Can I retire at age 56 with 721,000?

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 $721,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.8%
1 years$59,540$59,009$58,492$57,987$57,494$55,234
2 years$29,475$28,926$28,394$27,878$27,378$25,129
3 years$19,455$18,903$18,373$17,862$17,370$15,203
4 years$14,446$13,896$13,371$12,868$12,388$10,319
5 years$11,441$10,895$10,376$9,884$9,417$7,452
6 years$9,439$8,896$8,386$7,904$7,452$5,590
7 years$8,009$7,471$6,968$6,499$6,060$4,303
8 years$6,937$6,404$5,910$5,452$5,027$3,372
9 years$6,104$5,576$5,090$4,644$4,234$2,679
10 years$5,438$4,915$4,438$4,003$3,607$2,149
11 years$4,893$4,375$3,907$3,484$3,103$1,737
12 years$4,439$3,927$3,467$3,056$2,689$1,413
13 years$4,056$3,549$3,098$2,698$2,345$1,155
14 years$3,727$3,226$2,783$2,395$2,055$947
15 years$3,443$2,947$2,513$2,136$1,810$780
16 years$3,194$2,704$2,278$1,912$1,599$643
17 years$2,975$2,490$2,073$1,718$1,418$532
18 years$2,781$2,301$1,893$1,548$1,261$440
19 years$2,607$2,133$1,733$1,399$1,124$365
20 years$2,450$1,982$1,590$1,267$1,004$303
21 years$2,309$1,846$1,463$1,150$898$252
22 years$2,181$1,723$1,348$1,046$805$209
23 years$2,064$1,611$1,245$952$723$174
24 years$1,957$1,510$1,151$869$650$145
25 years$1,859$1,417$1,066$793$585$121
26 years$1,768$1,332$989$725$527$101
27 years$1,685$1,253$918$664$475$84
28 years$1,607$1,181$854$608$428$70
29 years$1,535$1,114$794$558$387$58
30 years$1,468$1,052$740$512$350$49
31 years$1,405$995$690$470$316$41
32 years$1,346$941$644$432$286$34
33 years$1,291$891$601$397$259$28
34 years$1,240$845$561$366$234$24
35 years$1,191$801$525$337$212$20
36 years$1,145$760$491$310$192$16
37 years$1,102$722$460$286$174$14
38 years$1,061$686$430$263$158$11
39 years$1,022$653$403$243$143$10
40 years$986$621$378$224$130$8
41 years$951$591$354$207$118$7
42 years$918$563$332$191$107$6
43 years$887$536$312$176$97$5
44 years$857$511$293$162$88$4
45 years$828$488$275$150$80$3
46 years$801$465$258$139$73$3
47 years$775$444$243$128$66$2
48 years$750$424$228$118$60$2
49 years$727$405$214$109$54$2
50 years$704$387$201$101$49$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $721,000, adding $6,123 every year, while hoping to spend $31,155 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: 42/31/27 Blend
55$721,000$721,000$721,000$721,000
56$800,858$762,645$751,469$827,944
57$849,397$766,866$743,495$852,204
58$901,842$770,249$734,209$875,057
59$958,560$772,722$723,535$899,206
60$1,019,952$774,204$711,393$924,789
61$1,086,461$774,613$697,697$951,960
62$1,158,571$773,860$682,361$980,890
63$1,236,816$771,851$665,292$1,011,771
64$1,321,786$768,485$646,393$1,044,814
65$1,414,124$763,658$625,564$1,080,257
66$1,514,543$757,255$602,698$1,118,362
67$1,623,825$749,159$577,687$1,159,422
68$1,742,829$739,242$550,413$1,203,762
69$1,872,503$727,370$520,758$1,251,743
70$2,013,888$713,401$488,593$1,303,766
71$2,168,132$697,185$453,789$1,360,276
72$2,336,498$678,563$416,206$1,421,767
73$2,520,373$657,366$375,702$1,488,788
74$2,721,289$633,415$332,126$1,561,947
75$2,940,930$606,521$285,321$1,641,918
76$3,181,149$576,484$235,124$1,729,448
77$3,443,987$543,094$181,362$1,825,366
78$3,731,694$506,125$123,858$1,930,591
79$4,046,744$465,343$62,424$2,046,138
80$4,391,864$420,496$0$2,173,134
81$4,770,054$371,321$0$2,313,731
82$5,184,622$317,538$0$2,487,654
83$5,639,209$258,853$0$2,678,490
84$6,137,825$194,953$0$2,887,994
85$6,684,887$125,510$0$3,118,103
86$7,285,261$50,175$0$3,370,954
87$7,944,307$0$0$3,648,910
88$8,667,927$0$0$3,965,292
89$9,462,626$0$0$4,331,644
90$10,335,567$0$0$4,734,163
91$11,294,643$0$0$5,176,500
92$12,348,546$0$0$5,662,679
93$13,506,857$0$0$6,197,131
94$14,780,125$0$0$6,784,737
95$16,179,978$0$0$7,430,878
96$17,719,222$0$0$8,141,479
97$19,411,970$0$0$8,923,070
98$21,273,767$0$0$9,782,845
99$23,321,743$0$0$10,728,730
100$25,574,772$0$0$11,769,458