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%14.1%
1 years$61,439$60,892$60,358$59,836$59,328$58,321
2 years$30,415$29,849$29,300$28,768$28,251$27,240
3 years$20,075$19,507$18,959$18,432$17,924$16,940
4 years$14,907$14,339$13,797$13,279$12,783$11,834
5 years$11,806$11,242$10,707$10,200$9,718$8,805
6 years$9,740$9,180$8,653$8,157$7,689$6,815
7 years$8,264$7,709$7,191$6,706$6,253$5,418
8 years$7,158$6,608$6,098$5,626$5,188$4,391
9 years$6,298$5,754$5,252$4,792$4,369$3,610
10 years$5,611$5,072$4,579$4,130$3,723$3,001
11 years$5,049$4,515$4,031$3,595$3,202$2,517
12 years$4,581$4,052$3,578$3,153$2,774$2,125
13 years$4,185$3,662$3,197$2,784$2,419$1,805
14 years$3,846$3,329$2,872$2,471$2,121$1,540
15 years$3,553$3,041$2,593$2,204$1,867$1,319
16 years$3,296$2,790$2,351$1,973$1,650$1,134
17 years$3,070$2,570$2,139$1,773$1,463$977
18 years$2,869$2,374$1,953$1,598$1,301$844
19 years$2,690$2,201$1,788$1,444$1,160$730
20 years$2,529$2,045$1,641$1,308$1,036$633
21 years$2,383$1,905$1,509$1,187$927$550
22 years$2,251$1,778$1,391$1,079$831$478
23 years$2,130$1,663$1,284$983$746$416
24 years$2,020$1,558$1,188$896$670$362
25 years$1,918$1,462$1,100$818$603$316
26 years$1,825$1,374$1,020$748$543$275
27 years$1,738$1,293$947$685$490$240
28 years$1,658$1,219$881$628$442$210
29 years$1,584$1,150$820$576$399$183
30 years$1,514$1,086$763$528$361$160
31 years$1,450$1,026$712$485$326$140
32 years$1,389$971$664$446$295$123
33 years$1,332$920$620$410$267$107
34 years$1,279$872$579$377$242$94
35 years$1,229$827$542$347$219$82
36 years$1,182$785$507$320$198$72
37 years$1,137$745$474$295$180$63
38 years$1,095$708$444$272$163$55
39 years$1,055$674$416$250$148$48
40 years$1,017$641$390$231$134$42
41 years$981$610$366$213$122$37
42 years$947$581$343$197$110$32
43 years$915$553$322$182$100$28
44 years$884$528$302$168$91$25
45 years$855$503$284$155$83$22
46 years$827$480$266$143$75$19
47 years$800$458$250$132$68$17
48 years$774$437$235$122$62$15
49 years$750$418$221$113$56$13
50 years$726$399$208$104$51$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $744,000, adding $3,134 every year, while hoping to spend $44,435 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: 39/38/23 Blend
55$744,000$744,000$744,000$744,000
56$823,121$783,689$772,157$849,487
57$859,801$774,811$750,745$859,962
58$898,732$764,009$727,128$866,872
59$940,099$751,141$701,183$873,456
60$984,101$736,059$672,784$879,709
61$1,030,956$718,603$641,799$885,631
62$1,080,905$698,605$608,090$891,225
63$1,134,209$675,889$571,513$896,499
64$1,191,156$650,265$531,917$901,466
65$1,252,062$621,536$489,144$906,145
66$1,317,271$589,490$443,029$910,561
67$1,387,163$553,906$393,401$914,748
68$1,462,153$514,547$340,079$918,747
69$1,542,697$471,164$282,876$922,611
70$1,629,296$423,495$221,597$926,405
71$1,722,500$371,261$156,035$930,203
72$1,822,911$314,169$85,979$934,099
73$1,931,192$251,908$11,204$938,200
74$2,048,072$184,150$0$942,634
75$2,174,351$110,549$0$964,381
76$2,310,908$30,738$0$990,810
77$2,458,708$0$0$1,019,428
78$2,618,815$0$0$1,073,806
79$2,792,397$0$0$1,146,779
80$2,980,737$0$0$1,226,044
81$3,185,249$0$0$1,312,206
82$3,407,486$0$0$1,405,931
83$3,649,157$0$0$1,507,953
84$3,912,143$0$0$1,619,077
85$4,198,513$0$0$1,740,191
86$4,510,544$0$0$1,872,272
87$4,850,742$0$0$2,016,395
88$5,221,863$0$0$2,173,742
89$5,626,943$0$0$2,345,616
90$6,069,324$0$0$2,533,452
91$6,552,683$0$0$2,738,827
92$7,081,070$0$0$2,963,479
93$7,658,943$0$0$3,209,323
94$8,291,211$0$0$3,478,465
95$8,983,278$0$0$3,773,226
96$9,741,096$0$0$4,096,162
97$10,571,219$0$0$4,450,086
98$11,480,867$0$0$4,838,098
99$12,477,986$0$0$5,263,611
100$13,571,333$0$0$5,730,386