Can I retire at age 56 with 707,000?

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 $707,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.1%
1 years$58,383$57,863$57,356$56,861$56,377$55,650
2 years$28,903$28,364$27,843$27,337$26,846$26,114
3 years$19,077$18,536$18,016$17,515$17,032$16,319
4 years$14,165$13,626$13,111$12,619$12,148$11,458
5 years$11,219$10,683$10,175$9,692$9,234$8,571
6 years$9,255$8,724$8,223$7,751$7,307$6,670
7 years$7,853$7,326$6,833$6,373$5,942$5,332
8 years$6,802$6,280$5,795$5,346$4,930$4,346
9 years$5,985$5,468$4,991$4,553$4,152$3,595
10 years$5,332$4,819$4,351$3,925$3,537$3,007
11 years$4,798$4,291$3,831$3,416$3,042$2,537
12 years$4,353$3,851$3,400$2,996$2,636$2,156
13 years$3,977$3,480$3,038$2,645$2,299$1,843
14 years$3,655$3,163$2,729$2,348$2,015$1,584
15 years$3,376$2,890$2,464$2,094$1,774$1,366
16 years$3,132$2,651$2,234$1,875$1,568$1,182
17 years$2,917$2,442$2,033$1,685$1,390$1,026
18 years$2,727$2,256$1,856$1,518$1,236$892
19 years$2,556$2,091$1,699$1,372$1,102$778
20 years$2,403$1,943$1,559$1,243$984$679
21 years$2,264$1,810$1,434$1,128$881$594
22 years$2,139$1,690$1,322$1,025$790$521
23 years$2,024$1,580$1,220$934$709$457
24 years$1,919$1,481$1,129$852$637$401
25 years$1,823$1,389$1,045$778$573$352
26 years$1,734$1,306$970$711$516$310
27 years$1,652$1,229$900$651$466$272
28 years$1,576$1,158$837$596$420$240
29 years$1,505$1,092$779$547$379$211
30 years$1,439$1,032$725$502$343$186
31 years$1,378$975$676$461$310$164
32 years$1,320$923$631$424$280$145
33 years$1,266$874$589$390$254$128
34 years$1,215$828$551$358$230$113
35 years$1,168$786$515$330$208$99
36 years$1,123$746$481$304$188$88
37 years$1,080$708$451$280$171$77
38 years$1,040$673$422$258$155$68
39 years$1,003$640$395$238$140$60
40 years$967$609$371$219$127$53
41 years$932$580$348$203$116$47
42 years$900$552$326$187$105$42
43 years$869$526$306$173$95$37
44 years$840$501$287$159$86$33
45 years$812$478$270$147$78$29
46 years$785$456$253$136$71$25
47 years$760$435$238$126$65$22
48 years$736$415$224$116$59$20
49 years$713$397$210$107$53$18
50 years$690$379$198$99$48$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $707,000, adding $6,067 every year, while hoping to spend $31,482 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: 36/42/22 Blend
55$707,000$707,000$707,000$707,000
56$785,372$747,901$736,943$808,237
57$831,983$751,052$728,134$828,685
58$882,294$753,301$717,974$847,394
59$936,648$754,573$706,386$866,953
60$995,423$754,784$693,287$887,457
61$1,059,036$753,848$678,592$909,015
62$1,127,942$751,671$662,209$931,745
63$1,202,644$748,156$644,046$955,781
64$1,283,696$743,197$624,003$981,276
65$1,371,703$736,684$601,978$1,008,398
66$1,467,335$728,500$577,862$1,037,336
67$1,571,327$718,520$551,544$1,068,301
68$1,684,487$706,612$522,906$1,101,529
69$1,807,705$692,637$491,823$1,137,284
70$1,941,961$676,445$458,169$1,175,859
71$2,088,332$657,882$421,808$1,217,583
72$2,248,003$636,780$382,601$1,262,821
73$2,422,281$612,963$340,399$1,311,981
74$2,612,602$586,247$295,051$1,365,516
75$2,820,548$556,434$246,396$1,423,930
76$3,047,861$523,316$194,267$1,487,785
77$3,296,457$486,673$138,490$1,557,705
78$3,568,449$446,273$78,882$1,634,384
79$3,866,159$401,869$15,253$1,718,592
80$4,192,149$353,202$0$1,811,186
81$4,549,236$299,997$0$1,925,474
82$4,940,526$241,964$0$2,054,776
83$5,369,435$178,796$0$2,196,730
84$5,839,730$110,170$0$2,352,685
85$6,355,557$35,743$0$2,524,137
86$6,921,485$0$0$2,712,737
87$7,542,543$0$0$2,941,039
88$8,224,274$0$0$3,209,881
89$8,972,781$0$0$3,505,164
90$9,794,790$0$0$3,829,554
91$10,697,707$0$0$4,185,988
92$11,689,694$0$0$4,577,702
93$12,779,738$0$0$5,008,260
94$13,977,745$0$0$5,481,589
95$15,294,624$0$0$6,002,016
96$16,742,396$0$0$6,574,307
97$18,334,304$0$0$7,203,715
98$20,084,939$0$0$7,896,026
99$22,010,374$0$0$8,657,615
100$24,128,323$0$0$9,495,506