Can I retire at age 56 with 688,000?

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 $688,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$56,814$56,308$55,815$55,333$54,862$53,471
2 years$28,126$27,602$27,094$26,602$26,125$24,732
3 years$18,564$18,038$17,532$17,044$16,575$15,224
4 years$13,785$13,260$12,759$12,279$11,821$10,523
5 years$10,917$10,396$9,901$9,432$8,986$7,744
6 years$9,007$8,489$8,002$7,543$7,111$5,926
7 years$7,642$7,129$6,649$6,201$5,783$4,656
8 years$6,619$6,111$5,639$5,202$4,797$3,727
9 years$5,824$5,321$4,857$4,431$4,040$3,026
10 years$5,189$4,690$4,235$3,820$3,442$2,483
11 years$4,669$4,175$3,728$3,324$2,961$2,055
12 years$4,236$3,747$3,309$2,916$2,566$1,712
13 years$3,870$3,387$2,956$2,574$2,237$1,434
14 years$3,557$3,078$2,656$2,285$1,961$1,206
15 years$3,285$2,812$2,398$2,038$1,727$1,018
16 years$3,048$2,580$2,174$1,825$1,526$862
17 years$2,839$2,376$1,978$1,639$1,353$732
18 years$2,653$2,196$1,806$1,477$1,203$622
19 years$2,487$2,035$1,653$1,335$1,072$530
20 years$2,338$1,891$1,517$1,209$958$453
21 years$2,204$1,761$1,396$1,097$857$387
22 years$2,081$1,644$1,286$998$768$331
23 years$1,970$1,538$1,188$909$690$283
24 years$1,868$1,441$1,098$829$620$242
25 years$1,774$1,352$1,017$757$558$208
26 years$1,687$1,271$944$692$502$178
27 years$1,607$1,196$876$633$453$153
28 years$1,533$1,127$814$580$409$131
29 years$1,465$1,063$758$532$369$113
30 years$1,400$1,004$706$488$334$97
31 years$1,341$949$658$449$302$83
32 years$1,285$898$614$412$273$72
33 years$1,232$850$573$379$247$62
34 years$1,183$806$536$349$223$53
35 years$1,136$765$501$321$202$45
36 years$1,093$726$469$296$183$39
37 years$1,051$689$439$272$166$34
38 years$1,012$655$411$251$151$29
39 years$976$623$385$232$137$25
40 years$941$593$361$214$124$21
41 years$907$564$338$197$112$18
42 years$876$537$317$182$102$16
43 years$846$512$298$168$93$14
44 years$817$488$279$155$84$12
45 years$790$465$262$143$76$10
46 years$764$444$246$132$69$9
47 years$740$424$232$122$63$7
48 years$716$404$218$113$57$6
49 years$693$386$204$104$52$6
50 years$672$369$192$96$47$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $688,000, adding $6,378 every year, while hoping to spend $52,863 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: 81/9/10 Blend
55$688,000$688,000$688,000$688,000
56$764,755$728,291$717,627$824,966
57$786,514$707,731$685,422$844,797
58$808,721$684,393$650,366$858,953
59$831,365$658,083$612,308$872,914
60$854,434$628,599$571,090$886,633
61$877,912$595,725$526,547$900,058
62$901,778$559,235$478,505$913,133
63$926,010$518,888$426,786$925,795
64$950,580$474,430$371,200$937,977
65$975,454$425,592$311,550$949,604
66$1,000,595$372,091$247,631$960,593
67$1,025,958$313,626$179,229$970,855
68$1,051,492$249,880$106,120$980,292
69$1,077,138$180,518$28,069$988,794
70$1,102,830$105,187$0$996,245
71$1,128,491$23,513$0$1,008,407
72$1,154,034$0$0$1,022,825
73$1,179,361$0$0$1,042,801
74$1,204,362$0$0$1,064,805
75$1,228,910$0$0$1,086,395
76$1,252,867$0$0$1,107,446
77$1,276,073$0$0$1,127,818
78$1,298,351$0$0$1,147,350
79$1,319,504$0$0$1,165,867
80$1,339,309$0$0$1,183,169
81$1,357,519$0$0$1,199,035
82$1,373,856$0$0$1,213,217
83$1,388,013$0$0$1,225,440
84$1,399,645$0$0$1,235,398
85$1,408,370$0$0$1,242,747
86$1,413,764$0$0$1,247,107
87$1,415,352$0$0$1,248,057
88$1,412,610$0$0$1,245,127
89$1,404,954$0$0$1,237,796
90$1,391,738$0$0$1,225,486
91$1,372,243$0$0$1,207,554
92$1,345,673$0$0$1,183,292
93$1,311,148$0$0$1,151,911
94$1,267,690$0$0$1,112,538
95$1,214,218$0$0$1,064,208
96$1,149,533$0$0$1,005,852
97$1,072,313$0$0$936,285
98$981,090$0$0$854,200
99$874,243$0$0$758,148
100$749,980$0$0$646,528