Can I retire at age 56 with 708,000?

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 $708,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$58,466$57,945$57,437$56,941$56,457$54,825
2 years$28,944$28,405$27,882$27,376$26,884$25,254
3 years$19,104$18,563$18,042$17,540$17,056$15,478
4 years$14,185$13,646$13,130$12,636$12,165$10,650
5 years$11,235$10,698$10,189$9,706$9,248$7,801
6 years$9,268$8,736$8,234$7,762$7,317$5,940
7 years$7,864$7,336$6,843$6,382$5,951$4,643
8 years$6,812$6,289$5,803$5,353$4,937$3,698
9 years$5,994$5,475$4,998$4,560$4,158$2,986
10 years$5,339$4,826$4,358$3,931$3,542$2,436
11 years$4,805$4,297$3,836$3,421$3,047$2,004
12 years$4,359$3,856$3,405$3,001$2,640$1,660
13 years$3,983$3,485$3,042$2,649$2,302$1,382
14 years$3,660$3,168$2,733$2,351$2,018$1,155
15 years$3,381$2,894$2,468$2,097$1,777$969
16 years$3,137$2,655$2,237$1,878$1,570$815
17 years$2,922$2,445$2,036$1,687$1,392$687
18 years$2,730$2,259$1,858$1,520$1,238$581
19 years$2,560$2,094$1,701$1,374$1,104$492
20 years$2,406$1,946$1,561$1,244$986$417
21 years$2,268$1,813$1,436$1,129$882$353
22 years$2,142$1,692$1,324$1,027$791$300
23 years$2,027$1,582$1,222$935$710$255
24 years$1,922$1,483$1,130$853$638$217
25 years$1,825$1,391$1,047$779$574$185
26 years$1,736$1,308$971$712$517$157
27 years$1,654$1,231$902$652$466$134
28 years$1,578$1,160$838$597$421$114
29 years$1,507$1,094$780$548$380$97
30 years$1,441$1,033$727$503$343$83
31 years$1,380$977$677$462$310$71
32 years$1,322$924$632$424$281$60
33 years$1,268$875$590$390$254$52
34 years$1,217$829$551$359$230$44
35 years$1,169$787$515$330$208$38
36 years$1,124$747$482$304$189$32
37 years$1,082$709$451$280$171$27
38 years$1,042$674$423$258$155$23
39 years$1,004$641$396$238$141$20
40 years$968$610$371$220$128$17
41 years$934$580$348$203$116$15
42 years$901$553$326$187$105$12
43 years$871$527$306$173$95$11
44 years$841$502$288$160$87$9
45 years$813$479$270$147$79$8
46 years$787$457$254$136$71$7
47 years$761$436$238$126$65$6
48 years$737$416$224$116$59$5
49 years$714$397$210$107$53$4
50 years$691$380$198$99$49$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $708,000, adding $3,772 every year, while hoping to spend $25,091 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: 54/21/25 Blend
55$708,000$708,000$708,000$708,000
56$784,107$746,583$735,609$820,847
57$837,389$756,469$733,555$856,457
58$895,265$765,998$730,592$892,294
59$958,177$775,127$726,661$930,791
60$1,026,612$783,809$721,705$972,212
61$1,101,103$791,992$715,659$1,016,850
62$1,182,241$799,625$708,459$1,065,025
63$1,270,673$806,650$700,036$1,117,092
64$1,367,112$813,006$690,317$1,173,445
65$1,472,343$818,629$679,228$1,234,516
66$1,587,229$823,450$666,690$1,300,785
67$1,712,723$827,395$652,620$1,372,779
68$1,849,870$830,387$636,933$1,451,083
69$1,999,823$832,342$619,536$1,536,340
70$2,163,851$833,173$600,337$1,629,263
71$2,343,352$832,786$579,236$1,730,636
72$2,539,864$831,082$556,130$1,841,326
73$2,755,080$827,956$530,911$1,962,291
74$2,990,868$823,295$503,466$2,094,588
75$3,249,281$816,981$473,677$2,239,382
76$3,532,582$808,888$441,420$2,397,960
77$3,843,265$798,883$406,566$2,571,743
78$4,184,073$786,823$368,981$2,762,299
79$4,558,031$772,560$328,524$2,971,358
80$4,968,468$755,934$285,049$3,200,828
81$5,419,054$736,777$238,400$3,452,816
82$5,913,830$714,911$188,419$3,729,647
83$6,457,247$690,148$134,937$4,033,885
84$7,054,209$662,288$77,780$4,368,359
85$7,710,118$631,120$16,765$4,736,190
86$8,430,926$596,420$0$5,140,821
87$9,223,189$557,953$0$5,598,949
88$10,094,130$515,470$0$6,107,476
89$11,051,708$468,704$0$6,666,604
90$12,104,691$417,379$0$7,281,487
91$13,262,737$361,199$0$7,957,810
92$14,536,491$299,851$0$8,701,835
93$15,937,677$233,008$0$9,520,468
94$17,479,215$160,321$0$10,421,321
95$19,175,342$81,424$0$11,412,782
96$21,041,740$0$0$12,504,100
97$23,095,693$0$0$13,706,409
98$25,356,241$0$0$15,050,438
99$27,844,365$0$0$16,529,857
100$30,583,185$0$0$18,158,421