Can I retire at age 56 with 953,000?

Use the below retirement simulation to view the chances of a successful retirement.
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%12.7%
1 years$78,698$77,997$77,313$76,645$75,994$75,137
2 years$38,959$38,234$37,531$36,849$36,187$35,326
3 years$25,715$24,986$24,285$23,609$22,959$22,118
4 years$19,094$18,367$17,673$17,009$16,374$15,561
5 years$15,122$14,400$13,715$13,065$12,448$11,664
6 years$12,476$11,759$11,084$10,448$9,849$9,097
7 years$10,586$9,875$9,211$8,590$8,010$7,289
8 years$9,169$8,465$7,811$7,206$6,645$5,955
9 years$8,068$7,370$6,728$6,138$5,596$4,937
10 years$7,187$6,496$5,866$5,291$4,768$4,139
11 years$6,467$5,783$5,164$4,605$4,101$3,501
12 years$5,868$5,191$4,583$4,039$3,554$2,983
13 years$5,361$4,691$4,095$3,566$3,099$2,557
14 years$4,927$4,264$3,679$3,165$2,716$2,203
15 years$4,551$3,895$3,322$2,823$2,392$1,905
16 years$4,222$3,574$3,012$2,528$2,114$1,653
17 years$3,933$3,291$2,740$2,271$1,874$1,439
18 years$3,675$3,041$2,502$2,047$1,667$1,255
19 years$3,446$2,819$2,290$1,849$1,485$1,097
20 years$3,239$2,619$2,102$1,675$1,327$961
21 years$3,052$2,440$1,933$1,520$1,187$843
22 years$2,883$2,277$1,782$1,382$1,064$741
23 years$2,728$2,130$1,645$1,259$955$652
24 years$2,587$1,996$1,521$1,148$859$574
25 years$2,457$1,873$1,409$1,048$773$506
26 years$2,337$1,760$1,307$959$696$446
27 years$2,227$1,657$1,214$877$628$394
28 years$2,124$1,561$1,128$804$566$348
29 years$2,029$1,473$1,050$737$511$307
30 years$1,940$1,391$978$677$462$272
31 years$1,857$1,315$912$621$418$240
32 years$1,779$1,244$851$571$378$213
33 years$1,707$1,178$794$525$342$188
34 years$1,638$1,117$742$483$310$167
35 years$1,574$1,059$694$445$280$148
36 years$1,514$1,005$649$410$254$131
37 years$1,456$955$607$377$230$116
38 years$1,402$907$569$348$209$103
39 years$1,351$863$533$321$189$91
40 years$1,303$821$500$296$172$81
41 years$1,257$781$468$273$156$71
42 years$1,213$744$439$252$141$63
43 years$1,172$709$412$233$128$56
44 years$1,132$676$387$215$116$50
45 years$1,095$644$363$198$106$44
46 years$1,059$615$341$183$96$39
47 years$1,024$587$321$169$87$35
48 years$992$560$301$156$79$31
49 years$960$535$283$145$72$27
50 years$930$511$266$134$65$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $953,000, adding $6,167 every year, while hoping to spend $51,561 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: 75/18/7 Blend
55$953,000$953,000$953,000$953,000
56$1,056,567$1,006,058$991,287$1,134,374
57$1,109,477$1,000,495$969,634$1,180,853
58$1,166,055$992,930$945,529$1,224,594
59$1,226,621$983,213$918,833$1,271,043
60$1,291,527$971,180$889,404$1,320,447
61$1,361,156$956,662$857,092$1,373,083
62$1,435,931$939,475$821,742$1,429,254
63$1,516,315$919,429$783,190$1,489,294
64$1,602,817$896,318$741,264$1,553,573
65$1,695,995$869,929$695,787$1,622,500
66$1,796,462$840,031$646,572$1,696,525
67$1,904,892$806,384$593,423$1,776,144
68$2,022,026$768,731$536,138$1,861,908
69$2,148,677$726,803$474,502$1,954,422
70$2,285,739$680,313$408,295$2,054,356
71$2,434,195$628,959$337,283$2,162,447
72$2,595,126$572,421$261,225$2,279,513
73$2,769,720$510,361$179,868$2,406,452
74$2,959,284$442,422$92,946$2,544,259
75$3,165,256$368,225$184$2,694,030
76$3,389,217$287,373$0$2,856,978
77$3,632,906$199,444$0$3,041,819
78$3,898,239$103,993$0$3,243,142
79$4,187,321$550$0$3,462,588
80$4,502,471$0$0$3,701,976
81$4,846,239$0$0$3,985,380
82$5,221,433$0$0$4,294,847
83$5,631,146$0$0$4,632,823
84$6,078,778$0$0$5,002,120
85$6,568,076$0$0$5,405,832
86$7,103,165$0$0$5,847,369
87$7,688,585$0$0$6,330,481
88$8,329,336$0$0$6,859,301
89$9,030,923$0$0$7,438,379
90$9,799,411$0$0$8,072,725
91$10,641,475$0$0$8,767,857
92$11,564,469$0$0$9,529,851
93$12,576,492$0$0$10,365,400
94$13,686,463$0$0$11,281,876
95$14,904,207$0$0$12,287,397
96$16,240,546$0$0$13,390,906
97$17,707,398$0$0$14,602,254
98$19,317,894$0$0$15,932,293
99$21,086,498$0$0$17,392,974
100$23,029,142$0$0$18,997,467