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%19.2%
1 years$61,439$60,892$60,358$59,836$59,328$57,132
2 years$30,415$29,849$29,300$28,768$28,251$26,064
3 years$20,075$19,507$18,959$18,432$17,924$15,813
4 years$14,907$14,339$13,797$13,279$12,783$10,766
5 years$11,806$11,242$10,707$10,200$9,718$7,799
6 years$9,740$9,180$8,653$8,157$7,689$5,871
7 years$8,264$7,709$7,191$6,706$6,253$4,534
8 years$7,158$6,608$6,098$5,626$5,188$3,566
9 years$6,298$5,754$5,252$4,792$4,369$2,843
10 years$5,611$5,072$4,579$4,130$3,723$2,290
11 years$5,049$4,515$4,031$3,595$3,202$1,858
12 years$4,581$4,052$3,578$3,153$2,774$1,518
13 years$4,185$3,662$3,197$2,784$2,419$1,245
14 years$3,846$3,329$2,872$2,471$2,121$1,026
15 years$3,553$3,041$2,593$2,204$1,867$848
16 years$3,296$2,790$2,351$1,973$1,650$703
17 years$3,070$2,570$2,139$1,773$1,463$583
18 years$2,869$2,374$1,953$1,598$1,301$485
19 years$2,690$2,201$1,788$1,444$1,160$404
20 years$2,529$2,045$1,641$1,308$1,036$337
21 years$2,383$1,905$1,509$1,187$927$281
22 years$2,251$1,778$1,391$1,079$831$235
23 years$2,130$1,663$1,284$983$746$197
24 years$2,020$1,558$1,188$896$670$164
25 years$1,918$1,462$1,100$818$603$138
26 years$1,825$1,374$1,020$748$543$115
27 years$1,738$1,293$947$685$490$96
28 years$1,658$1,219$881$628$442$81
29 years$1,584$1,150$820$576$399$68
30 years$1,514$1,086$763$528$361$57
31 years$1,450$1,026$712$485$326$48
32 years$1,389$971$664$446$295$40
33 years$1,332$920$620$410$267$33
34 years$1,279$872$579$377$242$28
35 years$1,229$827$542$347$219$24
36 years$1,182$785$507$320$198$20
37 years$1,137$745$474$295$180$17
38 years$1,095$708$444$272$163$14
39 years$1,055$674$416$250$148$12
40 years$1,017$641$390$231$134$10
41 years$981$610$366$213$122$8
42 years$947$581$343$197$110$7
43 years$915$553$322$182$100$6
44 years$884$528$302$168$91$5
45 years$855$503$284$155$83$4
46 years$827$480$266$143$75$3
47 years$800$458$250$132$68$3
48 years$774$437$235$122$62$2
49 years$750$418$221$113$56$2
50 years$726$399$208$104$51$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $744,000, adding $4,519 every year, while hoping to spend $47,655 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: 54/34/12 Blend
55$744,000$744,000$744,000$744,000
56$824,549$785,117$773,585$866,280
57$857,949$772,884$748,796$882,912
58$893,158$758,453$721,579$895,463
59$930,311$741,668$691,802$908,017
60$969,554$722,361$659,329$920,585
61$1,011,047$700,355$624,015$933,181
62$1,054,964$675,463$585,710$945,824
63$1,101,495$647,486$544,256$958,536
64$1,150,849$616,214$499,490$971,346
65$1,203,252$581,425$451,240$984,288
66$1,258,954$542,885$399,326$997,406
67$1,318,226$500,345$343,562$1,010,749
68$1,381,365$453,542$283,752$1,024,377
69$1,448,698$402,200$219,692$1,038,359
70$1,520,582$346,024$151,168$1,052,778
71$1,597,408$284,705$77,958$1,067,727
72$1,679,604$217,916$0$1,083,317
73$1,767,641$145,312$0$1,099,695
74$1,862,034$66,526$0$1,127,641
75$1,963,350$0$0$1,157,359
76$2,072,208$0$0$1,196,118
77$2,189,291$0$0$1,264,626
78$2,315,346$0$0$1,338,436
79$2,451,195$0$0$1,418,037
80$2,597,741$0$0$1,503,964
81$2,755,975$0$0$1,596,806
82$2,926,987$0$0$1,697,211
83$3,111,974$0$0$1,805,888
84$3,312,252$0$0$1,923,622
85$3,529,269$0$0$2,051,270
86$3,764,615$0$0$2,189,778
87$4,020,041$0$0$2,340,187
88$4,297,470$0$0$2,503,640
89$4,599,019$0$0$2,681,394
90$4,927,018$0$0$2,874,835
91$5,284,027$0$0$3,085,484
92$5,672,867$0$0$3,315,019
93$6,096,640$0$0$3,565,282
94$6,558,759$0$0$3,838,305
95$7,062,982$0$0$4,136,321
96$7,613,447$0$0$4,461,790
97$8,214,704$0$0$4,817,418
98$8,871,768$0$0$5,206,187
99$9,590,156$0$0$5,631,379
100$10,375,943$0$0$6,096,606