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%15.8%
1 years$78,946$78,242$77,556$76,887$76,233$74,420
2 years$39,082$38,354$37,649$36,965$36,301$34,486
3 years$25,796$25,065$24,361$23,684$23,031$21,269
4 years$19,154$18,425$17,729$17,063$16,426$14,731
5 years$15,170$14,446$13,758$13,106$12,487$10,864
6 years$12,515$11,796$11,119$10,481$9,880$8,332
7 years$10,619$9,906$9,240$8,617$8,035$6,561
8 years$9,198$8,491$7,836$7,228$6,666$5,265
9 years$8,093$7,393$6,749$6,157$5,614$4,285
10 years$7,210$6,517$5,884$5,307$4,783$3,525
11 years$6,488$5,802$5,180$4,619$4,114$2,924
12 years$5,886$5,207$4,597$4,052$3,565$2,442
13 years$5,378$4,706$4,107$3,577$3,109$2,051
14 years$4,942$4,277$3,691$3,175$2,725$1,730
15 years$4,565$3,908$3,332$2,832$2,399$1,465
16 years$4,235$3,585$3,021$2,535$2,121$1,244
17 years$3,945$3,302$2,749$2,278$1,880$1,059
18 years$3,687$3,051$2,509$2,053$1,672$903
19 years$3,456$2,828$2,297$1,855$1,490$772
20 years$3,249$2,628$2,108$1,680$1,331$661
21 years$3,062$2,447$1,939$1,525$1,191$566
22 years$2,892$2,285$1,787$1,386$1,068$486
23 years$2,737$2,137$1,650$1,263$958$417
24 years$2,595$2,002$1,526$1,152$861$358
25 years$2,465$1,879$1,414$1,052$775$308
26 years$2,345$1,766$1,311$962$698$265
27 years$2,234$1,662$1,217$880$630$228
28 years$2,131$1,566$1,132$806$568$197
29 years$2,035$1,477$1,053$740$513$169
30 years$1,946$1,395$981$679$463$146
31 years$1,863$1,319$915$623$419$126
32 years$1,785$1,248$853$573$379$109
33 years$1,712$1,182$797$527$343$94
34 years$1,644$1,120$744$485$311$81
35 years$1,579$1,062$696$446$281$70
36 years$1,518$1,008$651$411$255$60
37 years$1,461$958$609$379$231$52
38 years$1,407$910$571$349$209$45
39 years$1,356$865$535$322$190$39
40 years$1,307$823$501$297$172$33
41 years$1,261$784$470$274$156$29
42 years$1,217$746$441$253$142$25
43 years$1,175$711$414$233$129$21
44 years$1,136$678$388$215$117$19
45 years$1,098$646$365$199$106$16
46 years$1,062$617$342$184$96$14
47 years$1,028$589$322$170$87$12
48 years$995$562$302$157$79$10
49 years$963$537$284$145$72$9
50 years$933$513$267$134$65$8

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $956,000, adding $3,496 every year, while hoping to spend $35,236 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: 61/33/6 Blend
55$956,000$956,000$956,000$956,000
56$1,057,118$1,006,450$991,632$1,120,220
57$1,127,453$1,018,275$987,361$1,174,634
58$1,203,782$1,029,499$981,766$1,229,576
59$1,286,678$1,040,055$974,765$1,288,618
60$1,376,772$1,049,871$966,273$1,352,154
61$1,474,760$1,058,872$956,201$1,420,619
62$1,581,406$1,066,977$944,454$1,494,494
63$1,697,551$1,074,100$930,934$1,574,307
64$1,824,120$1,080,150$915,540$1,660,643
65$1,962,132$1,085,029$898,162$1,754,147
66$2,112,708$1,088,634$878,688$1,855,529
67$2,277,081$1,090,853$857,001$1,965,573
68$2,456,610$1,091,572$832,977$2,085,144
69$2,652,789$1,090,664$806,487$2,215,197
70$2,867,266$1,087,999$777,397$2,356,783
71$3,101,851$1,083,435$745,564$2,511,065
72$3,358,542$1,076,825$710,842$2,679,322
73$3,639,534$1,068,010$673,076$2,862,969
74$3,947,248$1,056,824$632,105$3,063,563
75$4,284,347$1,043,089$587,761$3,282,825
76$4,653,767$1,026,617$539,868$3,522,650
77$5,058,739$1,007,209$488,241$3,785,132
78$5,502,822$984,654$432,689$4,072,577
79$5,989,937$958,728$373,011$4,387,532
80$6,524,400$929,196$308,997$4,732,804
81$7,110,969$895,807$240,428$5,111,491
82$7,754,882$858,295$167,076$5,527,008
83$8,461,910$816,382$88,703$5,983,124
84$9,238,410$769,769$5,060$6,483,992
85$10,091,384$718,144$0$7,034,197
86$11,028,547$661,175$0$7,644,184
87$12,058,398$598,512$0$8,314,831
88$13,190,299$529,784$0$9,051,981
89$14,434,565$454,599$0$9,862,432
90$15,802,561$372,544$0$10,753,680
91$17,306,806$283,182$0$11,733,989
92$18,961,093$186,052$0$12,812,473
93$20,780,622$80,665$0$13,999,179
94$22,782,135$0$0$15,305,185
95$24,984,082$0$0$16,754,866
96$27,406,791$0$0$18,382,201
97$30,072,657$0$0$20,172,952
98$33,006,358$0$0$22,143,706
99$36,235,084$0$0$24,312,740
100$39,788,797$0$0$26,700,193