Can I retire at age 56 with 946,000?

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 $946,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.8%
1 years$78,120$77,424$76,745$76,082$75,435$73,050
2 years$38,673$37,953$37,255$36,578$35,922$33,540
3 years$25,526$24,803$24,106$23,436$22,790$20,487
4 years$18,954$18,233$17,543$16,884$16,254$14,047
5 years$15,011$14,295$13,614$12,969$12,356$10,251
6 years$12,384$11,673$11,002$10,371$9,777$7,776
7 years$10,508$9,803$9,143$8,527$7,951$6,054
8 years$9,102$8,403$7,754$7,153$6,596$4,801
9 years$8,008$7,316$6,679$6,093$5,555$3,860
10 years$7,134$6,449$5,822$5,252$4,733$3,136
11 years$6,420$5,741$5,126$4,571$4,071$2,569
12 years$5,825$5,153$4,549$4,009$3,528$2,117
13 years$5,321$4,657$4,064$3,539$3,076$1,754
14 years$4,890$4,233$3,652$3,142$2,697$1,460
15 years$4,517$3,867$3,297$2,802$2,374$1,218
16 years$4,191$3,548$2,989$2,509$2,098$1,020
17 years$3,904$3,267$2,720$2,254$1,861$856
18 years$3,648$3,019$2,483$2,032$1,654$719
19 years$3,420$2,798$2,273$1,836$1,475$605
20 years$3,215$2,600$2,086$1,663$1,317$510
21 years$3,030$2,422$1,919$1,509$1,179$431
22 years$2,862$2,261$1,769$1,372$1,056$364
23 years$2,708$2,114$1,633$1,249$948$308
24 years$2,568$1,981$1,510$1,140$852$260
25 years$2,439$1,859$1,399$1,041$767$220
26 years$2,320$1,747$1,297$952$691$186
27 years$2,210$1,644$1,205$871$623$158
28 years$2,108$1,549$1,120$798$562$134
29 years$2,014$1,462$1,042$732$508$113
30 years$1,926$1,380$971$672$459$96
31 years$1,843$1,305$905$617$415$82
32 years$1,766$1,235$844$567$375$69
33 years$1,694$1,169$788$521$339$59
34 years$1,626$1,108$737$480$307$50
35 years$1,563$1,051$689$442$278$42
36 years$1,502$998$644$407$252$36
37 years$1,446$948$603$375$229$30
38 years$1,392$901$565$345$207$26
39 years$1,341$856$529$318$188$22
40 years$1,293$815$496$294$170$19
41 years$1,248$776$465$271$155$16
42 years$1,204$739$436$250$140$13
43 years$1,163$704$409$231$127$11
44 years$1,124$671$384$213$116$10
45 years$1,087$640$361$197$105$8
46 years$1,051$610$339$182$95$7
47 years$1,017$582$318$168$87$6
48 years$984$556$299$155$79$5
49 years$953$531$281$143$71$4
50 years$924$507$264$133$65$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $946,000, adding $6,149 every year, while hoping to spend $51,326 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: 45/32/23 Blend
55$946,000$946,000$946,000$946,000
56$1,048,835$998,697$984,034$1,088,830
57$1,101,205$993,022$962,388$1,111,974
58$1,157,198$985,350$938,298$1,131,557
59$1,217,127$975,527$911,626$1,151,762
60$1,281,338$963,392$882,230$1,172,670
61$1,350,211$948,775$849,961$1,194,378
62$1,424,162$931,494$814,664$1,216,994
63$1,503,647$911,358$776,175$1,240,641
64$1,589,167$888,163$734,326$1,265,460
65$1,681,273$861,694$688,936$1,291,610
66$1,780,570$831,723$639,822$1,319,268
67$1,887,720$798,010$586,788$1,348,638
68$2,003,454$760,299$529,632$1,379,948
69$2,128,573$718,320$468,142$1,413,454
70$2,263,958$671,789$402,096$1,449,446
71$2,410,579$620,403$331,263$1,488,247
72$2,569,499$563,844$255,401$1,530,221
73$2,741,890$501,774$174,259$1,575,775
74$2,929,039$433,837$87,573$1,625,368
75$3,132,362$359,657$0$1,679,508
76$3,353,419$278,836$0$1,739,980
77$3,593,922$190,953$0$1,829,223
78$3,855,758$95,566$0$1,926,509
79$4,141,002$0$0$2,032,710
80$4,451,937$0$0$2,151,535
81$4,791,077$0$0$2,317,945
82$5,161,188$0$0$2,499,658
83$5,565,316$0$0$2,698,182
84$6,006,811$0$0$2,915,177
85$6,489,365$0$0$3,152,472
86$7,017,039$0$0$3,412,079
87$7,594,308$0$0$3,696,215
88$8,226,097$0$0$4,007,320
89$8,917,829$0$0$4,348,082
90$9,675,476$0$0$4,721,460
91$10,505,617$0$0$5,130,714
92$11,415,494$0$0$5,579,433
93$12,413,085$0$0$6,071,570
94$13,507,176$0$0$6,611,482
95$14,707,446$0$0$7,203,964
96$16,024,553$0$0$7,854,299
97$17,470,238$0$0$8,568,308
98$19,057,436$0$0$9,352,401
99$20,800,393$0$0$10,213,640
100$22,714,803$0$0$11,159,806