Can I retire at age 71 with 692,000?

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 $692,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$57,145$56,636$56,139$55,654$55,181$54,696
2 years$28,289$27,763$27,252$26,757$26,277$25,788
3 years$18,672$18,143$17,634$17,143$16,671$16,194
4 years$13,865$13,337$12,833$12,351$11,890$11,428
5 years$10,981$10,456$9,959$9,487$9,039$8,593
6 years$9,059$8,539$8,048$7,587$7,152$6,723
7 years$7,687$7,171$6,688$6,237$5,816$5,405
8 years$6,658$6,147$5,672$5,232$4,825$4,431
9 years$5,858$5,352$4,885$4,457$4,064$3,686
10 years$5,219$4,717$4,259$3,842$3,462$3,102
11 years$4,696$4,199$3,750$3,344$2,978$2,634
12 years$4,261$3,769$3,328$2,933$2,580$2,253
13 years$3,893$3,406$2,973$2,589$2,250$1,938
14 years$3,577$3,096$2,671$2,298$1,973$1,676
15 years$3,304$2,828$2,412$2,050$1,737$1,455
16 years$3,066$2,595$2,187$1,835$1,535$1,268
17 years$2,856$2,390$1,990$1,649$1,361$1,108
18 years$2,669$2,208$1,816$1,486$1,210$971
19 years$2,502$2,047$1,663$1,343$1,079$853
20 years$2,352$1,902$1,526$1,216$963$750
21 years$2,216$1,772$1,404$1,104$862$661
22 years$2,093$1,654$1,294$1,004$773$584
23 years$1,981$1,547$1,195$914$694$516
24 years$1,878$1,449$1,105$834$624$456
25 years$1,784$1,360$1,023$761$561$404
26 years$1,697$1,278$949$696$505$358
27 years$1,617$1,203$881$637$456$317
28 years$1,542$1,133$819$584$411$282
29 years$1,473$1,069$762$535$371$250
30 years$1,409$1,010$710$491$335$222
31 years$1,348$955$662$451$303$198
32 years$1,292$903$618$415$274$176
33 years$1,239$855$577$381$248$156
34 years$1,190$811$539$351$225$139
35 years$1,143$769$504$323$204$124
36 years$1,099$730$471$297$184$110
37 years$1,058$693$441$274$167$98
38 years$1,018$659$413$253$152$87
39 years$981$626$387$233$137$78
40 years$946$596$363$215$125$69
41 years$913$567$340$198$113$62
42 years$881$540$319$183$103$55
43 years$851$515$299$169$93$49
44 years$822$491$281$156$85$44
45 years$795$468$264$144$77$39
46 years$769$446$248$133$70$35
47 years$744$426$233$123$63$31
48 years$720$407$219$114$57$28
49 years$697$388$206$105$52$25
50 years$676$371$193$97$47$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $692,000, adding $6,189 every year, while hoping to spend $33,854 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: 40/38/22 Blend
70$692,000$692,000$692,000$692,000
71$768,968$732,292$721,566$794,503
72$811,382$732,154$709,718$813,283
73$856,988$730,874$696,339$829,910
74$906,076$728,362$681,340$847,214
75$958,963$724,519$664,633$865,276
76$1,015,999$719,242$646,120$884,189
77$1,077,568$712,423$625,703$904,053
78$1,144,093$703,944$603,276$924,987
79$1,216,036$693,683$578,732$947,120
80$1,293,908$681,510$551,955$970,599
81$1,378,269$667,286$522,828$995,590
82$1,469,734$650,865$491,225$1,022,277
83$1,568,982$632,092$457,015$1,050,867
84$1,676,757$610,803$420,064$1,081,593
85$1,793,878$586,825$380,229$1,114,715
86$1,921,248$559,974$337,361$1,150,523
87$2,059,859$530,056$291,306$1,189,342
88$2,210,801$496,865$241,901$1,231,534
89$2,375,275$460,183$188,977$1,277,503
90$2,554,603$419,783$132,358$1,327,701
91$2,750,240$375,419$71,859$1,382,631
92$2,963,786$326,837$7,288$1,442,851
93$3,197,004$273,764$0$1,508,986
94$3,451,834$215,914$0$1,596,193
95$3,730,412$152,985$0$1,693,544
96$4,035,090$84,656$0$1,800,237
97$4,368,456$10,591$0$1,917,278
98$4,733,362$0$0$2,045,780
99$5,132,947$0$0$2,216,067
100$5,570,668$0$0$2,407,549