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%16.9%
1 years$57,805$57,290$56,788$56,298$55,819$54,250
2 years$28,617$28,084$27,567$27,066$26,580$25,011
3 years$18,888$18,353$17,838$17,342$16,864$15,344
4 years$14,025$13,491$12,981$12,494$12,027$10,569
5 years$11,108$10,577$10,074$9,596$9,143$7,749
6 years$9,164$8,637$8,141$7,674$7,235$5,907
7 years$7,776$7,254$6,765$6,309$5,884$4,623
8 years$6,735$6,218$5,738$5,293$4,881$3,686
9 years$5,926$5,414$4,942$4,508$4,111$2,980
10 years$5,279$4,772$4,308$3,886$3,502$2,435
11 years$4,750$4,248$3,793$3,382$3,012$2,006
12 years$4,310$3,813$3,366$2,967$2,610$1,663
13 years$3,938$3,446$3,008$2,619$2,276$1,386
14 years$3,619$3,132$2,702$2,325$1,995$1,160
15 years$3,343$2,861$2,440$2,073$1,757$975
16 years$3,101$2,625$2,212$1,857$1,553$821
17 years$2,889$2,418$2,013$1,668$1,377$694
18 years$2,700$2,234$1,837$1,503$1,224$587
19 years$2,531$2,070$1,682$1,358$1,091$497
20 years$2,379$1,924$1,544$1,230$975$422
21 years$2,242$1,792$1,420$1,117$872$359
22 years$2,117$1,673$1,309$1,015$782$305
23 years$2,004$1,565$1,208$925$702$260
24 years$1,900$1,466$1,118$843$631$221
25 years$1,805$1,376$1,035$770$568$189
26 years$1,717$1,293$960$704$511$161
27 years$1,635$1,217$891$645$461$137
28 years$1,560$1,147$829$591$416$117
29 years$1,490$1,082$771$542$376$100
30 years$1,425$1,021$718$497$339$85
31 years$1,364$966$670$456$307$73
32 years$1,307$914$625$419$278$62
33 years$1,254$865$583$386$251$53
34 years$1,203$820$545$355$227$46
35 years$1,156$778$510$327$206$39
36 years$1,112$738$477$301$187$33
37 years$1,070$701$446$277$169$28
38 years$1,030$666$418$256$153$24
39 years$993$634$391$236$139$21
40 years$957$603$367$217$126$18
41 years$923$574$344$201$114$15
42 years$891$547$323$185$104$13
43 years$861$521$303$171$94$11
44 years$832$496$284$158$86$10
45 years$804$473$267$146$78$8
46 years$778$452$251$135$70$7
47 years$753$431$236$124$64$6
48 years$728$411$221$115$58$5
49 years$705$393$208$106$53$4
50 years$683$375$196$98$48$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $700,000, adding $5,824 every year, while hoping to spend $25,339 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: 58/27/15 Blend
55$700,000$700,000$700,000$700,000
56$777,407$740,307$729,457$819,184
57$829,743$749,622$726,934$857,434
58$886,566$758,544$723,476$895,810
59$948,311$767,027$719,027$937,055
60$1,015,449$775,022$713,525$981,449
61$1,088,503$782,476$706,907$1,029,299
62$1,168,048$789,335$699,105$1,080,949
63$1,254,714$795,538$690,051$1,136,772
64$1,349,197$801,021$679,670$1,197,185
65$1,452,263$805,719$667,886$1,262,646
66$1,564,752$809,558$654,619$1,333,660
67$1,687,593$812,462$639,785$1,410,785
68$1,821,806$814,351$623,296$1,494,636
69$1,968,514$815,138$605,060$1,585,894
70$2,128,954$814,731$584,981$1,685,309
71$2,304,487$813,033$562,958$1,793,706
72$2,496,615$809,942$538,887$1,912,000
73$2,706,986$805,346$512,657$2,041,198
74$2,937,421$799,130$484,153$2,182,412
75$3,189,922$791,171$453,256$2,336,867
76$3,466,693$781,337$419,839$2,505,918
77$3,770,164$769,491$383,772$2,691,056
78$4,103,010$755,485$344,917$2,893,930
79$4,468,177$739,164$303,132$3,116,356
80$4,868,911$720,364$258,267$3,360,339
81$5,308,787$698,908$210,166$3,628,091
82$5,791,742$674,614$158,666$3,922,050
83$6,322,115$647,285$103,596$4,244,908
84$6,904,684$616,715$44,780$4,599,634
85$7,544,713$582,685$0$4,989,501
86$8,248,000$544,964$0$5,420,999
87$9,020,936$503,307$0$5,903,068
88$9,870,558$457,455$0$6,432,958
89$10,804,620$407,135$0$7,015,549
90$11,831,665$352,059$0$7,656,218
91$12,961,105$291,920$0$8,360,894
92$14,203,311$226,397$0$9,136,115
93$15,569,706$155,149$0$9,989,086
94$17,072,881$77,815$0$10,927,750
95$18,726,704$0$0$11,960,866
96$20,546,457$0$0$13,099,864
97$22,548,978$0$0$14,378,768
98$24,752,820$0$0$15,786,316
99$27,178,425$0$0$17,335,573
100$29,848,317$0$0$19,040,934