Can I retire at age 56 with 949,000?

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 $949,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.6%
1 years$78,368$77,669$76,988$76,324$75,675$72,758
2 years$38,796$38,073$37,373$36,694$36,036$33,132
3 years$25,607$24,881$24,183$23,510$22,862$20,063
4 years$19,014$18,290$17,599$16,938$16,306$13,632
5 years$15,059$14,340$13,657$13,010$12,395$9,854
6 years$12,423$11,710$11,037$10,404$9,808$7,401
7 years$10,541$9,834$9,172$8,554$7,977$5,703
8 years$9,131$8,429$7,779$7,176$6,617$4,475
9 years$8,034$7,339$6,700$6,112$5,573$3,559
10 years$7,157$6,469$5,841$5,269$4,748$2,859
11 years$6,440$5,759$5,142$4,585$4,084$2,314
12 years$5,843$5,169$4,564$4,022$3,539$1,885
13 years$5,338$4,671$4,077$3,551$3,086$1,543
14 years$4,906$4,246$3,663$3,152$2,705$1,267
15 years$4,532$3,879$3,308$2,811$2,382$1,044
16 years$4,204$3,559$2,999$2,517$2,105$863
17 years$3,916$3,278$2,729$2,261$1,866$714
18 years$3,660$3,029$2,491$2,038$1,660$592
19 years$3,431$2,807$2,280$1,842$1,479$492
20 years$3,225$2,608$2,093$1,668$1,321$409
21 years$3,039$2,430$1,925$1,514$1,182$340
22 years$2,871$2,268$1,774$1,376$1,060$284
23 years$2,717$2,121$1,638$1,253$951$236
24 years$2,576$1,987$1,515$1,143$855$197
25 years$2,447$1,865$1,403$1,044$769$164
26 years$2,327$1,753$1,301$955$693$137
27 years$2,217$1,650$1,209$874$625$115
28 years$2,115$1,554$1,123$801$564$96
29 years$2,020$1,466$1,045$734$509$80
30 years$1,932$1,385$974$674$460$67
31 years$1,849$1,309$908$619$416$56
32 years$1,772$1,239$847$569$376$47
33 years$1,700$1,173$791$523$340$39
34 years$1,632$1,112$739$481$308$33
35 years$1,568$1,055$691$443$279$27
36 years$1,507$1,001$646$408$253$23
37 years$1,450$951$605$376$229$19
38 years$1,397$903$566$346$208$16
39 years$1,346$859$531$319$189$13
40 years$1,297$817$497$295$171$11
41 years$1,252$778$466$272$155$9
42 years$1,208$741$438$251$141$8
43 years$1,167$706$411$232$128$6
44 years$1,128$673$385$214$116$5
45 years$1,090$642$362$197$105$5
46 years$1,054$612$340$182$96$4
47 years$1,020$584$319$169$87$3
48 years$988$558$300$156$79$3
49 years$956$533$282$144$72$2
50 years$927$509$265$133$65$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $949,000, adding $2,958 every year, while hoping to spend $23,354 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: 60/31/9 Blend
55$949,000$949,000$949,000$949,000
56$1,048,849$998,552$983,843$1,109,488
57$1,130,983$1,022,633$991,953$1,174,596
58$1,220,712$1,047,111$999,552$1,242,654
59$1,318,786$1,071,980$1,006,599$1,316,307
60$1,426,031$1,097,236$1,013,048$1,396,096
61$1,543,356$1,122,870$1,018,855$1,482,616
62$1,671,762$1,148,874$1,023,970$1,576,520
63$1,812,351$1,175,238$1,028,342$1,678,530
64$1,966,337$1,201,952$1,031,918$1,789,440
65$2,135,058$1,229,002$1,034,642$1,910,125
66$2,319,985$1,256,374$1,036,453$2,041,548
67$2,522,739$1,284,052$1,037,291$2,184,770
68$2,745,108$1,312,019$1,037,089$2,340,961
69$2,989,057$1,340,256$1,035,779$2,511,408
70$3,256,753$1,368,741$1,033,290$2,697,530
71$3,550,582$1,397,450$1,029,546$2,900,891
72$3,873,174$1,426,358$1,024,468$3,123,213
73$4,227,424$1,455,436$1,017,974$3,366,394
74$4,616,522$1,484,652$1,009,977$3,632,524
75$5,043,981$1,513,975$1,000,386$3,923,909
76$5,513,674$1,543,366$989,105$4,243,087
77$6,029,864$1,572,786$976,035$4,592,855
78$6,597,250$1,602,193$961,073$4,976,298
79$7,221,009$1,631,539$944,107$5,396,811
80$7,906,842$1,660,775$925,025$5,858,139
81$8,661,032$1,689,846$903,706$6,364,407
82$9,490,503$1,718,693$880,026$6,920,162
83$10,402,880$1,747,255$853,852$7,530,414
84$11,406,566$1,775,463$825,048$8,200,684
85$12,510,820$1,803,245$793,472$8,937,058
86$13,725,842$1,830,522$758,972$9,746,240
87$15,062,873$1,857,213$721,392$10,635,622
88$16,534,296$1,883,226$680,569$11,613,346
89$18,153,757$1,908,467$636,331$12,688,390
90$19,936,291$1,932,833$588,499$13,870,644
91$21,898,466$1,956,215$536,887$15,171,010
92$24,058,536$1,978,496$481,299$16,601,501
93$26,436,615$1,999,551$421,531$18,175,359
94$29,054,868$2,019,247$357,370$19,907,175
95$31,937,717$2,037,442$288,595$21,813,030
96$35,112,073$2,053,986$214,971$23,910,647
97$38,607,589$2,068,716$136,258$26,219,560
98$42,456,942$2,081,462$52,201$28,761,293
99$46,696,137$2,092,041$0$31,559,571
100$51,364,851$2,100,258$0$34,644,139