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%11.3%
1 years$78,120$77,424$76,745$76,082$75,435$75,023
2 years$38,673$37,953$37,255$36,578$35,922$35,505
3 years$25,526$24,803$24,106$23,436$22,790$22,383
4 years$18,954$18,233$17,543$16,884$16,254$15,859
5 years$15,011$14,295$13,614$12,969$12,356$11,975
6 years$12,384$11,673$11,002$10,371$9,777$9,410
7 years$10,508$9,803$9,143$8,527$7,951$7,598
8 years$9,102$8,403$7,754$7,153$6,596$6,257
9 years$8,008$7,316$6,679$6,093$5,555$5,230
10 years$7,134$6,449$5,822$5,252$4,733$4,422
11 years$6,420$5,741$5,126$4,571$4,071$3,773
12 years$5,825$5,153$4,549$4,009$3,528$3,244
13 years$5,321$4,657$4,064$3,539$3,076$2,805
14 years$4,890$4,233$3,652$3,142$2,697$2,439
15 years$4,517$3,867$3,297$2,802$2,374$2,129
16 years$4,191$3,548$2,989$2,509$2,098$1,865
17 years$3,904$3,267$2,720$2,254$1,861$1,639
18 years$3,648$3,019$2,483$2,032$1,654$1,444
19 years$3,420$2,798$2,273$1,836$1,475$1,276
20 years$3,215$2,600$2,086$1,663$1,317$1,129
21 years$3,030$2,422$1,919$1,509$1,179$1,001
22 years$2,862$2,261$1,769$1,372$1,056$889
23 years$2,708$2,114$1,633$1,249$948$790
24 years$2,568$1,981$1,510$1,140$852$703
25 years$2,439$1,859$1,399$1,041$767$626
26 years$2,320$1,747$1,297$952$691$559
27 years$2,210$1,644$1,205$871$623$499
28 years$2,108$1,549$1,120$798$562$445
29 years$2,014$1,462$1,042$732$508$398
30 years$1,926$1,380$971$672$459$356
31 years$1,843$1,305$905$617$415$318
32 years$1,766$1,235$844$567$375$285
33 years$1,694$1,169$788$521$339$255
34 years$1,626$1,108$737$480$307$229
35 years$1,563$1,051$689$442$278$205
36 years$1,502$998$644$407$252$184
37 years$1,446$948$603$375$229$165
38 years$1,392$901$565$345$207$148
39 years$1,341$856$529$318$188$132
40 years$1,293$815$496$294$170$119
41 years$1,248$776$465$271$155$107
42 years$1,204$739$436$250$140$96
43 years$1,163$704$409$231$127$86
44 years$1,124$671$384$213$116$77
45 years$1,087$640$361$197$105$69
46 years$1,051$610$339$182$95$62
47 years$1,017$582$318$168$87$56
48 years$984$556$299$155$79$50
49 years$953$531$281$143$71$45
50 years$924$507$264$133$65$40

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $946,000, adding $4,855 every year, while hoping to spend $20,990 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: 40/50/10 Blend
55$946,000$946,000$946,000$946,000
56$1,047,500$997,362$982,699$1,086,072
57$1,132,012$1,023,899$993,286$1,140,215
58$1,224,440$1,051,034$1,003,525$1,196,296
59$1,325,571$1,078,772$1,013,380$1,256,492
60$1,436,268$1,107,121$1,022,818$1,321,183
61$1,557,485$1,136,087$1,031,799$1,390,789
62$1,690,269$1,165,676$1,040,285$1,465,771
63$1,835,775$1,195,893$1,048,234$1,546,637
64$1,995,276$1,226,744$1,055,601$1,633,946
65$2,170,172$1,258,232$1,062,342$1,728,312
66$2,362,005$1,290,361$1,068,406$1,830,413
67$2,572,476$1,323,135$1,073,744$1,940,994
68$2,803,455$1,356,556$1,078,301$2,060,875
69$3,057,005$1,390,624$1,082,021$2,190,961
70$3,335,396$1,425,341$1,084,846$2,332,247
71$3,641,130$1,460,707$1,086,712$2,485,829
72$3,976,963$1,496,719$1,087,554$2,652,915
73$4,345,931$1,533,376$1,087,305$2,834,833
74$4,751,378$1,570,673$1,085,892$3,033,050
75$5,196,989$1,608,606$1,083,239$3,249,179
76$5,686,822$1,647,169$1,079,268$3,484,997
77$6,225,351$1,686,353$1,073,896$3,742,465
78$6,817,501$1,726,148$1,067,036$4,023,738
79$7,468,701$1,766,545$1,058,597$4,331,195
80$8,184,932$1,807,529$1,048,483$4,667,456
81$8,972,782$1,849,085$1,036,595$5,035,407
82$9,839,513$1,891,197$1,022,828$5,438,228
83$10,793,122$1,933,845$1,007,072$5,879,425
84$11,842,425$1,977,007$989,212$6,362,858
85$12,997,130$2,020,658$969,129$6,892,783
86$14,267,939$2,064,772$946,696$7,473,890
87$15,666,641$2,109,318$921,783$8,111,347
88$17,206,227$2,154,264$894,252$8,810,847
89$18,901,011$2,199,571$863,958$9,578,667
90$20,766,765$2,245,201$830,751$10,421,723
91$22,820,868$2,291,109$794,474$11,347,635
92$25,082,471$2,337,247$754,963$12,364,804
93$27,572,673$2,383,563$712,045$13,482,486
94$30,314,728$2,430,000$665,541$14,710,881
95$33,334,256$2,476,496$615,262$16,061,232
96$36,659,490$2,522,984$561,013$17,545,928
97$40,321,540$2,569,392$502,589$19,178,624
98$44,354,686$2,615,641$439,775$20,974,368
99$48,796,705$2,661,648$372,348$22,949,744
100$53,689,221$2,707,321$300,074$25,123,029