Can I retire at age 71 with 698,000?

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 $698,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.8%
1 years$57,640$57,127$56,626$56,137$55,660$53,685
2 years$28,535$28,003$27,488$26,989$26,505$24,536
3 years$18,834$18,300$17,787$17,292$16,816$14,915
4 years$13,985$13,453$12,944$12,458$11,993$10,175
5 years$11,076$10,547$10,045$9,569$9,117$7,387
6 years$9,137$8,613$8,118$7,652$7,214$5,572
7 years$7,753$7,233$6,746$6,291$5,867$4,314
8 years$6,716$6,200$5,721$5,278$4,867$3,401
9 years$5,909$5,398$4,928$4,495$4,099$2,718
10 years$5,264$4,758$4,296$3,875$3,492$2,194
11 years$4,737$4,236$3,782$3,373$3,004$1,786
12 years$4,298$3,802$3,357$2,958$2,603$1,462
13 years$3,926$3,436$2,999$2,612$2,270$1,203
14 years$3,608$3,123$2,695$2,318$1,990$994
15 years$3,333$2,853$2,433$2,067$1,752$824
16 years$3,092$2,618$2,206$1,851$1,548$685
17 years$2,880$2,411$2,007$1,663$1,373$570
18 years$2,692$2,228$1,832$1,499$1,221$476
19 years$2,524$2,064$1,677$1,354$1,088$397
20 years$2,372$1,918$1,539$1,227$972$332
21 years$2,236$1,787$1,416$1,113$870$278
22 years$2,111$1,668$1,305$1,012$780$233
23 years$1,998$1,560$1,205$922$700$196
24 years$1,895$1,462$1,114$841$629$164
25 years$1,800$1,372$1,032$768$566$138
26 years$1,712$1,289$957$702$510$116
27 years$1,631$1,213$889$643$460$97
28 years$1,556$1,143$826$589$415$82
29 years$1,486$1,079$769$540$374$69
30 years$1,421$1,019$716$496$338$58
31 years$1,360$963$668$455$306$49
32 years$1,303$911$623$418$277$41
33 years$1,250$863$582$385$250$34
34 years$1,200$818$544$354$227$29
35 years$1,153$776$508$326$205$24
36 years$1,109$736$475$300$186$20
37 years$1,067$699$445$276$169$17
38 years$1,027$664$417$255$153$15
39 years$990$632$390$235$139$12
40 years$954$601$366$217$126$10
41 years$921$572$343$200$114$9
42 years$889$545$322$185$104$7
43 years$858$519$302$170$94$6
44 years$829$495$283$157$85$5
45 years$802$472$266$145$77$4
46 years$775$450$250$134$70$4
47 years$750$430$235$124$64$3
48 years$726$410$221$115$58$3
49 years$703$392$207$106$53$2
50 years$681$374$195$98$48$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 71 starting with $698,000, adding $5,325 every year, while hoping to spend $21,027 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: 32/42/26 Blend
70$698,000$698,000$698,000$698,000
71$774,689$737,695$726,876$793,178
72$831,334$751,469$728,854$821,480
73$893,053$765,214$730,193$849,704
74$960,340$778,905$730,850$879,685
75$1,033,741$792,517$730,779$911,594
76$1,113,855$806,023$729,933$945,616
77$1,201,343$819,393$728,260$981,959
78$1,296,932$832,595$725,709$1,020,849
79$1,401,422$845,595$722,223$1,062,540
80$1,515,694$858,356$717,745$1,107,310
81$1,640,719$870,840$712,213$1,155,468
82$1,777,564$883,003$705,565$1,207,356
83$1,927,407$894,802$697,733$1,263,349
84$2,091,543$906,188$688,647$1,323,866
85$2,271,398$917,108$678,234$1,389,367
86$2,468,544$927,510$666,418$1,460,361
87$2,684,710$937,333$653,118$1,537,412
88$2,921,803$946,515$638,250$1,621,140
89$3,181,923$954,989$621,727$1,712,234
90$3,467,380$962,685$603,456$1,811,453
91$3,780,723$969,526$583,342$1,919,635
92$4,124,756$975,433$561,283$2,037,709
93$4,502,570$980,318$537,175$2,166,696
94$4,917,569$984,090$510,907$2,307,729
95$5,373,504$986,654$482,366$2,462,056
96$5,874,506$987,905$451,430$2,631,057
97$6,425,127$987,733$417,974$2,816,254
98$7,030,381$986,023$381,867$3,019,330
99$7,695,792$982,651$342,972$3,242,141
100$8,427,448$977,485$301,146$3,486,738