Can I retire at age 56 with 940,000?

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 $940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$77,624$76,933$76,258$75,600$74,957$72,240
2 years$38,428$37,712$37,019$36,346$35,694$32,986
3 years$25,364$24,645$23,953$23,287$22,646$20,033
4 years$18,834$18,117$17,432$16,777$16,151$13,653
5 years$14,916$14,204$13,528$12,886$12,278$9,900
6 years$12,305$11,599$10,933$10,305$9,715$7,461
7 years$10,441$9,740$9,085$8,473$7,901$5,769
8 years$9,044$8,349$7,705$7,108$6,555$4,543
9 years$7,958$7,270$6,636$6,054$5,520$3,626
10 years$7,089$6,408$5,786$5,219$4,703$2,924
11 years$6,379$5,704$5,094$4,542$4,045$2,376
12 years$5,788$5,120$4,520$3,984$3,505$1,943
13 years$5,288$4,627$4,039$3,517$3,057$1,597
14 years$4,859$4,206$3,629$3,122$2,679$1,317
15 years$4,489$3,842$3,276$2,784$2,359$1,090
16 years$4,165$3,525$2,970$2,493$2,085$905
17 years$3,879$3,246$2,703$2,240$1,849$752
18 years$3,625$3,000$2,467$2,019$1,644$627
19 years$3,399$2,780$2,259$1,824$1,465$523
20 years$3,195$2,584$2,073$1,652$1,309$437
21 years$3,011$2,406$1,907$1,499$1,171$365
22 years$2,843$2,246$1,757$1,363$1,050$306
23 years$2,691$2,101$1,623$1,242$942$256
24 years$2,552$1,968$1,501$1,132$847$214
25 years$2,423$1,847$1,390$1,034$762$180
26 years$2,305$1,736$1,289$946$687$151
27 years$2,196$1,634$1,197$865$619$126
28 years$2,095$1,540$1,113$793$559$106
29 years$2,001$1,452$1,036$727$504$89
30 years$1,913$1,372$965$667$456$75
31 years$1,832$1,297$899$613$412$63
32 years$1,755$1,227$839$563$373$53
33 years$1,683$1,162$783$518$337$44
34 years$1,616$1,101$732$477$305$37
35 years$1,553$1,045$684$439$277$31
36 years$1,493$991$640$404$251$26
37 years$1,437$942$599$372$227$22
38 years$1,383$895$561$343$206$19
39 years$1,333$851$526$316$187$16
40 years$1,285$810$493$292$169$13
41 years$1,240$771$462$269$154$11
42 years$1,197$734$433$248$139$9
43 years$1,156$699$407$229$127$8
44 years$1,117$667$382$212$115$7
45 years$1,080$636$358$196$104$5
46 years$1,044$606$337$181$95$5
47 years$1,011$579$316$167$86$4
48 years$978$552$297$154$78$3
49 years$947$528$279$143$71$3
50 years$918$504$263$132$64$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $940,000, adding $3,376 every year, while hoping to spend $56,663 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: 76/8/16 Blend
55$940,000$940,000$940,000$940,000
56$1,039,362$989,542$974,972$1,114,448
57$1,085,088$977,741$947,345$1,152,721
58$1,133,579$963,462$916,893$1,187,264
59$1,185,057$946,525$883,462$1,223,599
60$1,239,765$926,737$846,890$1,261,885
61$1,297,970$903,895$807,009$1,302,302
62$1,359,961$877,784$763,642$1,345,045
63$1,426,057$848,176$716,604$1,390,331
64$1,496,608$814,829$665,704$1,438,402
65$1,571,995$777,489$610,738$1,489,523
66$1,652,638$735,886$551,497$1,543,987
67$1,738,996$689,733$487,761$1,602,119
68$1,831,573$638,729$419,301$1,664,278
69$1,930,922$582,555$345,875$1,730,860
70$2,037,648$520,873$267,235$1,802,305
71$2,152,419$453,326$183,118$1,879,096
72$2,275,965$379,538$93,251$1,961,770
73$2,409,088$299,110$0$2,050,918
74$2,552,670$211,622$0$2,147,647
75$2,707,681$116,630$0$2,269,247
76$2,875,183$13,664$0$2,400,632
77$3,056,347$0$0$2,542,740
78$3,252,459$0$0$2,705,211
79$3,464,932$0$0$2,882,569
80$3,695,319$0$0$3,074,913
81$3,945,331$0$0$3,283,673
82$4,216,846$0$0$3,510,423
83$4,511,932$0$0$3,756,893
84$4,832,863$0$0$4,024,988
85$5,182,141$0$0$4,316,803
86$5,562,520$0$0$4,634,643
87$5,977,030$0$0$4,981,044
88$6,429,004$0$0$5,358,799
89$6,922,113$0$0$5,770,981
90$7,460,395$0$0$6,220,970
91$8,048,297$0$0$6,712,492
92$8,690,714$0$0$7,249,643
93$9,393,035$0$0$7,836,937
94$10,161,192$0$0$8,479,341
95$11,001,718$0$0$9,182,326
96$11,921,806$0$0$9,951,916
97$12,929,377$0$0$10,794,743
98$14,033,155$0$0$11,718,112
99$15,242,745$0$0$12,730,067
100$16,568,727$0$0$13,839,468