Can I retire at age 56 with 694,000?

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 $694,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$57,310$56,799$56,301$55,815$55,341$54,694
2 years$28,371$27,843$27,331$26,834$26,353$25,702
3 years$18,726$18,196$17,685$17,193$16,719$16,085
4 years$13,905$13,376$12,870$12,387$11,924$11,311
5 years$11,013$10,487$9,988$9,514$9,065$8,474
6 years$9,085$8,563$8,072$7,608$7,173$6,605
7 years$7,709$7,191$6,707$6,255$5,833$5,289
8 years$6,677$6,164$5,688$5,247$4,839$4,319
9 years$5,875$5,367$4,899$4,470$4,075$3,578
10 years$5,234$4,731$4,271$3,853$3,472$2,998
11 years$4,710$4,212$3,761$3,353$2,986$2,535
12 years$4,273$3,780$3,337$2,941$2,588$2,159
13 years$3,904$3,416$2,982$2,597$2,257$1,849
14 years$3,588$3,105$2,679$2,305$1,978$1,591
15 years$3,314$2,837$2,419$2,056$1,742$1,375
16 years$3,075$2,603$2,193$1,841$1,539$1,193
17 years$2,864$2,397$1,996$1,654$1,365$1,037
18 years$2,676$2,215$1,822$1,490$1,214$904
19 years$2,509$2,053$1,668$1,347$1,082$790
20 years$2,359$1,907$1,531$1,220$966$692
21 years$2,223$1,777$1,408$1,107$865$606
22 years$2,099$1,658$1,297$1,006$775$532
23 years$1,987$1,551$1,198$917$696$468
24 years$1,884$1,453$1,108$836$625$412
25 years$1,789$1,364$1,026$763$563$363
26 years$1,702$1,282$952$698$507$320
27 years$1,621$1,206$884$639$457$282
28 years$1,547$1,137$822$585$412$249
29 years$1,477$1,072$765$537$372$220
30 years$1,413$1,013$712$493$336$194
31 years$1,352$957$664$453$304$171
32 years$1,296$906$619$416$275$152
33 years$1,243$858$578$382$249$134
34 years$1,193$813$540$352$225$119
35 years$1,146$771$505$324$204$105
36 years$1,102$732$473$298$185$93
37 years$1,061$695$442$275$168$82
38 years$1,021$661$414$253$152$73
39 years$984$628$388$234$138$64
40 years$949$598$364$215$125$57
41 years$915$569$341$199$113$51
42 years$884$542$320$183$103$45
43 years$853$516$300$169$93$40
44 years$825$492$282$156$85$35
45 years$797$469$265$144$77$31
46 years$771$448$249$133$70$28
47 years$746$427$234$123$63$24
48 years$722$408$219$114$58$22
49 years$699$389$206$105$52$19
50 years$678$372$194$97$48$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $694,000, adding $5,157 every year, while hoping to spend $28,944 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: 52/33/15 Blend
55$694,000$694,000$694,000$694,000
56$770,107$733,325$722,568$806,779
57$817,862$738,462$715,978$837,582
58$869,518$742,881$708,197$867,578
59$925,442$746,515$699,155$899,555
60$986,038$749,295$688,778$933,709
61$1,051,750$751,147$676,988$970,257
62$1,123,066$751,991$663,705$1,009,439
63$1,200,524$751,744$648,844$1,051,521
64$1,284,715$750,316$632,318$1,096,795
65$1,376,287$747,613$614,032$1,145,589
66$1,475,957$743,534$593,890$1,198,261
67$1,584,510$737,973$571,791$1,255,211
68$1,702,813$730,817$547,629$1,316,879
69$1,831,818$721,945$521,293$1,383,751
70$1,972,575$711,232$492,667$1,456,369
71$2,126,237$698,541$461,631$1,535,326
72$2,294,075$683,731$428,057$1,621,284
73$2,477,487$666,651$391,814$1,714,970
74$2,678,015$647,141$352,764$1,817,191
75$2,897,352$625,031$310,761$1,928,837
76$3,137,367$600,142$265,656$2,050,892
77$3,400,114$572,285$217,292$2,184,446
78$3,687,858$541,259$165,503$2,330,700
79$4,003,091$506,852$110,119$2,490,983
80$4,348,559$468,840$50,961$2,666,762
81$4,727,284$426,986$0$2,859,660
82$5,142,598$381,039$0$3,073,416
83$5,598,167$330,734$0$3,316,891
84$6,098,031$275,792$0$3,584,139
85$6,646,641$215,916$0$3,877,605
86$7,248,897$150,794$0$4,199,992
87$7,910,198$80,097$0$4,554,278
88$8,636,492$3,475$0$4,943,751
89$9,434,332$0$0$5,372,038
90$10,310,933$0$0$5,871,987
91$11,274,249$0$0$6,422,852
92$12,333,038$0$0$7,028,392
93$13,496,951$0$0$7,694,134
94$14,776,621$0$0$8,426,171
95$16,183,760$0$0$9,231,214
96$17,731,276$0$0$10,116,656
97$19,433,387$0$0$11,090,645
98$21,305,758$0$0$12,162,157
99$23,365,652$0$0$13,341,082
100$25,632,087$0$0$14,638,315