Can I retire at age 56 with 698,000?

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 $698,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$57,640$57,127$56,626$56,137$55,660$55,216
2 years$28,535$28,003$27,488$26,989$26,505$26,058
3 years$18,834$18,300$17,787$17,292$16,816$16,379
4 years$13,985$13,453$12,944$12,458$11,993$11,570
5 years$11,076$10,547$10,045$9,569$9,117$8,709
6 years$9,137$8,613$8,118$7,652$7,214$6,821
7 years$7,753$7,233$6,746$6,291$5,867$5,490
8 years$6,716$6,200$5,721$5,278$4,867$4,506
9 years$5,909$5,398$4,928$4,495$4,099$3,753
10 years$5,264$4,758$4,296$3,875$3,492$3,162
11 years$4,737$4,236$3,782$3,373$3,004$2,688
12 years$4,298$3,802$3,357$2,958$2,603$2,302
13 years$3,926$3,436$2,999$2,612$2,270$1,983
14 years$3,608$3,123$2,695$2,318$1,990$1,717
15 years$3,333$2,853$2,433$2,067$1,752$1,493
16 years$3,092$2,618$2,206$1,851$1,548$1,303
17 years$2,880$2,411$2,007$1,663$1,373$1,140
18 years$2,692$2,228$1,832$1,499$1,221$1,001
19 years$2,524$2,064$1,677$1,354$1,088$880
20 years$2,372$1,918$1,539$1,227$972$775
21 years$2,236$1,787$1,416$1,113$870$684
22 years$2,111$1,668$1,305$1,012$780$605
23 years$1,998$1,560$1,205$922$700$535
24 years$1,895$1,462$1,114$841$629$474
25 years$1,800$1,372$1,032$768$566$421
26 years$1,712$1,289$957$702$510$373
27 years$1,631$1,213$889$643$460$332
28 years$1,556$1,143$826$589$415$295
29 years$1,486$1,079$769$540$374$262
30 years$1,421$1,019$716$496$338$233
31 years$1,360$963$668$455$306$208
32 years$1,303$911$623$418$277$185
33 years$1,250$863$582$385$250$165
34 years$1,200$818$544$354$227$147
35 years$1,153$776$508$326$205$131
36 years$1,109$736$475$300$186$117
37 years$1,067$699$445$276$169$104
38 years$1,027$664$417$255$153$93
39 years$990$632$390$235$139$83
40 years$954$601$366$217$126$74
41 years$921$572$343$200$114$66
42 years$889$545$322$185$104$59
43 years$858$519$302$170$94$53
44 years$829$495$283$157$85$47
45 years$802$472$266$145$77$42
46 years$775$450$250$134$70$37
47 years$750$430$235$124$64$33
48 years$726$410$221$115$58$30
49 years$703$392$207$106$53$27
50 years$681$374$195$98$48$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $698,000, adding $4,207 every year, while hoping to spend $24,125 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: 47/29/24 Blend
55$698,000$698,000$698,000$698,000
56$773,536$736,542$725,723$804,412
57$826,767$746,963$724,365$836,923
58$884,620$757,087$722,154$869,475
59$947,540$766,873$719,035$904,326
60$1,016,017$776,278$714,951$941,701
61$1,090,592$785,256$709,843$981,853
62$1,171,858$793,760$703,648$1,025,058
63$1,260,469$801,735$696,301$1,071,624
64$1,357,144$809,127$687,735$1,121,888
65$1,462,675$815,877$677,877$1,176,226
66$1,577,935$821,922$666,652$1,235,051
67$1,703,882$827,194$653,983$1,298,820
68$1,841,573$831,621$639,786$1,368,038
69$1,992,171$835,128$623,976$1,443,264
70$2,156,957$837,634$606,464$1,525,115
71$2,337,341$839,053$587,155$1,614,270
72$2,534,876$839,292$565,951$1,711,482
73$2,751,272$838,257$542,749$1,817,583
74$2,988,412$835,842$517,442$1,933,489
75$3,248,371$831,939$489,917$2,060,213
76$3,533,433$826,431$460,057$2,198,875
77$3,846,113$819,197$427,739$2,350,710
78$4,189,183$810,104$392,835$2,517,082
79$4,565,695$799,015$355,211$2,699,496
80$4,979,012$785,783$314,726$2,899,614
81$5,432,838$770,252$271,236$3,119,272
82$5,931,251$752,258$224,586$3,360,495
83$6,478,747$731,627$174,618$3,625,518
84$7,080,276$708,174$121,165$3,916,808
85$7,741,293$681,704$64,053$4,237,088
86$8,467,808$652,009$3,101$4,589,362
87$9,266,439$618,873$0$4,976,946
88$10,144,480$582,062$0$5,419,361
89$11,109,967$541,333$0$5,906,659
90$12,171,752$496,426$0$6,442,551
91$13,339,589$447,070$0$7,032,005
92$14,624,224$392,973$0$7,680,500
93$16,037,498$333,832$0$8,394,074
94$17,592,457$269,324$0$9,179,386
95$19,303,474$199,107$0$10,043,776
96$21,186,387$122,822$0$10,995,339
97$23,258,647$40,089$0$12,042,995
98$25,539,482$0$0$13,196,581
99$28,050,078$0$0$14,482,736
100$30,813,781$0$0$15,912,734