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%14.9%
1 years$58,136$57,618$57,113$56,619$56,138$55,004
2 years$28,780$28,244$27,725$27,221$26,732$25,595
3 years$18,996$18,458$17,940$17,441$16,960$15,855
4 years$14,105$13,568$13,055$12,565$12,096$11,032
5 years$11,171$10,638$10,132$9,651$9,195$8,174
6 years$9,216$8,687$8,188$7,718$7,276$6,299
7 years$7,820$7,295$6,804$6,345$5,917$4,986
8 years$6,773$6,253$5,770$5,323$4,909$4,022
9 years$5,960$5,444$4,970$4,534$4,134$3,291
10 years$5,309$4,799$4,333$3,908$3,522$2,722
11 years$4,777$4,272$3,815$3,401$3,029$2,271
12 years$4,335$3,835$3,385$2,984$2,625$1,908
13 years$3,960$3,465$3,025$2,634$2,289$1,612
14 years$3,639$3,150$2,718$2,338$2,007$1,368
15 years$3,362$2,877$2,454$2,085$1,767$1,166
16 years$3,119$2,640$2,225$1,867$1,562$996
17 years$2,905$2,431$2,024$1,678$1,385$853
18 years$2,715$2,247$1,848$1,512$1,231$733
19 years$2,545$2,082$1,692$1,366$1,097$631
20 years$2,393$1,935$1,553$1,237$980$543
21 years$2,255$1,802$1,428$1,123$877$469
22 years$2,130$1,682$1,316$1,021$786$405
23 years$2,015$1,573$1,215$930$706$350
24 years$1,911$1,474$1,124$848$634$303
25 years$1,815$1,384$1,041$774$571$263
26 years$1,727$1,300$965$708$514$228
27 years$1,645$1,224$897$648$464$197
28 years$1,569$1,153$833$594$418$171
29 years$1,499$1,088$776$545$378$149
30 years$1,433$1,027$722$500$341$129
31 years$1,372$971$673$459$309$112
32 years$1,314$919$628$422$279$97
33 years$1,261$870$587$388$253$85
34 years$1,210$825$548$357$229$74
35 years$1,163$782$513$329$207$64
36 years$1,118$743$479$303$188$56
37 years$1,076$705$449$279$170$48
38 years$1,036$670$420$257$154$42
39 years$998$637$394$237$140$37
40 years$962$606$369$219$127$32
41 years$929$577$346$202$115$28
42 years$896$550$325$186$104$24
43 years$866$524$305$172$95$21
44 years$836$499$286$159$86$18
45 years$809$476$268$146$78$16
46 years$782$454$252$135$71$14
47 years$757$433$237$125$64$12
48 years$733$414$223$116$58$10
49 years$709$395$209$107$53$9
50 years$687$377$197$99$48$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $704,000, adding $4,241 every year, while hoping to spend $39,898 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: 67/23/10 Blend
55$704,000$704,000$704,000$704,000
56$780,183$742,871$731,959$830,557
57$817,310$736,820$714,028$858,542
58$856,887$729,136$694,160$883,967
59$899,122$719,696$672,246$910,723
60$944,242$708,370$648,176$938,934
61$992,497$695,023$621,832$968,741
62$1,044,159$679,507$593,091$1,000,298
63$1,099,530$661,669$561,826$1,033,775
64$1,158,938$641,347$527,903$1,069,363
65$1,222,744$618,367$491,183$1,107,272
66$1,291,345$592,548$451,518$1,147,736
67$1,365,175$563,696$408,757$1,191,013
68$1,444,712$531,606$362,739$1,237,392
69$1,530,481$496,063$313,300$1,287,190
70$1,623,059$456,839$260,264$1,340,760
71$1,723,078$413,691$203,450$1,398,492
72$1,831,235$366,365$142,668$1,460,819
73$1,948,295$314,590$77,721$1,528,222
74$2,075,098$258,082$8,402$1,601,230
75$2,212,569$196,540$0$1,680,432
76$2,361,726$129,645$0$1,773,476
77$2,523,686$57,062$0$1,875,496
78$2,699,680$0$0$1,986,419
79$2,891,060$0$0$2,112,609
80$3,099,316$0$0$2,265,680
81$3,326,084$0$0$2,432,399
82$3,573,168$0$0$2,614,094
83$3,842,551$0$0$2,812,231
84$4,136,417$0$0$3,028,419
85$4,457,167$0$0$3,264,434
86$4,807,446$0$0$3,522,225
87$5,190,168$0$0$3,803,944
88$5,608,536$0$0$4,111,955
89$6,066,080$0$0$4,448,863
90$6,566,687$0$0$4,817,537
91$7,114,634$0$0$5,221,134
92$7,714,633$0$0$5,663,133
93$8,371,873$0$0$6,147,364
94$9,092,067$0$0$6,678,043
95$9,881,508$0$0$7,259,817
96$10,747,127$0$0$7,897,801
97$11,696,556$0$0$8,597,630
98$12,738,204$0$0$9,365,510
99$13,881,331$0$0$10,208,279
100$15,136,138$0$0$11,133,465