Can I retire at age 56 with 954,000?

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 $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%12.9%
1 years$78,780$78,079$77,394$76,726$76,073$75,154
2 years$39,000$38,274$37,570$36,887$36,225$35,300
3 years$25,742$25,012$24,310$23,634$22,983$22,080
4 years$19,114$18,387$17,692$17,027$16,392$15,519
5 years$15,138$14,415$13,729$13,078$12,461$11,620
6 years$12,489$11,771$11,095$10,459$9,860$9,053
7 years$10,597$9,886$9,220$8,599$8,019$7,245
8 years$9,179$8,474$7,820$7,213$6,652$5,913
9 years$8,076$7,378$6,735$6,144$5,602$4,896
10 years$7,195$6,503$5,872$5,296$4,773$4,100
11 years$6,474$5,789$5,169$4,609$4,105$3,464
12 years$5,874$5,196$4,588$4,043$3,557$2,948
13 years$5,366$4,696$4,099$3,569$3,102$2,523
14 years$4,932$4,268$3,683$3,169$2,719$2,171
15 years$4,556$3,899$3,325$2,826$2,394$1,875
16 years$4,227$3,578$3,015$2,530$2,116$1,624
17 years$3,937$3,295$2,743$2,273$1,876$1,412
18 years$3,679$3,045$2,504$2,049$1,668$1,230
19 years$3,449$2,822$2,292$1,851$1,487$1,074
20 years$3,242$2,622$2,104$1,677$1,328$939
21 years$3,055$2,442$1,935$1,522$1,189$823
22 years$2,886$2,280$1,784$1,384$1,065$722
23 years$2,731$2,132$1,647$1,260$956$634
24 years$2,590$1,998$1,523$1,149$860$557
25 years$2,460$1,875$1,411$1,050$774$490
26 years$2,340$1,762$1,308$960$697$432
27 years$2,229$1,658$1,215$878$628$381
28 years$2,126$1,563$1,129$805$567$336
29 years$2,031$1,474$1,051$738$512$296
30 years$1,942$1,392$979$677$462$261
31 years$1,859$1,316$913$622$418$231
32 years$1,781$1,245$852$572$378$204
33 years$1,708$1,179$795$526$342$180
34 years$1,640$1,118$743$484$310$159
35 years$1,576$1,060$695$445$281$141
36 years$1,515$1,006$650$410$254$124
37 years$1,458$956$608$378$230$110
38 years$1,404$908$569$348$209$97
39 years$1,353$864$534$321$189$86
40 years$1,304$822$500$296$172$76
41 years$1,258$782$469$273$156$67
42 years$1,215$745$440$252$141$60
43 years$1,173$710$413$233$128$53
44 years$1,133$677$387$215$117$47
45 years$1,096$645$364$199$106$41
46 years$1,060$615$342$183$96$37
47 years$1,026$587$321$169$87$32
48 years$993$561$302$157$79$29
49 years$961$535$284$145$72$25
50 years$931$511$267$134$65$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $954,000, adding $5,540 every year, while hoping to spend $55,663 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: 44/41/15 Blend
55$954,000$954,000$954,000$954,000
56$1,057,023$1,006,461$991,674$1,098,732
57$1,105,614$996,552$965,670$1,118,545
58$1,157,296$984,293$936,929$1,134,007
59$1,212,325$969,508$905,301$1,149,563
60$1,270,982$952,014$870,629$1,165,244
61$1,333,575$931,615$832,747$1,181,092
62$1,400,440$908,105$791,485$1,197,153
63$1,471,947$881,264$746,662$1,213,485
64$1,548,501$850,861$698,090$1,230,156
65$1,630,545$816,650$645,573$1,247,245
66$1,718,567$778,372$588,906$1,264,844
67$1,813,100$735,752$527,874$1,283,062
68$1,914,732$688,500$462,254$1,302,024
69$2,024,107$636,308$391,811$1,321,874
70$2,141,931$578,852$316,301$1,342,777
71$2,268,981$515,789$235,471$1,364,922
72$2,406,110$446,756$149,052$1,388,527
73$2,554,255$371,369$56,768$1,413,839
74$2,714,448$289,224$0$1,441,137
75$2,887,819$199,894$0$1,477,417
76$3,075,613$102,926$0$1,526,493
77$3,279,200$0$0$1,579,727
78$3,500,083$0$0$1,638,605
79$3,739,919$0$0$1,753,053
80$4,000,526$0$0$1,877,516
81$4,283,908$0$0$2,012,961
82$4,592,269$0$0$2,160,456
83$4,928,031$0$0$2,321,173
84$5,293,862$0$0$2,496,405
85$5,692,698$0$0$2,687,572
86$6,127,769$0$0$2,896,240
87$6,602,632$0$0$3,124,129
88$7,121,201$0$0$3,373,136
89$7,687,784$0$0$3,645,347
90$8,307,126$0$0$3,943,061
91$8,984,449$0$0$4,268,807
92$9,725,503$0$0$4,625,371
93$10,536,622$0$0$5,015,821
94$11,424,777$0$0$5,443,534
95$12,397,646$0$0$5,912,232
96$13,463,685$0$0$6,426,010
97$14,632,207$0$0$6,989,382
98$15,913,468$0$0$7,607,317
99$17,318,764$0$0$8,285,289
100$18,860,538$0$0$9,029,329