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%12.2%
1 years$59,540$59,009$58,492$57,987$57,494$56,964
2 years$29,475$28,926$28,394$27,878$27,378$26,845
3 years$19,455$18,903$18,373$17,862$17,370$16,849
4 years$14,446$13,896$13,371$12,868$12,388$11,884
5 years$11,441$10,895$10,376$9,884$9,417$8,931
6 years$9,439$8,896$8,386$7,904$7,452$6,984
7 years$8,009$7,471$6,968$6,499$6,060$5,612
8 years$6,937$6,404$5,910$5,452$5,027$4,598
9 years$6,104$5,576$5,090$4,644$4,234$3,823
10 years$5,438$4,915$4,438$4,003$3,607$3,215
11 years$4,893$4,375$3,907$3,484$3,103$2,728
12 years$4,439$3,927$3,467$3,056$2,689$2,332
13 years$4,056$3,549$3,098$2,698$2,345$2,005
14 years$3,727$3,226$2,783$2,395$2,055$1,733
15 years$3,443$2,947$2,513$2,136$1,810$1,504
16 years$3,194$2,704$2,278$1,912$1,599$1,309
17 years$2,975$2,490$2,073$1,718$1,418$1,144
18 years$2,781$2,301$1,893$1,548$1,261$1,001
19 years$2,607$2,133$1,733$1,399$1,124$879
20 years$2,450$1,982$1,590$1,267$1,004$772
21 years$2,309$1,846$1,463$1,150$898$680
22 years$2,181$1,723$1,348$1,046$805$600
23 years$2,064$1,611$1,245$952$723$530
24 years$1,957$1,510$1,151$869$650$468
25 years$1,859$1,417$1,066$793$585$414
26 years$1,768$1,332$989$725$527$367
27 years$1,685$1,253$918$664$475$325
28 years$1,607$1,181$854$608$428$288
29 years$1,535$1,114$794$558$387$256
30 years$1,468$1,052$740$512$350$227
31 years$1,405$995$690$470$316$202
32 years$1,346$941$644$432$286$179
33 years$1,291$891$601$397$259$159
34 years$1,240$845$561$366$234$142
35 years$1,191$801$525$337$212$126
36 years$1,145$760$491$310$192$112
37 years$1,102$722$460$286$174$100
38 years$1,061$686$430$263$158$89
39 years$1,022$653$403$243$143$79
40 years$986$621$378$224$130$70
41 years$951$591$354$207$118$63
42 years$918$563$332$191$107$56
43 years$887$536$312$176$97$50
44 years$857$511$293$162$88$44
45 years$828$488$275$150$80$39
46 years$801$465$258$139$73$35
47 years$775$444$243$128$66$31
48 years$750$424$228$118$60$28
49 years$727$405$214$109$54$25
50 years$704$387$201$101$49$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $721,000, adding $2,508 every year, while hoping to spend $32,535 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: 54/20/26 Blend
55$721,000$721,000$721,000$721,000
56$797,129$758,916$747,741$834,311
57$843,819$761,486$738,173$862,802
58$894,181$763,091$727,194$890,238
59$948,556$763,651$714,723$919,444
60$1,007,316$763,077$700,674$950,601
61$1,070,873$761,279$684,957$983,910
62$1,139,678$758,158$667,480$1,019,594
63$1,214,228$753,610$648,143$1,057,902
64$1,295,069$747,527$626,846$1,099,106
65$1,382,801$739,790$603,480$1,143,511
66$1,478,084$730,277$577,933$1,191,455
67$1,581,644$718,857$550,090$1,243,309
68$1,694,281$705,389$519,827$1,299,489
69$1,816,872$689,728$487,016$1,360,452
70$1,950,386$671,718$451,524$1,426,704
71$2,095,887$651,193$413,211$1,498,807
72$2,254,545$627,979$371,931$1,577,383
73$2,427,650$601,892$327,532$1,663,118
74$2,616,620$572,734$279,854$1,756,774
75$2,823,018$540,301$228,732$1,859,192
76$3,048,563$504,373$173,992$1,971,302
77$3,295,148$464,719$115,452$2,094,135
78$3,564,857$421,094$52,924$2,228,828
79$3,859,985$373,240$0$2,376,640
80$4,183,058$320,883$0$2,542,791
81$4,536,860$263,736$0$2,740,908
82$4,924,454$201,494$0$2,958,051
83$5,349,214$133,833$0$3,196,160
84$5,814,858$60,415$0$3,457,376
85$6,325,479$0$0$3,744,058
86$6,885,584$0$0$4,063,017
87$7,500,140$0$0$4,427,642
88$8,174,615$0$0$4,827,889
89$8,915,035$0$0$5,267,343
90$9,728,036$0$0$5,749,952
91$10,620,928$0$0$6,280,066
92$11,601,765$0$0$6,862,475
93$12,679,419$0$0$7,502,458
94$13,863,664$0$0$8,205,830
95$15,165,266$0$0$8,978,996
96$16,596,088$0$0$9,829,015
97$18,169,199$0$0$10,763,662
98$19,898,997$0$0$11,791,503
99$21,801,345$0$0$12,921,978
100$23,893,721$0$0$14,165,485