Can I retire at age 56 with 720,000?

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 $720,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.7%
1 years$59,457$58,927$58,411$57,906$57,414$56,767
2 years$29,434$28,886$28,355$27,840$27,340$26,689
3 years$19,428$18,877$18,347$17,837$17,346$16,710
4 years$14,426$13,877$13,352$12,851$12,371$11,756
5 years$11,425$10,880$10,362$9,870$9,404$8,812
6 years$9,425$8,884$8,374$7,894$7,441$6,873
7 years$7,998$7,461$6,959$6,490$6,052$5,507
8 years$6,927$6,395$5,902$5,444$5,020$4,499
9 years$6,095$5,568$5,083$4,637$4,228$3,730
10 years$5,430$4,908$4,431$3,997$3,602$3,127
11 years$4,886$4,369$3,901$3,479$3,098$2,645
12 years$4,433$3,922$3,462$3,051$2,685$2,254
13 years$4,050$3,544$3,093$2,694$2,341$1,932
14 years$3,722$3,221$2,779$2,391$2,052$1,664
15 years$3,438$2,943$2,509$2,133$1,807$1,439
16 years$3,190$2,700$2,275$1,910$1,597$1,249
17 years$2,971$2,487$2,070$1,716$1,416$1,087
18 years$2,777$2,298$1,890$1,546$1,259$948
19 years$2,603$2,130$1,730$1,397$1,122$829
20 years$2,447$1,979$1,588$1,265$1,002$726
21 years$2,306$1,843$1,461$1,148$897$637
22 years$2,178$1,721$1,346$1,044$804$560
23 years$2,061$1,609$1,243$951$722$492
24 years$1,954$1,508$1,149$867$649$434
25 years$1,856$1,415$1,065$792$584$382
26 years$1,766$1,330$987$724$526$337
27 years$1,682$1,252$917$663$474$298
28 years$1,605$1,179$852$607$428$263
29 years$1,533$1,113$793$557$386$232
30 years$1,466$1,051$739$511$349$205
31 years$1,403$993$689$469$316$182
32 years$1,344$940$643$431$285$161
33 years$1,289$890$600$397$258$142
34 years$1,238$844$561$365$234$126
35 years$1,189$800$524$336$212$111
36 years$1,144$759$490$309$192$99
37 years$1,100$721$459$285$174$87
38 years$1,060$685$430$263$158$78
39 years$1,021$652$403$242$143$69
40 years$984$620$377$224$130$61
41 years$950$590$354$206$118$54
42 years$917$562$332$190$107$48
43 years$885$536$312$176$97$42
44 years$855$511$292$162$88$38
45 years$827$487$275$150$80$33
46 years$800$464$258$138$73$30
47 years$774$443$242$128$66$26
48 years$749$423$228$118$60$23
49 years$726$404$214$109$54$21
50 years$703$386$201$101$49$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $720,000, adding $6,350 every year, while hoping to spend $30,936 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: 65/27/8 Blend
55$720,000$720,000$720,000$720,000
56$799,990$761,830$750,670$850,333
57$848,673$766,244$742,902$889,057
58$901,286$769,837$733,837$927,097
59$958,195$772,538$723,398$967,850
60$1,019,805$774,267$711,507$1,011,579
61$1,086,562$774,943$698,079$1,058,572
62$1,158,955$774,478$683,028$1,109,147
63$1,237,520$772,780$666,261$1,163,656
64$1,322,851$769,749$647,685$1,222,487
65$1,415,597$765,282$627,197$1,286,067
66$1,516,474$759,267$604,695$1,354,871
67$1,626,270$751,587$580,067$1,429,419
68$1,745,851$742,116$553,202$1,510,288
69$1,876,172$730,723$523,977$1,598,113
70$2,018,280$717,268$492,270$1,693,596
71$2,173,332$701,601$457,948$1,797,513
72$2,342,599$683,567$420,876$1,910,717
73$2,527,479$662,997$380,911$2,034,153
74$2,729,515$639,717$337,904$2,168,861
75$2,950,402$613,539$291,700$2,315,992
76$3,192,007$584,266$242,136$2,476,814
77$3,456,386$551,690$189,042$2,652,726
78$3,745,805$515,590$132,242$2,845,274
79$4,062,755$475,732$71,551$3,056,162
80$4,409,983$431,870$6,775$3,287,272
81$4,790,512$383,743$0$3,540,678
82$5,207,673$331,075$0$3,823,993
83$5,665,132$273,574$0$4,135,384
84$6,166,931$210,934$0$4,477,080
85$6,717,517$142,830$0$4,852,174
86$7,321,792$68,917$0$5,264,081
87$7,985,155$0$0$5,716,564
88$8,713,551$0$0$6,217,093
89$9,513,533$0$0$6,789,351
90$10,392,315$0$0$7,418,029
91$11,357,847$0$0$8,108,821
92$12,418,888$0$0$8,868,000
93$13,585,084$0$0$9,702,476
94$14,867,066$0$0$10,619,861
95$16,276,544$0$0$11,628,543
96$17,826,419$0$0$12,737,763
97$19,530,906$0$0$13,957,701
98$21,405,666$0$0$15,299,574
99$23,467,954$0$0$16,775,742
100$25,736,780$0$0$18,399,820