Can I retire at age 56 with 691,000?

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 $691,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$57,062$56,554$56,058$55,574$55,101$53,857
2 years$28,249$27,722$27,213$26,718$26,239$24,992
3 years$18,645$18,117$17,608$17,119$16,647$15,436
4 years$13,845$13,318$12,814$12,333$11,873$10,707
5 years$10,965$10,441$9,944$9,473$9,025$7,909
6 years$9,046$8,526$8,037$7,576$7,142$6,075
7 years$7,676$7,160$6,678$6,228$5,808$4,792
8 years$6,648$6,138$5,664$5,225$4,818$3,852
9 years$5,850$5,344$4,878$4,450$4,058$3,141
10 years$5,211$4,710$4,253$3,836$3,457$2,589
11 years$4,689$4,193$3,744$3,339$2,973$2,152
12 years$4,255$3,764$3,323$2,928$2,577$1,801
13 years$3,887$3,401$2,969$2,585$2,247$1,515
14 years$3,572$3,092$2,668$2,295$1,970$1,281
15 years$3,300$2,824$2,408$2,047$1,734$1,086
16 years$3,061$2,591$2,184$1,833$1,533$924
17 years$2,851$2,386$1,987$1,647$1,359$789
18 years$2,665$2,205$1,814$1,484$1,208$674
19 years$2,498$2,044$1,660$1,341$1,077$578
20 years$2,348$1,899$1,524$1,214$962$495
21 years$2,213$1,769$1,402$1,102$861$426
22 years$2,090$1,651$1,292$1,002$772$366
23 years$1,978$1,544$1,193$913$693$315
24 years$1,876$1,447$1,103$832$623$271
25 years$1,782$1,358$1,022$760$560$234
26 years$1,695$1,276$948$695$505$202
27 years$1,614$1,201$880$636$455$174
28 years$1,540$1,132$818$583$411$150
29 years$1,471$1,068$761$535$371$130
30 years$1,407$1,008$709$491$335$112
31 years$1,346$953$661$451$303$97
32 years$1,290$902$617$414$274$84
33 years$1,237$854$576$381$248$72
34 years$1,188$810$538$350$224$63
35 years$1,141$768$503$323$203$54
36 years$1,097$729$471$297$184$47
37 years$1,056$692$440$274$167$41
38 years$1,017$658$412$252$151$35
39 years$980$626$386$233$137$30
40 years$945$595$362$215$124$26
41 years$911$567$340$198$113$23
42 years$880$540$319$183$102$20
43 years$850$514$299$169$93$17
44 years$821$490$281$156$84$15
45 years$794$467$264$144$77$13
46 years$768$446$247$133$70$11
47 years$743$425$233$123$63$10
48 years$719$406$218$113$57$8
49 years$696$388$205$105$52$7
50 years$675$370$193$97$47$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $691,000, adding $5,699 every year, while hoping to spend $46,723 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: 78/6/16 Blend
55$691,000$691,000$691,000$691,000
56$767,361$730,738$720,027$824,132
57$795,918$716,831$694,435$848,456
58$825,823$700,677$666,420$868,650
59$857,163$682,116$635,851$889,507
60$890,033$660,979$602,591$911,077
61$924,538$637,088$566,499$933,415
62$960,789$610,253$527,425$956,580
63$998,909$580,276$485,213$980,641
64$1,039,031$546,942$439,702$1,005,670
65$1,081,300$510,030$390,719$1,031,751
66$1,125,873$469,303$338,089$1,058,974
67$1,172,923$424,509$281,626$1,087,442
68$1,222,636$375,385$221,136$1,117,267
69$1,275,218$321,652$156,416$1,148,573
70$1,330,891$263,013$87,257$1,181,500
71$1,389,899$199,158$13,437$1,216,201
72$1,452,508$129,757$0$1,252,846
73$1,519,010$54,461$0$1,302,780
74$1,589,723$0$0$1,358,229
75$1,664,996$0$0$1,418,962
76$1,745,210$0$0$1,487,527
77$1,830,782$0$0$1,560,685
78$1,922,171$0$0$1,638,831
79$2,019,879$0$0$1,722,394
80$2,124,454$0$0$1,811,848
81$2,236,501$0$0$1,907,710
82$2,356,679$0$0$2,010,548
83$2,485,716$0$0$2,120,985
84$2,624,407$0$0$2,239,706
85$2,773,627$0$0$2,367,461
86$2,934,335$0$0$2,505,075
87$3,107,587$0$0$2,653,454
88$3,294,539$0$0$2,813,594
89$3,496,465$0$0$2,986,586
90$3,714,762$0$0$3,173,632
91$3,950,968$0$0$3,376,053
92$4,206,772$0$0$3,595,301
93$4,484,031$0$0$3,832,971
94$4,784,788$0$0$4,090,818
95$5,111,289$0$0$4,370,772
96$5,466,005$0$0$4,674,957
97$5,851,652$0$0$5,005,707
98$6,271,221$0$0$5,365,591
99$6,728,001$0$0$5,757,436
100$7,225,612$0$0$6,184,353