Can I retire at age 56 with 710,000?

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 $710,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$58,631$58,109$57,599$57,102$56,616$55,840
2 years$29,025$28,485$27,961$27,453$26,960$26,179
3 years$19,158$18,615$18,093$17,589$17,105$16,343
4 years$14,225$13,684$13,167$12,672$12,199$11,463
5 years$11,266$10,728$10,218$9,733$9,274$8,566
6 years$9,295$8,761$8,258$7,784$7,338$6,659
7 years$7,887$7,357$6,862$6,400$5,968$5,317
8 years$6,831$6,306$5,820$5,368$4,951$4,329
9 years$6,011$5,491$5,012$4,573$4,169$3,576
10 years$5,355$4,840$4,370$3,942$3,552$2,988
11 years$4,818$4,309$3,847$3,430$3,055$2,518
12 years$4,372$3,867$3,414$3,009$2,648$2,137
13 years$3,994$3,495$3,050$2,656$2,309$1,825
14 years$3,670$3,177$2,741$2,358$2,024$1,565
15 years$3,390$2,902$2,475$2,103$1,782$1,348
16 years$3,146$2,663$2,244$1,883$1,575$1,165
17 years$2,930$2,452$2,042$1,692$1,396$1,010
18 years$2,738$2,266$1,864$1,525$1,242$877
19 years$2,567$2,100$1,706$1,378$1,107$764
20 years$2,413$1,951$1,566$1,248$989$666
21 years$2,274$1,818$1,440$1,132$885$582
22 years$2,148$1,697$1,327$1,030$793$509
23 years$2,033$1,587$1,226$938$712$445
24 years$1,927$1,487$1,133$855$640$390
25 years$1,830$1,395$1,050$781$576$342
26 years$1,741$1,311$974$714$519$301
27 years$1,659$1,234$904$654$468$264
28 years$1,582$1,163$841$599$422$232
29 years$1,511$1,097$782$549$381$204
30 years$1,445$1,036$729$504$344$180
31 years$1,383$979$679$463$311$158
32 years$1,326$927$634$425$281$139
33 years$1,272$878$592$391$255$123
34 years$1,221$832$553$360$231$108
35 years$1,173$789$517$331$209$95
36 years$1,128$749$484$305$189$84
37 years$1,085$711$453$281$172$74
38 years$1,045$676$424$259$156$65
39 years$1,007$643$397$239$141$57
40 years$971$612$372$220$128$51
41 years$936$582$349$203$116$45
42 years$904$554$327$188$105$39
43 years$873$528$307$173$96$35
44 years$844$503$288$160$87$31
45 years$816$480$271$148$79$27
46 years$789$458$254$136$72$24
47 years$763$437$239$126$65$21
48 years$739$417$225$117$59$19
49 years$716$398$211$108$54$16
50 years$693$381$198$100$49$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $710,000, adding $3,040 every year, while hoping to spend $27,072 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: 57/30/13 Blend
55$710,000$710,000$710,000$710,000
56$785,556$747,926$736,921$827,578
57$836,878$755,770$732,803$864,197
58$892,528$763,091$727,640$900,833
59$952,918$769,834$721,369$940,118
60$1,018,503$775,943$713,921$982,311
61$1,089,781$781,356$705,229$1,027,696
62$1,167,303$786,006$695,218$1,076,588
63$1,251,672$789,825$683,812$1,129,335
64$1,343,554$792,738$670,932$1,186,320
65$1,443,681$794,666$656,492$1,247,968
66$1,552,857$795,526$640,406$1,314,745
67$1,671,971$795,229$622,581$1,387,169
68$1,801,996$793,679$602,922$1,465,810
69$1,944,008$790,778$581,328$1,551,298
70$2,099,189$786,418$557,695$1,644,327
71$2,268,840$780,486$531,912$1,745,666
72$2,454,395$772,864$503,864$1,856,161
73$2,657,432$763,422$473,432$1,976,749
74$2,879,688$752,028$440,490$2,108,460
75$3,123,078$738,539$404,907$2,252,435
76$3,389,707$722,802$366,547$2,409,932
77$3,681,897$704,659$325,266$2,582,339
78$4,002,203$683,940$280,915$2,771,187
79$4,353,439$660,465$233,338$2,978,167
80$4,738,707$634,045$182,372$3,205,146
81$5,161,421$604,479$127,847$3,454,182
82$5,625,341$571,554$69,585$3,727,547
83$6,134,611$535,045$7,401$4,027,748
84$6,693,795$494,716$0$4,357,551
85$7,307,919$450,313$0$4,728,186
86$7,982,521$401,573$0$5,136,469
87$8,723,702$348,215$0$5,585,115
88$9,538,183$289,941$0$6,078,253
89$10,433,369$226,438$0$6,620,434
90$11,417,415$157,376$0$7,216,680
91$12,499,309$82,406$0$7,872,523
92$13,688,951$1,157$0$8,594,067
93$14,997,251$0$0$9,388,041
94$16,436,226$0$0$10,290,507
95$18,019,118$0$0$11,283,722
96$19,760,517$0$0$12,376,467
97$21,676,497$0$0$13,578,840
98$23,784,770$0$0$14,901,964
99$26,104,850$0$0$16,358,096
100$28,658,241$0$0$17,960,742