Can I retire at age 56 with 740,000?

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 $740,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11%
1 years$61,109$60,564$60,033$59,515$59,009$58,760
2 years$30,252$29,688$29,142$28,613$28,099$27,848
3 years$19,967$19,402$18,857$18,333$17,827$17,582
4 years$14,826$14,262$13,723$13,208$12,715$12,476
5 years$11,743$11,182$10,650$10,145$9,665$9,435
6 years$9,687$9,131$8,607$8,113$7,648$7,426
7 years$8,220$7,668$7,152$6,670$6,220$6,006
8 years$7,120$6,573$6,066$5,595$5,160$4,955
9 years$6,265$5,723$5,224$4,766$4,345$4,149
10 years$5,581$5,044$4,555$4,108$3,703$3,514
11 years$5,022$4,491$4,010$3,575$3,184$3,004
12 years$4,556$4,031$3,559$3,136$2,759$2,587
13 years$4,163$3,643$3,179$2,769$2,406$2,242
14 years$3,826$3,311$2,857$2,458$2,109$1,952
15 years$3,534$3,025$2,579$2,192$1,857$1,708
16 years$3,278$2,775$2,338$1,963$1,641$1,499
17 years$3,054$2,556$2,128$1,763$1,455$1,320
18 years$2,854$2,362$1,942$1,589$1,294$1,166
19 years$2,675$2,189$1,778$1,436$1,153$1,032
20 years$2,515$2,034$1,632$1,301$1,030$915
21 years$2,370$1,894$1,501$1,180$922$813
22 years$2,238$1,768$1,383$1,073$826$724
23 years$2,119$1,654$1,277$977$742$645
24 years$2,009$1,550$1,181$891$667$575
25 years$1,908$1,454$1,094$814$600$514
26 years$1,815$1,367$1,015$744$540$459
27 years$1,729$1,286$942$681$487$411
28 years$1,649$1,212$876$624$440$368
29 years$1,575$1,143$815$572$397$329
30 years$1,506$1,080$759$525$359$295
31 years$1,442$1,021$708$483$324$265
32 years$1,382$966$661$443$293$238
33 years$1,325$915$617$408$266$213
34 years$1,272$867$576$375$240$192
35 years$1,222$822$539$345$218$172
36 years$1,175$780$504$318$197$155
37 years$1,131$741$472$293$179$139
38 years$1,089$704$442$270$162$125
39 years$1,049$670$414$249$147$112
40 years$1,012$637$388$230$133$101
41 years$976$607$364$212$121$91
42 years$942$578$341$196$110$82
43 years$910$551$320$181$100$74
44 years$879$525$301$167$90$66
45 years$850$500$282$154$82$60
46 years$822$477$265$142$75$54
47 years$796$456$249$131$68$48
48 years$770$435$234$121$61$43
49 years$746$415$220$112$56$39
50 years$722$397$207$104$51$35

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $740,000, adding $4,033 every year, while hoping to spend $24,704 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: 57/16/27 Blend
55$740,000$740,000$740,000$740,000
56$819,640$780,420$768,950$860,094
57$876,958$792,376$768,425$900,242
58$939,295$804,089$767,054$941,044
59$1,007,137$815,523$764,784$985,007
60$1,081,017$826,636$761,556$1,032,445
61$1,161,524$837,384$757,312$1,083,703
62$1,249,305$847,722$751,988$1,139,162
63$1,345,074$857,600$745,519$1,199,243
64$1,449,613$866,964$737,836$1,264,411
65$1,563,787$875,759$728,866$1,335,178
66$1,688,545$883,923$718,535$1,412,111
67$1,824,935$891,393$706,764$1,495,834
68$1,974,106$898,099$693,469$1,587,035
69$2,137,329$903,970$678,564$1,686,475
70$2,315,999$908,927$661,958$1,794,994
71$2,511,655$912,888$643,557$1,913,516
72$2,725,989$915,765$623,262$2,043,063
73$2,960,866$917,464$600,968$2,184,762
74$3,218,342$917,887$576,567$2,339,857
75$3,500,677$916,927$549,947$2,509,718
76$3,810,363$914,474$520,987$2,695,860
77$4,150,144$910,408$489,565$2,899,952
78$4,523,044$904,603$455,550$3,123,835
79$4,932,392$896,925$418,808$3,369,540
80$5,381,854$887,233$379,197$3,639,309
81$5,875,473$875,377$336,569$3,935,612
82$6,417,697$861,197$290,770$4,261,176
83$7,013,431$844,524$241,640$4,619,006
84$7,668,075$825,179$189,009$5,012,420
85$8,387,579$802,974$132,701$5,445,074
86$9,178,500$777,708$72,535$5,921,002
87$10,048,060$749,168$8,317$6,444,650
88$11,004,216$717,131$0$7,020,924
89$12,055,733$681,358$0$7,672,580
90$13,212,272$641,599$0$8,391,919
91$14,484,474$597,587$0$9,183,183
92$15,884,063$549,042$0$10,053,689
93$17,423,960$495,667$0$11,011,500
94$19,118,396$437,147$0$12,065,506
95$20,983,057$373,152$0$13,225,501
96$23,035,223$303,330$0$14,502,281
97$25,293,935$227,312$0$15,907,742
98$27,780,172$144,706$0$17,454,999
99$30,517,052$55,100$0$19,158,501
100$33,530,048$0$0$21,034,175