Can I retire at age 71 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.7%
1 years$58,136$57,618$57,113$56,619$56,138$53,953
2 years$28,780$28,244$27,725$27,221$26,732$24,558
3 years$18,996$18,458$17,940$17,441$16,960$14,864
4 years$14,105$13,568$13,055$12,565$12,096$10,094
5 years$11,171$10,638$10,132$9,651$9,195$7,293
6 years$9,216$8,687$8,188$7,718$7,276$5,475
7 years$7,820$7,295$6,804$6,345$5,917$4,216
8 years$6,773$6,253$5,770$5,323$4,909$3,306
9 years$5,960$5,444$4,970$4,534$4,134$2,628
10 years$5,309$4,799$4,333$3,908$3,522$2,109
11 years$4,777$4,272$3,815$3,401$3,029$1,707
12 years$4,335$3,835$3,385$2,984$2,625$1,389
13 years$3,960$3,465$3,025$2,634$2,289$1,136
14 years$3,639$3,150$2,718$2,338$2,007$933
15 years$3,362$2,877$2,454$2,085$1,767$768
16 years$3,119$2,640$2,225$1,867$1,562$634
17 years$2,905$2,431$2,024$1,678$1,385$525
18 years$2,715$2,247$1,848$1,512$1,231$435
19 years$2,545$2,082$1,692$1,366$1,097$361
20 years$2,393$1,935$1,553$1,237$980$300
21 years$2,255$1,802$1,428$1,123$877$249
22 years$2,130$1,682$1,316$1,021$786$207
23 years$2,015$1,573$1,215$930$706$173
24 years$1,911$1,474$1,124$848$634$144
25 years$1,815$1,384$1,041$774$571$120
26 years$1,727$1,300$965$708$514$100
27 years$1,645$1,224$897$648$464$83
28 years$1,569$1,153$833$594$418$70
29 years$1,499$1,088$776$545$378$58
30 years$1,433$1,027$722$500$341$48
31 years$1,372$971$673$459$309$40
32 years$1,314$919$628$422$279$34
33 years$1,261$870$587$388$253$28
34 years$1,210$825$548$357$229$24
35 years$1,163$782$513$329$207$20
36 years$1,118$743$479$303$188$16
37 years$1,076$705$449$279$170$14
38 years$1,036$670$420$257$154$11
39 years$998$637$394$237$140$10
40 years$962$606$369$219$127$8
41 years$929$577$346$202$115$7
42 years$896$550$325$186$104$6
43 years$866$524$305$172$95$5
44 years$836$499$286$159$86$4
45 years$809$476$268$146$78$3
46 years$782$454$252$135$71$3
47 years$757$433$237$125$64$2
48 years$733$414$223$116$58$2
49 years$709$395$209$107$53$2
50 years$687$377$197$99$48$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $704,000, adding $4,499 every year, while hoping to spend $25,475 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: 65/7/28 Blend
70$704,000$704,000$704,000$704,000
71$780,449$743,137$732,225$825,128
72$832,949$752,445$729,649$865,184
73$889,951$761,356$726,133$905,719
74$951,886$769,823$721,619$949,468
75$1,019,231$777,796$716,045$996,751
76$1,092,507$785,223$709,347$1,047,920
77$1,172,291$792,047$701,459$1,103,364
78$1,259,216$798,208$692,309$1,163,512
79$1,353,978$803,643$681,824$1,228,836
80$1,457,346$808,283$669,927$1,299,861
81$1,570,163$812,057$656,537$1,377,160
82$1,693,358$814,887$641,570$1,461,371
83$1,827,955$816,691$624,937$1,553,194
84$1,975,081$817,382$606,546$1,653,404
85$2,135,974$816,869$586,300$1,762,853
86$2,312,000$815,052$564,098$1,882,484
87$2,504,663$811,829$539,835$2,013,335
88$2,715,618$807,088$513,398$2,156,551
89$2,946,688$800,712$484,674$2,313,397
90$3,199,881$792,578$453,541$2,485,267
91$3,477,407$782,553$419,873$2,673,698
92$3,781,702$770,497$383,538$2,880,386
93$4,115,447$756,263$344,399$3,107,202
94$4,481,597$739,694$302,310$3,356,208
95$4,883,404$720,623$257,122$3,629,680
96$5,324,454$698,876$208,678$3,930,126
97$5,808,693$674,266$156,814$4,260,313
98$6,340,471$646,596$101,358$4,623,293
99$6,924,578$615,658$42,132$5,022,429
100$7,566,291$581,232$0$5,461,432