Can I retire at age 56 with 742,000?

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 $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%11.4%
1 years$61,274$60,728$60,195$59,676$59,168$58,820
2 years$30,333$29,769$29,221$28,690$28,175$27,824
3 years$20,021$19,454$18,908$18,382$17,876$17,532
4 years$14,866$14,301$13,760$13,243$12,749$12,416
5 years$11,774$11,212$10,678$10,172$9,692$9,370
6 years$9,713$9,155$8,630$8,135$7,669$7,359
7 years$8,242$7,689$7,171$6,688$6,237$5,939
8 years$7,139$6,591$6,082$5,610$5,174$4,888
9 years$6,281$5,738$5,238$4,779$4,357$4,083
10 years$5,596$5,058$4,567$4,119$3,713$3,450
11 years$5,035$4,503$4,021$3,585$3,193$2,942
12 years$4,569$4,042$3,568$3,145$2,767$2,528
13 years$4,174$3,652$3,188$2,776$2,413$2,185
14 years$3,836$3,320$2,864$2,464$2,115$1,898
15 years$3,543$3,033$2,586$2,198$1,862$1,656
16 years$3,287$2,783$2,345$1,968$1,646$1,450
17 years$3,062$2,563$2,134$1,768$1,459$1,273
18 years$2,862$2,368$1,948$1,593$1,298$1,121
19 years$2,683$2,195$1,783$1,440$1,157$989
20 years$2,522$2,039$1,636$1,304$1,033$875
21 years$2,376$1,900$1,505$1,184$924$775
22 years$2,245$1,773$1,387$1,076$829$688
23 years$2,124$1,658$1,281$980$744$611
24 years$2,014$1,554$1,185$894$669$543
25 years$1,913$1,458$1,097$816$602$484
26 years$1,820$1,370$1,018$746$542$431
27 years$1,734$1,290$945$683$489$384
28 years$1,654$1,215$878$626$441$343
29 years$1,580$1,147$817$574$398$306
30 years$1,510$1,083$761$527$360$274
31 years$1,446$1,024$710$484$325$245
32 years$1,385$969$662$445$294$219
33 years$1,329$917$618$409$266$196
34 years$1,276$869$578$376$241$175
35 years$1,226$825$540$346$218$157
36 years$1,178$783$505$319$198$140
37 years$1,134$743$473$294$179$126
38 years$1,092$706$443$271$163$113
39 years$1,052$672$415$250$147$101
40 years$1,014$639$389$230$134$91
41 years$979$608$365$213$121$81
42 years$945$579$342$196$110$73
43 years$912$552$321$181$100$65
44 years$882$526$301$167$91$59
45 years$852$502$283$154$82$52
46 years$824$479$266$143$75$47
47 years$798$457$250$132$68$42
48 years$772$436$235$122$62$38
49 years$748$416$221$113$56$34
50 years$724$398$207$104$51$30

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $742,000, adding $5,271 every year, while hoping to spend $33,915 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: 69/10/21 Blend
55$742,000$742,000$742,000$742,000
56$823,121$783,795$772,294$875,272
57$870,994$786,116$762,081$913,119
58$922,613$787,413$750,388$950,061
59$978,326$787,602$737,132$989,663
60$1,038,511$786,591$722,222$1,032,184
61$1,103,588$784,282$705,565$1,077,912
62$1,174,015$780,574$687,063$1,127,165
63$1,250,299$775,356$666,614$1,180,294
64$1,332,995$768,514$644,111$1,237,685
65$1,422,713$759,924$619,442$1,299,766
66$1,520,126$749,457$592,489$1,367,009
67$1,625,973$736,974$563,131$1,439,935
68$1,741,065$722,329$531,239$1,519,119
69$1,866,299$705,367$496,680$1,605,196
70$2,002,657$685,926$459,315$1,698,866
71$2,151,222$663,831$418,996$1,800,904
72$2,313,186$638,898$375,572$1,912,163
73$2,489,861$610,933$328,883$2,033,585
74$2,682,689$579,732$278,763$2,166,211
75$2,893,260$545,075$225,039$2,311,188
76$3,123,323$506,734$167,528$2,469,783
77$3,374,803$464,465$106,041$2,643,393
78$3,649,820$418,012$40,381$2,833,561
79$3,950,710$367,102$0$3,041,989
80$4,280,040$311,448$0$3,277,207
81$4,640,643$250,748$0$3,544,722
82$5,035,635$184,681$0$3,837,813
83$5,468,448$112,908$0$4,159,054
84$5,942,861$35,072$0$4,511,281
85$6,463,039$0$0$4,897,619
86$7,033,566$0$0$5,326,928
87$7,659,493$0$0$5,802,200
88$8,346,382$0$0$6,323,807
89$9,100,360$0$0$6,896,404
90$9,928,178$0$0$7,525,126
91$10,837,271$0$0$8,215,623
92$11,835,827$0$0$8,974,124
93$12,932,871$0$0$9,807,488
94$14,138,342$0$0$10,723,272
95$15,463,190$0$0$11,729,802
96$16,919,479$0$0$12,836,249
97$18,520,498$0$0$14,052,720
98$20,280,892$0$0$15,390,346
99$22,216,792$0$0$16,861,395
100$24,345,972$0$0$18,479,378