Can I retire at age 56 with 953,000?

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 $953,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.9%
1 years$78,698$77,997$77,313$76,645$75,994$75,388
2 years$38,959$38,234$37,531$36,849$36,187$35,577
3 years$25,715$24,986$24,285$23,609$22,959$22,363
4 years$19,094$18,367$17,673$17,009$16,374$15,797
5 years$15,122$14,400$13,715$13,065$12,448$11,890
6 years$12,476$11,759$11,084$10,448$9,849$9,313
7 years$10,586$9,875$9,211$8,590$8,010$7,495
8 years$9,169$8,465$7,811$7,206$6,645$6,152
9 years$8,068$7,370$6,728$6,138$5,596$5,124
10 years$7,187$6,496$5,866$5,291$4,768$4,317
11 years$6,467$5,783$5,164$4,605$4,101$3,670
12 years$5,868$5,191$4,583$4,039$3,554$3,143
13 years$5,361$4,691$4,095$3,566$3,099$2,708
14 years$4,927$4,264$3,679$3,165$2,716$2,345
15 years$4,551$3,895$3,322$2,823$2,392$2,039
16 years$4,222$3,574$3,012$2,528$2,114$1,779
17 years$3,933$3,291$2,740$2,271$1,874$1,557
18 years$3,675$3,041$2,502$2,047$1,667$1,366
19 years$3,446$2,819$2,290$1,849$1,485$1,201
20 years$3,239$2,619$2,102$1,675$1,327$1,058
21 years$3,052$2,440$1,933$1,520$1,187$934
22 years$2,883$2,277$1,782$1,382$1,064$826
23 years$2,728$2,130$1,645$1,259$955$731
24 years$2,587$1,996$1,521$1,148$859$647
25 years$2,457$1,873$1,409$1,048$773$574
26 years$2,337$1,760$1,307$959$696$510
27 years$2,227$1,657$1,214$877$628$453
28 years$2,124$1,561$1,128$804$566$402
29 years$2,029$1,473$1,050$737$511$358
30 years$1,940$1,391$978$677$462$318
31 years$1,857$1,315$912$621$418$284
32 years$1,779$1,244$851$571$378$253
33 years$1,707$1,178$794$525$342$225
34 years$1,638$1,117$742$483$310$201
35 years$1,574$1,059$694$445$280$179
36 years$1,514$1,005$649$410$254$159
37 years$1,456$955$607$377$230$142
38 years$1,402$907$569$348$209$127
39 years$1,351$863$533$321$189$113
40 years$1,303$821$500$296$172$101
41 years$1,257$781$468$273$156$90
42 years$1,213$744$439$252$141$81
43 years$1,172$709$412$233$128$72
44 years$1,132$676$387$215$116$64
45 years$1,095$644$363$198$106$57
46 years$1,059$615$341$183$96$51
47 years$1,024$587$321$169$87$46
48 years$992$560$301$156$79$41
49 years$960$535$283$145$72$36
50 years$930$511$266$134$65$33

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $953,000, adding $6,346 every year, while hoping to spend $26,266 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: 70/16/14 Blend
55$953,000$953,000$953,000$953,000
56$1,056,752$1,006,243$991,471$1,126,973
57$1,136,594$1,027,602$996,739$1,195,805
58$1,223,699$1,049,127$1,001,302$1,267,345
59$1,318,781$1,070,799$1,005,111$1,344,956
60$1,422,625$1,092,597$1,008,110$1,429,232
61$1,536,095$1,114,496$1,010,244$1,520,828
62$1,660,142$1,136,472$1,011,452$1,620,465
63$1,795,814$1,158,496$1,011,674$1,728,937
64$1,944,264$1,180,539$1,010,842$1,847,120
65$2,106,762$1,202,569$1,008,888$1,975,978
66$2,284,707$1,224,550$1,005,741$2,116,573
67$2,479,638$1,246,444$1,001,324$2,270,076
68$2,693,252$1,268,211$995,560$2,437,778
69$2,927,416$1,289,806$988,363$2,621,099
70$3,184,188$1,311,181$979,649$2,821,607
71$3,465,833$1,332,287$969,325$3,041,027
72$3,774,847$1,353,068$957,296$3,281,262
73$4,113,978$1,373,466$943,463$3,544,408
74$4,486,255$1,393,417$927,720$3,832,774
75$4,895,013$1,412,854$909,958$4,148,908
76$5,343,926$1,431,705$890,063$4,495,613
77$5,837,040$1,449,893$867,914$4,875,983
78$6,378,816$1,467,335$843,387$5,293,424
79$6,974,164$1,483,943$816,349$5,751,693
80$7,628,496$1,499,623$786,664$6,254,928
81$8,347,773$1,514,275$754,188$6,807,689
82$9,138,563$1,527,792$718,771$7,415,005
83$10,008,103$1,540,060$680,256$8,082,414
84$10,964,364$1,550,958$638,479$8,816,023
85$12,016,129$1,560,355$593,268$9,622,562
86$13,173,077$1,568,115$544,445$10,509,446
87$14,445,870$1,574,091$491,823$11,484,849
88$15,846,255$1,578,128$435,205$12,557,779
89$17,387,177$1,580,061$374,389$13,738,164
90$19,082,898$1,579,713$309,160$15,036,946
91$20,949,133$1,576,898$239,296$16,466,185
92$23,003,197$1,571,419$164,565$18,039,169
93$25,264,169$1,563,064$84,724$19,770,547
94$27,753,071$1,551,611$0$21,676,462
95$30,493,069$1,536,824$0$23,774,776
96$33,509,685$1,518,451$0$26,098,536
97$36,831,045$1,496,228$0$28,656,724
98$40,488,140$1,469,871$0$31,473,198
99$44,515,119$1,439,084$0$34,574,252
100$48,949,611$1,403,549$0$37,988,858