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%12.3%
1 years$61,356$60,810$60,277$59,756$59,248$58,678
2 years$30,374$29,809$29,260$28,729$28,213$27,639
3 years$20,048$19,480$18,933$18,407$17,900$17,339
4 years$14,886$14,320$13,779$13,261$12,766$12,224
5 years$11,790$11,227$10,693$10,186$9,705$9,182
6 years$9,727$9,168$8,641$8,146$7,679$7,176
7 years$8,253$7,699$7,181$6,697$6,245$5,763
8 years$7,149$6,600$6,090$5,618$5,181$4,719
9 years$6,290$5,746$5,245$4,785$4,363$3,921
10 years$5,603$5,065$4,573$4,125$3,718$3,296
11 years$5,042$4,509$4,026$3,590$3,197$2,795
12 years$4,575$4,047$3,573$3,149$2,771$2,387
13 years$4,179$3,657$3,192$2,780$2,416$2,052
14 years$3,841$3,324$2,868$2,468$2,118$1,772
15 years$3,548$3,037$2,590$2,201$1,865$1,536
16 years$3,292$2,786$2,348$1,971$1,648$1,337
17 years$3,066$2,566$2,136$1,771$1,461$1,167
18 years$2,865$2,371$1,950$1,596$1,299$1,021
19 years$2,686$2,198$1,785$1,442$1,158$895
20 years$2,525$2,042$1,639$1,306$1,034$787
21 years$2,380$1,902$1,507$1,185$926$692
22 years$2,248$1,776$1,389$1,078$830$610
23 years$2,127$1,661$1,283$981$745$538
24 years$2,017$1,556$1,186$895$669$475
25 years$1,916$1,460$1,099$817$602$420
26 years$1,822$1,372$1,019$747$543$372
27 years$1,736$1,292$946$684$489$329
28 years$1,656$1,217$880$627$441$292
29 years$1,582$1,148$819$575$399$259
30 years$1,512$1,084$762$527$360$229
31 years$1,448$1,025$711$484$326$204
32 years$1,387$970$663$445$295$181
33 years$1,331$918$619$409$267$160
34 years$1,277$870$579$377$241$143
35 years$1,227$826$541$347$219$127
36 years$1,180$784$506$319$198$113
37 years$1,136$744$474$294$180$100
38 years$1,093$707$444$271$163$89
39 years$1,054$673$416$250$148$79
40 years$1,016$640$389$231$134$70
41 years$980$609$365$213$121$63
42 years$946$580$343$196$110$56
43 years$914$553$321$181$100$50
44 years$883$527$302$167$91$44
45 years$853$502$283$155$82$39
46 years$825$479$266$143$75$35
47 years$799$457$250$132$68$31
48 years$773$437$235$122$62$28
49 years$749$417$221$113$56$25
50 years$725$398$208$104$51$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $743,000, adding $2,269 every year, while hoping to spend $46,306 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: 65/16/19 Blend
55$743,000$743,000$743,000$743,000
56$821,126$781,747$770,231$870,439
57$855,612$770,784$746,764$892,848
58$892,063$757,731$720,960$911,825
59$930,632$742,438$692,690$931,463
60$971,483$724,744$661,822$951,826
61$1,014,797$704,480$628,216$972,989
62$1,060,773$681,466$591,728$995,035
63$1,109,626$655,511$552,205$1,018,057
64$1,161,593$626,416$509,488$1,042,160
65$1,216,931$593,967$463,412$1,067,461
66$1,275,926$557,939$413,804$1,094,090
67$1,338,886$518,093$360,482$1,122,195
68$1,406,151$474,179$303,258$1,151,941
69$1,478,095$425,930$241,933$1,183,510
70$1,555,126$373,066$176,302$1,217,107
71$1,637,690$315,288$106,151$1,252,963
72$1,726,281$252,283$31,253$1,291,331
73$1,821,436$183,720$0$1,332,497
74$1,923,749$109,248$0$1,386,646
75$2,033,867$28,497$0$1,451,666
76$2,152,506$0$0$1,521,660
77$2,280,448$0$0$1,607,494
78$2,418,554$0$0$1,705,601
79$2,567,770$0$0$1,811,640
80$2,729,136$0$0$1,926,355
81$2,903,794$0$0$2,050,564
82$3,093,000$0$0$2,185,165
83$3,298,135$0$0$2,331,148
84$3,520,718$0$0$2,489,597
85$3,762,419$0$0$2,661,711
86$4,025,074$0$0$2,848,802
87$4,310,706$0$0$3,052,317
88$4,621,537$0$0$3,273,849
89$4,960,013$0$0$3,515,148
90$5,328,827$0$0$3,778,142
91$5,730,942$0$0$4,064,951
92$6,169,617$0$0$4,377,910
93$6,648,441$0$0$4,719,588
94$7,171,366$0$0$5,092,815
95$7,742,740$0$0$5,500,703
96$8,367,350$0$0$5,946,680
97$9,050,469$0$0$6,434,522
98$9,797,899$0$0$6,968,384
99$10,616,033$0$0$7,552,843
100$11,511,907$0$0$8,192,938