Can I retire at age 56 with 890,000?

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 $890,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.9%
1 years$73,495$72,841$72,202$71,579$70,970$68,154
2 years$36,384$35,706$35,050$34,413$33,795$30,993
3 years$24,015$23,334$22,679$22,049$21,441$18,741
4 years$17,832$17,153$16,505$15,885$15,292$12,715
5 years$14,123$13,448$12,808$12,201$11,625$9,177
6 years$11,651$10,982$10,351$9,757$9,198$6,881
7 years$9,886$9,222$8,602$8,022$7,481$5,293
8 years$8,563$7,905$7,295$6,729$6,206$4,146
9 years$7,534$6,883$6,283$5,732$5,226$3,291
10 years$6,712$6,067$5,478$4,941$4,453$2,638
11 years$6,040$5,401$4,823$4,300$3,830$2,132
12 years$5,480$4,848$4,280$3,772$3,319$1,733
13 years$5,006$4,381$3,824$3,330$2,894$1,415
14 years$4,601$3,982$3,436$2,956$2,537$1,160
15 years$4,250$3,638$3,102$2,636$2,234$954
16 years$3,943$3,338$2,812$2,360$1,974$787
17 years$3,673$3,074$2,559$2,121$1,750$650
18 years$3,432$2,840$2,336$1,911$1,556$538
19 years$3,218$2,632$2,139$1,727$1,387$445
20 years$3,025$2,446$1,963$1,564$1,239$370
21 years$2,851$2,278$1,805$1,420$1,109$307
22 years$2,692$2,127$1,664$1,291$994$255
23 years$2,548$1,989$1,536$1,175$892$212
24 years$2,416$1,864$1,421$1,072$802$176
25 years$2,295$1,749$1,316$979$722$147
26 years$2,183$1,644$1,221$895$650$122
27 years$2,079$1,547$1,133$819$586$102
28 years$1,984$1,458$1,054$751$529$85
29 years$1,895$1,375$980$688$477$71
30 years$1,812$1,299$913$632$431$59
31 years$1,734$1,228$851$580$390$49
32 years$1,662$1,162$794$533$353$41
33 years$1,594$1,100$742$490$319$34
34 years$1,530$1,043$693$451$289$28
35 years$1,470$989$648$415$262$24
36 years$1,414$939$606$383$237$20
37 years$1,360$892$567$352$215$16
38 years$1,310$847$531$325$195$14
39 years$1,262$806$498$300$177$11
40 years$1,217$767$467$276$160$10
41 years$1,174$730$437$255$145$8
42 years$1,133$695$410$235$132$7
43 years$1,094$662$385$217$120$6
44 years$1,057$631$361$201$109$5
45 years$1,022$602$339$185$99$4
46 years$989$574$319$171$90$3
47 years$957$548$299$158$81$3
48 years$926$523$281$146$74$2
49 years$897$499$265$135$67$2
50 years$869$477$249$125$61$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $890,000, adding $4,324 every year, while hoping to spend $44,731 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: 65/21/14 Blend
55$890,000$890,000$890,000$890,000
56$985,240$938,070$924,275$1,045,746
57$1,038,141$936,442$907,645$1,085,105
58$1,094,939$933,235$888,958$1,122,501
59$1,155,984$928,325$868,100$1,162,253
60$1,221,660$921,578$844,947$1,204,590
61$1,292,390$912,856$819,373$1,249,766
62$1,368,637$902,009$791,245$1,298,061
63$1,450,910$888,880$760,424$1,349,784
64$1,539,770$873,302$726,765$1,405,279
65$1,635,830$855,098$690,116$1,464,926
66$1,739,768$834,081$650,318$1,529,144
67$1,852,325$810,052$607,204$1,598,398
68$1,974,318$782,800$560,602$1,673,202
69$2,106,647$752,105$510,330$1,754,125
70$2,250,297$717,731$456,198$1,841,794
71$2,406,357$679,429$398,010$1,936,904
72$2,576,020$636,936$335,558$2,040,225
73$2,760,601$589,973$268,626$2,152,605
74$2,961,547$538,246$196,990$2,274,983
75$3,180,450$481,445$120,414$2,408,397
76$3,419,061$419,241$38,653$2,553,994
77$3,679,307$351,286$0$2,713,041
78$3,963,311$277,214$0$2,894,199
79$4,273,408$196,637$0$3,098,389
80$4,612,169$109,145$0$3,321,581
81$4,982,424$14,307$0$3,565,709
82$5,387,289$0$0$3,832,903
83$5,830,194$0$0$4,145,927
84$6,314,919$0$0$4,492,182
85$6,845,622$0$0$4,871,342
86$7,426,884$0$0$5,286,686
87$8,063,749$0$0$5,741,827
88$8,761,773$0$0$6,240,744
89$9,527,075$0$0$6,787,817
90$10,366,392$0$0$7,387,873
91$11,287,149$0$0$8,046,227
92$12,297,519$0$0$8,768,734
93$13,406,507$0$0$9,561,843
94$14,624,034$0$0$10,432,658
95$15,961,026$0$0$11,389,006
96$17,429,518$0$0$12,439,505
97$19,042,772$0$0$13,593,653
98$20,815,395$0$0$14,861,912
99$22,763,477$0$0$16,255,807
100$24,904,749$0$0$17,788,035