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%18.2%
1 years$73,743$73,086$72,445$71,820$71,209$68,847
2 years$36,506$35,827$35,168$34,529$33,909$31,552
3 years$24,096$23,413$22,756$22,123$21,513$19,236
4 years$17,892$17,211$16,560$15,938$15,343$13,163
5 years$14,170$13,494$12,852$12,242$11,664$9,585
6 years$11,690$11,019$10,386$9,790$9,229$7,255
7 years$9,919$9,253$8,631$8,049$7,506$5,635
8 years$8,592$7,932$7,320$6,752$6,227$4,459
9 years$7,560$6,906$6,304$5,751$5,244$3,576
10 years$6,735$6,087$5,496$4,958$4,468$2,898
11 years$6,060$5,419$4,839$4,315$3,843$2,368
12 years$5,498$4,864$4,294$3,785$3,330$1,947
13 years$5,023$4,396$3,837$3,341$2,904$1,608
14 years$4,616$3,996$3,447$2,966$2,545$1,334
15 years$4,264$3,650$3,112$2,645$2,241$1,111
16 years$3,956$3,349$2,822$2,368$1,981$927
17 years$3,685$3,084$2,568$2,128$1,756$775
18 years$3,444$2,850$2,344$1,918$1,562$650
19 years$3,229$2,641$2,146$1,733$1,392$545
20 years$3,035$2,454$1,969$1,569$1,243$458
21 years$2,860$2,286$1,811$1,424$1,113$386
22 years$2,701$2,134$1,670$1,295$997$325
23 years$2,557$1,996$1,542$1,179$895$274
24 years$2,424$1,870$1,426$1,076$805$231
25 years$2,302$1,755$1,320$982$724$195
26 years$2,190$1,649$1,225$898$652$164
27 years$2,086$1,552$1,137$822$588$139
28 years$1,990$1,463$1,057$753$531$117
29 years$1,901$1,380$984$691$479$99
30 years$1,818$1,303$916$634$433$84
31 years$1,740$1,232$854$582$391$71
32 years$1,667$1,166$797$535$354$60
33 years$1,599$1,104$744$492$320$51
34 years$1,535$1,046$695$453$290$43
35 years$1,475$992$650$417$263$36
36 years$1,418$942$608$384$238$31
37 years$1,365$895$569$354$216$26
38 years$1,314$850$533$326$196$22
39 years$1,266$808$499$301$177$18
40 years$1,221$769$468$277$161$16
41 years$1,178$732$439$256$146$13
42 years$1,137$697$412$236$132$11
43 years$1,098$664$386$218$120$9
44 years$1,061$633$363$201$109$8
45 years$1,026$604$341$186$99$7
46 years$992$576$320$172$90$6
47 years$960$550$300$159$82$5
48 years$929$525$282$147$74$4
49 years$900$501$265$135$67$3
50 years$872$479$250$125$61$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $893,000, adding $5,254 every year, while hoping to spend $57,991 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: 67/24/9 Blend
55$893,000$893,000$893,000$893,000
56$989,506$942,177$928,335$1,053,692
57$1,028,733$926,641$897,732$1,081,477
58$1,070,018$908,401$864,161$1,104,406
59$1,113,510$887,262$827,460$1,127,949
60$1,159,369$863,020$787,461$1,152,157
61$1,207,773$835,456$743,990$1,177,090
62$1,258,914$804,342$696,861$1,202,815
63$1,313,002$769,433$645,885$1,229,409
64$1,370,266$730,472$590,859$1,256,956
65$1,430,955$687,188$531,575$1,285,555
66$1,495,344$639,292$467,815$1,315,314
67$1,563,732$586,479$399,349$1,346,356
68$1,636,444$528,429$325,939$1,378,820
69$1,713,839$464,800$247,336$1,412,861
70$1,796,309$395,233$163,279$1,448,653
71$1,884,282$319,348$73,499$1,486,393
72$1,978,228$236,745$0$1,526,300
73$2,078,661$147,000$0$1,570,764
74$2,186,146$49,664$0$1,625,587
75$2,301,301$0$0$1,684,044
76$2,424,806$0$0$1,761,227
77$2,557,404$0$0$1,858,213
78$2,699,914$0$0$1,962,488
79$2,853,231$0$0$2,074,713
80$3,018,342$0$0$2,195,614
81$3,196,327$0$0$2,325,990
82$3,388,376$0$0$2,466,717
83$3,595,793$0$0$2,618,757
84$3,820,013$0$0$2,783,169
85$4,062,614$0$0$2,961,116
86$4,325,328$0$0$3,153,876
87$4,610,061$0$0$3,362,856
88$4,918,909$0$0$3,589,601
89$5,254,176$0$0$3,835,812
90$5,618,397$0$0$4,103,359
91$6,014,359$0$0$4,394,298
92$6,445,131$0$0$4,710,894
93$6,914,086$0$0$5,055,637
94$7,424,939$0$0$5,431,267
95$7,981,775$0$0$5,840,799
96$8,589,093$0$0$6,287,554
97$9,251,843$0$0$6,775,183
98$9,975,472$0$0$7,307,710
99$10,765,981$0$0$7,889,560
100$11,629,970$0$0$8,525,607