Can I retire at age 56 with 713,000?

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 $713,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$58,879$58,354$57,843$57,343$56,856$55,776
2 years$29,148$28,605$28,079$27,569$27,074$25,991
3 years$19,239$18,694$18,169$17,664$17,177$16,123
4 years$14,285$13,742$13,222$12,726$12,251$11,235
5 years$11,314$10,774$10,261$9,775$9,313$8,338
6 years$9,334$8,798$8,292$7,817$7,369$6,436
7 years$7,920$7,388$6,891$6,427$5,993$5,103
8 years$6,860$6,333$5,844$5,391$4,972$4,123
9 years$6,036$5,514$5,034$4,592$4,187$3,380
10 years$5,377$4,860$4,388$3,958$3,567$2,801
11 years$4,839$4,327$3,863$3,445$3,068$2,342
12 years$4,390$3,884$3,429$3,022$2,659$1,971
13 years$4,011$3,510$3,063$2,668$2,318$1,669
14 years$3,686$3,190$2,752$2,368$2,032$1,419
15 years$3,405$2,914$2,485$2,112$1,789$1,211
16 years$3,159$2,674$2,253$1,891$1,582$1,037
17 years$2,942$2,462$2,050$1,699$1,402$891
18 years$2,750$2,275$1,872$1,531$1,247$767
19 years$2,578$2,109$1,713$1,384$1,111$661
20 years$2,423$1,960$1,572$1,253$993$571
21 years$2,284$1,825$1,446$1,137$888$494
22 years$2,157$1,704$1,333$1,034$796$428
23 years$2,041$1,594$1,231$942$715$371
24 years$1,935$1,493$1,138$859$642$322
25 years$1,838$1,401$1,054$784$578$279
26 years$1,749$1,317$978$717$521$243
27 years$1,666$1,239$908$656$469$211
28 years$1,589$1,168$844$601$424$183
29 years$1,518$1,102$785$552$383$160
30 years$1,451$1,040$732$506$346$139
31 years$1,389$984$682$465$312$121
32 years$1,331$931$636$427$283$105
33 years$1,277$881$594$393$256$92
34 years$1,226$835$555$361$232$80
35 years$1,178$792$519$333$210$70
36 years$1,132$752$486$306$190$61
37 years$1,090$714$454$282$172$53
38 years$1,049$679$426$260$156$46
39 years$1,011$645$399$240$142$40
40 years$975$614$374$221$128$35
41 years$940$585$350$204$117$31
42 years$908$557$329$188$106$27
43 years$877$530$308$174$96$23
44 years$847$506$290$161$87$20
45 years$819$482$272$148$79$18
46 years$792$460$255$137$72$15
47 years$766$439$240$127$65$13
48 years$742$419$225$117$59$12
49 years$719$400$212$108$54$10
50 years$696$382$199$100$49$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $713,000, adding $2,178 every year, while hoping to spend $32,634 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: 27/44/29 Blend
55$713,000$713,000$713,000$713,000
56$787,973$750,184$739,132$802,105
57$833,623$752,220$729,171$815,817
58$882,837$753,263$717,782$827,592
59$935,942$753,229$704,883$839,577
60$993,300$752,029$690,389$851,814
61$1,055,308$749,570$674,208$864,350
62$1,122,403$745,752$656,248$877,241
63$1,195,064$740,470$636,408$890,552
64$1,273,820$733,612$614,587$904,356
65$1,359,249$725,058$590,675$918,740
66$1,451,990$714,684$564,561$933,802
67$1,552,745$702,356$536,125$949,653
68$1,662,286$687,932$505,246$966,421
69$1,781,461$671,263$471,794$984,251
70$1,911,206$652,190$435,634$1,003,307
71$2,052,547$630,546$396,627$1,023,777
72$2,206,617$606,152$354,623$1,045,870
73$2,374,660$578,822$309,472$1,069,825
74$2,558,047$548,356$261,011$1,095,909
75$2,758,287$514,544$209,073$1,124,425
76$2,977,039$477,164$153,484$1,155,711
77$3,216,133$435,981$94,062$1,190,148
78$3,477,580$390,745$30,615$1,228,164
79$3,763,597$341,196$0$1,270,237
80$4,076,624$287,054$0$1,328,381
81$4,419,347$228,028$0$1,402,573
82$4,794,726$163,807$0$1,484,067
83$5,206,019$94,064$0$1,573,680
84$5,656,814$18,454$0$1,672,321
85$6,151,063$0$0$1,780,996
86$6,693,119$0$0$1,931,514
87$7,287,776$0$0$2,106,559
88$7,940,314$0$0$2,298,768
89$8,656,551$0$0$2,509,867
90$9,442,894$0$0$2,741,763
91$10,306,399$0$0$2,996,552
92$11,254,843$0$0$3,276,547
93$12,296,789$0$0$3,584,292
94$13,441,673$0$0$3,922,595
95$14,699,890$0$0$4,294,544
96$16,082,891$0$0$4,703,545
97$17,603,291$0$0$5,153,350
98$19,274,991$0$0$5,648,091
99$21,113,303$0$0$6,192,322
100$23,135,099$0$0$6,791,061