Can I retire at age 56 with 742,000?

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 $742,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.7%
1 years$61,274$60,728$60,195$59,676$59,168$57,551
2 years$30,333$29,769$29,221$28,690$28,175$26,558
3 years$20,021$19,454$18,908$18,382$17,876$16,309
4 years$14,866$14,301$13,760$13,243$12,749$11,244
5 years$11,774$11,212$10,678$10,172$9,692$8,253
6 years$9,713$9,155$8,630$8,135$7,669$6,298
7 years$8,242$7,689$7,171$6,688$6,237$4,934
8 years$7,139$6,591$6,082$5,610$5,174$3,939
9 years$6,281$5,738$5,238$4,779$4,357$3,188
10 years$5,596$5,058$4,567$4,119$3,713$2,608
11 years$5,035$4,503$4,021$3,585$3,193$2,151
12 years$4,569$4,042$3,568$3,145$2,767$1,786
13 years$4,174$3,652$3,188$2,776$2,413$1,491
14 years$3,836$3,320$2,864$2,464$2,115$1,250
15 years$3,543$3,033$2,586$2,198$1,862$1,051
16 years$3,287$2,783$2,345$1,968$1,646$887
17 years$3,062$2,563$2,134$1,768$1,459$750
18 years$2,862$2,368$1,948$1,593$1,298$636
19 years$2,683$2,195$1,783$1,440$1,157$540
20 years$2,522$2,039$1,636$1,304$1,033$459
21 years$2,376$1,900$1,505$1,184$924$390
22 years$2,245$1,773$1,387$1,076$829$333
23 years$2,124$1,658$1,281$980$744$284
24 years$2,014$1,554$1,185$894$669$242
25 years$1,913$1,458$1,097$816$602$207
26 years$1,820$1,370$1,018$746$542$177
27 years$1,734$1,290$945$683$489$151
28 years$1,654$1,215$878$626$441$129
29 years$1,580$1,147$817$574$398$110
30 years$1,510$1,083$761$527$360$94
31 years$1,446$1,024$710$484$325$81
32 years$1,385$969$662$445$294$69
33 years$1,329$917$618$409$266$59
34 years$1,276$869$578$376$241$51
35 years$1,226$825$540$346$218$43
36 years$1,178$783$505$319$198$37
37 years$1,134$743$473$294$179$32
38 years$1,092$706$443$271$163$27
39 years$1,052$672$415$250$147$23
40 years$1,014$639$389$230$134$20
41 years$979$608$365$213$121$17
42 years$945$579$342$196$110$15
43 years$912$552$321$181$100$13
44 years$882$526$301$167$91$11
45 years$852$502$283$154$82$9
46 years$824$479$266$143$75$8
47 years$798$457$250$132$68$7
48 years$772$436$235$122$62$6
49 years$748$416$221$113$56$5
50 years$724$398$207$104$51$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $742,000, adding $5,275 every year, while hoping to spend $54,844 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: 60/19/21 Blend
55$742,000$742,000$742,000$742,000
56$823,125$783,799$772,298$867,663
57$848,730$763,852$739,817$878,515
58$875,109$741,089$704,409$883,877
59$902,282$715,314$665,919$888,501
60$930,272$686,321$624,183$892,322
61$959,099$653,890$579,033$895,276
62$988,785$617,789$530,288$897,291
63$1,019,353$577,772$477,765$898,294
64$1,050,824$533,581$421,267$898,205
65$1,083,222$484,940$360,594$896,941
66$1,116,569$431,560$295,532$894,412
67$1,150,887$373,134$225,860$890,526
68$1,186,199$309,340$151,348$885,182
69$1,222,527$239,833$71,754$878,275
70$1,259,894$164,254$0$869,693
71$1,298,321$82,221$0$862,272
72$1,337,831$0$0$870,283
73$1,378,443$0$0$878,954
74$1,420,179$0$0$905,527
75$1,463,058$0$0$932,823
76$1,507,098$0$0$960,854
77$1,552,316$0$0$989,630
78$1,598,729$0$0$1,019,160
79$1,646,350$0$0$1,049,452
80$1,695,192$0$0$1,080,514
81$1,745,264$0$0$1,112,351
82$1,796,575$0$0$1,144,967
83$1,849,128$0$0$1,178,363
84$1,902,924$0$0$1,212,538
85$1,957,961$0$0$1,247,490
86$2,014,232$0$0$1,283,212
87$2,071,723$0$0$1,319,695
88$2,130,418$0$0$1,356,925
89$2,190,292$0$0$1,394,885
90$2,251,315$0$0$1,433,553
91$2,313,446$0$0$1,472,901
92$2,376,639$0$0$1,512,896
93$2,440,835$0$0$1,553,499
94$2,505,965$0$0$1,594,660
95$2,571,947$0$0$1,636,326
96$2,638,686$0$0$1,678,430
97$2,706,071$0$0$1,720,898
98$2,773,974$0$0$1,763,642
99$2,842,247$0$0$1,806,563
100$2,910,722$0$0$1,849,548