Can I retire at age 56 with 704,000?

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 $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%14.3%
1 years$58,136$57,618$57,113$56,619$56,138$55,140
2 years$28,780$28,244$27,725$27,221$26,732$25,730
3 years$18,996$18,458$17,940$17,441$16,960$15,985
4 years$14,105$13,568$13,055$12,565$12,096$11,156
5 years$11,171$10,638$10,132$9,651$9,195$8,292
6 years$9,216$8,687$8,188$7,718$7,276$6,411
7 years$7,820$7,295$6,804$6,345$5,917$5,091
8 years$6,773$6,253$5,770$5,323$4,909$4,121
9 years$5,960$5,444$4,970$4,534$4,134$3,384
10 years$5,309$4,799$4,333$3,908$3,522$2,810
11 years$4,777$4,272$3,815$3,401$3,029$2,354
12 years$4,335$3,835$3,385$2,984$2,625$1,985
13 years$3,960$3,465$3,025$2,634$2,289$1,684
14 years$3,639$3,150$2,718$2,338$2,007$1,435
15 years$3,362$2,877$2,454$2,085$1,767$1,227
16 years$3,119$2,640$2,225$1,867$1,562$1,053
17 years$2,905$2,431$2,024$1,678$1,385$906
18 years$2,715$2,247$1,848$1,512$1,231$782
19 years$2,545$2,082$1,692$1,366$1,097$675
20 years$2,393$1,935$1,553$1,237$980$585
21 years$2,255$1,802$1,428$1,123$877$507
22 years$2,130$1,682$1,316$1,021$786$440
23 years$2,015$1,573$1,215$930$706$382
24 years$1,911$1,474$1,124$848$634$332
25 years$1,815$1,384$1,041$774$571$289
26 years$1,727$1,300$965$708$514$252
27 years$1,645$1,224$897$648$464$220
28 years$1,569$1,153$833$594$418$191
29 years$1,499$1,088$776$545$378$167
30 years$1,433$1,027$722$500$341$146
31 years$1,372$971$673$459$309$127
32 years$1,314$919$628$422$279$111
33 years$1,261$870$587$388$253$97
34 years$1,210$825$548$357$229$85
35 years$1,163$782$513$329$207$74
36 years$1,118$743$479$303$188$65
37 years$1,076$705$449$279$170$57
38 years$1,036$670$420$257$154$49
39 years$998$637$394$237$140$43
40 years$962$606$369$219$127$38
41 years$929$577$346$202$115$33
42 years$896$550$325$186$104$29
43 years$866$524$305$172$95$25
44 years$836$499$286$159$86$22
45 years$809$476$268$146$78$19
46 years$782$454$252$135$71$17
47 years$757$433$237$125$64$15
48 years$733$414$223$116$58$13
49 years$709$395$209$107$53$11
50 years$687$377$197$99$48$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $704,000, adding $6,303 every year, while hoping to spend $38,080 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: 65/26/9 Blend
55$704,000$704,000$704,000$704,000
56$782,310$744,998$734,086$831,306
57$821,588$740,986$718,161$860,724
58$863,597$735,501$700,426$887,775
59$908,575$728,431$680,781$916,344
60$956,782$719,656$659,119$946,578
61$1,008,505$709,051$635,331$978,638
62$1,064,059$696,482$609,302$1,012,701
63$1,123,790$681,806$580,910$1,048,964
64$1,188,076$664,873$550,030$1,087,648
65$1,257,333$645,526$516,529$1,128,994
66$1,332,019$623,594$480,271$1,173,272
67$1,412,635$598,901$441,110$1,220,778
68$1,499,734$571,257$398,898$1,271,844
69$1,593,922$540,464$353,476$1,326,835
70$1,695,866$506,310$304,681$1,386,155
71$1,806,297$468,572$252,341$1,450,253
72$1,926,023$427,016$196,277$1,519,625
73$2,055,928$381,390$136,303$1,594,820
74$2,196,987$331,433$72,224$1,676,447
75$2,350,271$276,865$3,835$1,765,178
76$2,516,961$217,393$0$1,861,759
77$2,698,352$152,706$0$1,973,653
78$2,895,871$82,477$0$2,095,956
79$3,111,090$6,358$0$2,229,329
80$3,345,736$0$0$2,374,912
81$3,601,711$0$0$2,555,709
82$3,881,110$0$0$2,755,080
83$4,186,235$0$0$2,972,855
84$4,519,625$0$0$3,210,851
85$4,884,072$0$0$3,471,068
86$5,282,651$0$0$3,755,707
87$5,718,748$0$0$4,067,193
88$6,196,090$0$0$4,408,196
89$6,718,784$0$0$4,781,654
90$7,291,349$0$0$5,190,806
91$7,918,764$0$0$5,639,215
92$8,606,511$0$0$6,130,810
93$9,360,631$0$0$6,669,913
94$10,187,772$0$0$7,261,289
95$11,095,261$0$0$7,910,182
96$12,091,166$0$0$8,622,373
97$13,184,376$0$0$9,404,225
98$14,384,680$0$0$10,262,751
99$15,702,864$0$0$11,205,675
100$17,150,807$0$0$12,241,505