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%16.1%
1 years$77,789$77,097$76,421$75,761$75,116$73,241
2 years$38,510$37,792$37,097$36,423$35,770$33,892
3 years$25,418$24,698$24,004$23,337$22,694$20,873
4 years$18,874$18,155$17,469$16,813$16,185$14,435
5 years$14,948$14,234$13,557$12,914$12,304$10,629
6 years$12,332$11,623$10,956$10,327$9,736$8,138
7 years$10,464$9,761$9,104$8,491$7,918$6,397
8 years$9,063$8,367$7,721$7,123$6,568$5,124
9 years$7,975$7,285$6,650$6,067$5,532$4,163
10 years$7,104$6,421$5,798$5,230$4,713$3,418
11 years$6,393$5,717$5,104$4,551$4,054$2,830
12 years$5,800$5,131$4,530$3,992$3,513$2,359
13 years$5,299$4,637$4,047$3,525$3,063$1,977
14 years$4,870$4,215$3,636$3,129$2,685$1,664
15 years$4,498$3,850$3,283$2,790$2,364$1,406
16 years$4,173$3,533$2,977$2,498$2,089$1,191
17 years$3,887$3,253$2,709$2,245$1,853$1,012
18 years$3,633$3,006$2,473$2,023$1,647$861
19 years$3,406$2,786$2,264$1,828$1,468$735
20 years$3,202$2,589$2,077$1,656$1,312$627
21 years$3,017$2,412$1,911$1,503$1,174$536
22 years$2,850$2,251$1,761$1,366$1,052$459
23 years$2,697$2,105$1,626$1,244$944$393
24 years$2,557$1,973$1,504$1,135$849$337
25 years$2,429$1,851$1,393$1,036$764$289
26 years$2,310$1,740$1,292$948$688$248
27 years$2,201$1,637$1,200$867$620$213
28 years$2,100$1,543$1,115$795$560$183
29 years$2,005$1,456$1,038$729$505$157
30 years$1,918$1,375$967$669$457$135
31 years$1,836$1,299$901$614$413$116
32 years$1,759$1,230$841$564$373$100
33 years$1,687$1,164$785$519$338$86
34 years$1,619$1,104$734$478$306$74
35 years$1,556$1,047$686$440$277$64
36 years$1,496$994$642$405$251$55
37 years$1,440$944$600$373$228$47
38 years$1,386$897$562$344$206$41
39 years$1,336$853$527$317$187$35
40 years$1,288$811$494$292$170$30
41 years$1,242$772$463$270$154$26
42 years$1,199$736$434$249$140$22
43 years$1,158$701$408$230$127$19
44 years$1,119$668$383$212$115$17
45 years$1,082$637$359$196$104$14
46 years$1,047$608$337$181$95$12
47 years$1,013$580$317$167$86$11
48 years$980$554$298$155$78$9
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 $4,943 every year, while hoping to spend $23,930 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: 49/33/18 Blend
55$942,000$942,000$942,000$942,000
56$1,043,183$993,257$978,656$1,088,825
57$1,124,126$1,016,465$985,979$1,144,135
58$1,212,523$1,040,008$992,746$1,201,334
59$1,309,110$1,063,878$998,913$1,262,959
60$1,414,695$1,088,064$1,004,432$1,329,434
61$1,530,170$1,112,555$1,009,256$1,401,227
62$1,656,515$1,137,338$1,013,334$1,478,854
63$1,794,811$1,162,399$1,016,612$1,562,884
64$1,946,247$1,187,721$1,019,034$1,653,942
65$2,112,133$1,213,288$1,020,540$1,752,720
66$2,293,911$1,239,080$1,021,069$1,859,978
67$2,493,170$1,265,076$1,020,555$1,976,553
68$2,711,661$1,291,251$1,018,931$2,103,372
69$2,951,309$1,317,581$1,016,124$2,241,451
70$3,214,237$1,344,038$1,012,059$2,391,913
71$3,502,784$1,370,591$1,006,658$2,555,996
72$3,819,525$1,397,206$999,837$2,735,064
73$4,167,296$1,423,849$991,511$2,930,620
74$4,549,222$1,450,480$981,589$3,144,320
75$4,968,747$1,477,056$969,976$3,377,993
76$5,429,660$1,503,534$956,572$3,633,650
77$5,936,142$1,529,863$941,273$3,913,513
78$6,492,793$1,555,991$923,970$4,220,027
79$7,104,684$1,581,861$904,549$4,555,889
80$7,777,401$1,607,411$882,891$4,924,073
81$8,517,099$1,632,577$858,871$5,327,856
82$9,330,557$1,657,288$832,357$5,770,851
83$10,225,247$1,681,468$803,214$6,257,041
84$11,209,399$1,705,036$771,298$6,790,814
85$12,292,081$1,727,907$736,460$7,377,011
86$13,483,285$1,749,986$698,544$8,020,965
87$14,794,021$1,771,177$657,386$8,728,557
88$16,236,419$1,791,371$612,816$9,506,269
89$17,823,843$1,810,458$564,655$10,361,246
90$19,571,021$1,828,316$512,716$11,301,363
91$21,494,178$1,844,818$456,806$12,335,302
92$23,611,196$1,859,825$396,721$13,472,633
93$25,941,775$1,873,194$332,248$14,723,904
94$28,507,624$1,884,768$263,165$16,100,743
95$31,332,662$1,894,382$189,242$17,615,966
96$34,443,248$1,901,861$110,236$19,283,700
97$37,868,425$1,907,018$25,895$21,119,516
98$41,640,197$1,909,655$0$23,140,579
99$45,793,830$1,909,560$0$25,378,121
100$50,368,183$1,906,511$0$27,846,788