Can I retire at age 56 with 703,000?

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 $703,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$58,053$57,536$57,031$56,539$56,058$54,859
2 years$28,739$28,204$27,685$27,182$26,694$25,492
3 years$18,969$18,432$17,914$17,416$16,936$15,768
4 years$14,085$13,549$13,037$12,547$12,079$10,954
5 years$11,155$10,623$10,117$9,637$9,182$8,104
6 years$9,203$8,674$8,176$7,707$7,266$6,235
7 years$7,809$7,285$6,794$6,336$5,909$4,927
8 years$6,764$6,244$5,762$5,316$4,902$3,967
9 years$5,951$5,437$4,963$4,528$4,128$3,240
10 years$5,302$4,792$4,327$3,903$3,517$2,676
11 years$4,771$4,266$3,809$3,397$3,025$2,228
12 years$4,328$3,829$3,381$2,979$2,621$1,868
13 years$3,954$3,460$3,020$2,630$2,286$1,575
14 years$3,634$3,145$2,714$2,335$2,004$1,334
15 years$3,357$2,873$2,450$2,082$1,764$1,134
16 years$3,115$2,636$2,221$1,864$1,559$967
17 years$2,901$2,428$2,021$1,675$1,383$827
18 years$2,711$2,244$1,845$1,510$1,229$709
19 years$2,542$2,079$1,689$1,364$1,096$608
20 years$2,389$1,932$1,550$1,236$979$523
21 years$2,252$1,800$1,426$1,121$876$450
22 years$2,127$1,680$1,314$1,020$785$388
23 years$2,013$1,571$1,214$928$705$335
24 years$1,908$1,472$1,122$847$633$289
25 years$1,812$1,382$1,039$773$570$250
26 years$1,724$1,298$964$707$513$216
27 years$1,643$1,222$895$647$463$187
28 years$1,567$1,151$832$593$418$162
29 years$1,497$1,086$774$544$377$140
30 years$1,431$1,026$721$499$341$121
31 years$1,370$970$673$458$308$105
32 years$1,313$918$627$421$279$91
33 years$1,259$869$586$387$252$79
34 years$1,209$824$547$356$228$68
35 years$1,161$781$512$328$207$59
36 years$1,117$741$479$302$187$51
37 years$1,074$704$448$278$170$45
38 years$1,035$669$420$257$154$39
39 years$997$636$393$237$140$34
40 years$961$605$369$218$127$29
41 years$927$576$346$201$115$25
42 years$895$549$324$186$104$22
43 years$864$523$304$172$95$19
44 years$835$499$286$158$86$17
45 years$807$475$268$146$78$14
46 years$781$454$252$135$71$12
47 years$756$433$237$125$64$11
48 years$732$413$222$115$58$9
49 years$708$395$209$107$53$8
50 years$686$377$196$99$48$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $703,000, adding $6,177 every year, while hoping to spend $37,868 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: 88/7/5 Blend
55$703,000$703,000$703,000$703,000
56$781,078$743,819$732,922$849,346
57$820,456$739,974$717,184$890,865
58$862,582$734,673$699,649$930,542
59$907,696$727,802$680,218$972,907
60$956,061$719,244$658,785$1,018,202
61$1,007,967$708,875$635,241$1,066,691
62$1,063,729$696,560$609,472$1,118,668
63$1,123,698$682,159$581,358$1,174,454
64$1,188,255$665,525$550,773$1,234,401
65$1,257,819$646,498$517,586$1,298,900
66$1,332,853$624,912$481,661$1,368,377
67$1,413,862$600,591$442,855$1,443,305
68$1,501,403$573,348$401,018$1,524,201
69$1,596,089$542,984$355,995$1,611,636
70$1,698,591$509,291$307,621$1,706,239
71$1,809,648$472,048$255,728$1,808,702
72$1,930,075$431,020$200,137$1,919,788
73$2,060,764$385,962$140,663$2,040,334
74$2,202,698$336,610$77,112$2,171,266
75$2,356,960$282,690$9,281$2,313,603
76$2,524,738$223,911$0$2,468,464
77$2,707,342$159,963$0$2,640,453
78$2,906,211$90,521$0$2,828,312
79$3,122,930$15,243$0$3,033,055
80$3,359,244$0$0$3,256,349
81$3,617,072$0$0$3,505,127
82$3,898,527$0$0$3,777,990
83$4,205,934$0$0$4,076,018
84$4,541,855$0$0$4,401,694
85$4,909,107$0$0$4,757,752
86$5,310,794$0$0$5,147,200
87$5,750,333$0$0$5,573,354
88$6,231,487$0$0$6,039,860
89$6,758,400$0$0$6,550,739
90$7,335,633$0$0$7,110,413
91$7,968,213$0$0$7,723,757
92$8,661,672$0$0$8,396,136
93$9,422,107$0$0$9,133,461
94$10,256,229$0$0$9,942,243
95$11,171,434$0$0$10,829,651
96$12,175,865$0$0$11,803,583
97$13,278,494$0$0$12,872,740
98$14,489,203$0$0$14,046,704
99$15,818,878$0$0$15,336,033
100$17,279,510$0$0$16,752,354