Can I retire at age 56 with 924,000?

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 $924,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.4%
1 years$76,303$75,623$74,960$74,313$73,681$71,754
2 years$37,774$37,070$36,388$35,727$35,086$33,158
3 years$24,932$24,226$23,546$22,891$22,260$20,391
4 years$18,513$17,809$17,135$16,492$15,876$14,081
5 years$14,662$13,962$13,298$12,667$12,069$10,352
6 years$12,096$11,401$10,747$10,130$9,550$7,912
7 years$10,264$9,575$8,930$8,328$7,766$6,209
8 years$8,890$8,207$7,574$6,987$6,443$4,965
9 years$7,822$7,146$6,523$5,951$5,426$4,026
10 years$6,968$6,299$5,687$5,130$4,623$3,300
11 years$6,270$5,607$5,007$4,464$3,976$2,727
12 years$5,689$5,033$4,443$3,916$3,446$2,269
13 years$5,198$4,548$3,970$3,457$3,005$1,898
14 years$4,777$4,134$3,567$3,069$2,634$1,594
15 years$4,412$3,777$3,221$2,737$2,319$1,344
16 years$4,094$3,465$2,920$2,451$2,050$1,136
17 years$3,813$3,191$2,657$2,202$1,817$963
18 years$3,564$2,949$2,425$1,984$1,616$818
19 years$3,341$2,733$2,220$1,793$1,440$696
20 years$3,140$2,540$2,038$1,624$1,286$593
21 years$2,959$2,366$1,874$1,474$1,151$506
22 years$2,795$2,208$1,728$1,340$1,032$432
23 years$2,645$2,065$1,595$1,220$926$369
24 years$2,508$1,935$1,475$1,113$833$316
25 years$2,382$1,816$1,366$1,017$749$270
26 years$2,266$1,707$1,267$929$675$231
27 years$2,159$1,606$1,177$851$608$198
28 years$2,059$1,513$1,094$779$549$170
29 years$1,967$1,428$1,018$715$496$146
30 years$1,881$1,348$948$656$448$125
31 years$1,800$1,275$884$602$405$107
32 years$1,725$1,206$825$554$366$92
33 years$1,655$1,142$770$509$332$79
34 years$1,589$1,083$720$468$300$68
35 years$1,526$1,027$673$431$272$58
36 years$1,468$975$629$397$246$50
37 years$1,412$926$589$366$223$43
38 years$1,360$880$552$337$202$37
39 years$1,310$836$517$311$184$32
40 years$1,263$796$484$287$166$27
41 years$1,219$758$454$265$151$23
42 years$1,176$721$426$244$137$20
43 years$1,136$687$400$225$124$17
44 years$1,098$655$375$208$113$15
45 years$1,061$625$352$192$102$13
46 years$1,027$596$331$178$93$11
47 years$993$569$311$164$84$9
48 years$962$543$292$152$77$8
49 years$931$519$275$140$70$7
50 years$902$495$258$130$63$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $924,000, adding $5,884 every year, while hoping to spend $27,418 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: 59/36/5 Blend
55$924,000$924,000$924,000$924,000
56$1,024,317$975,345$961,023$1,083,498
57$1,099,625$993,965$964,045$1,142,451
58$1,181,695$1,012,578$966,249$1,203,028
59$1,271,189$1,031,154$967,579$1,268,374
60$1,368,833$1,049,664$967,976$1,338,948
61$1,475,429$1,068,072$967,377$1,415,255
62$1,591,856$1,086,341$965,719$1,497,851
63$1,719,087$1,104,433$962,931$1,587,347
64$1,858,188$1,122,304$958,944$1,684,418
65$2,010,335$1,139,910$953,681$1,789,809
66$2,176,824$1,157,200$947,063$1,904,338
67$2,359,080$1,174,123$939,010$2,028,908
68$2,558,673$1,190,621$929,434$2,164,515
69$2,777,332$1,206,636$918,244$2,312,254
70$3,016,960$1,222,102$905,346$2,473,336
71$3,279,656$1,236,951$890,641$2,649,093
72$3,567,728$1,251,109$874,024$2,840,992
73$3,883,720$1,264,497$855,388$3,050,653
74$4,230,434$1,277,032$834,618$3,279,860
75$4,610,956$1,288,624$811,595$3,530,579
76$5,028,685$1,299,178$786,195$3,804,979
77$5,487,366$1,308,593$758,288$4,105,449
78$5,991,124$1,316,760$727,737$4,434,624
79$6,544,502$1,323,565$694,400$4,795,407
80$7,152,507$1,328,886$658,128$5,190,999
81$7,820,654$1,332,592$618,766$5,624,929
82$8,555,016$1,334,545$576,151$6,101,086
83$9,362,289$1,334,598$530,112$6,623,758
84$10,249,845$1,332,596$480,474$7,197,672
85$11,225,808$1,328,373$427,049$7,828,037
86$12,299,130$1,321,752$369,645$8,520,597
87$13,479,672$1,312,549$308,059$9,281,684
88$14,778,300$1,300,565$242,079$10,118,275
89$16,206,984$1,285,590$171,486$11,038,065
90$17,778,914$1,267,402$96,049$12,049,533
91$19,508,624$1,245,765$15,528$13,162,027
92$21,412,127$1,220,431$0$14,385,853
93$23,507,066$1,191,134$0$15,736,123
94$25,812,883$1,157,596$0$17,222,731
95$28,350,998$1,119,519$0$18,858,664
96$31,145,014$1,076,590$0$20,659,149
97$34,220,940$1,028,477$0$22,640,971
98$37,607,432$974,829$0$24,822,629
99$41,336,070$915,275$0$27,224,516
100$45,441,648$849,423$0$29,869,107