Can I retire at age 56 with 950,000?

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 $950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$78,450$77,751$77,070$76,404$75,754$74,499
2 years$38,837$38,113$37,412$36,733$36,073$34,813
3 years$25,634$24,908$24,208$23,535$22,887$21,659
4 years$19,034$18,310$17,617$16,956$16,323$15,139
5 years$15,075$14,355$13,672$13,024$12,408$11,271
6 years$12,436$11,722$11,049$10,415$9,818$8,728
7 years$10,552$9,844$9,182$8,563$7,985$6,943
8 years$9,140$8,438$7,787$7,183$6,624$5,630
9 years$8,042$7,347$6,707$6,118$5,579$4,632
10 years$7,165$6,476$5,847$5,274$4,753$3,853
11 years$6,447$5,765$5,148$4,590$4,088$3,233
12 years$5,849$5,175$4,568$4,026$3,543$2,732
13 years$5,344$4,676$4,082$3,554$3,089$2,322
14 years$4,911$4,251$3,667$3,155$2,708$1,982
15 years$4,536$3,883$3,311$2,814$2,384$1,699
16 years$4,209$3,563$3,002$2,520$2,107$1,461
17 years$3,920$3,281$2,732$2,264$1,868$1,260
18 years$3,664$3,032$2,494$2,040$1,661$1,089
19 years$3,435$2,810$2,283$1,843$1,481$943
20 years$3,229$2,611$2,095$1,670$1,323$818
21 years$3,043$2,432$1,927$1,515$1,184$711
22 years$2,874$2,270$1,776$1,378$1,061$619
23 years$2,720$2,123$1,640$1,255$952$539
24 years$2,579$1,989$1,517$1,144$856$470
25 years$2,449$1,867$1,405$1,045$770$410
26 years$2,330$1,755$1,303$956$694$358
27 years$2,220$1,651$1,210$875$626$312
28 years$2,117$1,556$1,125$801$564$273
29 years$2,022$1,468$1,047$735$510$239
30 years$1,934$1,386$975$674$461$209
31 years$1,851$1,311$909$619$416$183
32 years$1,774$1,240$848$569$377$160
33 years$1,701$1,174$792$523$341$140
34 years$1,633$1,113$740$482$309$123
35 years$1,569$1,056$692$443$280$107
36 years$1,509$1,002$647$408$253$94
37 years$1,452$952$606$376$230$82
38 years$1,398$904$567$347$208$72
39 years$1,347$860$531$320$189$63
40 years$1,299$818$498$295$171$56
41 years$1,253$779$467$272$155$49
42 years$1,209$742$438$251$141$43
43 years$1,168$707$411$232$128$37
44 years$1,129$674$386$214$116$33
45 years$1,091$642$362$198$105$29
46 years$1,055$613$340$183$96$25
47 years$1,021$585$320$169$87$22
48 years$989$558$300$156$79$19
49 years$957$533$282$144$72$17
50 years$928$509$265$133$65$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $950,000, adding $6,324 every year, while hoping to spend $38,091 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: 43/47/10 Blend
55$950,000$950,000$950,000$950,000
56$1,053,423$1,003,073$988,348$1,095,408
57$1,120,344$1,011,695$980,929$1,133,908
58$1,192,814$1,019,463$971,985$1,171,244
59$1,271,359$1,026,295$961,425$1,210,832
60$1,356,557$1,032,103$949,152$1,252,895
61$1,449,044$1,036,794$935,067$1,297,677
62$1,549,520$1,040,271$919,065$1,345,450
63$1,658,753$1,042,426$901,036$1,396,515
64$1,777,591$1,043,150$880,866$1,451,208
65$1,906,964$1,042,323$858,433$1,509,898
66$2,047,896$1,039,819$833,613$1,572,995
67$2,201,516$1,035,504$806,274$1,640,955
68$2,369,065$1,029,238$776,278$1,714,283
69$2,551,907$1,020,869$743,481$1,793,535
70$2,751,548$1,010,237$707,733$1,879,330
71$2,969,641$997,174$668,878$1,972,354
72$3,208,009$981,500$626,749$2,073,363
73$3,468,657$963,025$581,177$2,183,198
74$3,753,795$941,548$531,981$2,302,788
75$4,065,853$916,855$478,974$2,433,159
76$4,407,511$888,722$421,960$2,575,451
77$4,781,716$856,908$360,735$2,730,921
78$5,191,717$821,162$295,085$2,900,961
79$5,641,088$781,216$224,787$3,087,113
80$6,133,770$736,786$149,608$3,291,078
81$6,674,100$687,574$69,306$3,514,739
82$7,266,857$633,263$0$3,760,180
83$7,917,302$573,520$0$4,031,450
84$8,631,234$507,989$0$4,337,350
85$9,415,037$436,297$0$4,673,319
86$10,275,746$358,051$0$5,042,496
87$11,221,109$272,832$0$5,448,347
88$12,259,662$180,201$0$5,894,698
89$13,400,808$79,691$0$6,385,777
90$14,654,907$0$0$6,926,250
91$16,033,371$0$0$7,536,364
92$17,548,774$0$0$8,252,525
93$19,214,968$0$0$9,040,079
94$21,047,215$0$0$9,906,256
95$23,062,329$0$0$10,859,022
96$25,278,836$0$0$11,907,153
97$27,717,148$0$0$13,060,320
98$30,399,753$0$0$14,329,177
99$33,351,431$0$0$15,725,463
100$36,599,484$0$0$17,262,115