Can I retire at age 56 with 944,000?

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 $944,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$77,955$77,260$76,583$75,922$75,276$73,756
2 years$38,591$37,873$37,176$36,501$35,846$34,321
3 years$25,472$24,750$24,055$23,386$22,742$21,260
4 years$18,914$18,194$17,506$16,849$16,220$14,792
5 years$14,980$14,264$13,586$12,941$12,330$10,961
6 years$12,358$11,648$10,979$10,349$9,756$8,447
7 years$10,486$9,782$9,124$8,509$7,934$6,685
8 years$9,082$8,385$7,738$7,138$6,582$5,393
9 years$7,992$7,301$6,664$6,080$5,543$4,413
10 years$7,119$6,435$5,810$5,241$4,723$3,650
11 years$6,406$5,729$5,115$4,561$4,062$3,046
12 years$5,812$5,142$4,540$4,001$3,520$2,559
13 years$5,310$4,647$4,056$3,532$3,070$2,162
14 years$4,880$4,224$3,644$3,135$2,691$1,835
15 years$4,508$3,858$3,290$2,796$2,369$1,563
16 years$4,182$3,540$2,983$2,504$2,094$1,336
17 years$3,895$3,260$2,714$2,250$1,857$1,144
18 years$3,641$3,013$2,478$2,027$1,651$983
19 years$3,413$2,792$2,268$1,832$1,471$845
20 years$3,208$2,595$2,082$1,659$1,314$729
21 years$3,023$2,417$1,915$1,506$1,176$629
22 years$2,856$2,256$1,765$1,369$1,054$543
23 years$2,703$2,110$1,630$1,247$946$470
24 years$2,562$1,977$1,507$1,137$851$407
25 years$2,434$1,855$1,396$1,039$765$352
26 years$2,315$1,744$1,295$950$689$305
27 years$2,206$1,641$1,202$869$622$265
28 years$2,104$1,546$1,118$796$561$230
29 years$2,010$1,459$1,040$730$506$199
30 years$1,922$1,378$969$670$458$173
31 years$1,839$1,302$903$616$414$150
32 years$1,763$1,232$843$566$374$131
33 years$1,691$1,167$787$520$339$113
34 years$1,623$1,106$735$479$307$99
35 years$1,559$1,049$687$441$278$86
36 years$1,499$996$643$406$252$75
37 years$1,443$946$602$374$228$65
38 years$1,389$899$564$345$207$56
39 years$1,339$855$528$318$188$49
40 years$1,291$813$495$293$170$43
41 years$1,245$774$464$270$154$37
42 years$1,202$737$435$250$140$32
43 years$1,161$702$408$230$127$28
44 years$1,122$669$383$213$115$24
45 years$1,084$638$360$196$105$21
46 years$1,049$609$338$181$95$18
47 years$1,015$581$318$168$86$16
48 years$982$555$298$155$78$14
49 years$951$530$281$143$71$12
50 years$922$506$264$132$65$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $944,000, adding $4,314 every year, while hoping to spend $58,207 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: 47/29/24 Blend
55$944,000$944,000$944,000$944,000
56$1,044,738$994,706$980,074$1,086,496
57$1,089,369$981,515$950,975$1,103,041
58$1,136,602$965,726$918,950$1,114,896
59$1,186,641$947,152$883,839$1,126,595
60$1,239,708$925,592$845,477$1,138,151
61$1,296,046$900,834$803,689$1,149,585
62$1,355,923$872,655$758,293$1,160,920
63$1,419,628$840,816$709,097$1,172,187
64$1,487,482$805,068$655,904$1,183,428
65$1,559,833$765,144$598,504$1,194,689
66$1,637,064$720,764$536,682$1,206,030
67$1,719,593$671,631$470,210$1,217,521
68$1,807,880$617,429$398,850$1,229,247
69$1,902,429$557,828$322,356$1,241,305
70$2,003,791$492,475$240,469$1,253,811
71$2,112,572$421,001$152,919$1,266,899
72$2,229,437$343,013$59,425$1,280,724
73$2,355,116$258,097$0$1,295,467
74$2,490,410$165,816$0$1,321,664
75$2,636,199$65,708$0$1,366,133
76$2,793,449$0$0$1,413,989
77$2,963,221$0$0$1,479,257
78$3,146,683$0$0$1,572,531
79$3,345,117$0$0$1,673,504
80$3,559,931$0$0$1,782,904
81$3,792,674$0$0$1,901,532
82$4,045,051$0$0$2,030,268
83$4,318,934$0$0$2,170,081
84$4,616,384$0$0$2,322,036
85$4,939,667$0$0$2,487,305
86$5,291,276$0$0$2,667,176
87$5,673,953$0$0$2,863,068
88$6,090,717$0$0$3,076,542
89$6,544,888$0$0$3,309,316
90$7,040,122$0$0$3,563,280
91$7,580,441$0$0$3,840,516
92$8,170,272$0$0$4,143,314
93$8,814,490$0$0$4,474,195
94$9,518,460$0$0$4,835,937
95$10,288,089$0$0$5,231,596
96$11,129,880$0$0$5,664,538
97$12,050,995$0$0$6,138,468
98$13,059,319$0$0$6,657,467
99$14,163,534$0$0$7,226,030
100$15,373,202$0$0$7,849,106