Can I retire at age 56 with 723,000?

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 $723,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.5%
1 years$59,705$59,173$58,654$58,148$57,653$55,453
2 years$29,557$29,006$28,473$27,956$27,454$25,263
3 years$19,509$18,956$18,424$17,911$17,418$15,306
4 years$14,486$13,935$13,408$12,904$12,423$10,405
5 years$11,473$10,925$10,405$9,912$9,443$7,525
6 years$9,465$8,921$8,409$7,926$7,472$5,655
7 years$8,031$7,492$6,988$6,517$6,077$4,360
8 years$6,956$6,422$5,926$5,467$5,041$3,424
9 years$6,121$5,591$5,104$4,656$4,246$2,724
10 years$5,453$4,929$4,450$4,014$3,617$2,190
11 years$4,906$4,388$3,918$3,493$3,111$1,774
12 years$4,452$3,938$3,477$3,064$2,696$1,446
13 years$4,067$3,559$3,106$2,705$2,351$1,184
14 years$3,738$3,235$2,791$2,401$2,061$973
15 years$3,452$2,955$2,520$2,142$1,815$803
16 years$3,203$2,711$2,285$1,918$1,604$664
17 years$2,983$2,497$2,079$1,723$1,422$550
18 years$2,788$2,307$1,898$1,553$1,264$456
19 years$2,614$2,138$1,737$1,403$1,127$379
20 years$2,457$1,987$1,594$1,271$1,007$316
21 years$2,316$1,851$1,467$1,153$901$263
22 years$2,187$1,728$1,352$1,049$807$219
23 years$2,070$1,616$1,248$955$725$183
24 years$1,963$1,514$1,154$871$651$152
25 years$1,864$1,421$1,069$795$586$127
26 years$1,773$1,335$992$727$528$106
27 years$1,689$1,257$921$666$476$89
28 years$1,611$1,184$856$610$430$74
29 years$1,539$1,117$796$559$388$62
30 years$1,472$1,055$742$513$350$52
31 years$1,409$997$692$471$317$43
32 years$1,350$944$645$433$287$36
33 years$1,295$894$603$398$259$30
34 years$1,243$847$563$367$235$25
35 years$1,194$803$526$337$213$21
36 years$1,148$763$492$311$193$18
37 years$1,105$724$461$286$175$15
38 years$1,064$688$432$264$158$12
39 years$1,025$655$404$243$144$10
40 years$988$623$379$224$130$9
41 years$954$593$355$207$118$7
42 years$920$565$333$191$107$6
43 years$889$538$313$176$97$5
44 years$859$513$294$163$88$4
45 years$830$489$276$150$80$4
46 years$803$466$259$139$73$3
47 years$777$445$243$128$66$2
48 years$752$425$229$119$60$2
49 years$729$406$215$110$55$2
50 years$706$388$202$101$50$1

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $723,000, adding $4,730 every year, while hoping to spend $25,940 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: 52/21/27 Blend
55$723,000$723,000$723,000$723,000
56$801,625$763,306$752,099$837,028
57$855,791$773,108$749,695$871,906
58$914,612$782,521$746,340$906,814
59$978,536$791,498$741,977$944,270
60$1,048,056$799,991$736,542$984,528
61$1,123,712$807,945$729,970$1,027,870
62$1,206,101$815,305$722,195$1,074,605
63$1,295,879$822,010$713,144$1,125,076
64$1,393,766$827,996$702,742$1,179,662
65$1,500,558$833,196$690,911$1,238,780
66$1,617,129$837,536$677,571$1,302,894
67$1,744,440$840,939$662,633$1,372,513
68$1,883,552$843,324$646,010$1,448,202
69$2,035,630$844,603$627,607$1,530,584
70$2,201,959$844,683$607,327$1,620,347
71$2,383,952$843,465$585,066$1,718,250
72$2,583,166$840,847$560,716$1,825,134
73$2,801,316$836,715$534,167$1,941,924
74$3,040,289$830,953$505,301$2,069,644
75$3,302,164$823,435$473,994$2,209,424
76$3,589,232$814,030$440,119$2,362,510
77$3,904,013$802,597$403,543$2,530,280
78$4,249,285$788,987$364,124$2,714,254
79$4,628,107$773,042$321,717$2,916,109
80$5,043,849$754,596$276,170$3,137,697
81$5,500,222$733,472$227,322$3,381,062
82$6,001,315$709,483$175,008$3,648,458
83$6,551,632$682,431$119,054$3,942,376
84$7,156,135$652,105$59,278$4,265,560
85$7,820,287$618,286$0$4,621,042
86$8,550,112$580,737$0$5,013,465
87$9,352,242$539,211$0$5,463,528
88$10,233,984$493,446$0$5,958,265
89$11,203,390$443,165$0$6,502,227
90$12,269,330$388,074$0$7,100,433
91$13,441,577$327,865$0$7,758,413
92$14,730,897$262,210$0$8,482,266
93$16,149,154$190,763$0$9,278,713
94$17,709,418$113,161$0$10,155,163
95$19,426,089$29,016$0$11,119,782
96$21,315,036$0$0$12,181,574
97$23,393,741$0$0$13,364,805
98$25,681,469$0$0$14,674,481
99$28,199,443$0$0$16,116,058
100$30,971,053$0$0$17,702,935