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%16.9%
1 years$58,549$58,027$57,518$57,022$56,537$54,947
2 years$28,984$28,445$27,921$27,414$26,922$25,333
3 years$19,131$18,589$18,067$17,565$17,081$15,541
4 years$14,205$13,665$13,148$12,654$12,182$10,705
5 years$11,251$10,713$10,204$9,720$9,261$7,849
6 years$9,281$8,748$8,246$7,773$7,328$5,983
7 years$7,875$7,347$6,852$6,391$5,959$4,682
8 years$6,821$6,298$5,811$5,361$4,944$3,733
9 years$6,002$5,483$5,005$4,566$4,163$3,018
10 years$5,347$4,833$4,364$3,936$3,547$2,466
11 years$4,811$4,303$3,842$3,426$3,051$2,031
12 years$4,365$3,862$3,410$3,005$2,644$1,684
13 years$3,988$3,490$3,046$2,653$2,305$1,404
14 years$3,665$3,172$2,737$2,355$2,021$1,175
15 years$3,386$2,898$2,471$2,100$1,779$987
16 years$3,141$2,659$2,240$1,880$1,573$832
17 years$2,926$2,449$2,039$1,690$1,394$703
18 years$2,734$2,263$1,861$1,523$1,240$594
19 years$2,563$2,097$1,704$1,376$1,105$504
20 years$2,410$1,949$1,564$1,246$987$428
21 years$2,271$1,815$1,438$1,131$883$363
22 years$2,145$1,694$1,326$1,028$792$309
23 years$2,030$1,585$1,224$936$711$263
24 years$1,925$1,485$1,132$854$639$224
25 years$1,828$1,393$1,048$780$575$191
26 years$1,739$1,310$972$713$518$163
27 years$1,657$1,232$903$653$467$139
28 years$1,580$1,161$839$598$421$119
29 years$1,509$1,096$781$548$380$101
30 years$1,443$1,035$728$503$344$87
31 years$1,382$978$678$462$311$74
32 years$1,324$925$633$425$281$63
33 years$1,270$876$591$391$254$54
34 years$1,219$831$552$359$230$46
35 years$1,171$788$516$331$209$39
36 years$1,126$748$483$305$189$34
37 years$1,084$710$452$281$171$29
38 years$1,043$675$423$259$155$25
39 years$1,005$642$397$239$141$21
40 years$969$611$372$220$128$18
41 years$935$581$348$203$116$15
42 years$903$554$327$187$105$13
43 years$872$527$307$173$95$11
44 years$842$503$288$160$87$10
45 years$814$479$270$148$79$8
46 years$788$457$254$136$71$7
47 years$762$436$239$126$65$6
48 years$738$417$224$116$59$5
49 years$715$398$211$108$53$4
50 years$692$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 $709,000, adding $6,475 every year, while hoping to spend $26,014 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: 27/48/25 Blend
55$709,000$709,000$709,000$709,000
56$787,997$750,420$739,430$802,965
57$840,694$759,512$736,523$824,514
58$897,894$768,177$732,646$844,946
59$960,029$776,368$727,739$866,344
60$1,027,575$784,033$721,741$888,806
61$1,101,053$791,116$714,585$912,443
62$1,181,039$797,559$706,202$937,379
63$1,268,165$803,300$696,520$963,752
64$1,363,128$808,271$685,464$991,717
65$1,466,694$812,404$672,954$1,021,444
66$1,579,706$815,621$658,907$1,053,127
67$1,703,093$817,843$643,237$1,086,978
68$1,837,877$818,985$625,854$1,123,236
69$1,985,182$818,957$606,661$1,162,165
70$2,146,247$817,663$585,561$1,204,060
71$2,322,436$815,000$562,449$1,249,249
72$2,515,250$810,861$537,217$1,298,095
73$2,726,343$805,131$509,751$1,351,005
74$2,957,536$797,687$479,933$1,408,427
75$3,210,833$788,402$447,639$1,470,861
76$3,488,442$777,139$412,740$1,538,863
77$3,792,796$763,751$375,099$1,613,048
78$4,126,573$748,087$334,577$1,694,099
79$4,492,723$729,982$291,025$1,782,774
80$4,894,495$709,266$244,288$1,879,913
81$5,335,469$685,755$194,207$1,986,448
82$5,819,586$659,257$140,613$2,103,411
83$6,351,190$629,567$83,330$2,231,948
84$6,935,066$596,469$22,175$2,373,324
85$7,576,482$559,736$0$2,528,944
86$8,281,245$519,124$0$2,711,856
87$9,055,750$474,380$0$2,919,346
88$9,907,045$425,233$0$3,147,453
89$10,842,891$371,396$0$3,398,344
90$11,871,841$312,570$0$3,674,409
91$13,003,317$248,435$0$3,978,293
92$14,247,702$178,655$0$4,312,913
93$15,616,432$102,873$0$4,681,495
94$17,122,110$20,716$0$5,087,596
95$18,778,621$0$0$5,535,150
96$20,601,262$0$0$6,064,527
97$22,606,890$0$0$6,659,228
98$24,814,077$0$0$7,313,837
99$27,243,289$0$0$8,034,440
100$29,917,072$0$0$8,827,745