Can I retire at age 56 with 718,000?

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 $718,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$59,292$58,764$58,248$57,745$57,254$56,352
2 years$29,352$28,806$28,276$27,762$27,264$26,357
3 years$19,374$18,825$18,296$17,788$17,297$16,415
4 years$14,386$13,838$13,315$12,815$12,337$11,485
5 years$11,393$10,849$10,333$9,843$9,378$8,559
6 years$9,399$8,859$8,351$7,872$7,421$6,636
7 years$7,975$7,440$6,939$6,472$6,035$5,284
8 years$6,908$6,377$5,885$5,429$5,007$4,290
9 years$6,078$5,553$5,069$4,624$4,216$3,533
10 years$5,415$4,894$4,419$3,986$3,592$2,943
11 years$4,872$4,357$3,891$3,469$3,090$2,472
12 years$4,421$3,911$3,453$3,043$2,677$2,092
13 years$4,039$3,534$3,085$2,686$2,335$1,780
14 years$3,712$3,213$2,772$2,385$2,047$1,522
15 years$3,429$2,935$2,503$2,127$1,802$1,306
16 years$3,181$2,693$2,269$1,904$1,593$1,125
17 years$2,963$2,480$2,065$1,711$1,412$972
18 years$2,769$2,291$1,885$1,542$1,256$841
19 years$2,596$2,124$1,725$1,393$1,119$730
20 years$2,440$1,973$1,583$1,262$1,000$634
21 years$2,300$1,838$1,456$1,145$895$552
22 years$2,172$1,716$1,342$1,041$802$481
23 years$2,056$1,605$1,239$948$720$419
24 years$1,949$1,504$1,146$865$647$366
25 years$1,851$1,411$1,062$790$582$320
26 years$1,761$1,326$985$722$524$280
27 years$1,678$1,248$914$661$473$245
28 years$1,600$1,176$850$606$427$214
29 years$1,528$1,109$791$555$385$188
30 years$1,462$1,048$737$510$348$164
31 years$1,399$990$687$468$315$144
32 years$1,341$937$641$430$285$126
33 years$1,286$888$598$396$258$111
34 years$1,234$841$559$364$233$97
35 years$1,186$798$523$335$211$85
36 years$1,140$757$489$309$191$75
37 years$1,097$719$458$284$173$66
38 years$1,057$684$429$262$157$58
39 years$1,018$650$402$242$143$51
40 years$982$618$376$223$129$44
41 years$947$589$353$206$117$39
42 years$914$561$331$190$106$34
43 years$883$534$311$175$97$30
44 years$853$509$292$162$88$26
45 years$825$486$274$149$80$23
46 years$798$463$257$138$72$20
47 years$772$442$242$128$66$18
48 years$747$422$227$118$60$16
49 years$724$403$213$109$54$14
50 years$701$385$201$101$49$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $718,000, adding $2,744 every year, while hoping to spend $32,524 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: 80/7/13 Blend
55$718,000$718,000$718,000$718,000
56$794,066$756,012$744,883$855,389
57$840,456$758,452$735,232$898,514
58$890,487$759,921$724,167$941,340
59$944,497$760,337$711,606$987,399
60$1,002,856$759,614$697,466$1,036,999
61$1,065,972$757,659$681,655$1,090,481
62$1,134,291$754,374$664,080$1,148,219
63$1,208,305$749,656$644,644$1,210,626
64$1,288,557$743,393$623,244$1,278,158
65$1,375,639$735,469$599,772$1,351,316
66$1,470,207$725,760$574,117$1,430,652
67$1,572,980$714,134$546,162$1,516,775
68$1,684,749$700,451$515,784$1,610,358
69$1,806,385$684,565$482,854$1,712,139
70$1,938,847$666,319$447,240$1,822,934
71$2,083,189$645,548$408,802$1,943,641
72$2,240,570$622,076$367,393$2,075,252
73$2,412,269$595,719$322,861$2,218,858
74$2,599,690$566,279$275,047$2,375,663
75$2,804,382$533,550$223,784$2,546,994
76$3,028,047$497,312$168,899$2,734,312
77$3,272,561$457,333$110,211$2,939,231
78$3,539,988$413,369$47,529$3,163,526
79$3,832,603$365,160$0$3,409,157
80$4,152,907$312,431$0$3,680,969
81$4,503,658$254,895$0$3,985,866
82$4,887,891$192,244$0$4,319,902
83$5,308,948$124,157$0$4,686,000
84$5,770,512$50,292$0$5,087,381
85$6,276,637$0$0$5,527,593
86$6,831,789$0$0$6,012,834
87$7,440,887$0$0$6,549,497
88$8,109,350$0$0$7,138,486
89$8,843,144$0$0$7,785,062
90$9,648,844$0$0$8,495,019
91$10,533,693$0$0$9,274,743
92$11,505,667$0$0$10,131,264
93$12,573,555$0$0$11,072,332
94$13,747,038$0$0$12,106,481
95$15,036,782$0$0$13,243,113
96$16,454,538$0$0$14,492,587
97$18,013,251$0$0$15,866,316
98$19,727,184$0$0$17,376,873
99$21,612,051$0$0$19,038,111
100$23,685,163$0$0$20,865,292