Can I retire at age 56 with 893,000?

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 $893,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.9%
1 years$73,743$73,086$72,445$71,820$71,209$69,488
2 years$36,506$35,827$35,168$34,529$33,909$32,185
3 years$24,096$23,413$22,756$22,123$21,513$19,841
4 years$17,892$17,211$16,560$15,938$15,343$13,735
5 years$14,170$13,494$12,852$12,242$11,664$10,124
6 years$11,690$11,019$10,386$9,790$9,229$7,760
7 years$9,919$9,253$8,631$8,049$7,506$6,107
8 years$8,592$7,932$7,320$6,752$6,227$4,898
9 years$7,560$6,906$6,304$5,751$5,244$3,984
10 years$6,735$6,087$5,496$4,958$4,468$3,275
11 years$6,060$5,419$4,839$4,315$3,843$2,715
12 years$5,498$4,864$4,294$3,785$3,330$2,266
13 years$5,023$4,396$3,837$3,341$2,904$1,902
14 years$4,616$3,996$3,447$2,966$2,545$1,603
15 years$4,264$3,650$3,112$2,645$2,241$1,356
16 years$3,956$3,349$2,822$2,368$1,981$1,151
17 years$3,685$3,084$2,568$2,128$1,756$979
18 years$3,444$2,850$2,344$1,918$1,562$834
19 years$3,229$2,641$2,146$1,733$1,392$713
20 years$3,035$2,454$1,969$1,569$1,243$609
21 years$2,860$2,286$1,811$1,424$1,113$522
22 years$2,701$2,134$1,670$1,295$997$447
23 years$2,557$1,996$1,542$1,179$895$384
24 years$2,424$1,870$1,426$1,076$805$330
25 years$2,302$1,755$1,320$982$724$283
26 years$2,190$1,649$1,225$898$652$244
27 years$2,086$1,552$1,137$822$588$210
28 years$1,990$1,463$1,057$753$531$180
29 years$1,901$1,380$984$691$479$155
30 years$1,818$1,303$916$634$433$134
31 years$1,740$1,232$854$582$391$115
32 years$1,667$1,166$797$535$354$99
33 years$1,599$1,104$744$492$320$85
34 years$1,535$1,046$695$453$290$74
35 years$1,475$992$650$417$263$64
36 years$1,418$942$608$384$238$55
37 years$1,365$895$569$354$216$47
38 years$1,314$850$533$326$196$41
39 years$1,266$808$499$301$177$35
40 years$1,221$769$468$277$161$30
41 years$1,178$732$439$256$146$26
42 years$1,137$697$412$236$132$23
43 years$1,098$664$386$218$120$19
44 years$1,061$633$363$201$109$17
45 years$1,026$604$341$186$99$14
46 years$992$576$320$172$90$12
47 years$960$550$300$159$82$11
48 years$929$525$282$147$74$9
49 years$900$501$265$135$67$8
50 years$872$479$250$125$61$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $893,000, adding $3,705 every year, while hoping to spend $55,718 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: 61/19/20 Blend
55$893,000$893,000$893,000$893,000
56$987,908$940,579$926,737$1,042,816
57$1,029,391$927,384$898,499$1,067,171
58$1,073,238$911,674$867,448$1,087,243
59$1,119,631$893,269$833,430$1,107,880
60$1,168,769$871,975$796,286$1,129,146
61$1,220,870$847,588$755,848$1,151,110
62$1,276,171$819,893$711,941$1,173,854
63$1,334,932$788,659$664,383$1,197,470
64$1,397,437$753,645$612,982$1,222,060
65$1,463,997$714,596$557,539$1,247,742
66$1,534,954$671,240$497,845$1,274,647
67$1,610,679$623,291$433,683$1,302,925
68$1,691,582$570,445$364,825$1,332,743
69$1,778,110$512,384$291,033$1,364,290
70$1,870,755$448,768$212,060$1,397,777
71$1,970,055$379,241$127,647$1,433,441
72$2,076,600$303,423$37,523$1,471,548
73$2,191,040$220,917$0$1,512,398
74$2,314,085$131,301$0$1,568,840
75$2,446,516$34,130$0$1,638,090
76$2,589,193$0$0$1,712,614
77$2,743,056$0$0$1,807,804
78$2,909,140$0$0$1,918,311
79$3,088,583$0$0$2,037,763
80$3,282,635$0$0$2,166,997
81$3,492,670$0$0$2,306,937
82$3,720,196$0$0$2,458,597
83$3,966,876$0$0$2,623,091
84$4,234,534$0$0$2,801,645
85$4,525,180$0$0$2,995,608
86$4,841,020$0$0$3,206,464
87$5,184,486$0$0$3,435,844
88$5,558,251$0$0$3,685,544
89$5,965,255$0$0$3,957,540
90$6,408,736$0$0$4,254,005
91$6,892,255$0$0$4,577,333
92$7,419,733$0$0$4,930,157
93$7,995,484$0$0$5,315,376
94$8,624,259$0$0$5,736,181
95$9,311,285$0$0$6,196,086
96$10,062,320$0$0$6,698,957
97$10,883,700$0$0$7,249,054
98$11,782,405$0$0$7,851,064
99$12,766,117$0$0$8,510,152
100$13,843,298$0$0$9,232,003