Can I retire at age 56 with 916,000?

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 $916,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$75,642$74,969$74,311$73,670$73,043$70,480
2 years$37,447$36,749$36,073$35,418$34,782$32,227
3 years$24,717$24,016$23,342$22,693$22,067$19,600
4 years$18,353$17,654$16,987$16,349$15,739$13,378
5 years$14,535$13,841$13,183$12,557$11,964$9,716
6 years$11,991$11,302$10,653$10,042$9,467$7,334
7 years$10,175$9,492$8,853$8,256$7,699$5,681
8 years$8,813$8,136$7,508$6,926$6,387$4,481
9 years$7,755$7,084$6,467$5,899$5,379$3,583
10 years$6,908$6,244$5,638$5,085$4,583$2,895
11 years$6,216$5,559$4,963$4,426$3,942$2,357
12 years$5,640$4,989$4,405$3,882$3,416$1,931
13 years$5,153$4,509$3,936$3,427$2,979$1,590
14 years$4,735$4,098$3,536$3,042$2,611$1,315
15 years$4,374$3,744$3,193$2,713$2,299$1,091
16 years$4,058$3,435$2,895$2,429$2,032$907
17 years$3,780$3,164$2,634$2,183$1,802$756
18 years$3,533$2,923$2,404$1,967$1,602$631
19 years$3,312$2,709$2,201$1,777$1,428$528
20 years$3,113$2,518$2,020$1,610$1,275$442
21 years$2,934$2,345$1,858$1,461$1,141$370
22 years$2,771$2,189$1,713$1,328$1,023$311
23 years$2,622$2,047$1,581$1,210$918$261
24 years$2,486$1,918$1,462$1,103$825$219
25 years$2,362$1,800$1,354$1,008$743$184
26 years$2,247$1,692$1,256$921$669$155
27 years$2,140$1,592$1,166$843$603$130
28 years$2,042$1,500$1,084$773$544$109
29 years$1,950$1,415$1,009$709$491$92
30 years$1,865$1,337$940$650$444$77
31 years$1,785$1,264$876$597$401$65
32 years$1,710$1,196$818$549$363$55
33 years$1,640$1,132$763$505$329$46
34 years$1,575$1,073$713$464$298$39
35 years$1,513$1,018$667$428$270$33
36 years$1,455$966$624$394$244$28
37 years$1,400$918$584$363$221$23
38 years$1,348$872$547$334$201$20
39 years$1,299$829$512$308$182$16
40 years$1,252$789$480$284$165$14
41 years$1,208$751$450$262$150$12
42 years$1,166$715$422$242$136$10
43 years$1,126$681$396$224$123$8
44 years$1,088$650$372$206$112$7
45 years$1,052$619$349$191$102$6
46 years$1,018$591$328$176$92$5
47 years$985$564$308$163$84$4
48 years$953$538$290$150$76$4
49 years$923$514$272$139$69$3
50 years$894$491$256$128$63$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $916,000, adding $5,550 every year, while hoping to spend $47,083 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: 56/33/11 Blend
55$916,000$916,000$916,000$916,000
56$1,015,157$966,609$952,411$1,068,919
57$1,068,607$963,877$934,221$1,103,187
58$1,125,931$959,433$913,843$1,134,829
59$1,187,474$953,143$891,155$1,168,177
60$1,253,616$944,867$866,028$1,203,402
61$1,324,772$934,452$838,327$1,240,693
62$1,401,400$921,742$807,912$1,280,261
63$1,484,001$906,565$774,636$1,322,341
64$1,573,126$888,744$738,343$1,367,194
65$1,669,382$868,090$698,875$1,415,109
66$1,773,433$844,400$656,062$1,466,409
67$1,886,012$817,464$609,728$1,521,452
68$2,007,921$787,057$559,690$1,580,636
69$2,140,046$752,939$505,757$1,644,402
70$2,283,358$714,861$447,727$1,713,240
71$2,438,927$672,555$385,392$1,787,695
72$2,607,927$625,739$318,532$1,868,369
73$2,791,653$574,118$246,920$1,955,932
74$2,991,526$517,375$170,317$2,051,126
75$3,209,113$455,177$88,474$2,154,774
76$3,446,137$387,175$1,131$2,267,788
77$3,704,492$312,995$0$2,391,179
78$3,986,264$232,247$0$2,536,873
79$4,293,752$144,515$0$2,696,148
80$4,629,480$49,363$0$2,870,280
81$4,996,233$0$0$3,060,824
82$5,397,073$0$0$3,288,993
83$5,835,372$0$0$3,558,164
84$6,314,843$0$0$3,852,702
85$6,839,574$0$0$4,175,129
86$7,414,067$0$0$4,528,220
87$8,043,280$0$0$4,915,035
88$8,732,671$0$0$5,338,940
89$9,488,253$0$0$5,803,644
90$10,316,647$0$0$6,313,233
91$11,225,146$0$0$6,872,204
92$12,221,782$0$0$7,485,514
93$13,315,402$0$0$8,158,620
94$14,515,753$0$0$8,897,535
95$15,833,567$0$0$9,708,881
96$17,280,671$0$0$10,599,954
97$18,870,090$0$0$11,578,791
98$20,616,173$0$0$12,654,245
99$22,534,730$0$0$13,836,070
100$24,643,173$0$0$15,135,010