Can I retire at age 56 with 689,000?

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 $689,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$56,897$56,390$55,896$55,413$54,942$54,550
2 years$28,167$27,642$27,134$26,641$26,163$25,768
3 years$18,591$18,065$17,557$17,069$16,599$16,212
4 years$13,805$13,279$12,777$12,297$11,838$11,464
5 years$10,933$10,411$9,916$9,446$8,999$8,638
6 years$9,020$8,501$8,013$7,554$7,121$6,773
7 years$7,653$7,140$6,659$6,210$5,791$5,457
8 years$6,629$6,120$5,647$5,210$4,804$4,484
9 years$5,833$5,328$4,864$4,437$4,046$3,739
10 years$5,196$4,697$4,241$3,825$3,447$3,154
11 years$4,676$4,181$3,733$3,329$2,965$2,685
12 years$4,242$3,753$3,313$2,920$2,569$2,302
13 years$3,876$3,392$2,960$2,578$2,240$1,986
14 years$3,562$3,083$2,660$2,288$1,964$1,722
15 years$3,290$2,816$2,401$2,041$1,729$1,499
16 years$3,053$2,584$2,177$1,827$1,528$1,310
17 years$2,843$2,380$1,981$1,642$1,355$1,148
18 years$2,657$2,199$1,809$1,480$1,205$1,009
19 years$2,491$2,038$1,656$1,337$1,074$888
20 years$2,342$1,894$1,519$1,211$959$784
21 years$2,207$1,764$1,398$1,099$858$693
22 years$2,084$1,647$1,288$999$769$613
23 years$1,973$1,540$1,189$910$691$544
24 years$1,870$1,443$1,100$830$621$482
25 years$1,776$1,354$1,019$758$559$428
26 years$1,690$1,273$945$693$503$381
27 years$1,610$1,198$877$634$454$339
28 years$1,536$1,129$816$581$409$302
29 years$1,467$1,065$759$533$370$269
30 years$1,403$1,005$707$489$334$240
31 years$1,343$950$659$449$302$214
32 years$1,286$899$615$413$273$191
33 years$1,234$852$574$380$247$170
34 years$1,185$807$537$349$224$152
35 years$1,138$766$502$322$203$136
36 years$1,094$727$469$296$184$121
37 years$1,053$690$439$273$166$108
38 years$1,014$656$411$252$151$97
39 years$977$624$385$232$137$86
40 years$942$593$361$214$124$77
41 years$909$565$339$197$113$69
42 years$877$538$318$182$102$62
43 years$847$513$298$168$93$55
44 years$819$489$280$155$84$49
45 years$791$466$263$143$76$44
46 years$765$444$247$132$69$40
47 years$741$424$232$122$63$35
48 years$717$405$218$113$57$32
49 years$694$387$205$104$52$28
50 years$673$369$193$97$47$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $689,000, adding $4,075 every year, while hoping to spend $28,499 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: 83/12/5 Blend
55$689,000$689,000$689,000$689,000
56$763,481$726,964$716,285$826,463
57$811,034$732,263$709,958$873,481
58$862,481$736,866$702,463$920,818
59$918,191$740,709$693,733$971,897
60$978,567$743,725$683,693$1,027,075
61$1,044,053$745,839$672,269$1,086,745
62$1,115,138$746,976$659,381$1,151,340
63$1,192,358$747,054$644,946$1,221,337
64$1,276,303$745,984$628,877$1,297,259
65$1,367,624$743,676$611,083$1,379,686
66$1,467,036$740,030$591,468$1,469,255
67$1,575,325$734,943$569,934$1,566,666
68$1,693,357$728,304$546,375$1,672,692
69$1,822,085$719,997$520,684$1,788,185
70$1,962,558$709,896$492,747$1,914,082
71$2,115,929$697,871$462,444$2,051,417
72$2,283,469$683,783$429,652$2,201,327
73$2,466,577$667,483$394,240$2,365,068
74$2,666,794$648,815$356,072$2,544,020
75$2,885,815$627,614$315,008$2,739,708
76$3,125,506$603,706$270,899$2,953,809
77$3,387,924$576,904$223,591$3,188,173
78$3,675,333$547,012$172,922$3,444,836
79$3,990,225$513,824$118,723$3,726,046
80$4,335,346$477,120$60,819$4,034,277
81$4,713,721$436,669$0$4,372,255
82$5,128,679$392,224$0$4,743,040
83$5,583,889$343,527$0$5,153,356
84$6,083,391$290,306$0$5,603,618
85$6,631,635$232,269$0$6,097,859
86$7,233,524$169,113$0$6,640,525
87$7,894,458$100,514$0$7,236,515
88$8,620,385$26,131$0$7,891,226
89$9,417,859$0$0$8,610,608
90$10,294,098$0$0$9,408,399
91$11,257,056$0$0$10,288,950
92$12,315,493$0$0$11,256,827
93$13,479,062$0$0$12,320,856
94$14,758,399$0$0$13,490,765
95$16,165,219$0$0$14,777,270
96$17,712,430$0$0$16,192,178
97$19,414,256$0$0$17,748,496
98$21,286,365$0$0$19,460,557
99$23,346,022$0$0$21,344,153
100$25,612,251$0$0$23,416,682