Can I retire at age 56 with 744,000?

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 $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%11.7%
1 years$61,439$60,892$60,358$59,836$59,328$58,904
2 years$30,415$29,849$29,300$28,768$28,251$27,824
3 years$20,075$19,507$18,959$18,432$17,924$17,507
4 years$14,907$14,339$13,797$13,279$12,783$12,379
5 years$11,806$11,242$10,707$10,200$9,718$9,328
6 years$9,740$9,180$8,653$8,157$7,689$7,314
7 years$8,264$7,709$7,191$6,706$6,253$5,893
8 years$7,158$6,608$6,098$5,626$5,188$4,842
9 years$6,298$5,754$5,252$4,792$4,369$4,038
10 years$5,611$5,072$4,579$4,130$3,723$3,406
11 years$5,049$4,515$4,031$3,595$3,202$2,899
12 years$4,581$4,052$3,578$3,153$2,774$2,486
13 years$4,185$3,662$3,197$2,784$2,419$2,144
14 years$3,846$3,329$2,872$2,471$2,121$1,859
15 years$3,553$3,041$2,593$2,204$1,867$1,619
16 years$3,296$2,790$2,351$1,973$1,650$1,414
17 years$3,070$2,570$2,139$1,773$1,463$1,240
18 years$2,869$2,374$1,953$1,598$1,301$1,089
19 years$2,690$2,201$1,788$1,444$1,160$959
20 years$2,529$2,045$1,641$1,308$1,036$846
21 years$2,383$1,905$1,509$1,187$927$748
22 years$2,251$1,778$1,391$1,079$831$662
23 years$2,130$1,663$1,284$983$746$587
24 years$2,020$1,558$1,188$896$670$521
25 years$1,918$1,462$1,100$818$603$463
26 years$1,825$1,374$1,020$748$543$411
27 years$1,738$1,293$947$685$490$366
28 years$1,658$1,219$881$628$442$326
29 years$1,584$1,150$820$576$399$290
30 years$1,514$1,086$763$528$361$259
31 years$1,450$1,026$712$485$326$231
32 years$1,389$971$664$446$295$206
33 years$1,332$920$620$410$267$184
34 years$1,279$872$579$377$242$164
35 years$1,229$827$542$347$219$146
36 years$1,182$785$507$320$198$131
37 years$1,137$745$474$295$180$117
38 years$1,095$708$444$272$163$104
39 years$1,055$674$416$250$148$93
40 years$1,017$641$390$231$134$83
41 years$981$610$366$213$122$75
42 years$947$581$343$197$110$67
43 years$915$553$322$182$100$60
44 years$884$528$302$168$91$53
45 years$855$503$284$155$83$48
46 years$827$480$266$143$75$43
47 years$800$458$250$132$68$38
48 years$774$437$235$122$62$34
49 years$750$418$221$113$56$31
50 years$726$399$208$104$51$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $744,000, adding $4,715 every year, while hoping to spend $27,072 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: 60/32/8 Blend
55$744,000$744,000$744,000$744,000
56$824,752$785,320$773,788$872,532
57$880,072$794,996$770,905$914,798
58$940,127$804,239$767,019$957,360
59$1,005,373$812,999$762,066$1,003,106
60$1,076,308$821,223$755,982$1,052,342
61$1,153,482$828,854$748,699$1,105,409
62$1,237,501$835,832$740,144$1,162,679
63$1,329,031$842,092$730,243$1,224,565
64$1,428,804$847,566$718,918$1,291,523
65$1,537,626$852,181$706,086$1,364,054
66$1,656,385$855,859$691,661$1,442,712
67$1,786,058$858,518$675,554$1,528,108
68$1,927,720$860,070$657,669$1,620,916
69$2,082,556$860,421$637,909$1,721,880
70$2,251,869$859,474$616,171$1,831,819
71$2,437,093$857,122$592,347$1,951,638
72$2,639,810$853,255$566,324$2,082,336
73$2,861,759$847,753$537,984$2,225,014
74$3,104,857$840,491$507,205$2,380,886
75$3,371,213$831,336$473,857$2,551,293
76$3,663,152$820,146$437,807$2,737,712
77$3,983,234$806,773$398,913$2,941,775
78$4,334,276$791,058$357,029$3,165,280
79$4,719,384$772,832$312,002$3,410,211
80$5,141,979$751,917$263,671$3,678,757
81$5,605,826$728,127$211,869$3,973,331
82$6,115,076$701,260$156,422$4,296,596
83$6,674,299$671,107$97,148$4,651,489
84$7,288,530$637,445$33,855$5,041,247
85$7,963,317$600,036$0$5,469,444
86$8,704,770$558,633$0$5,942,895
87$9,519,621$512,970$0$6,466,339
88$10,415,285$462,769$0$7,041,694
89$11,399,935$407,735$0$7,674,263
90$12,482,571$347,557$0$8,369,894
91$13,673,111$281,905$0$9,135,033
92$14,982,481$210,431$0$9,976,788
93$16,422,721$132,769$0$10,902,997
94$18,007,094$48,530$0$11,922,298
95$19,750,215$0$0$13,044,218
96$21,668,185$0$0$14,294,293
97$23,778,747$0$0$15,688,766
98$26,101,450$0$0$17,223,474
99$28,657,832$0$0$18,912,657
100$31,471,626$0$0$20,772,007