Can I retire at age 56 with 945,000?

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 $945,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$78,037$77,342$76,664$76,002$75,356$73,955
2 years$38,632$37,913$37,215$36,539$35,884$34,478
3 years$25,499$24,776$24,081$23,411$22,766$21,399
4 years$18,934$18,213$17,525$16,866$16,237$14,919
5 years$14,996$14,279$13,600$12,955$12,343$11,078
6 years$12,371$11,660$10,991$10,360$9,767$8,556
7 years$10,497$9,792$9,133$8,518$7,943$6,787
8 years$9,092$8,394$7,746$7,145$6,589$5,487
9 years$8,000$7,308$6,671$6,086$5,549$4,501
10 years$7,127$6,442$5,816$5,246$4,728$3,732
11 years$6,413$5,735$5,121$4,566$4,066$3,122
12 years$5,818$5,147$4,544$4,005$3,524$2,630
13 years$5,316$4,652$4,060$3,536$3,073$2,228
14 years$4,885$4,228$3,648$3,139$2,694$1,896
15 years$4,513$3,863$3,294$2,799$2,372$1,619
16 years$4,187$3,544$2,986$2,506$2,096$1,388
17 years$3,900$3,264$2,717$2,252$1,859$1,192
18 years$3,645$3,016$2,481$2,029$1,653$1,027
19 years$3,417$2,795$2,271$1,834$1,473$886
20 years$3,212$2,597$2,084$1,661$1,316$766
21 years$3,027$2,419$1,917$1,507$1,177$663
22 years$2,859$2,258$1,767$1,370$1,055$574
23 years$2,705$2,112$1,631$1,248$947$498
24 years$2,565$1,979$1,509$1,138$852$433
25 years$2,436$1,857$1,397$1,040$766$376
26 years$2,318$1,745$1,296$951$690$327
27 years$2,208$1,643$1,203$870$622$284
28 years$2,106$1,548$1,119$797$561$248
29 years$2,012$1,460$1,041$731$507$216
30 years$1,924$1,379$970$671$458$188
31 years$1,841$1,304$904$616$414$164
32 years$1,764$1,233$843$566$375$143
33 years$1,692$1,168$788$521$339$124
34 years$1,625$1,107$736$479$307$108
35 years$1,561$1,050$688$441$278$95
36 years$1,501$997$644$406$252$83
37 years$1,444$947$602$374$228$72
38 years$1,391$900$564$345$207$63
39 years$1,340$855$529$318$188$55
40 years$1,292$814$495$293$170$48
41 years$1,246$775$464$271$154$42
42 years$1,203$738$436$250$140$36
43 years$1,162$703$409$231$127$32
44 years$1,123$670$384$213$115$28
45 years$1,085$639$360$197$105$24
46 years$1,050$610$338$182$95$21
47 years$1,016$582$318$168$86$19
48 years$983$555$299$155$78$16
49 years$952$530$281$143$71$14
50 years$923$507$264$132$65$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $945,000, adding $6,047 every year, while hoping to spend $48,359 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: 52/31/17 Blend
55$945,000$945,000$945,000$945,000
56$1,047,627$997,542$982,895$1,096,952
57$1,103,032$994,968$964,368$1,128,874
58$1,162,467$990,648$943,600$1,157,998
59$1,226,292$984,443$920,465$1,188,614
60$1,294,903$976,210$894,830$1,220,877
61$1,368,734$965,795$866,557$1,254,962
62$1,448,260$953,034$835,502$1,291,063
63$1,534,006$937,756$801,514$1,329,399
64$1,626,545$919,776$764,436$1,370,211
65$1,726,509$898,902$724,101$1,413,769
66$1,834,593$874,928$680,338$1,460,373
67$1,951,558$847,637$632,966$1,510,360
68$2,078,244$816,798$581,798$1,564,101
69$2,215,572$782,168$526,635$1,622,011
70$2,364,556$743,490$467,273$1,684,551
71$2,526,311$700,491$403,496$1,752,234
72$2,702,062$652,883$335,081$1,825,630
73$2,893,160$600,361$261,794$1,905,371
74$3,101,087$542,603$183,388$1,992,161
75$3,327,476$479,270$99,611$2,086,779
76$3,574,125$410,000$10,194$2,190,093
77$3,843,011$334,415$0$2,303,061
78$4,136,308$252,112$0$2,442,211
79$4,456,414$162,668$0$2,596,241
80$4,805,964$65,634$0$2,764,667
81$5,187,860$0$0$2,948,996
82$5,605,298$0$0$3,164,358
83$6,061,795$0$0$3,424,446
84$6,561,224$0$0$3,709,090
85$7,107,851$0$0$4,020,730
86$7,706,371$0$0$4,362,057
87$8,361,956$0$0$4,736,032
88$9,080,302$0$0$5,145,918
89$9,867,679$0$0$5,595,307
90$10,730,997$0$0$6,088,156
91$11,677,862$0$0$6,628,822
92$12,716,655$0$0$7,222,105
93$13,856,606$0$0$7,873,294
94$15,107,882$0$0$8,588,211
95$16,481,682$0$0$9,373,274
96$17,990,343$0$0$10,235,548
97$19,647,454$0$0$11,182,819
98$21,467,986$0$0$12,223,664
99$23,468,433$0$0$13,367,532
100$25,666,962$0$0$14,624,832