Recurrent neural networks have shown excellent performance in many applications, however they require increased complexity in hardware or software based implementations. The hardware complexity can be much lowered by minimizing the word-length of weights and signals. This work analyzes the fixed-point performance of recurrent neural networks using a retrain based quantization method. The quantization sensitivity of each layer in RNNs is studied, and the overall fixed-point optimization results minimizing the capacity of weights while not sacrificing the performance are presented. A language model and a phoneme recognition examples are used.