Can I retire at age 56 with 743,000?

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 $743,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.7%
1 years$61,356$60,810$60,277$59,756$59,248$57,863
2 years$30,374$29,809$29,260$28,729$28,213$26,825
3 years$20,048$19,480$18,933$18,407$17,900$16,553
4 years$14,886$14,320$13,779$13,261$12,766$11,471
5 years$11,790$11,227$10,693$10,186$9,705$8,464
6 years$9,727$9,168$8,641$8,146$7,679$6,494
7 years$8,253$7,699$7,181$6,697$6,245$5,117
8 years$7,149$6,600$6,090$5,618$5,181$4,108
9 years$6,290$5,746$5,245$4,785$4,363$3,346
10 years$5,603$5,065$4,573$4,125$3,718$2,754
11 years$5,042$4,509$4,026$3,590$3,197$2,286
12 years$4,575$4,047$3,573$3,149$2,771$1,911
13 years$4,179$3,657$3,192$2,780$2,416$1,606
14 years$3,841$3,324$2,868$2,468$2,118$1,355
15 years$3,548$3,037$2,590$2,201$1,865$1,148
16 years$3,292$2,786$2,348$1,971$1,648$976
17 years$3,066$2,566$2,136$1,771$1,461$831
18 years$2,865$2,371$1,950$1,596$1,299$710
19 years$2,686$2,198$1,785$1,442$1,158$607
20 years$2,525$2,042$1,639$1,306$1,034$520
21 years$2,380$1,902$1,507$1,185$926$446
22 years$2,248$1,776$1,389$1,078$830$383
23 years$2,127$1,661$1,283$981$745$329
24 years$2,017$1,556$1,186$895$669$283
25 years$1,916$1,460$1,099$817$602$243
26 years$1,822$1,372$1,019$747$543$210
27 years$1,736$1,292$946$684$489$181
28 years$1,656$1,217$880$627$441$156
29 years$1,582$1,148$819$575$399$134
30 years$1,512$1,084$762$527$360$116
31 years$1,448$1,025$711$484$326$100
32 years$1,387$970$663$445$295$86
33 years$1,331$918$619$409$267$74
34 years$1,277$870$579$377$241$64
35 years$1,227$826$541$347$219$55
36 years$1,180$784$506$319$198$48
37 years$1,136$744$474$294$180$41
38 years$1,093$707$444$271$163$36
39 years$1,054$673$416$250$148$31
40 years$1,016$640$389$231$134$27
41 years$980$609$365$213$121$23
42 years$946$580$343$196$110$20
43 years$914$553$321$181$100$17
44 years$883$527$302$167$91$15
45 years$853$502$283$155$82$13
46 years$825$479$266$143$75$11
47 years$799$457$250$132$68$10
48 years$773$437$235$122$62$8
49 years$749$417$221$113$56$7
50 years$725$398$208$104$51$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $743,000, adding $5,543 every year, while hoping to spend $29,292 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: 57/20/23 Blend
55$743,000$743,000$743,000$743,000
56$824,504$785,125$773,608$866,081
57$877,437$792,429$768,358$902,405
58$934,787$799,110$761,949$938,381
59$996,974$805,106$754,314$976,963
60$1,064,460$810,350$745,378$1,018,409
61$1,137,752$814,775$735,065$1,063,005
62$1,217,409$818,304$723,295$1,111,067
63$1,304,043$820,860$709,985$1,162,945
64$1,398,333$822,359$695,046$1,219,025
65$1,501,020$822,712$678,387$1,279,733
66$1,612,922$821,823$659,912$1,345,541
67$1,734,941$819,594$639,520$1,416,969
68$1,868,067$815,916$617,106$1,494,592
69$2,013,392$810,677$592,560$1,579,047
70$2,172,114$803,757$565,768$1,671,034
71$2,345,558$795,029$536,609$1,771,330
72$2,535,177$784,357$504,957$1,880,789
73$2,742,573$771,600$470,682$2,000,358
74$2,969,512$756,604$433,646$2,131,079
75$3,217,935$739,211$393,706$2,274,107
76$3,489,982$719,250$350,713$2,430,712
77$3,788,008$696,540$304,509$2,602,301
78$4,114,607$670,893$254,932$2,790,423
79$4,472,635$642,106$201,812$2,996,791
80$4,865,241$609,965$144,969$3,223,294
81$5,295,889$574,247$84,219$3,472,019
82$5,768,396$534,711$19,366$3,745,265
83$6,286,967$491,107$0$4,045,575
84$6,856,234$443,167$0$4,387,982
85$7,481,297$390,610$0$4,769,216
86$8,167,778$333,139$0$5,187,985
87$8,921,866$270,437$0$5,648,112
88$9,750,383$202,175$0$6,153,811
89$10,660,840$127,999$0$6,709,728
90$11,661,515$47,541$0$7,320,982
91$12,761,527$0$0$7,993,220
92$13,970,922$0$0$8,741,379
93$15,300,768$0$0$9,575,628
94$16,763,261$0$0$10,493,163
95$18,371,834$0$0$11,502,423
96$20,141,293$0$0$12,612,704
97$22,087,945$0$0$13,834,250
98$24,229,761$0$0$15,178,348
99$26,586,541$0$0$16,657,434
100$29,180,101$0$0$18,285,210