Can I retire at age 56 with 715,000?

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 $715,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$59,044$58,518$58,005$57,504$57,015$56,443
2 years$29,230$28,685$28,158$27,646$27,150$26,574
3 years$19,293$18,746$18,220$17,713$17,225$16,663
4 years$14,325$13,780$13,259$12,761$12,285$11,741
5 years$11,346$10,804$10,290$9,802$9,339$8,814
6 years$9,360$8,822$8,316$7,839$7,390$6,885
7 years$7,942$7,409$6,910$6,445$6,010$5,526
8 years$6,879$6,351$5,861$5,406$4,986$4,522
9 years$6,053$5,530$5,048$4,605$4,199$3,756
10 years$5,392$4,874$4,401$3,969$3,577$3,155
11 years$4,852$4,339$3,874$3,455$3,077$2,674
12 years$4,402$3,895$3,438$3,030$2,666$2,283
13 years$4,022$3,519$3,072$2,675$2,325$1,960
14 years$3,696$3,199$2,760$2,375$2,038$1,692
15 years$3,414$2,922$2,492$2,118$1,794$1,466
16 years$3,168$2,681$2,259$1,896$1,586$1,275
17 years$2,950$2,469$2,056$1,704$1,406$1,112
18 years$2,757$2,282$1,877$1,535$1,250$972
19 years$2,585$2,115$1,718$1,387$1,114$852
20 years$2,430$1,965$1,577$1,257$995$748
21 years$2,290$1,830$1,450$1,140$891$658
22 years$2,163$1,709$1,337$1,037$799$579
23 years$2,047$1,598$1,234$944$717$510
24 years$1,941$1,497$1,141$861$644$451
25 years$1,843$1,405$1,057$787$580$398
26 years$1,754$1,321$981$719$522$352
27 years$1,671$1,243$911$658$471$311
28 years$1,594$1,171$846$603$425$276
29 years$1,522$1,105$788$553$384$244
30 years$1,455$1,043$734$508$347$216
31 years$1,393$986$684$466$313$192
32 years$1,335$933$638$428$283$170
33 years$1,280$884$596$394$257$151
34 years$1,229$838$557$363$232$134
35 years$1,181$795$521$334$210$119
36 years$1,136$754$487$307$191$106
37 years$1,093$716$456$283$173$94
38 years$1,052$681$427$261$157$83
39 years$1,014$647$400$241$142$74
40 years$978$616$375$222$129$66
41 years$943$586$351$205$117$59
42 years$910$558$330$189$106$52
43 years$879$532$309$174$96$46
44 years$850$507$290$161$87$41
45 years$821$484$273$149$79$37
46 years$794$461$256$137$72$32
47 years$769$440$241$127$65$29
48 years$744$420$226$117$59$26
49 years$721$401$213$108$54$23
50 years$698$383$200$100$49$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $715,000, adding $2,446 every year, while hoping to spend $46,251 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: 67/19/14 Blend
55$715,000$715,000$715,000$715,000
56$790,453$752,558$741,476$840,692
57$821,869$740,223$717,104$862,162
58$854,938$725,733$690,366$879,950
59$889,782$708,934$661,134$898,230
60$926,531$689,662$629,273$917,048
61$965,327$667,745$594,643$936,454
62$1,006,325$643,000$557,098$956,504
63$1,049,694$615,231$516,485$977,264
64$1,095,620$584,235$472,645$998,806
65$1,144,305$549,794$425,410$1,021,211
66$1,195,969$511,678$374,606$1,044,573
67$1,250,853$469,646$320,051$1,068,994
68$1,309,222$423,440$261,554$1,094,590
69$1,371,364$372,790$198,917$1,121,494
70$1,437,595$317,409$131,933$1,149,850
71$1,508,262$256,995$60,386$1,179,824
72$1,583,744$191,227$0$1,211,599
73$1,664,457$119,768$0$1,247,766
74$1,750,856$42,261$0$1,295,952
75$1,843,442$0$0$1,347,420
76$1,942,763$0$0$1,411,208
77$2,049,420$0$0$1,489,226
78$2,164,073$0$0$1,573,125
79$2,287,448$0$0$1,663,439
80$2,420,341$0$0$1,760,757
81$2,563,625$0$0$1,865,721
82$2,718,261$0$0$1,979,041
83$2,885,303$0$0$2,101,495
84$3,065,913$0$0$2,233,937
85$3,261,363$0$0$2,377,309
86$3,473,055$0$0$2,532,643
87$3,702,529$0$0$2,701,076
88$3,951,478$0$0$2,883,857
89$4,221,767$0$0$3,082,361
90$4,515,443$0$0$3,298,099
91$4,834,760$0$0$3,532,735
92$5,182,197$0$0$3,788,098
93$5,560,484$0$0$4,066,201
94$5,972,621$0$0$4,369,260
95$6,421,913$0$0$4,699,712
96$6,911,996$0$0$5,060,241
97$7,446,871$0$0$5,453,801
98$8,030,943$0$0$5,883,643
99$8,669,062$0$0$6,353,345
100$9,366,567$0$0$6,866,849