Can I retire at age 56 with 724,000?

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 $724,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.6%
1 years$59,787$59,255$58,735$58,228$57,733$56,178
2 years$29,598$29,046$28,512$27,994$27,492$25,936
3 years$19,536$18,982$18,449$17,936$17,442$15,934
4 years$14,506$13,954$13,426$12,922$12,440$10,992
5 years$11,489$10,940$10,419$9,925$9,456$8,072
6 years$9,478$8,933$8,420$7,937$7,483$6,164
7 years$8,042$7,502$6,997$6,526$6,085$4,831
8 years$6,966$6,431$5,934$5,474$5,048$3,859
9 years$6,129$5,599$5,111$4,663$4,251$3,125
10 years$5,460$4,935$4,456$4,019$3,622$2,558
11 years$4,913$4,394$3,923$3,498$3,115$2,112
12 years$4,458$3,944$3,482$3,068$2,700$1,755
13 years$4,073$3,564$3,111$2,709$2,354$1,465
14 years$3,743$3,239$2,795$2,405$2,064$1,229
15 years$3,457$2,959$2,523$2,145$1,817$1,035
16 years$3,208$2,715$2,288$1,920$1,606$874
17 years$2,988$2,500$2,082$1,725$1,424$739
18 years$2,792$2,311$1,900$1,555$1,266$627
19 years$2,618$2,141$1,740$1,405$1,128$533
20 years$2,461$1,990$1,597$1,272$1,008$453
21 years$2,319$1,853$1,469$1,155$902$386
22 years$2,190$1,730$1,354$1,050$809$329
23 years$2,073$1,618$1,250$956$726$281
24 years$1,965$1,516$1,156$872$652$240
25 years$1,867$1,423$1,071$796$587$205
26 years$1,776$1,337$993$728$529$175
27 years$1,692$1,258$922$667$477$150
28 years$1,614$1,186$857$611$430$128
29 years$1,541$1,119$798$560$388$110
30 years$1,474$1,057$743$514$351$94
31 years$1,411$999$693$472$317$80
32 years$1,352$945$646$434$287$69
33 years$1,297$895$603$399$260$59
34 years$1,245$848$564$367$235$51
35 years$1,196$805$527$338$213$43
36 years$1,150$764$493$311$193$37
37 years$1,106$725$462$287$175$32
38 years$1,065$689$432$264$159$27
39 years$1,027$655$405$244$144$23
40 years$990$624$380$225$130$20
41 years$955$594$356$207$118$17
42 years$922$565$334$191$107$15
43 years$890$539$313$177$97$13
44 years$860$513$294$163$88$11
45 years$832$490$276$151$80$9
46 years$804$467$259$139$73$8
47 years$778$446$244$129$66$7
48 years$753$425$229$119$60$6
49 years$730$406$215$110$55$5
50 years$707$388$202$101$50$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $724,000, adding $4,267 every year, while hoping to spend $42,408 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: 61/33/6 Blend
55$724,000$724,000$724,000$724,000
56$802,249$763,877$752,655$850,038
57$838,957$756,186$732,748$874,798
58$877,988$746,696$710,752$896,500
59$919,533$735,274$686,552$919,092
60$963,804$721,781$660,030$942,657
61$1,011,030$706,067$631,060$967,293
62$1,061,465$687,974$599,510$993,106
63$1,115,384$667,334$565,243$1,020,215
64$1,173,091$643,972$528,117$1,048,755
65$1,234,918$617,698$487,980$1,078,874
66$1,301,230$588,315$444,678$1,110,740
67$1,372,427$555,614$398,046$1,144,539
68$1,448,947$519,372$347,913$1,180,479
69$1,531,274$479,355$294,102$1,218,792
70$1,619,935$435,315$236,426$1,259,736
71$1,715,513$386,990$174,691$1,303,599
72$1,818,646$334,103$108,693$1,350,703
73$1,930,035$276,361$38,222$1,401,405
74$2,050,451$213,455$0$1,456,101
75$2,180,741$145,059$0$1,517,603
76$2,321,837$70,827$0$1,586,799
77$2,474,763$0$0$1,661,803
78$2,640,644$0$0$1,746,726
79$2,820,719$0$0$1,866,882
80$3,016,349$0$0$1,997,467
81$3,229,034$0$0$2,139,487
82$3,460,420$0$0$2,294,049
83$3,712,321$0$0$2,462,370
84$3,986,732$0$0$2,645,792
85$4,285,850$0$0$2,845,788
86$4,612,091$0$0$3,063,984
87$4,968,114$0$0$3,302,165
88$5,356,848$0$0$3,562,298
89$5,781,516$0$0$3,846,550
90$6,245,665$0$0$4,157,303
91$6,753,202$0$0$4,497,183
92$7,308,427$0$0$4,869,079
93$7,916,078$0$0$5,276,174
94$8,581,367$0$0$5,721,973
95$9,310,039$0$0$6,210,332
96$10,108,416$0$0$6,745,503
97$10,983,463$0$0$7,332,166
98$11,942,851$0$0$7,975,475
99$12,995,027$0$0$8,681,107
100$14,149,296$0$0$9,455,316