Can I retire at age 56 with 917,000?

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 $917,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.2%
1 years$75,725$75,050$74,392$73,750$73,123$70,981
2 years$37,488$36,789$36,113$35,457$34,820$32,680
3 years$24,743$24,042$23,367$22,717$22,092$20,020
4 years$18,373$17,674$17,005$16,367$15,756$13,768
5 years$14,551$13,856$13,197$12,571$11,977$10,079
6 years$12,004$11,315$10,665$10,053$9,477$7,671
7 years$10,186$9,502$8,863$8,265$7,708$5,993
8 years$8,823$8,145$7,516$6,934$6,394$4,769
9 years$7,763$7,092$6,474$5,906$5,385$3,849
10 years$6,916$6,251$5,644$5,091$4,588$3,139
11 years$6,223$5,565$4,969$4,431$3,946$2,581
12 years$5,646$4,995$4,410$3,886$3,419$2,136
13 years$5,158$4,514$3,940$3,431$2,982$1,777
14 years$4,741$4,103$3,540$3,046$2,614$1,484
15 years$4,379$3,748$3,196$2,716$2,301$1,244
16 years$4,063$3,439$2,898$2,432$2,034$1,046
17 years$3,784$3,167$2,637$2,185$1,804$881
18 years$3,537$2,926$2,407$1,969$1,604$744
19 years$3,315$2,712$2,204$1,779$1,429$629
20 years$3,117$2,520$2,022$1,612$1,277$533
21 years$2,937$2,348$1,860$1,463$1,143$452
22 years$2,774$2,191$1,714$1,330$1,024$383
23 years$2,625$2,050$1,583$1,211$919$326
24 years$2,489$1,920$1,464$1,105$826$277
25 years$2,364$1,802$1,356$1,009$744$235
26 years$2,249$1,694$1,258$922$670$200
27 years$2,142$1,594$1,168$844$604$170
28 years$2,044$1,502$1,086$774$545$145
29 years$1,952$1,417$1,010$709$492$124
30 years$1,867$1,338$941$651$445$105
31 years$1,787$1,265$877$598$402$90
32 years$1,712$1,197$818$549$364$77
33 years$1,642$1,134$764$505$329$65
34 years$1,576$1,074$714$465$298$56
35 years$1,515$1,019$668$428$270$47
36 years$1,456$967$625$394$244$40
37 years$1,401$919$585$363$222$34
38 years$1,349$873$547$335$201$29
39 years$1,300$830$513$309$182$25
40 years$1,254$790$481$285$165$21
41 years$1,209$752$451$263$150$18
42 years$1,167$716$423$242$136$16
43 years$1,128$682$397$224$123$13
44 years$1,090$650$372$207$112$11
45 years$1,053$620$350$191$102$10
46 years$1,019$592$328$176$92$8
47 years$986$565$309$163$84$7
48 years$954$539$290$150$76$6
49 years$924$515$273$139$69$5
50 years$895$492$256$129$63$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $917,000, adding $2,440 every year, while hoping to spend $44,206 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: 74/15/11 Blend
55$917,000$917,000$917,000$917,000
56$1,013,051$964,450$950,236$1,085,689
57$1,069,347$964,673$935,034$1,134,191
58$1,129,904$963,426$917,842$1,181,552
59$1,195,110$960,589$898,545$1,232,217
60$1,265,390$956,036$877,025$1,286,503
61$1,341,212$949,635$853,158$1,344,755
62$1,423,092$941,243$826,814$1,407,355
63$1,511,592$930,709$797,858$1,474,726
64$1,607,336$917,875$766,147$1,547,333
65$1,711,004$902,570$731,533$1,625,688
66$1,823,347$884,617$693,860$1,710,359
67$1,945,191$863,826$652,967$1,801,969
68$2,077,443$839,996$608,684$1,901,208
69$2,221,100$812,914$560,833$2,008,837
70$2,377,261$782,355$509,229$2,125,694
71$2,547,133$748,082$453,680$2,252,705
72$2,732,044$709,842$393,982$2,390,891
73$2,933,458$667,369$329,925$2,541,378
74$3,152,982$620,382$261,289$2,705,410
75$3,392,387$568,581$187,844$2,884,357
76$3,653,622$511,654$109,348$3,079,731
77$3,938,833$449,266$25,552$3,293,203
78$4,250,380$381,066$0$3,526,612
79$4,590,863$306,682$0$3,789,485
80$4,963,144$225,723$0$4,080,254
81$5,370,374$137,773$0$4,398,421
82$5,816,023$42,394$0$4,746,747
83$6,303,911$0$0$5,128,273
84$6,838,245$0$0$5,556,402
85$7,423,659$0$0$6,033,163
86$8,065,253$0$0$6,555,719
87$8,768,649$0$0$7,128,652
88$9,540,034$0$0$7,757,008
89$10,386,225$0$0$8,446,345
90$11,314,731$0$0$9,202,785
91$12,333,821$0$0$10,033,072
92$13,452,605$0$0$10,944,633
93$14,681,119$0$0$11,945,652
94$16,030,416$0$0$13,045,142
95$17,512,673$0$0$14,253,032
96$19,141,307$0$0$15,580,261
97$20,931,094$0$0$17,038,881
98$22,898,317$0$0$18,642,167
99$25,060,913$0$0$20,404,746
100$27,438,644$0$0$22,342,732