Can I retire at age 56 with 895,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $895,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$73,908$73,250$72,608$71,981$71,369$70,042
2 years$36,588$35,907$35,246$34,606$33,985$32,654
3 years$24,150$23,466$22,807$22,172$21,561$20,267
4 years$17,932$17,250$16,597$15,974$15,378$14,130
5 years$14,202$13,524$12,880$12,270$11,690$10,492
6 years$11,716$11,043$10,409$9,812$9,250$8,103
7 years$9,942$9,274$8,650$8,067$7,523$6,427
8 years$8,611$7,950$7,336$6,767$6,241$5,197
9 years$7,577$6,922$6,318$5,764$5,256$4,263
10 years$6,750$6,101$5,509$4,969$4,478$3,535
11 years$6,074$5,431$4,850$4,324$3,851$2,957
12 years$5,511$4,875$4,304$3,793$3,337$2,491
13 years$5,035$4,406$3,845$3,349$2,910$2,110
14 years$4,627$4,004$3,455$2,973$2,551$1,795
15 years$4,274$3,658$3,119$2,651$2,246$1,534
16 years$3,965$3,356$2,828$2,374$1,985$1,314
17 years$3,693$3,091$2,574$2,133$1,760$1,129
18 years$3,452$2,856$2,349$1,922$1,565$973
19 years$3,236$2,647$2,151$1,737$1,395$839
20 years$3,042$2,460$1,974$1,573$1,246$725
21 years$2,867$2,291$1,816$1,428$1,115$628
22 years$2,707$2,139$1,673$1,298$1,000$544
23 years$2,562$2,000$1,545$1,182$897$472
24 years$2,429$1,874$1,429$1,078$806$410
25 years$2,307$1,759$1,323$985$726$356
26 years$2,195$1,653$1,227$900$654$310
27 years$2,091$1,556$1,140$824$589$269
28 years$1,995$1,466$1,060$755$532$234
29 years$1,905$1,383$986$692$480$204
30 years$1,822$1,306$918$635$434$178
31 years$1,744$1,235$856$584$392$155
32 years$1,671$1,168$799$536$355$135
33 years$1,603$1,106$746$493$321$118
34 years$1,539$1,049$697$454$291$103
35 years$1,478$995$652$418$263$90
36 years$1,421$944$610$385$239$78
37 years$1,368$897$571$354$216$68
38 years$1,317$852$534$327$196$60
39 years$1,269$810$501$301$178$52
40 years$1,224$771$469$278$161$45
41 years$1,180$734$440$256$146$40
42 years$1,139$699$413$237$133$35
43 years$1,100$666$387$218$120$30
44 years$1,063$635$363$202$109$26
45 years$1,028$605$341$186$99$23
46 years$994$577$321$172$90$20
47 years$962$551$301$159$82$18
48 years$931$526$283$147$74$15
49 years$902$502$266$136$68$13
50 years$874$480$250$125$61$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $895,000, adding $4,987 every year, while hoping to spend $48,022 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: 51/40/9 Blend
55$895,000$895,000$895,000$895,000
56$991,434$943,999$930,127$1,039,440
57$1,041,465$939,160$910,191$1,067,871
58$1,094,990$932,474$887,978$1,093,201
59$1,152,315$923,801$863,360$1,119,614
60$1,213,773$912,990$836,206$1,147,220
61$1,279,735$899,883$806,375$1,176,149
62$1,350,602$884,311$773,723$1,206,543
63$1,426,818$866,097$738,097$1,238,562
64$1,508,870$845,052$699,340$1,272,386
65$1,597,291$820,976$657,284$1,308,216
66$1,692,668$793,658$611,756$1,346,276
67$1,795,646$762,873$562,576$1,386,819
68$1,906,933$728,385$509,554$1,430,125
69$2,027,308$689,943$452,491$1,476,509
70$2,157,625$647,282$391,182$1,526,321
71$2,298,827$600,123$325,410$1,579,953
72$2,451,946$548,168$254,950$1,637,840
73$2,618,120$491,104$179,567$1,700,469
74$2,798,601$428,600$99,015$1,768,381
75$2,994,764$360,307$13,037$1,842,179
76$3,208,122$285,855$0$1,922,534
77$3,440,342$204,853$0$2,017,751
78$3,693,255$116,889$0$2,122,929
79$3,968,879$21,528$0$2,237,765
80$4,269,432$0$0$2,363,313
81$4,597,356$0$0$2,536,698
82$4,955,341$0$0$2,736,409
83$5,346,346$0$0$2,954,631
84$5,773,628$0$0$3,193,193
85$6,240,775$0$0$3,454,110
86$6,751,735$0$0$3,739,600
87$7,310,856$0$0$4,052,105
88$7,922,927$0$0$4,394,313
89$8,593,220$0$0$4,769,187
90$9,327,540$0$0$5,179,988
91$10,132,282$0$0$5,630,308
92$11,014,488$0$0$6,124,102
93$11,981,913$0$0$6,665,727
94$13,043,099$0$0$7,259,982
95$14,207,457$0$0$7,912,153
96$15,485,348$0$0$8,628,063
97$16,888,190$0$0$9,414,125
98$18,428,556$0$0$10,277,405
99$20,120,300$0$0$11,225,684
100$21,978,681$0$0$12,267,538