Can I retire at age 56 with 954,000?

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 $954,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.2%
1 years$78,780$78,079$77,394$76,726$76,073$73,550
2 years$39,000$38,274$37,570$36,887$36,225$33,708
3 years$25,742$25,012$24,310$23,634$22,983$20,550
4 years$19,114$18,387$17,692$17,027$16,392$14,062
5 years$15,138$14,415$13,729$13,078$12,461$10,240
6 years$12,489$11,771$11,095$10,459$9,860$7,751
7 years$10,597$9,886$9,220$8,599$8,019$6,020
8 years$9,179$8,474$7,820$7,213$6,652$4,764
9 years$8,076$7,378$6,735$6,144$5,602$3,821
10 years$7,195$6,503$5,872$5,296$4,773$3,096
11 years$6,474$5,789$5,169$4,609$4,105$2,529
12 years$5,874$5,196$4,588$4,043$3,557$2,079
13 years$5,366$4,696$4,099$3,569$3,102$1,718
14 years$4,932$4,268$3,683$3,169$2,719$1,425
15 years$4,556$3,899$3,325$2,826$2,394$1,187
16 years$4,227$3,578$3,015$2,530$2,116$990
17 years$3,937$3,295$2,743$2,273$1,876$828
18 years$3,679$3,045$2,504$2,049$1,668$694
19 years$3,449$2,822$2,292$1,851$1,487$583
20 years$3,242$2,622$2,104$1,677$1,328$490
21 years$3,055$2,442$1,935$1,522$1,189$412
22 years$2,886$2,280$1,784$1,384$1,065$347
23 years$2,731$2,132$1,647$1,260$956$292
24 years$2,590$1,998$1,523$1,149$860$246
25 years$2,460$1,875$1,411$1,050$774$208
26 years$2,340$1,762$1,308$960$697$175
27 years$2,229$1,658$1,215$878$628$148
28 years$2,126$1,563$1,129$805$567$125
29 years$2,031$1,474$1,051$738$512$106
30 years$1,942$1,392$979$677$462$89
31 years$1,859$1,316$913$622$418$76
32 years$1,781$1,245$852$572$378$64
33 years$1,708$1,179$795$526$342$54
34 years$1,640$1,118$743$484$310$46
35 years$1,576$1,060$695$445$281$39
36 years$1,515$1,006$650$410$254$33
37 years$1,458$956$608$378$230$28
38 years$1,404$908$569$348$209$23
39 years$1,353$864$534$321$189$20
40 years$1,304$822$500$296$172$17
41 years$1,258$782$469$273$156$14
42 years$1,215$745$440$252$141$12
43 years$1,173$710$413$233$128$10
44 years$1,133$677$387$215$117$9
45 years$1,096$645$364$199$106$7
46 years$1,060$615$342$183$96$6
47 years$1,026$587$321$169$87$5
48 years$993$561$302$157$79$4
49 years$961$535$284$145$72$4
50 years$931$511$267$134$65$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $954,000, adding $5,362 every year, while hoping to spend $57,651 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: 48/41/11 Blend
55$954,000$954,000$954,000$954,000
56$1,056,839$1,006,277$991,490$1,104,130
57$1,103,296$994,244$963,365$1,125,196
58$1,152,560$979,690$932,365$1,141,611
59$1,204,856$962,429$898,334$1,158,126
60$1,260,430$942,267$861,106$1,174,768
61$1,319,551$918,996$820,511$1,191,571
62$1,382,516$892,397$776,369$1,208,578
63$1,449,647$862,239$728,492$1,225,838
64$1,521,298$828,275$676,683$1,243,411
65$1,597,856$790,247$620,738$1,261,366
66$1,679,748$747,879$560,443$1,279,787
67$1,767,437$700,880$495,573$1,298,768
68$1,861,437$648,944$425,895$1,318,423
69$1,962,306$591,745$351,166$1,338,881
70$2,070,661$528,940$271,129$1,360,289
71$2,187,176$460,166$185,520$1,382,820
72$2,312,592$385,039$94,059$1,406,668
73$2,447,725$303,154$0$1,432,058
74$2,593,467$214,083$0$1,459,660
75$2,750,802$117,374$0$1,501,156
76$2,920,808$12,550$0$1,545,860
77$3,104,671$0$0$1,594,182
78$3,303,696$0$0$1,692,104
79$3,519,315$0$0$1,804,412
80$3,753,104$0$0$1,926,277
81$4,006,796$0$0$2,058,613
82$4,282,298$0$0$2,202,426
83$4,581,706$0$0$2,358,824
84$4,907,325$0$0$2,529,026
85$5,261,694$0$0$2,714,370
86$5,647,603$0$0$2,916,331
87$6,068,126$0$0$3,136,534
88$6,526,643$0$0$3,376,763
89$7,026,874$0$0$3,638,985
90$7,572,917$0$0$3,925,364
91$8,169,279$0$0$4,238,283
92$8,820,923$0$0$4,580,364
93$9,533,315$0$0$4,954,496
94$10,312,468$0$0$5,363,857
95$11,165,008$0$0$5,811,950
96$12,098,229$0$0$6,302,628
97$13,120,161$0$0$6,840,139
98$14,239,649$0$0$7,429,156
99$15,466,434$0$0$8,074,830
100$16,811,243$0$0$8,782,832