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%15.1%
1 years$77,789$77,097$76,421$75,761$75,116$73,540
2 years$38,510$37,792$37,097$36,423$35,770$34,189
3 years$25,418$24,698$24,004$23,337$22,694$21,158
4 years$18,874$18,155$17,469$16,813$16,185$14,706
5 years$14,948$14,234$13,557$12,914$12,304$10,885
6 years$12,332$11,623$10,956$10,327$9,736$8,380
7 years$10,464$9,761$9,104$8,491$7,918$6,625
8 years$9,063$8,367$7,721$7,123$6,568$5,338
9 years$7,975$7,285$6,650$6,067$5,532$4,362
10 years$7,104$6,421$5,798$5,230$4,713$3,604
11 years$6,393$5,717$5,104$4,551$4,054$3,004
12 years$5,800$5,131$4,530$3,992$3,513$2,520
13 years$5,299$4,637$4,047$3,525$3,063$2,126
14 years$4,870$4,215$3,636$3,129$2,685$1,802
15 years$4,498$3,850$3,283$2,790$2,364$1,533
16 years$4,173$3,533$2,977$2,498$2,089$1,308
17 years$3,887$3,253$2,709$2,245$1,853$1,119
18 years$3,633$3,006$2,473$2,023$1,647$960
19 years$3,406$2,786$2,264$1,828$1,468$824
20 years$3,202$2,589$2,077$1,656$1,312$709
21 years$3,017$2,412$1,911$1,503$1,174$611
22 years$2,850$2,251$1,761$1,366$1,052$527
23 years$2,697$2,105$1,626$1,244$944$455
24 years$2,557$1,973$1,504$1,135$849$393
25 years$2,429$1,851$1,393$1,036$764$340
26 years$2,310$1,740$1,292$948$688$294
27 years$2,201$1,637$1,200$867$620$255
28 years$2,100$1,543$1,115$795$560$221
29 years$2,005$1,456$1,038$729$505$191
30 years$1,918$1,375$967$669$457$166
31 years$1,836$1,299$901$614$413$144
32 years$1,759$1,230$841$564$373$125
33 years$1,687$1,164$785$519$338$108
34 years$1,619$1,104$734$478$306$94
35 years$1,556$1,047$686$440$277$81
36 years$1,496$994$642$405$251$71
37 years$1,440$944$600$373$228$61
38 years$1,386$897$562$344$206$53
39 years$1,336$853$527$317$187$46
40 years$1,288$811$494$292$170$40
41 years$1,242$772$463$270$154$35
42 years$1,199$736$434$249$140$30
43 years$1,158$701$408$230$127$26
44 years$1,119$668$383$212$115$23
45 years$1,082$637$359$196$104$20
46 years$1,047$608$337$181$95$17
47 years$1,013$580$317$167$86$15
48 years$980$554$298$155$78$13
49 years$949$529$280$143$71$11
50 years$920$505$263$132$65$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $942,000, adding $3,219 every year, while hoping to spend $33,658 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: 50/24/26 Blend
55$942,000$942,000$942,000$942,000
56$1,041,404$991,478$976,877$1,085,688
57$1,111,816$1,004,249$973,791$1,129,667
58$1,188,281$1,016,517$969,473$1,173,808
59$1,271,382$1,028,223$963,847$1,221,116
60$1,361,759$1,039,302$956,832$1,271,904
61$1,460,117$1,049,686$948,344$1,326,520
62$1,567,230$1,059,302$938,294$1,385,351
63$1,683,951$1,068,071$926,591$1,448,822
64$1,811,219$1,075,912$913,137$1,517,402
65$1,950,067$1,082,735$897,830$1,591,613
66$2,101,631$1,088,447$880,565$1,672,027
67$2,267,164$1,092,947$861,231$1,759,279
68$2,448,043$1,096,129$839,710$1,854,072
69$2,645,785$1,097,881$815,882$1,957,179
70$2,862,060$1,098,082$789,618$2,069,457
71$3,098,706$1,096,604$760,787$2,191,850
72$3,357,749$1,093,313$729,248$2,325,404
73$3,641,418$1,088,064$694,857$2,471,271
74$3,952,169$1,080,705$657,460$2,630,726
75$4,292,705$1,071,074$616,900$2,805,174
76$4,666,004$1,059,000$573,009$2,996,169
77$5,075,346$1,044,301$525,615$3,205,426
78$5,524,343$1,026,783$474,535$3,434,837
79$6,016,974$1,006,244$419,580$3,686,494
80$6,557,622$982,467$360,553$3,962,703
81$7,151,114$955,222$297,246$4,266,011
82$7,802,768$924,268$229,443$4,599,230
83$8,518,440$889,347$156,920$4,965,461
84$9,304,585$850,189$79,440$5,368,129
85$10,168,310$806,506$0$5,811,013
86$11,117,447$757,994$0$6,299,183
87$12,160,623$704,331$0$6,859,916
88$13,307,342$645,180$0$7,476,302
89$14,568,077$580,179$0$8,154,020
90$15,954,363$508,950$0$8,899,331
91$17,478,911$431,091$0$9,719,136
92$19,155,724$346,180$0$10,621,044
93$21,000,233$253,767$0$11,613,444
94$23,029,436$153,381$0$12,705,582
95$25,262,064$44,523$0$13,907,653
96$27,718,754$0$0$15,230,894
97$30,422,246$0$0$16,707,062
98$33,397,593$0$0$18,344,727
99$36,672,402$0$0$20,147,340
100$40,277,092$0$0$22,131,661