Can I retire at age 71 with 694,000?

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 $694,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12%
1 years$57,310$56,799$56,301$55,815$55,341$54,877
2 years$28,371$27,843$27,331$26,834$26,353$25,885
3 years$18,726$18,196$17,685$17,193$16,719$16,263
4 years$13,905$13,376$12,870$12,387$11,924$11,482
5 years$11,013$10,487$9,988$9,514$9,065$8,638
6 years$9,085$8,563$8,072$7,608$7,173$6,762
7 years$7,709$7,191$6,707$6,255$5,833$5,439
8 years$6,677$6,164$5,688$5,247$4,839$4,462
9 years$5,875$5,367$4,899$4,470$4,075$3,714
10 years$5,234$4,731$4,271$3,853$3,472$3,127
11 years$4,710$4,212$3,761$3,353$2,986$2,657
12 years$4,273$3,780$3,337$2,941$2,588$2,274
13 years$3,904$3,416$2,982$2,597$2,257$1,958
14 years$3,588$3,105$2,679$2,305$1,978$1,694
15 years$3,314$2,837$2,419$2,056$1,742$1,472
16 years$3,075$2,603$2,193$1,841$1,539$1,284
17 years$2,864$2,397$1,996$1,654$1,365$1,123
18 years$2,676$2,215$1,822$1,490$1,214$984
19 years$2,509$2,053$1,668$1,347$1,082$865
20 years$2,359$1,907$1,531$1,220$966$762
21 years$2,223$1,777$1,408$1,107$865$672
22 years$2,099$1,658$1,297$1,006$775$593
23 years$1,987$1,551$1,198$917$696$525
24 years$1,884$1,453$1,108$836$625$464
25 years$1,789$1,364$1,026$763$563$412
26 years$1,702$1,282$952$698$507$365
27 years$1,621$1,206$884$639$457$324
28 years$1,547$1,137$822$585$412$288
29 years$1,477$1,072$765$537$372$256
30 years$1,413$1,013$712$493$336$227
31 years$1,352$957$664$453$304$202
32 years$1,296$906$619$416$275$180
33 years$1,243$858$578$382$249$160
34 years$1,193$813$540$352$225$143
35 years$1,146$771$505$324$204$127
36 years$1,102$732$473$298$185$113
37 years$1,061$695$442$275$168$101
38 years$1,021$661$414$253$152$90
39 years$984$628$388$234$138$80
40 years$949$598$364$215$125$72
41 years$915$569$341$199$113$64
42 years$884$542$320$183$103$57
43 years$853$516$300$169$93$51
44 years$825$492$282$156$85$45
45 years$797$469$265$144$77$40
46 years$771$448$249$133$70$36
47 years$746$427$234$123$63$32
48 years$722$408$219$114$58$29
49 years$699$389$206$105$52$26
50 years$678$372$194$97$48$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $694,000, adding $5,745 every year, while hoping to spend $41,618 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: 51/40/9 Blend
70$694,000$694,000$694,000$694,000
71$770,714$733,932$723,175$807,938
72$805,046$725,613$703,120$825,625
73$841,484$715,492$680,999$839,904
74$880,201$703,437$656,697$854,451
75$921,382$689,306$630,097$869,304
76$965,233$672,952$601,076$884,502
77$1,011,978$654,218$569,503$900,093
78$1,061,862$632,937$535,243$916,134
79$1,115,154$608,933$498,156$932,689
80$1,172,149$582,019$458,093$949,831
81$1,233,169$552,000$414,901$967,646
82$1,298,570$518,665$368,417$986,229
83$1,368,739$481,795$318,475$1,005,691
84$1,444,104$441,156$264,897$1,026,159
85$1,525,132$396,502$207,501$1,047,774
86$1,612,338$347,573$146,094$1,070,699
87$1,706,285$294,093$80,477$1,095,116
88$1,807,594$235,771$10,441$1,121,233
89$1,916,945$172,301$0$1,149,283
90$2,035,087$103,357$0$1,185,706
91$2,162,841$28,597$0$1,226,092
92$2,301,112$0$0$1,269,796
93$2,450,893$0$0$1,340,252
94$2,613,277$0$0$1,430,343
95$2,789,463$0$0$1,528,155
96$2,980,775$0$0$1,634,429
97$3,188,663$0$0$1,749,981
98$3,414,728$0$0$1,875,707
99$3,660,727$0$0$2,012,595
100$3,928,596$0$0$2,161,731