Can I retire at age 71 with 697,000?

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 $697,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.2%
1 years$57,558$57,045$56,545$56,056$55,580$54,614
2 years$28,494$27,963$27,449$26,950$26,467$25,497
3 years$18,807$18,274$17,761$17,267$16,791$15,848
4 years$13,965$13,434$12,926$12,440$11,976$11,066
5 years$11,060$10,532$10,031$9,555$9,104$8,230
6 years$9,124$8,600$8,106$7,641$7,204$6,366
7 years$7,742$7,222$6,736$6,282$5,858$5,058
8 years$6,706$6,191$5,713$5,270$4,860$4,097
9 years$5,901$5,390$4,921$4,489$4,093$3,366
10 years$5,257$4,751$4,290$3,870$3,487$2,797
11 years$4,730$4,230$3,777$3,368$2,999$2,344
12 years$4,291$3,796$3,352$2,954$2,599$1,978
13 years$3,921$3,431$2,995$2,608$2,266$1,679
14 years$3,603$3,119$2,691$2,315$1,987$1,432
15 years$3,328$2,849$2,429$2,065$1,749$1,226
16 years$3,088$2,614$2,203$1,849$1,546$1,052
17 years$2,876$2,407$2,004$1,661$1,371$906
18 years$2,688$2,224$1,830$1,497$1,219$782
19 years$2,520$2,062$1,675$1,353$1,086$676
20 years$2,369$1,916$1,537$1,225$970$586
21 years$2,232$1,784$1,414$1,112$868$508
22 years$2,108$1,666$1,303$1,011$778$442
23 years$1,995$1,558$1,203$921$699$384
24 years$1,892$1,460$1,113$840$628$334
25 years$1,797$1,370$1,031$767$565$291
26 years$1,709$1,287$956$701$509$254
27 years$1,628$1,212$888$642$459$221
28 years$1,553$1,142$825$588$414$193
29 years$1,484$1,077$768$539$374$169
30 years$1,419$1,017$715$495$338$147
31 years$1,358$962$667$454$305$129
32 years$1,301$910$622$418$276$112
33 years$1,248$862$581$384$250$98
34 years$1,198$817$543$353$226$86
35 years$1,151$775$507$325$205$75
36 years$1,107$735$475$300$186$66
37 years$1,065$698$444$276$168$57
38 years$1,026$664$416$254$153$50
39 years$988$631$390$235$138$44
40 years$953$600$365$216$126$38
41 years$919$571$343$200$114$34
42 years$887$544$321$184$103$29
43 years$857$519$302$170$94$26
44 years$828$494$283$157$85$23
45 years$801$471$266$145$77$20
46 years$774$450$250$134$70$17
47 years$749$429$235$124$64$15
48 years$725$410$220$114$58$13
49 years$702$391$207$106$53$12
50 years$681$374$195$98$48$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $697,000, adding $4,448 every year, while hoping to spend $48,815 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: 48/41/11 Blend
70$697,000$697,000$697,000$697,000
71$772,682$735,741$724,938$807,234
72$799,557$719,854$697,284$815,584
73$827,537$701,552$667,068$819,197
74$856,683$680,665$634,153$822,012
75$887,062$657,015$598,394$823,970
76$918,743$630,409$559,641$825,011
77$951,804$600,649$517,738$825,070
78$986,326$567,519$472,521$824,080
79$1,022,399$530,795$423,818$821,974
80$1,060,119$490,239$371,451$818,678
81$1,099,590$445,599$315,233$814,118
82$1,140,923$396,609$254,968$808,218
83$1,184,242$342,987$190,454$800,897
84$1,229,678$284,437$121,478$792,075
85$1,277,374$220,643$47,817$781,666
86$1,327,487$151,276$0$769,585
87$1,380,186$75,984$0$759,356
88$1,435,655$0$0$753,501
89$1,494,095$0$0$748,866
90$1,555,724$0$0$780,160
91$1,620,779$0$0$813,225
92$1,689,521$0$0$848,197
93$1,762,233$0$0$885,226
94$1,839,222$0$0$924,472
95$1,920,828$0$0$966,114
96$2,007,419$0$0$1,010,344
97$2,099,399$0$0$1,057,375
98$2,197,207$0$0$1,107,439
99$2,301,328$0$0$1,160,788
100$2,412,289$0$0$1,217,702