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%12.2%
1 years$73,743$73,086$72,445$71,820$71,209$70,554
2 years$36,506$35,827$35,168$34,529$33,909$33,249
3 years$24,096$23,413$22,756$22,123$21,513$20,868
4 years$17,892$17,211$16,560$15,938$15,343$14,719
5 years$14,170$13,494$12,852$12,242$11,664$11,062
6 years$11,690$11,019$10,386$9,790$9,229$8,650
7 years$9,919$9,253$8,631$8,049$7,506$6,950
8 years$8,592$7,932$7,320$6,752$6,227$5,694
9 years$7,560$6,906$6,304$5,751$5,244$4,735
10 years$6,735$6,087$5,496$4,958$4,468$3,982
11 years$6,060$5,419$4,839$4,315$3,843$3,379
12 years$5,498$4,864$4,294$3,785$3,330$2,888
13 years$5,023$4,396$3,837$3,341$2,904$2,484
14 years$4,616$3,996$3,447$2,966$2,545$2,146
15 years$4,264$3,650$3,112$2,645$2,241$1,862
16 years$3,956$3,349$2,822$2,368$1,981$1,622
17 years$3,685$3,084$2,568$2,128$1,756$1,416
18 years$3,444$2,850$2,344$1,918$1,562$1,240
19 years$3,229$2,641$2,146$1,733$1,392$1,088
20 years$3,035$2,454$1,969$1,569$1,243$957
21 years$2,860$2,286$1,811$1,424$1,113$843
22 years$2,701$2,134$1,670$1,295$997$743
23 years$2,557$1,996$1,542$1,179$895$656
24 years$2,424$1,870$1,426$1,076$805$580
25 years$2,302$1,755$1,320$982$724$513
26 years$2,190$1,649$1,225$898$652$454
27 years$2,086$1,552$1,137$822$588$403
28 years$1,990$1,463$1,057$753$531$357
29 years$1,901$1,380$984$691$479$317
30 years$1,818$1,303$916$634$433$281
31 years$1,740$1,232$854$582$391$250
32 years$1,667$1,166$797$535$354$222
33 years$1,599$1,104$744$492$320$197
34 years$1,535$1,046$695$453$290$175
35 years$1,475$992$650$417$263$156
36 years$1,418$942$608$384$238$139
37 years$1,365$895$569$354$216$123
38 years$1,314$850$533$326$196$110
39 years$1,266$808$499$301$177$98
40 years$1,221$769$468$277$161$87
41 years$1,178$732$439$256$146$77
42 years$1,137$697$412$236$132$69
43 years$1,098$664$386$218$120$61
44 years$1,061$633$363$201$109$55
45 years$1,026$604$341$186$99$49
46 years$992$576$320$172$90$43
47 years$960$550$300$159$82$39
48 years$929$525$282$147$74$34
49 years$900$501$265$135$67$31
50 years$872$479$250$125$61$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $893,000, adding $5,226 every year, while hoping to spend $26,189 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: 59/20/21 Blend
55$893,000$893,000$893,000$893,000
56$989,477$942,148$928,306$1,042,060
57$1,062,538$960,448$931,539$1,096,666
58$1,142,175$978,767$934,003$1,152,890
59$1,229,028$997,079$935,645$1,213,628
60$1,323,807$1,015,354$936,407$1,279,323
61$1,427,290$1,033,561$936,231$1,350,461
62$1,540,335$1,051,666$935,056$1,427,580
63$1,663,885$1,069,634$932,816$1,511,273
64$1,798,980$1,087,425$929,444$1,602,191
65$1,946,765$1,104,997$924,869$1,701,055
66$2,108,498$1,122,305$919,015$1,808,658
67$2,285,568$1,139,301$911,805$1,925,876
68$2,479,502$1,155,933$903,157$2,053,672
69$2,691,982$1,172,145$892,984$2,193,112
70$2,924,863$1,187,878$881,197$2,345,366
71$3,180,183$1,203,069$867,702$2,511,730
72$3,460,191$1,217,648$852,399$2,693,627
73$3,767,362$1,231,545$835,186$2,892,631
74$4,104,423$1,244,680$815,955$3,110,474
75$4,474,377$1,256,972$794,592$3,349,068
76$4,880,532$1,268,333$770,980$3,610,519
77$5,326,533$1,278,668$744,994$3,897,150
78$5,816,394$1,287,877$716,506$4,211,523
79$6,354,537$1,295,854$685,380$4,556,460
80$6,945,834$1,302,485$651,474$4,935,076
81$7,595,652$1,307,650$614,642$5,350,803
82$8,309,904$1,311,221$574,728$5,807,424
83$9,095,104$1,313,060$531,571$6,309,111
84$9,958,428$1,313,023$485,002$6,860,464
85$10,907,784$1,310,957$434,845$7,466,553
86$11,951,882$1,306,698$380,917$8,132,967
87$13,100,320$1,300,073$323,024$8,865,870
88$14,363,674$1,290,897$260,966$9,672,055
89$15,753,594$1,278,976$194,533$10,559,011
90$17,282,917$1,264,103$123,507$11,534,993
91$18,965,789$1,246,059$47,659$12,609,104
92$20,817,795$1,224,611$0$13,791,375
93$22,856,106$1,199,513$0$15,100,324
94$25,099,644$1,170,504$0$16,552,567
95$27,569,258$1,137,309$0$18,150,908
96$30,287,920$1,099,635$0$19,910,225
97$33,280,943$1,057,172$0$21,846,908
98$36,576,220$1,009,594$0$23,979,024
99$40,204,485$956,555$0$26,326,484
100$44,199,603$897,687$0$28,911,227