Can I retire at age 56 with 709,000?

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 $709,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.7%
1 years$58,549$58,027$57,518$57,022$56,537$55,440
2 years$28,984$28,445$27,921$27,414$26,922$25,822
3 years$19,131$18,589$18,067$17,565$17,081$16,011
4 years$14,205$13,665$13,148$12,654$12,182$11,151
5 years$11,251$10,713$10,204$9,720$9,261$8,272
6 years$9,281$8,748$8,246$7,773$7,328$6,381
7 years$7,875$7,347$6,852$6,391$5,959$5,056
8 years$6,821$6,298$5,811$5,361$4,944$4,084
9 years$6,002$5,483$5,005$4,566$4,163$3,345
10 years$5,347$4,833$4,364$3,936$3,547$2,771
11 years$4,811$4,303$3,842$3,426$3,051$2,315
12 years$4,365$3,862$3,410$3,005$2,644$1,947
13 years$3,988$3,490$3,046$2,653$2,305$1,647
14 years$3,665$3,172$2,737$2,355$2,021$1,400
15 years$3,386$2,898$2,471$2,100$1,779$1,194
16 years$3,141$2,659$2,240$1,880$1,573$1,022
17 years$2,926$2,449$2,039$1,690$1,394$877
18 years$2,734$2,263$1,861$1,523$1,240$754
19 years$2,563$2,097$1,704$1,376$1,105$650
20 years$2,410$1,949$1,564$1,246$987$561
21 years$2,271$1,815$1,438$1,131$883$485
22 years$2,145$1,694$1,326$1,028$792$419
23 years$2,030$1,585$1,224$936$711$363
24 years$1,925$1,485$1,132$854$639$315
25 years$1,828$1,393$1,048$780$575$273
26 years$1,739$1,310$972$713$518$237
27 years$1,657$1,232$903$653$467$206
28 years$1,580$1,161$839$598$421$179
29 years$1,509$1,096$781$548$380$156
30 years$1,443$1,035$728$503$344$135
31 years$1,382$978$678$462$311$118
32 years$1,324$925$633$425$281$102
33 years$1,270$876$591$391$254$89
34 years$1,219$831$552$359$230$78
35 years$1,171$788$516$331$209$68
36 years$1,126$748$483$305$189$59
37 years$1,084$710$452$281$171$51
38 years$1,043$675$423$259$155$45
39 years$1,005$642$397$239$141$39
40 years$969$611$372$220$128$34
41 years$935$581$348$203$116$30
42 years$903$554$327$187$105$26
43 years$872$527$307$173$95$22
44 years$842$503$288$160$87$20
45 years$814$479$270$148$79$17
46 years$788$457$254$136$71$15
47 years$762$436$239$126$65$13
48 years$738$417$224$116$59$11
49 years$715$398$211$108$53$10
50 years$692$380$198$99$49$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $709,000, adding $5,315 every year, while hoping to spend $37,154 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: 82/5/13 Blend
55$709,000$709,000$709,000$709,000
56$786,800$749,223$738,234$848,971
57$827,522$746,404$723,433$887,704
58$871,153$742,201$706,891$924,800
59$917,949$736,507$688,511$964,435
60$968,194$729,210$668,190$1,006,845
61$1,022,197$720,188$645,821$1,052,289
62$1,080,298$709,315$621,294$1,101,053
63$1,142,872$696,455$594,490$1,153,453
64$1,210,328$681,464$565,289$1,209,836
65$1,283,118$664,192$533,563$1,270,583
66$1,361,736$644,478$499,177$1,336,116
67$1,446,727$622,152$461,994$1,406,899
68$1,538,690$597,033$421,867$1,483,445
69$1,638,281$568,932$378,644$1,566,317
70$1,746,223$537,648$332,166$1,656,136
71$1,863,312$502,967$282,268$1,753,587
72$1,990,422$464,664$228,776$1,859,427
73$2,128,514$422,502$171,509$1,974,486
74$2,278,646$376,228$110,278$2,099,683
75$2,441,982$325,577$44,886$2,236,028
76$2,619,802$270,268$0$2,384,637
77$2,813,515$210,004$0$2,550,191
78$3,024,671$144,472$0$2,737,462
79$3,254,976$73,340$0$2,941,739
80$3,506,309$0$0$3,164,703
81$3,780,737$0$0$3,408,407
82$4,080,535$0$0$3,679,063
83$4,408,209$0$0$3,974,902
84$4,766,516$0$0$4,298,414
85$5,158,494$0$0$4,652,344
86$5,587,486$0$0$5,039,712
87$6,057,174$0$0$5,463,846
88$6,571,613$0$0$5,928,409
89$7,135,268$0$0$6,437,437
90$7,753,056$0$0$6,995,371
91$8,430,393$0$0$7,607,106
92$9,173,245$0$0$8,278,032
93$9,988,180$0$0$9,014,085
94$10,882,435$0$0$9,821,803
95$11,863,981$0$0$10,708,389
96$12,941,599$0$0$11,681,778
97$14,124,959$0$0$12,750,707
98$15,424,717$0$0$13,924,806
99$16,852,609$0$0$15,214,678
100$18,421,565$0$0$16,632,008