Can I retire at age 56 with 955,000?

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 $955,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.9%
1 years$78,863$78,161$77,475$76,806$76,153$74,922
2 years$39,041$38,314$37,609$36,926$36,263$35,027
3 years$25,769$25,039$24,336$23,659$23,007$21,803
4 years$19,134$18,406$17,710$17,045$16,409$15,247
5 years$15,154$14,431$13,744$13,092$12,474$11,357
6 years$12,502$11,784$11,107$10,470$9,870$8,800
7 years$10,608$9,896$9,230$8,608$8,027$7,004
8 years$9,188$8,483$7,828$7,221$6,659$5,683
9 years$8,085$7,386$6,742$6,151$5,608$4,678
10 years$7,202$6,510$5,878$5,302$4,778$3,893
11 years$6,481$5,796$5,175$4,614$4,109$3,269
12 years$5,880$5,202$4,592$4,047$3,561$2,764
13 years$5,372$4,701$4,103$3,573$3,105$2,351
14 years$4,937$4,273$3,687$3,172$2,722$2,009
15 years$4,560$3,903$3,329$2,829$2,397$1,723
16 years$4,231$3,581$3,018$2,533$2,118$1,483
17 years$3,941$3,298$2,746$2,276$1,878$1,280
18 years$3,683$3,048$2,507$2,051$1,670$1,107
19 years$3,453$2,825$2,295$1,853$1,489$959
20 years$3,246$2,625$2,106$1,678$1,330$833
21 years$3,059$2,445$1,937$1,523$1,190$724
22 years$2,889$2,282$1,785$1,385$1,067$630
23 years$2,734$2,134$1,649$1,261$957$549
24 years$2,592$2,000$1,525$1,150$861$479
25 years$2,462$1,877$1,412$1,051$774$418
26 years$2,342$1,764$1,310$961$697$366
27 years$2,231$1,660$1,216$879$629$320
28 years$2,128$1,564$1,131$806$567$280
29 years$2,033$1,476$1,052$739$512$245
30 years$1,944$1,394$980$678$463$214
31 years$1,861$1,317$914$623$419$188
32 years$1,783$1,247$852$572$379$164
33 years$1,710$1,181$796$526$343$144
34 years$1,642$1,119$744$484$310$126
35 years$1,577$1,061$695$446$281$111
36 years$1,517$1,007$650$411$255$97
37 years$1,460$957$609$378$231$85
38 years$1,405$909$570$349$209$75
39 years$1,354$865$534$321$190$65
40 years$1,306$823$501$296$172$57
41 years$1,260$783$469$274$156$50
42 years$1,216$746$440$252$142$44
43 years$1,174$710$413$233$129$39
44 years$1,135$677$388$215$117$34
45 years$1,097$646$364$199$106$30
46 years$1,061$616$342$184$96$26
47 years$1,027$588$321$170$87$23
48 years$994$561$302$157$79$20
49 years$962$536$284$145$72$18
50 years$932$512$267$134$65$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $955,000, adding $3,029 every year, while hoping to spend $34,586 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: 35/47/18 Blend
55$955,000$955,000$955,000$955,000
56$1,055,534$1,004,919$990,117$1,086,564
57$1,126,400$1,017,361$986,487$1,121,941
58$1,203,334$1,029,254$981,575$1,156,639
59$1,286,920$1,040,533$975,304$1,193,350
60$1,377,798$1,051,131$967,589$1,232,272
61$1,476,674$1,060,977$958,344$1,273,625
62$1,584,323$1,069,993$947,477$1,317,654
63$1,701,598$1,078,097$934,891$1,364,629
64$1,829,440$1,085,202$920,489$1,414,852
65$1,968,880$1,091,215$904,163$1,468,655
66$2,121,059$1,096,037$885,805$1,526,408
67$2,287,226$1,099,563$865,299$1,588,522
68$2,468,763$1,101,681$842,526$1,655,451
69$2,667,185$1,102,272$817,359$1,727,697
70$2,884,165$1,101,210$789,668$1,805,821
71$3,121,542$1,098,362$759,314$1,890,438
72$3,381,343$1,093,584$726,154$1,982,235
73$3,665,796$1,086,727$690,037$2,081,968
74$3,977,361$1,077,629$650,806$2,190,479
75$4,318,740$1,066,122$608,297$2,308,695
76$4,692,915$1,052,025$562,338$2,437,645
77$5,103,166$1,035,148$512,750$2,578,468
78$5,553,107$1,015,289$459,345$2,732,424
79$6,046,719$992,233$401,928$2,900,906
80$6,588,386$965,754$340,294$3,085,454
81$7,182,937$935,611$274,230$3,287,775
82$7,835,693$901,552$203,513$3,509,753
83$8,552,512$863,307$127,909$3,753,473
84$9,339,851$820,592$47,177$4,021,239
85$10,204,820$773,105$0$4,315,599
86$11,155,254$720,529$0$4,646,854
87$12,199,783$662,528$0$5,020,787
88$13,347,914$598,745$0$5,431,818
89$14,610,123$528,806$0$5,883,802
90$15,997,950$452,312$0$6,380,994
91$17,524,109$368,843$0$6,928,090
92$19,202,610$277,958$0$7,530,275
93$21,048,885$179,187$0$8,193,270
94$23,079,940$72,036$0$8,923,390
95$25,314,511$0$0$9,727,603
96$27,773,241$0$0$10,636,365
97$30,478,876$0$0$11,677,542
98$33,456,479$0$0$12,823,541
99$36,733,662$0$0$14,085,011
100$40,340,853$0$0$15,473,685