Can I retire at age 56 with 704,000?

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 $704,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$58,136$57,618$57,113$56,619$56,138$54,319
2 years$28,780$28,244$27,725$27,221$26,732$24,917
3 years$18,996$18,458$17,940$17,441$16,960$15,205
4 years$14,105$13,568$13,055$12,565$12,096$10,415
5 years$11,171$10,638$10,132$9,651$9,195$7,593
6 years$9,216$8,687$8,188$7,718$7,276$5,753
7 years$7,820$7,295$6,804$6,345$5,917$4,474
8 years$6,773$6,253$5,770$5,323$4,909$3,544
9 years$5,960$5,444$4,970$4,534$4,134$2,846
10 years$5,309$4,799$4,333$3,908$3,522$2,309
11 years$4,777$4,272$3,815$3,401$3,029$1,889
12 years$4,335$3,835$3,385$2,984$2,625$1,555
13 years$3,960$3,465$3,025$2,634$2,289$1,287
14 years$3,639$3,150$2,718$2,338$2,007$1,069
15 years$3,362$2,877$2,454$2,085$1,767$891
16 years$3,119$2,640$2,225$1,867$1,562$745
17 years$2,905$2,431$2,024$1,678$1,385$624
18 years$2,715$2,247$1,848$1,512$1,231$524
19 years$2,545$2,082$1,692$1,366$1,097$440
20 years$2,393$1,935$1,553$1,237$980$370
21 years$2,255$1,802$1,428$1,123$877$312
22 years$2,130$1,682$1,316$1,021$786$263
23 years$2,015$1,573$1,215$930$706$222
24 years$1,911$1,474$1,124$848$634$188
25 years$1,815$1,384$1,041$774$571$159
26 years$1,727$1,300$965$708$514$134
27 years$1,645$1,224$897$648$464$113
28 years$1,569$1,153$833$594$418$96
29 years$1,499$1,088$776$545$378$81
30 years$1,433$1,027$722$500$341$69
31 years$1,372$971$673$459$309$58
32 years$1,314$919$628$422$279$49
33 years$1,261$870$587$388$253$42
34 years$1,210$825$548$357$229$35
35 years$1,163$782$513$329$207$30
36 years$1,118$743$479$303$188$25
37 years$1,076$705$449$279$170$21
38 years$1,036$670$420$257$154$18
39 years$998$637$394$237$140$15
40 years$962$606$369$219$127$13
41 years$929$577$346$202$115$11
42 years$896$550$325$186$104$9
43 years$866$524$305$172$95$8
44 years$836$499$286$159$86$7
45 years$809$476$268$146$78$6
46 years$782$454$252$135$71$5
47 years$757$433$237$125$64$4
48 years$733$414$223$116$58$3
49 years$709$395$209$107$53$3
50 years$687$377$197$99$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $704,000, adding $5,120 every year, while hoping to spend $42,032 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: 58/35/7 Blend
55$704,000$704,000$704,000$704,000
56$781,089$743,777$732,865$824,923
57$816,039$735,501$712,695$846,696
58$853,144$725,410$690,439$865,208
59$892,581$713,371$665,986$884,340
60$934,542$699,244$639,214$904,154
61$979,237$682,878$609,999$924,720
62$1,026,896$664,116$578,210$946,119
63$1,077,771$642,789$543,712$968,440
64$1,132,138$618,721$506,361$991,784
65$1,190,301$591,723$466,009$1,016,265
66$1,252,590$561,596$422,499$1,042,011
67$1,319,371$528,131$375,669$1,069,167
68$1,391,043$491,105$325,350$1,097,893
69$1,468,043$450,284$271,364$1,128,372
70$1,550,854$405,418$213,525$1,160,805
71$1,640,003$356,245$151,640$1,195,421
72$1,736,071$302,489$85,507$1,232,473
73$1,839,695$243,855$14,916$1,272,247
74$1,951,574$180,034$0$1,315,061
75$2,072,478$110,699$0$1,365,781
76$2,203,252$35,505$0$1,421,775
77$2,344,826$0$0$1,482,387
78$2,498,221$0$0$1,565,811
79$2,664,560$0$0$1,671,153
80$2,845,079$0$0$1,785,528
81$3,041,136$0$0$1,909,802
82$3,254,225$0$0$2,044,930
83$3,485,990$0$0$2,191,962
84$3,738,241$0$0$2,352,052
85$4,012,966$0$0$2,526,470
86$4,312,356$0$0$2,716,617
87$4,638,820$0$0$2,924,031
88$4,995,013$0$0$3,150,406
89$5,383,852$0$0$3,397,607
90$5,808,553$0$0$3,667,687
91$6,272,653$0$0$3,962,907
92$6,780,047$0$0$4,285,754
93$7,335,024$0$0$4,638,968
94$7,942,307$0$0$5,025,566
95$8,607,094$0$0$5,448,870
96$9,335,111$0$0$5,912,538
97$10,132,665$0$0$6,420,598
98$11,006,698$0$0$6,977,488
99$11,964,858$0$0$7,588,093
100$13,015,569$0$0$8,257,794