Can I retire at age 56 with 943,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $943,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$77,872$77,178$76,502$75,841$75,196$74,535
2 years$38,551$37,833$37,137$36,462$35,808$35,141
3 years$25,445$24,724$24,030$23,362$22,718$22,067
4 years$18,894$18,175$17,488$16,831$16,203$15,572
5 years$14,964$14,249$13,571$12,928$12,317$11,709
6 years$12,345$11,636$10,967$10,338$9,746$9,161
7 years$10,475$9,772$9,114$8,500$7,926$7,365
8 years$9,073$8,376$7,729$7,130$6,575$6,038
9 years$7,983$7,293$6,657$6,073$5,537$5,023
10 years$7,112$6,428$5,804$5,235$4,718$4,227
11 years$6,399$5,723$5,110$4,556$4,058$3,589
12 years$5,806$5,136$4,535$3,996$3,516$3,070
13 years$5,305$4,642$4,052$3,528$3,066$2,641
14 years$4,875$4,219$3,640$3,132$2,688$2,284
15 years$4,503$3,854$3,287$2,793$2,367$1,983
16 years$4,178$3,536$2,980$2,501$2,092$1,728
17 years$3,891$3,257$2,712$2,247$1,855$1,510
18 years$3,637$3,009$2,475$2,025$1,649$1,323
19 years$3,409$2,789$2,266$1,830$1,470$1,162
20 years$3,205$2,592$2,080$1,657$1,313$1,023
21 years$3,020$2,414$1,913$1,504$1,175$901
22 years$2,853$2,254$1,763$1,368$1,053$795
23 years$2,700$2,108$1,628$1,245$945$703
24 years$2,560$1,975$1,505$1,136$850$622
25 years$2,431$1,853$1,394$1,037$765$550
26 years$2,313$1,742$1,293$949$689$488
27 years$2,203$1,639$1,201$868$621$433
28 years$2,102$1,545$1,116$795$560$384
29 years$2,007$1,457$1,039$729$506$341
30 years$1,920$1,376$968$669$457$303
31 years$1,837$1,301$902$615$413$269
32 years$1,761$1,231$842$565$374$239
33 years$1,689$1,166$786$520$338$213
34 years$1,621$1,105$734$478$306$189
35 years$1,558$1,048$687$440$277$169
36 years$1,498$995$642$405$251$150
37 years$1,441$945$601$373$228$134
38 years$1,388$898$563$344$207$119
39 years$1,337$854$527$317$187$106
40 years$1,289$812$494$293$170$95
41 years$1,244$773$464$270$154$84
42 years$1,201$736$435$249$140$75
43 years$1,160$702$408$230$127$67
44 years$1,120$669$383$212$115$60
45 years$1,083$638$360$196$105$53
46 years$1,048$608$338$181$95$47
47 years$1,014$581$317$167$86$42
48 years$981$554$298$155$78$38
49 years$950$529$280$143$71$34
50 years$921$506$263$132$65$30

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $943,000, adding $5,312 every year, while hoping to spend $39,516 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: 68/14/18 Blend
55$943,000$943,000$943,000$943,000
56$1,044,665$994,686$980,070$1,110,782
57$1,109,176$1,001,381$970,857$1,162,302
58$1,178,943$1,007,080$960,012$1,213,511
59$1,254,460$1,011,691$947,437$1,268,551
60$1,336,271$1,015,120$933,032$1,327,796
61$1,424,973$1,017,263$916,691$1,391,659
62$1,521,222$1,018,011$898,302$1,460,598
63$1,625,743$1,017,250$877,752$1,535,114
64$1,739,330$1,014,856$854,917$1,615,763
65$1,862,857$1,010,699$829,672$1,703,158
66$1,997,286$1,004,642$801,884$1,797,974
67$2,143,677$996,536$771,414$1,900,959
68$2,303,193$986,228$738,118$2,012,934
69$2,477,117$973,551$701,843$2,134,809
70$2,666,859$958,332$662,432$2,267,586
71$2,873,973$940,385$619,718$2,412,370
72$3,100,169$919,514$573,528$2,570,382
73$3,347,327$895,511$523,683$2,742,969
74$3,617,520$868,157$469,992$2,931,614
75$3,913,029$837,218$412,259$3,137,958
76$4,236,366$802,450$350,277$3,363,807
77$4,590,295$763,590$283,831$3,611,156
78$4,977,862$720,363$212,696$3,882,204
79$5,402,421$672,477$136,639$4,179,379
80$5,867,665$619,626$55,413$4,505,358
81$6,377,661$561,481$0$4,863,092
82$6,936,888$497,700$0$5,261,844
83$7,550,281$427,917$0$5,710,950
84$8,223,274$351,749$0$6,203,770
85$8,961,852$268,789$0$6,744,729
86$9,772,609$178,608$0$7,338,706
87$10,662,807$80,752$0$7,991,077
88$11,640,448$0$0$8,707,764
89$12,714,344$0$0$9,499,190
90$13,894,204$0$0$10,382,435
91$15,190,724$0$0$11,353,072
92$16,615,688$0$0$12,419,930
93$18,182,077$0$0$13,592,736
94$19,904,192$0$0$14,882,207
95$21,797,791$0$0$16,300,148
96$23,880,233$0$0$17,859,568
97$26,170,645$0$0$19,574,798
98$28,690,099$0$0$21,461,629
99$31,461,815$0$0$23,537,458
100$34,511,373$0$0$25,821,454