Can I retire at age 56 with 741,000?

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 $741,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$61,191$60,646$60,114$59,595$59,088$57,335
2 years$30,293$29,728$29,182$28,652$28,137$26,385
3 years$19,994$19,428$18,882$18,357$17,851$16,156
4 years$14,846$14,282$13,742$13,225$12,732$11,105
5 years$11,758$11,197$10,664$10,158$9,679$8,126
6 years$9,700$9,143$8,618$8,124$7,658$6,180
7 years$8,231$7,678$7,162$6,679$6,228$4,825
8 years$7,129$6,582$6,074$5,603$5,167$3,838
9 years$6,273$5,731$5,231$4,772$4,351$3,096
10 years$5,588$5,051$4,561$4,114$3,708$2,523
11 years$5,029$4,497$4,015$3,580$3,189$2,073
12 years$4,562$4,036$3,563$3,140$2,763$1,714
13 years$4,168$3,647$3,184$2,772$2,410$1,425
14 years$3,831$3,315$2,861$2,461$2,112$1,190
15 years$3,538$3,029$2,583$2,195$1,860$997
16 years$3,283$2,779$2,342$1,965$1,644$837
17 years$3,058$2,559$2,131$1,766$1,457$705
18 years$2,858$2,365$1,945$1,591$1,296$595
19 years$2,679$2,192$1,781$1,438$1,155$503
20 years$2,518$2,037$1,634$1,302$1,032$425
21 years$2,373$1,897$1,503$1,182$923$360
22 years$2,242$1,771$1,385$1,075$828$306
23 years$2,121$1,656$1,279$979$743$259
24 years$2,011$1,552$1,183$893$668$220
25 years$1,910$1,456$1,096$815$601$187
26 years$1,817$1,369$1,016$745$541$159
27 years$1,731$1,288$944$682$488$135
28 years$1,652$1,214$877$625$440$115
29 years$1,577$1,145$816$573$398$98
30 years$1,508$1,081$760$526$359$83
31 years$1,444$1,022$709$483$325$71
32 years$1,384$967$661$444$294$60
33 years$1,327$916$618$408$266$52
34 years$1,274$868$577$376$241$44
35 years$1,224$823$539$346$218$37
36 years$1,177$782$505$319$198$32
37 years$1,132$742$472$293$179$27
38 years$1,090$705$442$270$162$23
39 years$1,051$671$414$249$147$20
40 years$1,013$638$388$230$134$17
41 years$977$608$364$212$121$14
42 years$943$579$342$196$110$12
43 years$911$551$321$181$100$10
44 years$880$525$301$167$91$9
45 years$851$501$283$154$82$8
46 years$823$478$265$142$75$6
47 years$797$456$249$132$68$5
48 years$771$435$234$122$62$5
49 years$747$416$220$112$56$4
50 years$723$397$207$104$51$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $741,000, adding $6,880 every year, while hoping to spend $31,229 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: 46/36/18 Blend
55$741,000$741,000$741,000$741,000
56$823,679$784,406$772,920$857,048
57$874,467$789,614$765,586$886,242
58$929,388$794,031$756,959$914,220
59$988,832$797,585$746,963$943,912
60$1,053,225$800,199$735,519$975,491
61$1,123,038$801,793$722,543$1,009,150
62$1,198,787$802,280$707,947$1,045,101
63$1,281,040$801,568$691,640$1,083,580
64$1,370,423$799,561$673,526$1,124,851
65$1,467,621$796,155$653,505$1,169,204
66$1,573,393$791,241$631,471$1,216,962
67$1,688,569$784,703$607,316$1,268,482
68$1,814,067$776,416$580,925$1,324,161
69$1,950,893$766,252$552,177$1,384,438
70$2,100,156$754,071$520,947$1,449,801
71$2,263,078$739,726$487,105$1,520,787
72$2,441,003$723,063$450,513$1,597,994
73$2,635,409$703,917$411,029$1,682,085
74$2,847,925$682,113$368,503$1,773,790
75$3,080,344$657,468$322,779$1,873,920
76$3,334,641$629,786$273,694$1,983,372
77$3,612,990$598,861$221,078$2,103,139
78$3,917,784$564,474$164,754$2,234,319
79$4,251,660$526,395$104,534$2,378,126
80$4,617,520$484,379$40,227$2,535,904
81$5,018,562$438,168$0$2,709,139
82$5,458,306$387,490$0$2,904,928
83$5,940,632$332,056$0$3,128,232
84$6,469,811$271,561$0$3,373,367
85$7,050,549$205,684$0$3,642,598
86$7,688,027$134,085$0$3,938,421
87$8,387,955$56,404$0$4,263,597
88$9,156,621$0$0$4,621,168
89$10,000,955$0$0$5,025,483
90$10,928,586$0$0$5,494,326
91$11,947,924$0$0$6,009,612
92$13,068,229$0$0$6,576,036
93$14,299,706$0$0$7,198,768
94$15,653,598$0$0$7,883,507
95$17,142,289$0$0$8,636,528
96$18,779,425$0$0$9,464,748
97$20,580,041$0$0$10,375,786
98$22,560,700$0$0$11,378,038
99$24,739,654$0$0$12,480,753
100$27,137,011$0$0$13,694,122