Can I retire at age 56 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.1%
1 years$58,136$57,618$57,113$56,619$56,138$54,736
2 years$28,780$28,244$27,725$27,221$26,732$25,329
3 years$18,996$18,458$17,940$17,441$16,960$15,599
4 years$14,105$13,568$13,055$12,565$12,096$10,788
5 years$11,171$10,638$10,132$9,651$9,195$7,943
6 years$9,216$8,687$8,188$7,718$7,276$6,082
7 years$7,820$7,295$6,804$6,345$5,917$4,781
8 years$6,773$6,253$5,770$5,323$4,909$3,830
9 years$5,960$5,444$4,970$4,534$4,134$3,111
10 years$5,309$4,799$4,333$3,908$3,522$2,555
11 years$4,777$4,272$3,815$3,401$3,029$2,115
12 years$4,335$3,835$3,385$2,984$2,625$1,763
13 years$3,960$3,465$3,025$2,634$2,289$1,478
14 years$3,639$3,150$2,718$2,338$2,007$1,244
15 years$3,362$2,877$2,454$2,085$1,767$1,051
16 years$3,119$2,640$2,225$1,867$1,562$890
17 years$2,905$2,431$2,024$1,678$1,385$756
18 years$2,715$2,247$1,848$1,512$1,231$644
19 years$2,545$2,082$1,692$1,366$1,097$549
20 years$2,393$1,935$1,553$1,237$980$469
21 years$2,255$1,802$1,428$1,123$877$401
22 years$2,130$1,682$1,316$1,021$786$343
23 years$2,015$1,573$1,215$930$706$294
24 years$1,911$1,474$1,124$848$634$252
25 years$1,815$1,384$1,041$774$571$216
26 years$1,727$1,300$965$708$514$186
27 years$1,645$1,224$897$648$464$159
28 years$1,569$1,153$833$594$418$137
29 years$1,499$1,088$776$545$378$118
30 years$1,433$1,027$722$500$341$101
31 years$1,372$971$673$459$309$87
32 years$1,314$919$628$422$279$75
33 years$1,261$870$587$388$253$64
34 years$1,210$825$548$357$229$55
35 years$1,163$782$513$329$207$48
36 years$1,118$743$479$303$188$41
37 years$1,076$705$449$279$170$35
38 years$1,036$670$420$257$154$30
39 years$998$637$394$237$140$26
40 years$962$606$369$219$127$23
41 years$929$577$346$202$115$19
42 years$896$550$325$186$104$17
43 years$866$524$305$172$95$14
44 years$836$499$286$159$86$12
45 years$809$476$268$146$78$11
46 years$782$454$252$135$71$9
47 years$757$433$237$125$64$8
48 years$733$414$223$116$58$7
49 years$709$395$209$107$53$6
50 years$687$377$197$99$48$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $704,000, adding $3,444 every year, while hoping to spend $26,153 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: 68/11/21 Blend
55$704,000$704,000$704,000$704,000
56$779,360$742,048$731,136$828,038
57$831,029$750,582$727,803$869,584
58$887,090$758,658$723,481$911,660
59$947,966$766,225$718,111$957,059
60$1,014,119$773,230$711,627$1,006,109
61$1,086,057$779,616$703,965$1,059,169
62$1,164,341$785,323$695,054$1,116,637
63$1,249,586$790,286$684,820$1,178,952
64$1,342,470$794,436$673,188$1,246,596
65$1,443,739$797,701$660,077$1,320,104
66$1,554,215$800,003$645,404$1,400,062
67$1,674,800$801,258$629,080$1,487,121
68$1,806,489$801,379$611,014$1,581,995
69$1,950,378$800,274$591,110$1,685,473
70$2,107,672$797,843$569,267$1,798,425
71$2,279,698$793,981$545,381$1,921,812
72$2,467,918$788,576$519,342$2,056,692
73$2,673,940$781,511$491,035$2,204,232
74$2,899,537$772,660$460,339$2,365,719
75$3,146,659$761,890$427,130$2,542,574
76$3,417,456$749,060$391,277$2,736,362
77$3,714,295$734,022$352,643$2,948,810
78$4,039,781$716,617$311,084$3,181,822
79$4,396,785$696,678$266,452$3,437,497
80$4,788,470$674,028$218,591$3,718,150
81$5,218,317$648,479$167,337$4,026,335
82$5,690,164$619,833$112,522$4,364,867
83$6,208,237$587,880$53,967$4,736,849
84$6,777,189$552,398$0$5,145,706
85$7,402,149$513,153$0$5,597,118
86$8,088,766$469,896$0$6,106,368
87$8,843,264$422,364$0$6,665,982
88$9,672,498$370,281$0$7,281,066
89$10,584,021$313,353$0$7,957,247
90$11,586,155$251,271$0$8,700,722
91$12,688,067$183,708$0$9,518,325
92$13,899,859$110,318$0$10,417,584
93$15,232,657$30,736$0$11,406,796
94$16,698,724$0$0$12,495,104
95$18,311,569$0$0$13,699,293
96$20,086,075$0$0$15,028,323
97$22,038,643$0$0$16,490,763
98$24,187,341$0$0$18,100,152
99$26,552,081$0$0$19,871,410
100$29,154,800$0$0$21,820,975