Can I retire at age 56 with 941,000?

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 $941,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17%
1 years$77,707$77,015$76,339$75,680$75,037$72,898
2 years$38,469$37,752$37,058$36,385$35,732$33,593
3 years$25,391$24,672$23,979$23,312$22,670$20,599
4 years$18,854$18,136$17,451$16,795$16,168$14,181
5 years$14,932$14,219$13,542$12,900$12,291$10,393
6 years$12,319$11,611$10,944$10,316$9,725$7,918
7 years$10,453$9,751$9,095$8,482$7,909$6,192
8 years$9,054$8,358$7,713$7,115$6,562$4,934
9 years$7,966$7,277$6,643$6,060$5,526$3,987
10 years$7,097$6,415$5,792$5,224$4,708$3,255
11 years$6,386$5,711$5,099$4,547$4,049$2,680
12 years$5,794$5,125$4,525$3,988$3,509$2,221
13 years$5,293$4,632$4,043$3,521$3,060$1,850
14 years$4,865$4,210$3,633$3,125$2,682$1,548
15 years$4,493$3,846$3,280$2,787$2,362$1,299
16 years$4,169$3,529$2,974$2,496$2,087$1,094
17 years$3,883$3,250$2,706$2,242$1,851$923
18 years$3,629$3,003$2,470$2,021$1,646$780
19 years$3,402$2,783$2,261$1,826$1,467$661
20 years$3,198$2,586$2,075$1,654$1,310$561
21 years$3,014$2,409$1,909$1,501$1,172$476
22 years$2,847$2,249$1,759$1,365$1,051$405
23 years$2,694$2,103$1,624$1,243$943$344
24 years$2,554$1,971$1,502$1,134$848$293
25 years$2,426$1,849$1,391$1,035$763$250
26 years$2,308$1,738$1,290$947$687$213
27 years$2,199$1,636$1,198$866$620$181
28 years$2,097$1,541$1,114$794$559$155
29 years$2,003$1,454$1,037$728$505$132
30 years$1,915$1,373$966$668$456$113
31 years$1,834$1,298$900$614$412$96
32 years$1,757$1,228$840$564$373$82
33 years$1,685$1,163$784$519$338$70
34 years$1,618$1,102$733$477$306$60
35 years$1,554$1,046$685$439$277$51
36 years$1,495$992$641$404$251$44
37 years$1,438$943$600$373$227$37
38 years$1,385$896$562$344$206$32
39 years$1,334$852$526$317$187$27
40 years$1,286$810$493$292$170$23
41 years$1,241$771$463$270$154$20
42 years$1,198$735$434$249$140$17
43 years$1,157$700$407$230$127$15
44 years$1,118$667$382$212$115$12
45 years$1,081$636$359$196$104$11
46 years$1,045$607$337$181$95$9
47 years$1,012$579$317$167$86$8
48 years$979$553$298$154$78$7
49 years$948$528$280$143$71$6
50 years$919$504$263$132$64$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $941,000, adding $2,486 every year, while hoping to spend $45,886 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: 81/12/7 Blend
55$941,000$941,000$941,000$941,000
56$1,039,546$989,673$975,088$1,122,810
57$1,096,758$989,345$958,931$1,177,336
58$1,158,267$987,463$940,695$1,230,823
59$1,224,463$983,902$920,262$1,288,129
60$1,295,776$978,530$897,507$1,349,611
61$1,372,674$971,207$872,303$1,415,660
62$1,455,675$961,784$844,513$1,486,710
63$1,545,346$950,104$813,997$1,563,237
64$1,642,311$935,999$780,606$1,645,767
65$1,747,256$919,292$744,185$1,734,879
66$1,860,934$899,796$704,573$1,831,209
67$1,984,175$877,311$661,602$1,935,461
68$2,117,888$851,627$615,093$2,048,410
69$2,263,078$822,521$564,864$2,170,908
70$2,420,845$789,758$510,720$2,303,895
71$2,592,403$753,088$452,461$2,448,410
72$2,779,086$712,247$389,876$2,605,594
73$2,982,362$666,956$322,746$2,776,706
74$3,203,845$616,920$250,841$2,963,136
75$3,445,315$561,826$173,921$3,166,413
76$3,708,727$501,345$91,737$3,388,225
77$3,996,234$435,129$4,027$3,630,431
78$4,310,207$362,807$0$3,895,081
79$4,653,256$283,993$0$4,191,126
80$5,028,254$198,274$0$4,515,122
81$5,438,362$105,216$0$4,869,537
82$5,887,065$4,361$0$5,257,422
83$6,378,195$0$0$5,682,139
84$6,915,977$0$0$6,161,227
85$7,505,059$0$0$6,686,672
86$8,150,562$0$0$7,262,468
87$8,858,127$0$0$7,893,648
88$9,633,963$0$0$8,585,757
89$10,484,913$0$0$9,344,900
90$11,418,511$0$0$10,177,802
91$12,443,055$0$0$11,091,871
92$13,567,689$0$0$12,095,268
93$14,802,482$0$0$13,196,980
94$16,158,526$0$0$14,406,908
95$17,648,043$0$0$15,735,960
96$19,284,492$0$0$17,196,150
97$21,082,704$0$0$18,800,717
98$23,059,017$0$0$20,564,242
99$25,231,428$0$0$22,502,791
100$27,619,768$0$0$24,634,063