Can I retire at age 56 with 705,000?

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 $705,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$58,218$57,700$57,194$56,700$56,218$55,981
2 years$28,821$28,284$27,764$27,260$26,770$26,531
3 years$19,023$18,484$17,965$17,465$16,984$16,750
4 years$14,125$13,588$13,074$12,583$12,113$11,886
5 years$11,187$10,653$10,146$9,665$9,208$8,989
6 years$9,229$8,699$8,199$7,729$7,286$7,075
7 years$7,831$7,305$6,814$6,354$5,926$5,722
8 years$6,783$6,262$5,779$5,331$4,916$4,720
9 years$5,968$5,452$4,977$4,541$4,140$3,952
10 years$5,317$4,806$4,339$3,914$3,527$3,348
11 years$4,784$4,278$3,820$3,406$3,034$2,862
12 years$4,341$3,840$3,390$2,988$2,629$2,465
13 years$3,966$3,470$3,029$2,638$2,292$2,136
14 years$3,645$3,154$2,722$2,342$2,010$1,860
15 years$3,366$2,882$2,457$2,088$1,769$1,627
16 years$3,123$2,644$2,228$1,870$1,564$1,428
17 years$2,909$2,435$2,027$1,680$1,387$1,258
18 years$2,719$2,250$1,851$1,514$1,233$1,111
19 years$2,549$2,085$1,694$1,368$1,099$983
20 years$2,396$1,938$1,555$1,239$982$872
21 years$2,258$1,805$1,430$1,124$878$775
22 years$2,133$1,685$1,318$1,022$787$689
23 years$2,018$1,576$1,217$931$707$614
24 years$1,914$1,476$1,126$849$635$548
25 years$1,818$1,385$1,042$776$572$489
26 years$1,729$1,302$967$709$515$437
27 years$1,647$1,225$898$649$464$391
28 years$1,571$1,155$835$595$419$350
29 years$1,501$1,089$777$545$378$314
30 years$1,435$1,029$723$501$342$281
31 years$1,374$973$674$460$309$252
32 years$1,316$920$629$422$279$226
33 years$1,263$871$588$388$253$203
34 years$1,212$826$549$357$229$182
35 years$1,164$783$513$329$207$164
36 years$1,120$744$480$303$188$147
37 years$1,077$706$449$279$170$132
38 years$1,037$671$421$257$154$119
39 years$1,000$638$394$237$140$107
40 years$964$607$370$219$127$96
41 years$930$578$347$202$115$87
42 years$898$550$325$186$105$78
43 years$867$524$305$172$95$70
44 years$838$500$286$159$86$63
45 years$810$477$269$147$78$57
46 years$783$455$253$136$71$51
47 years$758$434$237$125$64$46
48 years$734$414$223$116$59$41
49 years$710$396$210$107$53$37
50 years$688$378$197$99$48$34

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $705,000, adding $2,805 every year, while hoping to spend $46,673 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: 61/28/11 Blend
55$705,000$705,000$705,000$705,000
56$779,803$742,438$731,511$825,200
57$809,684$729,158$706,357$842,710
58$841,047$713,663$678,796$856,233
59$873,997$695,795$648,698$869,841
60$908,642$675,387$615,927$883,544
61$945,105$652,262$580,342$897,354
62$983,516$626,233$541,794$911,288
63$1,024,019$597,102$500,128$925,367
64$1,066,768$564,660$455,181$939,615
65$1,111,934$528,684$406,786$954,063
66$1,159,703$488,941$354,764$968,746
67$1,210,275$445,182$298,932$983,706
68$1,263,874$397,146$239,097$998,994
69$1,320,739$344,556$175,056$1,014,668
70$1,381,134$287,120$106,601$1,030,795
71$1,445,349$224,528$33,511$1,047,455
72$1,513,699$156,454$0$1,064,736
73$1,586,530$82,554$0$1,087,967
74$1,664,220$2,463$0$1,116,580
75$1,747,184$0$0$1,146,804
76$1,835,877$0$0$1,204,771
77$1,930,797$0$0$1,267,653
78$2,032,490$0$0$1,335,060
79$2,141,555$0$0$1,407,392
80$2,258,650$0$0$1,485,091
81$2,384,496$0$0$1,568,641
82$2,519,886$0$0$1,658,573
83$2,665,689$0$0$1,755,472
84$2,822,860$0$0$1,859,977
85$2,992,449$0$0$1,972,793
86$3,175,607$0$0$2,094,694
87$3,373,603$0$0$2,226,531
88$3,587,828$0$0$2,369,237
89$3,819,813$0$0$2,523,841
90$4,071,240$0$0$2,691,472
91$4,343,960$0$0$2,873,373
92$4,640,006$0$0$3,070,909
93$4,961,618$0$0$3,285,585
94$5,311,257$0$0$3,519,053
95$5,691,630$0$0$3,773,132
96$6,105,719$0$0$4,049,825
97$6,556,801$0$0$4,351,332
98$7,048,485$0$0$4,680,079
99$7,584,741$0$0$5,038,733
100$8,169,942$0$0$5,430,230