71$10
47 years$756$433$237$125$64$8
48 years$732$413$222$115$58$7
49 years$708$395$209$107$53$6
50 years$686$377$196$99$48$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $703,000, adding $5,169 every year, while hoping to spend $52,509 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: 72/7/21 Blend
55$703,000$703,000$703,000$703,000
56$780,038$742,779$731,882$831,852
57$803,733$723,306$700,531$847,553
58$828,084$701,119$666,370$857,979
59$853,104$676,029$629,249$868,085
60$878,804$647,838$589,012$877,830
61$905,194$616,333$545,496$887,173
62$932,283$581,293$498,529$896,067
63$960,080$542,481$447,934$904,464
64$988,593$499,647$393,524$912,311
65$1,017,827$452,527$335,105$919,551
66$1,047,788$400,844$272,473$926,124
67$1,078,478$344,301$205,417$931,965
68$1,109,899$282,588$133,715$937,003
69$1,142,049$215,375$57,135$941,164
70$1,174,925$142,316$0$944,367
71$1,208,521$63,043$0$952,036
72$1,242,827$0$0$972,589
73$1,277,830$0$0$994,926
74$1,313,513$0$0$1,022,641
75$1,349,853$0$0$1,050,859
76$1,386,824$0$0$1,079,559
77$1,424,395$0$0$1,108,713
78$1,462,524$0$0$1,138,291
79$1,501,168$0$0$1,168,255
80$1,540,272$0$0$1,198,562
81$1,579,772$0$0$1,229,161
82$1,619,597$0$0$1,259,995
83$1,659,663$0$0$1,290,995
84$1,699,874$0$0$1,322,086
85$1,740,120$0$0$1,353,179
86$1,780,278$0$0$1,384,176
87$1,820,205$0$0$1,414,962
88$1,859,743$0$0$1,445,412
89$1,898,711$0$0$1,475,380
90$1,936,906$0$0$1,504,704
91$1,974,100$0$0$1,533,203
92$2,010,035$0$0$1,560,672
93$2,044,425$0$0$1,586,882
94$2,076,948$0$0$1,611,577
95$2,107,243$0$0$1,634,470
96$2,134,911$0$0$1,655,241
97$2,159,501$0$0$1,673,533
98$2,180,514$0$0$1,688,949
99$2,197,394$0$0$1,701,046
100$2,209,522$0$0$1,709,331