Can I retire at age 56 with 744,000?

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 $744,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$61,439$60,892$60,358$59,836$59,328$58,855
2 years$30,415$29,849$29,300$28,768$28,251$27,775
3 years$20,075$19,507$18,959$18,432$17,924$17,458
4 years$14,907$14,339$13,797$13,279$12,783$12,333
5 years$11,806$11,242$10,707$10,200$9,718$9,283
6 years$9,740$9,180$8,653$8,157$7,689$7,271
7 years$8,264$7,709$7,191$6,706$6,253$5,852
8 years$7,158$6,608$6,098$5,626$5,188$4,803
9 years$6,298$5,754$5,252$4,792$4,369$4,000
10 years$5,611$5,072$4,579$4,130$3,723$3,370
11 years$5,049$4,515$4,031$3,595$3,202$2,865
12 years$4,581$4,052$3,578$3,153$2,774$2,454
13 years$4,185$3,662$3,197$2,784$2,419$2,114
14 years$3,846$3,329$2,872$2,471$2,121$1,830
15 years$3,553$3,041$2,593$2,204$1,867$1,592
16 years$3,296$2,790$2,351$1,973$1,650$1,389
17 years$3,070$2,570$2,139$1,773$1,463$1,215
18 years$2,869$2,374$1,953$1,598$1,301$1,066
19 years$2,690$2,201$1,788$1,444$1,160$938
20 years$2,529$2,045$1,641$1,308$1,036$826
21 years$2,383$1,905$1,509$1,187$927$729
22 years$2,251$1,778$1,391$1,079$831$645
23 years$2,130$1,663$1,284$983$746$570
24 years$2,020$1,558$1,188$896$670$505
25 years$1,918$1,462$1,100$818$603$448
26 years$1,825$1,374$1,020$748$543$398
27 years$1,738$1,293$947$685$490$353
28 years$1,658$1,219$881$628$442$314
29 years$1,584$1,150$820$576$399$279
30 years$1,514$1,086$763$528$361$249
31 years$1,450$1,026$712$485$326$221
32 years$1,389$971$664$446$295$197
33 years$1,332$920$620$410$267$176
34 years$1,279$872$579$377$242$157
35 years$1,229$827$542$347$219$140
36 years$1,182$785$507$320$198$124
37 years$1,137$745$474$295$180$111
38 years$1,095$708$444$272$163$99
39 years$1,055$674$416$250$148$88
40 years$1,017$641$390$231$134$79
41 years$981$610$366$213$122$70
42 years$947$581$343$197$110$63
43 years$915$553$322$182$100$56
44 years$884$528$302$168$91$50
45 years$855$503$284$155$83$45
46 years$827$480$266$143$75$40
47 years$800$458$250$132$68$36
48 years$774$437$235$122$62$32
49 years$750$418$221$113$56$28
50 years$726$399$208$104$51$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $744,000, adding $5,865 every year, while hoping to spend $50,783 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: 56/19/25 Blend
55$744,000$744,000$744,000$744,000
56$825,938$786,506$774,974$866,242
57$856,151$771,012$746,903$879,041
58$887,743$753,057$716,189$887,150
59$920,803$732,466$682,691$894,924
60$955,423$709,056$646,260$902,346
61$991,707$682,630$606,740$909,400
62$1,029,765$652,983$563,970$916,070
63$1,069,717$619,895$517,779$922,345
64$1,111,695$583,136$467,991$928,213
65$1,155,839$542,461$414,420$933,665
66$1,202,305$497,612$356,873$938,696
67$1,251,260$448,315$295,149$943,302
68$1,302,888$394,282$229,035$947,484
69$1,357,387$335,207$158,313$951,249
70$1,414,976$270,767$82,752$954,607
71$1,475,893$200,623$2,113$957,575
72$1,540,395$124,415$0$960,176
73$1,608,766$41,762$0$984,833
74$1,681,315$0$0$1,011,254
75$1,758,381$0$0$1,048,977
76$1,840,332$0$0$1,098,412
77$1,927,575$0$0$1,151,077
78$2,020,552$0$0$1,207,243
79$2,119,747$0$0$1,267,208
80$2,225,694$0$0$1,331,301
81$2,338,973$0$0$1,399,878
82$2,460,224$0$0$1,473,333
83$2,590,147$0$0$1,552,096
84$2,729,510$0$0$1,636,640
85$2,879,156$0$0$1,727,483
86$3,040,010$0$0$1,825,196
87$3,213,086$0$0$1,930,404
88$3,399,501$0$0$2,043,792
89$3,600,479$0$0$2,166,115
90$3,817,365$0$0$2,298,201
91$4,051,636$0$0$2,440,961
92$4,304,918$0$0$2,595,396
93$4,578,995$0$0$2,762,605
94$4,875,829$0$0$2,943,797
95$5,197,579$0$0$3,140,302
96$5,546,616$0$0$3,353,582
97$5,925,550$0$0$3,585,245
98$6,337,250$0$0$3,837,060
99$6,784,873$0$0$4,110,973
100$7,271,892$0$0$4,409,125