Can I retire at age 56 with 956,000?

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 $956,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.1%
1 years$78,946$78,242$77,556$76,887$76,233$74,633
2 years$39,082$38,354$37,649$36,965$36,301$34,697
3 years$25,796$25,065$24,361$23,684$23,031$21,472
4 years$19,154$18,425$17,729$17,063$16,426$14,925
5 years$15,170$14,446$13,758$13,106$12,487$11,047
6 years$12,515$11,796$11,119$10,481$9,880$8,504
7 years$10,619$9,906$9,240$8,617$8,035$6,723
8 years$9,198$8,491$7,836$7,228$6,666$5,417
9 years$8,093$7,393$6,749$6,157$5,614$4,427
10 years$7,210$6,517$5,884$5,307$4,783$3,658
11 years$6,488$5,802$5,180$4,619$4,114$3,048
12 years$5,886$5,207$4,597$4,052$3,565$2,558
13 years$5,378$4,706$4,107$3,577$3,109$2,158
14 years$4,942$4,277$3,691$3,175$2,725$1,829
15 years$4,565$3,908$3,332$2,832$2,399$1,556
16 years$4,235$3,585$3,021$2,535$2,121$1,328
17 years$3,945$3,302$2,749$2,278$1,880$1,136
18 years$3,687$3,051$2,509$2,053$1,672$974
19 years$3,456$2,828$2,297$1,855$1,490$837
20 years$3,249$2,628$2,108$1,680$1,331$720
21 years$3,062$2,447$1,939$1,525$1,191$620
22 years$2,892$2,285$1,787$1,386$1,068$535
23 years$2,737$2,137$1,650$1,263$958$462
24 years$2,595$2,002$1,526$1,152$861$399
25 years$2,465$1,879$1,414$1,052$775$345
26 years$2,345$1,766$1,311$962$698$299
27 years$2,234$1,662$1,217$880$630$259
28 years$2,131$1,566$1,132$806$568$224
29 years$2,035$1,477$1,053$740$513$194
30 years$1,946$1,395$981$679$463$168
31 years$1,863$1,319$915$623$419$146
32 years$1,785$1,248$853$573$379$127
33 years$1,712$1,182$797$527$343$110
34 years$1,644$1,120$744$485$311$95
35 years$1,579$1,062$696$446$281$83
36 years$1,518$1,008$651$411$255$72
37 years$1,461$958$609$379$231$62
38 years$1,407$910$571$349$209$54
39 years$1,356$865$535$322$190$47
40 years$1,307$823$501$297$172$41
41 years$1,261$784$470$274$156$35
42 years$1,217$746$441$253$142$31
43 years$1,175$711$414$233$129$27
44 years$1,136$678$388$215$117$23
45 years$1,098$646$365$199$106$20
46 years$1,062$617$342$184$96$18
47 years$1,028$589$322$170$87$15
48 years$995$562$302$157$79$13
49 years$963$537$284$145$72$11
50 years$933$513$267$134$65$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $956,000, adding $6,337 every year, while hoping to spend $30,675 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: 60/20/20 Blend
55$956,000$956,000$956,000$956,000
56$1,060,049$1,009,381$994,563$1,117,740
57$1,135,536$1,026,202$995,243$1,174,366
58$1,217,694$1,042,820$994,917$1,232,188
59$1,307,172$1,059,192$993,520$1,294,580
60$1,404,684$1,075,272$990,983$1,361,988
61$1,511,013$1,091,011$987,232$1,434,907
62$1,627,023$1,106,358$982,192$1,513,882
63$1,753,666$1,121,257$975,782$1,599,513
64$1,891,989$1,135,647$967,919$1,692,461
65$2,043,143$1,149,464$958,515$1,793,459
66$2,208,397$1,162,642$947,479$1,903,310
67$2,389,147$1,175,105$934,714$2,022,905
68$2,586,933$1,186,778$920,119$2,153,222
69$2,803,446$1,197,576$903,589$2,295,342
70$3,040,553$1,207,412$885,014$2,450,456
71$3,300,305$1,216,191$864,278$2,619,880
72$3,584,965$1,223,814$841,261$2,805,062
73$3,897,023$1,230,172$815,835$3,007,600
74$4,239,223$1,235,154$787,868$3,229,258
75$4,614,585$1,238,638$757,223$3,471,980
76$5,026,437$1,240,496$723,755$3,737,908
77$5,478,445$1,240,592$687,312$4,029,407
78$5,974,646$1,238,780$647,737$4,349,083
79$6,519,488$1,234,908$604,863$4,699,812
80$7,117,869$1,228,812$558,520$5,084,761
81$7,775,188$1,220,320$508,526$5,507,428
82$8,497,388$1,209,247$454,693$5,971,665
83$9,291,021$1,195,399$396,824$6,481,721
84$10,163,301$1,178,570$334,714$7,042,283
85$11,122,179$1,158,541$268,148$7,658,516
86$12,176,413$1,135,080$196,903$8,336,117
87$13,335,651$1,107,943$120,743$9,081,366
88$14,610,524$1,076,870$39,425$9,901,187
89$16,012,746$1,041,584$0$10,803,215
90$17,555,220$1,001,797$0$11,805,972
91$19,252,166$957,198$0$12,918,267
92$21,119,250$907,463$0$14,141,967
93$23,173,731$852,247$0$15,488,414
94$25,434,630$791,186$0$16,970,104
95$27,922,902$723,893$0$18,600,814
96$30,661,636$649,962$0$20,395,723
97$33,676,276$568,963$0$22,371,565
98$36,994,854$480,440$0$24,546,778
99$40,648,260$383,913$0$26,941,685
100$44,670,531$278,873$0$29,578,686