Can I retire at age 56 with 904,000?

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 $904,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.7%
1 years$74,651$73,987$73,338$72,705$72,086$70,116
2 years$36,956$36,268$35,601$34,954$34,327$32,356
3 years$24,393$23,701$23,036$22,395$21,778$19,869
4 years$18,112$17,423$16,764$16,135$15,532$13,699
5 years$14,345$13,660$13,010$12,393$11,808$10,055
6 years$11,834$11,154$10,514$9,911$9,343$7,673
7 years$10,042$9,367$8,737$8,148$7,598$6,012
8 years$8,698$8,030$7,410$6,835$6,304$4,799
9 years$7,653$6,991$6,382$5,822$5,308$3,884
10 years$6,818$6,162$5,564$5,019$4,523$3,178
11 years$6,135$5,486$4,898$4,368$3,890$2,621
12 years$5,566$4,924$4,347$3,831$3,371$2,176
13 years$5,085$4,450$3,884$3,382$2,940$1,817
14 years$4,673$4,045$3,490$3,002$2,577$1,523
15 years$4,317$3,695$3,151$2,678$2,269$1,281
16 years$4,005$3,390$2,857$2,398$2,005$1,081
17 years$3,730$3,122$2,599$2,154$1,778$914
18 years$3,486$2,885$2,373$1,941$1,581$775
19 years$3,268$2,674$2,172$1,754$1,409$658
20 years$3,072$2,485$1,994$1,589$1,259$559
21 years$2,895$2,314$1,834$1,442$1,126$476
22 years$2,735$2,160$1,690$1,311$1,010$405
23 years$2,588$2,021$1,561$1,194$906$346
24 years$2,454$1,893$1,443$1,089$815$295
25 years$2,331$1,777$1,337$995$733$252
26 years$2,217$1,670$1,240$909$660$215
27 years$2,112$1,571$1,151$832$595$184
28 years$2,015$1,481$1,070$763$537$157
29 years$1,924$1,397$996$699$485$134
30 years$1,840$1,319$928$642$438$115
31 years$1,762$1,247$865$589$396$98
32 years$1,688$1,180$807$542$358$84
33 years$1,619$1,117$753$498$324$72
34 years$1,554$1,059$704$458$294$62
35 years$1,493$1,005$658$422$266$53
36 years$1,436$953$616$389$241$45
37 years$1,382$906$576$358$218$39
38 years$1,330$861$540$330$198$33
39 years$1,282$818$506$304$180$28
40 years$1,236$779$474$281$163$24
41 years$1,192$741$444$259$148$21
42 years$1,151$706$417$239$134$18
43 years$1,112$673$391$221$122$15
44 years$1,074$641$367$204$110$13
45 years$1,038$611$345$188$100$11
46 years$1,004$583$324$174$91$10
47 years$972$557$304$161$83$8
48 years$941$531$286$148$75$7
49 years$911$507$269$137$68$6
50 years$883$485$253$127$62$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $904,000, adding $2,053 every year, while hoping to spend $54,106 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: 34/42/24 Blend
55$904,000$904,000$904,000$904,000
56$998,326$950,414$936,402$1,024,917
57$1,042,587$939,416$910,203$1,033,935
58$1,089,549$926,065$881,313$1,038,598
59$1,139,430$910,190$849,584$1,042,541
60$1,192,470$891,608$814,864$1,045,738
61$1,248,930$870,124$776,990$1,048,159
62$1,309,096$845,536$735,794$1,049,780
63$1,373,282$817,624$691,101$1,050,580
64$1,441,830$786,161$642,726$1,050,541
65$1,515,117$750,903$590,477$1,049,649
66$1,593,555$711,594$534,154$1,047,896
67$1,677,596$667,961$473,547$1,045,280
68$1,767,737$619,717$408,437$1,041,805
69$1,864,521$566,558$338,595$1,037,485
70$1,968,547$508,164$263,782$1,032,344
71$2,080,469$444,194$183,750$1,026,416
72$2,201,008$374,291$98,236$1,019,748
73$2,330,954$298,075$6,971$1,012,402
74$2,471,176$215,145$0$1,004,457
75$2,622,629$125,080$0$1,019,168
76$2,786,360$27,432$0$1,036,908
77$2,963,524$0$0$1,056,114
78$3,155,385$0$0$1,113,214
79$3,363,339$0$0$1,188,955
80$3,588,916$0$0$1,271,231
81$3,833,802$0$0$1,360,670
82$4,099,848$0$0$1,457,965
83$4,389,094$0$0$1,563,878
84$4,703,781$0$0$1,679,245
85$5,046,377$0$0$1,804,989
86$5,419,596$0$0$1,942,124
87$5,826,425$0$0$2,091,768
88$6,270,154$0$0$2,255,149
89$6,754,399$0$0$2,433,620
90$7,283,146$0$0$2,628,671
91$7,860,778$0$0$2,841,943
92$8,492,124$0$0$3,075,241
93$9,182,497$0$0$3,330,552
94$9,937,750$0$0$3,610,067
95$10,764,326$0$0$3,916,196
96$11,669,320$0$0$4,251,594
97$12,660,544$0$0$4,619,185
98$13,746,604$0$0$5,022,190
99$14,936,975$0$0$5,464,153
100$16,242,092$0$0$5,948,983