Can I retire at age 56 with 897,000?

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 $897,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.5%
1 years$74,073$73,414$72,770$72,142$71,528$69,912
2 years$36,670$35,987$35,325$34,683$34,061$32,442
3 years$24,204$23,518$22,858$22,222$21,610$20,038
4 years$17,972$17,288$16,635$16,010$15,412$13,900
5 years$14,234$13,554$12,909$12,297$11,716$10,267
6 years$11,743$11,068$10,432$9,834$9,271$7,886
7 years$9,964$9,295$8,669$8,085$7,539$6,221
8 years$8,630$7,967$7,352$6,782$6,255$5,001
9 years$7,594$6,937$6,333$5,777$5,267$4,077
10 years$6,765$6,115$5,521$4,980$4,488$3,360
11 years$6,087$5,444$4,861$4,334$3,860$2,793
12 years$5,523$4,886$4,314$3,802$3,345$2,337
13 years$5,046$4,415$3,854$3,356$2,917$1,967
14 years$4,637$4,013$3,463$2,979$2,557$1,662
15 years$4,283$3,666$3,126$2,657$2,251$1,410
16 years$3,974$3,364$2,835$2,379$1,990$1,200
17 years$3,701$3,098$2,579$2,138$1,764$1,024
18 years$3,459$2,863$2,355$1,926$1,569$875
19 years$3,243$2,653$2,156$1,741$1,398$750
20 years$3,049$2,465$1,978$1,576$1,249$643
21 years$2,873$2,296$1,820$1,431$1,118$552
22 years$2,713$2,144$1,677$1,301$1,002$475
23 years$2,568$2,005$1,548$1,185$899$409
24 years$2,435$1,878$1,432$1,081$808$352
25 years$2,313$1,763$1,326$987$727$304
26 years$2,200$1,657$1,230$902$655$262
27 years$2,096$1,559$1,142$826$591$226
28 years$1,999$1,469$1,062$757$533$195
29 years$1,909$1,386$988$694$481$169
30 years$1,826$1,309$920$637$435$146
31 years$1,748$1,237$858$585$393$126
32 years$1,675$1,171$801$538$356$109
33 years$1,606$1,109$748$494$322$94
34 years$1,542$1,051$698$455$291$81
35 years$1,482$997$653$419$264$70
36 years$1,425$946$611$386$239$61
37 years$1,371$899$572$355$217$53
38 years$1,320$854$535$327$196$46
39 years$1,272$812$502$302$178$39
40 years$1,226$773$470$278$162$34
41 years$1,183$735$441$257$147$30
42 years$1,142$700$414$237$133$26
43 years$1,103$667$388$219$121$22
44 years$1,066$636$364$202$110$19
45 years$1,030$607$342$187$99$17
46 years$997$579$321$172$90$14
47 years$964$552$302$159$82$12
48 years$933$527$284$147$74$11
49 years$904$503$267$136$68$9
50 years$876$481$251$126$61$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $897,000, adding $6,319 every year, while hoping to spend $41,204 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: 87/8/5 Blend
55$897,000$897,000$897,000$897,000
56$995,012$947,471$933,568$1,081,097
57$1,052,663$950,056$921,001$1,140,687
58$1,114,812$951,387$906,633$1,199,772
59$1,181,877$951,359$890,359$1,263,361
60$1,254,313$949,860$872,071$1,331,876
61$1,332,622$946,772$851,654$1,405,782
62$1,417,355$941,969$828,990$1,485,592
63$1,509,117$935,319$803,954$1,571,869
64$1,608,577$926,679$776,415$1,665,234
65$1,716,465$915,900$746,239$1,766,368
66$1,833,588$902,822$713,281$1,876,025
67$1,960,832$887,279$677,394$1,995,033
68$2,099,172$869,090$638,422$2,124,302
69$2,249,680$848,068$596,202$2,264,837
70$2,413,536$824,012$550,563$2,417,745
71$2,592,039$796,711$501,329$2,584,242
72$2,786,617$765,940$448,314$2,765,671
73$2,998,843$731,462$391,324$2,963,510
74$3,230,448$693,027$330,156$3,179,387
75$3,483,337$650,368$264,599$3,415,095
76$3,759,608$603,206$194,433$3,672,610
77$4,061,568$551,243$119,427$3,954,109
78$4,391,760$494,167$39,340$4,261,992
79$4,752,983$431,645$0$4,598,900
80$5,148,319$363,327$0$4,970,207
81$5,581,161$288,843$0$5,379,059
82$6,055,246$207,803$0$5,826,906
83$6,574,688$119,792$0$6,317,659
84$7,144,021$24,377$0$6,855,625
85$7,768,235$0$0$7,445,553
86$8,452,828$0$0$8,099,618
87$9,203,855$0$0$8,819,518
88$10,027,985$0$0$9,609,500
89$10,932,565$0$0$10,476,607
90$11,925,685$0$0$11,428,598
91$13,016,262$0$0$12,474,018
92$14,214,112$0$0$13,622,282
93$15,530,055$0$0$14,883,760
94$16,976,006$0$0$16,269,878
95$18,565,094$0$0$17,793,220
96$20,311,780$0$0$19,467,653
97$22,232,000$0$0$21,308,454
98$24,343,308$0$0$23,332,451
99$26,665,043$0$0$25,558,189
100$29,218,515$0$0$28,006,095