Can I retire at age 56 with 711,000?

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 $711,000?

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 years$58,714$58,191$57,680$57,182$56,696$55,988
2 years$29,066$28,525$28,000$27,492$26,998$26,285
3 years$19,185$18,641$18,118$17,614$17,129$16,434
4 years$14,245$13,703$13,185$12,690$12,216$11,544
5 years$11,282$10,744$10,232$9,747$9,287$8,640
6 years$9,308$8,773$8,269$7,795$7,348$6,727
7 years$7,898$7,368$6,872$6,409$5,976$5,381
8 years$6,841$6,315$5,828$5,376$4,958$4,389
9 years$6,019$5,499$5,019$4,579$4,175$3,632
10 years$5,362$4,847$4,376$3,947$3,557$3,040
11 years$4,825$4,315$3,853$3,435$3,060$2,567
12 years$4,378$3,873$3,419$3,013$2,651$2,183
13 years$3,999$3,500$3,055$2,660$2,312$1,867
14 years$3,676$3,181$2,745$2,361$2,027$1,605
15 years$3,395$2,906$2,478$2,106$1,784$1,385
16 years$3,150$2,666$2,247$1,886$1,577$1,200
17 years$2,934$2,456$2,044$1,694$1,398$1,042
18 years$2,742$2,269$1,866$1,527$1,243$907
19 years$2,571$2,103$1,709$1,380$1,108$791
20 years$2,416$1,954$1,568$1,250$990$692
21 years$2,277$1,820$1,442$1,134$886$605
22 years$2,151$1,699$1,329$1,031$794$531
23 years$2,035$1,589$1,227$939$713$466
24 years$1,930$1,489$1,135$856$641$409
25 years$1,833$1,397$1,051$782$576$360
26 years$1,744$1,313$975$715$519$317
27 years$1,661$1,236$905$655$468$279
28 years$1,585$1,165$842$600$422$246
29 years$1,514$1,099$783$550$381$217
30 years$1,447$1,038$730$505$345$191
31 years$1,385$981$680$464$312$168
32 years$1,328$928$635$426$282$149
33 years$1,273$879$593$392$255$131
34 years$1,222$833$554$360$231$116
35 years$1,174$790$518$332$209$102
36 years$1,129$750$484$306$190$90
37 years$1,087$712$453$282$172$80
38 years$1,046$677$424$260$156$71
39 years$1,008$644$398$239$141$62
40 years$972$612$373$221$128$55
41 years$938$583$349$204$116$49
42 years$905$555$328$188$105$43
43 years$874$529$308$173$96$38
44 years$845$504$289$160$87$34
45 years$817$481$271$148$79$30
46 years$790$459$255$137$72$26
47 years$764$438$239$126$65$23
48 years$740$418$225$117$59$21
49 years$717$399$211$108$54$18
50 years$694$381$199$100$49$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $711,000, adding $5,638 every year, while hoping to spend $41,288 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: 84/6/10 Blend
55$711,000$711,000$711,000$711,000
56$789,338$751,655$740,634$853,993
57$825,920$744,556$721,515$890,009
58$864,850$735,725$700,372$923,432
59$906,323$725,034$677,093$958,875
60$950,555$712,347$651,562$996,518
61$997,779$697,520$623,657$1,036,555
62$1,048,253$680,399$593,251$1,079,202
63$1,102,260$660,824$560,210$1,124,697
64$1,160,109$638,623$524,395$1,173,301
65$1,222,139$613,614$485,661$1,225,302
66$1,288,723$585,607$443,857$1,281,017
67$1,360,269$554,398$398,822$1,340,795
68$1,437,225$519,772$350,392$1,405,021
69$1,520,085$481,504$298,392$1,474,119
70$1,609,389$439,353$242,644$1,548,556
71$1,705,731$393,065$182,956$1,628,846
72$1,809,763$342,373$119,133$1,715,556
73$1,922,203$286,994$50,969$1,809,312
74$2,043,839$226,628$0$1,910,802
75$2,175,538$160,960$0$2,023,109
76$2,318,252$89,656$0$2,150,701
77$2,473,027$12,363$0$2,289,081
78$2,641,017$0$0$2,439,291
79$2,823,488$0$0$2,607,187
80$3,021,833$0$0$2,790,587
81$3,237,585$0$0$2,990,095
82$3,472,431$0$0$3,207,270
83$3,728,226$0$0$3,443,832
84$4,007,013$0$0$3,701,669
85$4,311,039$0$0$3,982,862
86$4,642,779$0$0$4,289,702
87$5,004,954$0$0$4,624,707
88$5,400,562$0$0$4,990,653
89$5,832,903$0$0$5,390,594
90$6,305,610$0$0$5,827,892
91$6,822,682$0$0$6,306,249
92$7,388,523$0$0$6,829,741
93$8,007,983$0$0$7,402,858
94$8,686,401$0$0$8,030,542
95$9,429,658$0$0$8,718,236
96$10,244,231$0$0$9,471,936
97$11,137,252$0$0$10,298,243
98$12,116,576$0$0$11,204,428
99$13,190,856$0$0$12,198,501
100$14,369,622$0$0$13,289,282