Can I retire at age 56 with 700,000?

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 $700,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$57,805$57,290$56,788$56,298$55,819$55,560
2 years$28,617$28,084$27,567$27,066$26,580$26,319
3 years$18,888$18,353$17,838$17,342$16,864$16,608
4 years$14,025$13,491$12,981$12,494$12,027$11,780
5 years$11,108$10,577$10,074$9,596$9,143$8,904
6 years$9,164$8,637$8,141$7,674$7,235$7,004
7 years$7,776$7,254$6,765$6,309$5,884$5,662
8 years$6,735$6,218$5,738$5,293$4,881$4,668
9 years$5,926$5,414$4,942$4,508$4,111$3,906
10 years$5,279$4,772$4,308$3,886$3,502$3,307
11 years$4,750$4,248$3,793$3,382$3,012$2,825
12 years$4,310$3,813$3,366$2,967$2,610$2,431
13 years$3,938$3,446$3,008$2,619$2,276$2,106
14 years$3,619$3,132$2,702$2,325$1,995$1,833
15 years$3,343$2,861$2,440$2,073$1,757$1,602
16 years$3,101$2,625$2,212$1,857$1,553$1,405
17 years$2,889$2,418$2,013$1,668$1,377$1,237
18 years$2,700$2,234$1,837$1,503$1,224$1,091
19 years$2,531$2,070$1,682$1,358$1,091$965
20 years$2,379$1,924$1,544$1,230$975$856
21 years$2,242$1,792$1,420$1,117$872$760
22 years$2,117$1,673$1,309$1,015$782$675
23 years$2,004$1,565$1,208$925$702$601
24 years$1,900$1,466$1,118$843$631$536
25 years$1,805$1,376$1,035$770$568$478
26 years$1,717$1,293$960$704$511$427
27 years$1,635$1,217$891$645$461$382
28 years$1,560$1,147$829$591$416$342
29 years$1,490$1,082$771$542$376$306
30 years$1,425$1,021$718$497$339$274
31 years$1,364$966$670$456$307$245
32 years$1,307$914$625$419$278$220
33 years$1,254$865$583$386$251$197
34 years$1,203$820$545$355$227$177
35 years$1,156$778$510$327$206$159
36 years$1,112$738$477$301$187$143
37 years$1,070$701$446$277$169$128
38 years$1,030$666$418$256$153$115
39 years$993$634$391$236$139$103
40 years$957$603$367$217$126$93
41 years$923$574$344$201$114$83
42 years$891$547$323$185$104$75
43 years$861$521$303$171$94$67
44 years$832$496$284$158$86$61
45 years$804$473$267$146$78$55
46 years$778$452$251$135$70$49
47 years$753$431$236$124$64$44
48 years$728$411$221$115$58$40
49 years$705$393$208$106$53$36
50 years$683$375$196$98$48$32

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $700,000, adding $2,981 every year, while hoping to spend $51,081 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: 52/42/6 Blend
55$700,000$700,000$700,000$700,000
56$774,475$737,375$726,525$813,497
57$799,122$719,156$696,514$822,076
58$824,570$698,333$663,785$825,585
59$850,849$674,724$628,194$828,168
60$877,986$648,136$589,589$829,748
61$906,012$618,366$547,812$830,244
62$934,959$585,200$502,698$829,568
63$964,859$548,409$454,072$827,629
64$995,747$507,753$401,756$824,329
65$1,027,658$462,978$345,560$819,564
66$1,060,630$413,815$285,287$813,227
67$1,094,702$359,980$220,732$805,201
68$1,129,915$301,172$151,680$795,364
69$1,166,311$237,075$77,906$783,588
70$1,203,936$167,353$0$769,737
71$1,242,837$91,652$0$753,718
72$1,283,062$9,599$0$740,654
73$1,324,665$0$0$725,408
74$1,367,699$0$0$744,431
75$1,412,221$0$0$768,706
76$1,458,293$0$0$793,829
77$1,505,978$0$0$819,837
78$1,555,344$0$0$846,766
79$1,606,461$0$0$874,657
80$1,659,405$0$0$903,549
81$1,714,256$0$0$933,489
82$1,771,097$0$0$964,523
83$1,830,019$0$0$996,700
84$1,891,117$0$0$1,030,074
85$1,954,491$0$0$1,064,702
86$2,020,249$0$0$1,100,642
87$2,088,506$0$0$1,137,959
88$2,159,385$0$0$1,176,722
89$2,233,015$0$0$1,217,003
90$2,309,538$0$0$1,258,882
91$2,389,101$0$0$1,302,440
92$2,471,865$0$0$1,347,769
93$2,558,002$0$0$1,394,965
94$2,647,696$0$0$1,444,131
95$2,741,146$0$0$1,495,378
96$2,838,564$0$0$1,548,827
97$2,940,180$0$0$1,604,607
98$3,046,241$0$0$1,662,857
99$3,157,015$0$0$1,723,728
100$3,272,790$0$0$1,787,383