Can I retire at age 56 with 722,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $722,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.3%
1 years$59,622$59,091$58,573$58,067$57,573$57,020
2 years$29,516$28,966$28,433$27,917$27,416$26,858
3 years$19,482$18,930$18,398$17,887$17,394$16,849
4 years$14,466$13,915$13,389$12,886$12,405$11,878
5 years$11,457$10,910$10,391$9,898$9,430$8,922
6 years$9,452$8,909$8,397$7,915$7,462$6,973
7 years$8,020$7,481$6,978$6,508$6,069$5,600
8 years$6,947$6,413$5,918$5,459$5,034$4,585
9 years$6,112$5,584$5,097$4,650$4,240$3,810
10 years$5,445$4,922$4,444$4,008$3,612$3,202
11 years$4,900$4,382$3,912$3,488$3,107$2,716
12 years$4,445$3,933$3,472$3,060$2,692$2,320
13 years$4,061$3,554$3,102$2,701$2,348$1,994
14 years$3,732$3,230$2,787$2,398$2,058$1,722
15 years$3,448$2,951$2,516$2,139$1,812$1,493
16 years$3,199$2,708$2,282$1,915$1,601$1,299
17 years$2,979$2,494$2,076$1,720$1,420$1,134
18 years$2,784$2,304$1,895$1,551$1,263$992
19 years$2,610$2,135$1,735$1,401$1,125$870
20 years$2,454$1,984$1,592$1,269$1,005$764
21 years$2,312$1,848$1,465$1,152$900$673
22 years$2,184$1,725$1,350$1,047$806$593
23 years$2,067$1,614$1,246$954$724$523
24 years$1,960$1,512$1,153$870$651$462
25 years$1,861$1,419$1,068$794$585$408
26 years$1,771$1,334$990$726$527$361
27 years$1,687$1,255$919$665$475$320
28 years$1,609$1,183$855$609$429$283
29 years$1,537$1,116$795$559$387$251
30 years$1,470$1,054$741$513$350$223
31 years$1,407$996$691$471$316$198
32 years$1,348$942$644$433$286$176
33 years$1,293$892$602$398$259$156
34 years$1,241$846$562$366$235$139
35 years$1,193$802$526$337$212$123
36 years$1,147$761$492$310$192$109
37 years$1,103$723$460$286$174$97
38 years$1,062$687$431$264$158$86
39 years$1,024$654$404$243$143$77
40 years$987$622$378$224$130$68
41 years$952$592$355$207$118$61
42 years$919$564$333$191$107$54
43 years$888$537$312$176$97$48
44 years$858$512$293$163$88$43
45 years$829$488$275$150$80$38
46 years$802$466$259$139$73$34
47 years$776$444$243$128$66$30
48 years$751$424$228$118$60$27
49 years$728$405$215$109$54$24
50 years$705$387$202$101$49$21

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $722,000, adding $2,554 every year, while hoping to spend $20,181 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: 42/35/23 Blend
55$722,000$722,000$722,000$722,000
56$798,278$760,012$748,821$826,334
57$858,230$775,781$752,435$862,362
58$923,621$791,645$755,492$899,225
59$994,984$807,589$757,955$938,741
60$1,072,906$823,595$759,780$981,166
61$1,158,034$839,643$760,924$1,026,780
62$1,251,079$855,711$761,341$1,075,896
63$1,352,825$871,777$760,982$1,128,855
64$1,464,135$887,815$759,796$1,186,035
65$1,585,957$903,799$757,730$1,247,853
66$1,719,339$919,699$754,728$1,314,771
67$1,865,432$935,484$750,731$1,387,294
68$2,025,503$951,120$745,678$1,465,984
69$2,200,951$966,571$739,505$1,551,457
70$2,393,312$981,798$732,143$1,644,397
71$2,604,283$996,759$723,522$1,745,555
72$2,835,728$1,011,408$713,568$1,855,760
73$3,089,703$1,025,698$702,204$1,975,929
74$3,368,474$1,039,578$689,349$2,107,070
75$3,674,532$1,052,992$674,916$2,250,298
76$4,010,627$1,065,881$658,818$2,406,841
77$4,379,784$1,078,182$640,962$2,578,056
78$4,785,337$1,089,828$621,249$2,765,438
79$5,230,960$1,100,748$599,579$2,970,636
80$5,720,698$1,110,864$575,845$3,195,469
81$6,259,008$1,120,096$549,935$3,441,945
82$6,850,803$1,128,357$521,734$3,712,277
83$7,501,492$1,135,553$491,119$4,008,906
84$8,217,036$1,141,588$457,964$4,334,525
85$9,004,003$1,146,355$422,135$4,692,105
86$9,869,629$1,149,744$383,494$5,084,919
87$10,821,887$1,151,636$341,896$5,516,581
88$11,869,559$1,151,907$297,190$5,991,074
89$13,022,325$1,150,421$249,217$6,512,791
90$14,290,848$1,147,038$197,811$7,086,577
91$15,686,879$1,141,606$142,802$7,717,773
92$17,223,363$1,133,968$84,008$8,412,271
93$18,914,565$1,123,952$21,242$9,176,565
94$20,776,205$1,111,379$0$10,017,820
95$22,825,601$1,096,060$0$10,955,157
96$25,081,837$1,077,792$0$11,992,352
97$27,565,943$1,056,362$0$13,133,842
98$30,301,088$1,031,542$0$14,390,267
99$33,312,806$1,003,095$0$15,773,356
100$36,629,231$970,765$0$17,296,037