Can I retire at age 56 with 947,000?

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 $947,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.6%
1 years$78,202$77,506$76,826$76,163$75,515$74,695
2 years$38,714$37,993$37,294$36,617$35,960$35,134
3 years$25,553$24,829$24,132$23,461$22,814$22,009
4 years$18,974$18,252$17,562$16,902$16,271$15,492
5 years$15,027$14,310$13,629$12,982$12,369$11,618
6 years$12,397$11,685$11,014$10,382$9,787$9,066
7 years$10,519$9,813$9,153$8,536$7,960$7,268
8 years$9,111$8,412$7,762$7,160$6,603$5,941
9 years$8,017$7,324$6,686$6,099$5,561$4,928
10 years$7,142$6,456$5,829$5,257$4,738$4,135
11 years$6,427$5,747$5,131$4,576$4,075$3,500
12 years$5,831$5,158$4,554$4,013$3,531$2,984
13 years$5,327$4,661$4,069$3,543$3,079$2,559
14 years$4,896$4,237$3,656$3,145$2,699$2,206
15 years$4,522$3,871$3,301$2,805$2,377$1,909
16 years$4,196$3,551$2,993$2,512$2,101$1,658
17 years$3,908$3,271$2,723$2,257$1,863$1,444
18 years$3,652$3,022$2,486$2,034$1,656$1,261
19 years$3,424$2,801$2,276$1,838$1,476$1,103
20 years$3,219$2,603$2,088$1,664$1,318$967
21 years$3,033$2,424$1,921$1,510$1,180$849
22 years$2,865$2,263$1,771$1,373$1,058$746
23 years$2,711$2,117$1,635$1,251$949$657
24 years$2,571$1,983$1,512$1,141$853$579
25 years$2,442$1,861$1,400$1,042$768$511
26 years$2,323$1,749$1,299$953$692$451
27 years$2,213$1,646$1,206$872$624$398
28 years$2,111$1,551$1,121$799$563$352
29 years$2,016$1,463$1,043$733$508$311
30 years$1,928$1,382$972$672$459$275
31 years$1,845$1,306$906$617$415$244
32 years$1,768$1,236$845$567$375$216
33 years$1,696$1,171$789$522$340$191
34 years$1,628$1,109$737$480$308$169
35 years$1,564$1,052$689$442$279$150
36 years$1,504$999$645$407$252$133
37 years$1,447$949$604$375$229$118
38 years$1,394$902$565$346$207$105
39 years$1,343$857$530$319$188$93
40 years$1,295$816$496$294$171$82
41 years$1,249$776$465$271$155$73
42 years$1,206$739$437$250$140$65
43 years$1,164$705$410$231$127$58
44 years$1,125$672$385$213$116$51
45 years$1,088$640$361$197$105$45
46 years$1,052$611$339$182$95$40
47 years$1,018$583$319$168$87$36
48 years$985$557$299$155$79$32
49 years$954$531$281$144$71$28
50 years$925$508$265$133$65$25

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $947,000, adding $3,362 every year, while hoping to spend $38,439 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: 47/42/11 Blend
55$947,000$947,000$947,000$947,000
56$1,047,062$996,871$982,192$1,092,927
57$1,112,963$1,004,819$974,197$1,132,856
58$1,184,299$1,011,868$964,646$1,171,916
59$1,261,581$1,017,933$953,445$1,213,439
60$1,345,376$1,022,925$940,499$1,257,666
61$1,436,303$1,026,748$925,705$1,304,865
62$1,535,047$1,029,299$908,957$1,355,334
63$1,642,358$1,030,472$890,143$1,409,401
64$1,759,063$1,030,149$869,148$1,467,431
65$1,886,072$1,028,210$845,848$1,529,826
66$2,024,384$1,024,526$820,117$1,597,034
67$2,175,101$1,018,957$791,820$1,669,549
68$2,339,434$1,011,359$760,819$1,747,918
69$2,518,717$1,001,576$726,968$1,832,749
70$2,714,418$989,445$690,113$1,924,710
71$2,928,152$974,792$650,095$2,024,546
72$3,161,698$957,431$606,748$2,133,076
73$3,417,015$937,169$559,898$2,251,209
74$3,696,258$913,797$509,361$2,379,951
75$4,001,801$887,098$454,950$2,520,412
76$4,336,257$856,839$396,464$2,673,823
77$4,702,506$822,775$333,696$2,841,542
78$5,103,717$784,646$266,430$3,025,072
79$5,543,380$742,178$194,439$3,226,074
80$6,025,340$695,080$117,488$3,446,386
81$6,553,831$643,045$35,330$3,688,037
82$7,133,516$585,748$0$3,953,270
83$7,769,532$522,847$0$4,250,707
84$8,467,535$453,977$0$4,581,769
85$9,233,759$378,757$0$4,945,363
86$10,075,067$296,781$0$5,344,866
87$10,999,022$207,621$0$5,784,006
88$12,013,953$110,826$0$6,266,898
89$13,129,038$5,918$0$6,798,085
90$14,354,386$0$0$7,382,581
91$15,701,135$0$0$8,075,652
92$17,181,553$0$0$8,840,638
93$18,809,160$0$0$9,681,801
94$20,598,848$0$0$10,606,856
95$22,567,026$0$0$11,624,297
96$24,731,771$0$0$12,743,487
97$27,113,001$0$0$13,974,740
98$29,732,663$0$0$15,329,420
99$32,614,936$0$0$16,820,050
100$35,786,461$0$0$18,460,424