Can I retire at age 56 with 703,000?

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 $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%17.7%
1 years$58,053$57,536$57,031$56,539$56,058$54,307
2 years$28,739$28,204$27,685$27,182$26,694$24,946
3 years$18,969$18,432$17,914$17,416$16,936$15,245
4 years$14,085$13,549$13,037$12,547$12,079$10,458
5 years$11,155$10,623$10,117$9,637$9,182$7,636
6 years$9,203$8,674$8,176$7,707$7,266$5,795
7 years$7,809$7,285$6,794$6,336$5,909$4,515
8 years$6,764$6,244$5,762$5,316$4,902$3,583
9 years$5,951$5,437$4,963$4,528$4,128$2,882
10 years$5,302$4,792$4,327$3,903$3,517$2,343
11 years$4,771$4,266$3,809$3,397$3,025$1,920
12 years$4,328$3,829$3,381$2,979$2,621$1,584
13 years$3,954$3,460$3,020$2,630$2,286$1,313
14 years$3,634$3,145$2,714$2,335$2,004$1,093
15 years$3,357$2,873$2,450$2,082$1,764$913
16 years$3,115$2,636$2,221$1,864$1,559$765
17 years$2,901$2,428$2,021$1,675$1,383$642
18 years$2,711$2,244$1,845$1,510$1,229$540
19 years$2,542$2,079$1,689$1,364$1,096$455
20 years$2,389$1,932$1,550$1,236$979$384
21 years$2,252$1,800$1,426$1,121$876$324
22 years$2,127$1,680$1,314$1,020$785$274
23 years$2,013$1,571$1,214$928$705$232
24 years$1,908$1,472$1,122$847$633$196
25 years$1,812$1,382$1,039$773$570$166
26 years$1,724$1,298$964$707$513$141
27 years$1,643$1,222$895$647$463$119
28 years$1,567$1,151$832$593$418$101
29 years$1,497$1,086$774$544$377$86
30 years$1,431$1,026$721$499$341$73
31 years$1,370$970$673$458$308$62
32 years$1,313$918$627$421$279$53
33 years$1,259$869$586$387$252$45
34 years$1,209$824$547$356$228$38
35 years$1,161$781$512$328$207$32
36 years$1,117$741$479$302$187$27
37 years$1,074$704$448$278$170$23
38 years$1,035$669$420$257$154$20
39 years$997$636$393$237$140$17
40 years$961$605$369$218$127$14
41 years$927$576$346$201$115$12
42 years$895$549$324$186$104$10
43 years$864$523$304$172$95$9
44 years$835$499$286$158$86$7
45 years$807$475$268$146$78$6
46 years$781$454$252$135$71$5
47 years$756$433$237$125$64$5
48 years$732$413$222$115$58$4
49 years$708$395$209$107$53$3
50 years$686$377$196$99$48$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $703,000, adding $4,333 every year, while hoping to spend $30,834 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: 61/32/7 Blend
55$703,000$703,000$703,000$703,000
56$779,175$741,916$731,020$825,351
57$825,844$745,463$722,702$860,303
58$876,240$748,150$713,072$894,468
59$930,710$749,903$702,053$930,960
60$989,636$750,642$689,566$970,005
61$1,053,439$750,284$675,526$1,011,849
62$1,122,579$748,737$659,846$1,056,767
63$1,197,565$745,908$642,434$1,105,062
64$1,278,955$741,696$623,194$1,157,068
65$1,367,363$735,994$602,025$1,213,154
66$1,463,464$728,687$578,823$1,273,730
67$1,568,001$719,656$553,477$1,339,247
68$1,681,791$708,774$525,873$1,410,202
69$1,805,735$695,905$495,890$1,487,147
70$1,940,821$680,906$463,404$1,570,690
71$2,088,140$663,625$428,283$1,661,503
72$2,248,889$643,902$390,390$1,760,328
73$2,424,390$621,567$349,582$1,867,986
74$2,616,094$596,440$305,710$1,985,381
75$2,825,602$568,332$258,617$2,113,514
76$3,054,673$537,040$208,140$2,253,489
77$3,305,246$502,351$154,110$2,406,526
78$3,579,456$464,042$96,347$2,573,971
79$3,879,654$421,873$34,668$2,757,312
80$4,208,427$375,593$0$2,958,189
81$4,568,626$324,937$0$3,180,742
82$4,963,390$269,622$0$3,427,560
83$5,396,176$209,354$0$3,698,274
84$5,870,792$143,818$0$3,995,339
85$6,391,430$72,683$0$4,321,463
86$6,962,712$0$0$4,679,634
87$7,589,723$0$0$5,074,697
88$8,278,069$0$0$5,536,559
89$9,033,924$0$0$6,043,773
90$9,864,088$0$0$6,600,912
91$10,776,053$0$0$7,213,011
92$11,778,072$0$0$7,885,616
93$12,879,237$0$0$8,624,838
94$14,089,565$0$0$9,437,410
95$15,420,090$0$0$10,330,748
96$16,882,970$0$0$11,313,025
97$18,491,601$0$0$12,393,243
98$20,260,739$0$0$13,581,322
99$22,206,643$0$0$14,888,189
100$24,347,227$0$0$16,325,887