Can I retire at age 56 with 713,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $713,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%20%
1 years$58,879$58,354$57,843$57,343$56,856$54,578
2 years$29,148$28,605$28,079$27,569$27,074$24,808
3 years$19,239$18,694$18,169$17,664$17,177$14,994
4 years$14,285$13,742$13,222$12,726$12,251$10,167
5 years$11,314$10,774$10,261$9,775$9,313$7,334
6 years$9,334$8,798$8,292$7,817$7,369$5,496
7 years$7,920$7,388$6,891$6,427$5,993$4,226
8 years$6,860$6,333$5,844$5,391$4,972$3,308
9 years$6,036$5,514$5,034$4,592$4,187$2,624
10 years$5,377$4,860$4,388$3,958$3,567$2,103
11 years$4,839$4,327$3,863$3,445$3,068$1,698
12 years$4,390$3,884$3,429$3,022$2,659$1,379
13 years$4,011$3,510$3,063$2,668$2,318$1,125
14 years$3,686$3,190$2,752$2,368$2,032$922
15 years$3,405$2,914$2,485$2,112$1,789$758
16 years$3,159$2,674$2,253$1,891$1,582$624
17 years$2,942$2,462$2,050$1,699$1,402$515
18 years$2,750$2,275$1,872$1,531$1,247$426
19 years$2,578$2,109$1,713$1,384$1,111$353
20 years$2,423$1,960$1,572$1,253$993$292
21 years$2,284$1,825$1,446$1,137$888$243
22 years$2,157$1,704$1,333$1,034$796$201
23 years$2,041$1,594$1,231$942$715$167
24 years$1,935$1,493$1,138$859$642$139
25 years$1,838$1,401$1,054$784$578$116
26 years$1,749$1,317$978$717$521$96
27 years$1,666$1,239$908$656$469$80
28 years$1,589$1,168$844$601$424$67
29 years$1,518$1,102$785$552$383$55
30 years$1,451$1,040$732$506$346$46
31 years$1,389$984$682$465$312$38
32 years$1,331$931$636$427$283$32
33 years$1,277$881$594$393$256$27
34 years$1,226$835$555$361$232$22
35 years$1,178$792$519$333$210$19
36 years$1,132$752$486$306$190$15
37 years$1,090$714$454$282$172$13
38 years$1,049$679$426$260$156$11
39 years$1,011$645$399$240$142$9
40 years$975$614$374$221$128$7
41 years$940$585$350$204$117$6
42 years$908$557$329$188$106$5
43 years$877$530$308$174$96$4
44 years$847$506$290$161$87$4
45 years$819$482$272$148$79$3
46 years$792$460$255$137$72$2
47 years$766$439$240$127$65$2
48 years$742$419$225$117$59$2
49 years$719$400$212$108$54$1
50 years$696$382$199$100$49$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $713,000, adding $4,188 every year, while hoping to spend $32,395 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: 79/6/15 Blend
55$713,000$713,000$713,000$713,000
56$790,046$752,257$741,205$849,668
57$836,163$754,649$731,568$891,907
58$885,897$756,074$720,522$933,679
59$939,585$756,447$707,985$978,598
60$997,594$755,684$693,874$1,026,965
61$1,060,328$753,692$678,098$1,079,115
62$1,128,232$750,374$660,565$1,135,412
63$1,201,794$745,624$641,176$1,196,262
64$1,281,551$739,335$619,830$1,262,108
65$1,368,095$731,388$596,420$1,333,441
66$1,462,075$721,660$570,834$1,410,803
67$1,564,206$710,020$542,956$1,494,788
68$1,675,273$696,329$512,663$1,586,055
69$1,796,142$680,440$479,829$1,685,326
70$1,927,764$662,198$444,319$1,793,400
71$2,071,187$641,436$405,994$1,911,157
72$2,227,563$617,982$364,710$2,039,566
73$2,398,160$591,649$320,314$2,179,698
74$2,584,375$562,242$272,647$2,332,731
75$2,787,745$529,555$221,544$2,499,963
76$3,009,960$493,369$166,831$2,682,829
77$3,252,885$453,452$108,328$2,882,905
78$3,518,568$409,561$45,847$3,101,934
79$3,809,269$361,437$0$3,341,835
80$4,127,474$308,806$0$3,608,056
81$4,475,919$251,381$0$3,907,644
82$4,857,621$188,856$0$4,235,859
83$5,275,898$120,910$0$4,595,569
84$5,734,408$47,203$0$4,989,938
85$6,237,178$0$0$5,422,448
86$6,788,643$0$0$5,899,091
87$7,393,688$0$0$6,425,486
88$8,057,695$0$0$7,003,201
89$8,786,590$0$0$7,637,395
90$9,586,904$0$0$8,333,753
91$10,465,829$0$0$9,098,537
92$11,431,287$0$0$9,938,642
93$12,492,007$0$0$10,861,668
94$13,657,605$0$0$11,875,985
95$14,938,673$0$0$12,990,814
96$16,346,882$0$0$14,216,316
97$17,895,089$0$0$15,563,683
98$19,597,459$0$0$17,045,246
99$21,469,598$0$0$18,674,592
100$23,528,702$0$0$20,466,690