Can I retire at age 56 with 942,000?

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 $942,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.9%
1 years$77,789$77,097$76,421$75,761$75,116$73,300
2 years$38,510$37,792$37,097$36,423$35,770$33,951
3 years$25,418$24,698$24,004$23,337$22,694$20,929
4 years$18,874$18,155$17,469$16,813$16,185$14,489
5 years$14,948$14,234$13,557$12,914$12,304$10,680
6 years$12,332$11,623$10,956$10,327$9,736$8,186
7 years$10,464$9,761$9,104$8,491$7,918$6,442
8 years$9,063$8,367$7,721$7,123$6,568$5,166
9 years$7,975$7,285$6,650$6,067$5,532$4,202
10 years$7,104$6,421$5,798$5,230$4,713$3,455
11 years$6,393$5,717$5,104$4,551$4,054$2,864
12 years$5,800$5,131$4,530$3,992$3,513$2,391
13 years$5,299$4,637$4,047$3,525$3,063$2,006
14 years$4,870$4,215$3,636$3,129$2,685$1,691
15 years$4,498$3,850$3,283$2,790$2,364$1,431
16 years$4,173$3,533$2,977$2,498$2,089$1,214
17 years$3,887$3,253$2,709$2,245$1,853$1,033
18 years$3,633$3,006$2,473$2,023$1,647$880
19 years$3,406$2,786$2,264$1,828$1,468$752
20 years$3,202$2,589$2,077$1,656$1,312$643
21 years$3,017$2,412$1,911$1,503$1,174$551
22 years$2,850$2,251$1,761$1,366$1,052$472
23 years$2,697$2,105$1,626$1,244$944$405
24 years$2,557$1,973$1,504$1,135$849$348
25 years$2,429$1,851$1,393$1,036$764$299
26 years$2,310$1,740$1,292$948$688$257
27 years$2,201$1,637$1,200$867$620$221
28 years$2,100$1,543$1,115$795$560$190
29 years$2,005$1,456$1,038$729$505$164
30 years$1,918$1,375$967$669$457$141
31 years$1,836$1,299$901$614$413$121
32 years$1,759$1,230$841$564$373$105
33 years$1,687$1,164$785$519$338$90
34 years$1,619$1,104$734$478$306$78
35 years$1,556$1,047$686$440$277$67
36 years$1,496$994$642$405$251$58
37 years$1,440$944$600$373$228$50
38 years$1,386$897$562$344$206$43
39 years$1,336$853$527$317$187$37
40 years$1,288$811$494$292$170$32
41 years$1,242$772$463$270$154$28
42 years$1,199$736$434$249$140$24
43 years$1,158$701$408$230$127$20
44 years$1,119$668$383$212$115$18
45 years$1,082$637$359$196$104$15
46 years$1,047$608$337$181$95$13
47 years$1,013$580$317$167$86$11
48 years$980$554$298$155$78$10
49 years$949$529$280$143$71$8
50 years$920$505$263$132$65$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $942,000, adding $5,210 every year, while hoping to spend $21,396 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: 62/12/26 Blend
55$942,000$942,000$942,000$942,000
56$1,043,458$993,532$978,931$1,100,628
57$1,127,126$1,019,450$988,960$1,165,941
58$1,218,610$1,045,921$998,608$1,234,427
59$1,318,686$1,072,949$1,007,839$1,308,744
60$1,428,208$1,100,538$1,016,617$1,389,464
61$1,548,113$1,128,693$1,024,902$1,477,220
62$1,679,436$1,157,415$1,032,652$1,572,706
63$1,823,318$1,186,707$1,039,825$1,676,692
64$1,981,011$1,216,571$1,046,374$1,790,021
65$2,153,898$1,247,007$1,052,252$1,913,624
66$2,343,501$1,278,015$1,057,407$2,048,528
67$2,551,495$1,309,595$1,061,787$2,195,864
68$2,779,727$1,341,744$1,065,336$2,356,878
69$3,030,229$1,374,460$1,067,995$2,532,943
70$3,305,243$1,407,739$1,069,703$2,725,572
71$3,607,235$1,441,575$1,070,395$2,936,433
72$3,938,922$1,475,962$1,070,003$3,167,365
73$4,303,300$1,510,892$1,068,457$3,420,393
74$4,703,667$1,546,356$1,065,680$3,697,750
75$5,143,656$1,582,343$1,061,595$4,001,895
76$5,627,271$1,618,839$1,056,121$4,335,541
77$6,158,922$1,655,832$1,049,170$4,701,675
78$6,743,468$1,693,303$1,040,653$5,103,593
79$7,386,262$1,731,236$1,030,476$5,544,922
80$8,093,203$1,769,608$1,018,538$6,029,665
81$8,870,788$1,808,397$1,004,737$6,562,231
82$9,726,177$1,847,577$988,965$7,147,478
83$10,667,259$1,887,120$971,107$7,790,763
84$11,702,725$1,926,995$951,044$8,497,988
85$12,842,151$1,967,166$928,653$9,275,659
86$14,096,090$2,007,597$903,803$10,130,945
87$15,476,169$2,048,246$876,357$11,071,749
88$16,995,197$2,089,069$846,174$12,106,780
89$18,667,290$2,130,017$813,104$13,245,635
90$20,508,003$2,171,036$776,992$14,498,894
91$22,534,472$2,212,070$737,674$15,878,214
92$24,765,583$2,253,057$694,981$17,396,446
93$27,222,144$2,293,928$648,734$19,067,750
94$29,927,083$2,334,611$598,748$20,907,733
95$32,905,668$2,375,029$544,829$22,933,596
96$36,185,738$2,415,098$486,772$25,164,296
97$39,797,971$2,454,726$424,367$27,620,725
98$43,776,173$2,493,816$357,392$30,325,908
99$48,157,594$2,532,264$285,616$33,305,222
100$52,983,282$2,569,958$208,797$36,586,633