Can I retire at age 56 with 958,000?

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 $958,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.8%
1 years$79,111$78,406$77,719$77,048$76,392$74,880
2 years$39,164$38,434$37,727$37,042$36,377$34,861
3 years$25,850$25,117$24,412$23,733$23,079$21,605
4 years$19,194$18,464$17,766$17,098$16,460$15,040
5 years$15,202$14,476$13,787$13,133$12,513$11,150
6 years$12,541$11,821$11,142$10,503$9,901$8,597
7 years$10,641$9,927$9,259$8,635$8,052$6,808
8 years$9,217$8,509$7,852$7,244$6,680$5,495
9 years$8,110$7,409$6,763$6,170$5,626$4,499
10 years$7,225$6,531$5,896$5,319$4,793$3,724
11 years$6,501$5,814$5,191$4,629$4,122$3,109
12 years$5,898$5,218$4,607$4,060$3,572$2,614
13 years$5,389$4,716$4,116$3,584$3,115$2,210
14 years$4,952$4,286$3,698$3,182$2,731$1,877
15 years$4,575$3,916$3,339$2,838$2,404$1,600
16 years$4,244$3,593$3,027$2,541$2,125$1,368
17 years$3,953$3,309$2,755$2,283$1,884$1,173
18 years$3,695$3,057$2,515$2,057$1,675$1,008
19 years$3,464$2,833$2,302$1,859$1,493$868
20 years$3,256$2,633$2,113$1,684$1,334$748
21 years$3,068$2,453$1,943$1,528$1,194$646
22 years$2,898$2,289$1,791$1,389$1,070$559
23 years$2,743$2,141$1,654$1,265$960$484
24 years$2,600$2,006$1,529$1,154$863$419
25 years$2,470$1,883$1,417$1,054$777$363
26 years$2,350$1,769$1,314$964$700$315
27 years$2,238$1,665$1,220$882$631$273
28 years$2,135$1,569$1,134$808$569$237
29 years$2,039$1,480$1,055$741$514$206
30 years$1,950$1,398$983$680$464$179
31 years$1,867$1,322$916$625$420$156
32 years$1,789$1,250$855$574$380$135
33 years$1,716$1,184$798$528$344$118
34 years$1,647$1,122$746$486$311$102
35 years$1,582$1,065$697$447$282$89
36 years$1,522$1,010$652$412$255$78
37 years$1,464$960$611$379$231$68
38 years$1,410$912$572$350$210$59
39 years$1,358$867$536$322$190$51
40 years$1,310$825$502$297$173$45
41 years$1,264$785$471$274$157$39
42 years$1,220$748$442$253$142$34
43 years$1,178$713$414$234$129$29
44 years$1,138$679$389$216$117$26
45 years$1,100$648$365$199$106$22
46 years$1,064$618$343$184$96$19
47 years$1,030$590$322$170$88$17
48 years$997$563$303$157$80$15
49 years$965$538$285$145$72$13
50 years$935$514$268$134$66$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $958,000, adding $4,239 every year, while hoping to spend $32,776 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: 63/19/18 Blend
55$958,000$958,000$958,000$958,000
56$1,060,089$1,009,315$994,466$1,121,796
57$1,133,344$1,023,898$992,907$1,178,395
58$1,212,973$1,038,097$990,197$1,236,092
59$1,299,592$1,051,858$986,264$1,298,329
60$1,393,876$1,065,125$981,030$1,365,550
61$1,496,572$1,077,837$974,415$1,438,247
62$1,608,499$1,089,928$966,335$1,516,959
63$1,730,560$1,101,329$956,701$1,602,283
64$1,863,748$1,111,965$945,421$1,694,877
65$2,009,157$1,121,757$932,399$1,795,466
66$2,167,989$1,130,622$917,533$1,904,851
67$2,341,570$1,138,468$900,716$2,023,912
68$2,531,358$1,145,201$881,838$2,153,624
69$2,738,960$1,150,719$860,783$2,295,059
70$2,966,143$1,154,913$837,428$2,449,401
71$3,214,854$1,157,669$811,647$2,617,956
72$3,487,239$1,158,864$783,306$2,802,162
73$3,785,657$1,158,369$752,267$3,003,609
74$4,112,710$1,156,045$718,384$3,224,046
75$4,471,261$1,151,745$681,505$3,465,404
76$4,864,465$1,145,316$641,470$3,729,813
77$5,295,795$1,136,591$598,114$4,019,621
78$5,769,078$1,125,396$551,263$4,337,418
79$6,288,529$1,111,545$500,735$4,686,060
80$6,858,791$1,094,843$446,341$5,068,695
81$7,484,977$1,075,080$387,883$5,488,796
82$8,172,722$1,052,036$325,155$5,950,191
83$8,928,232$1,025,478$257,940$6,457,104
84$9,758,343$995,158$186,013$7,014,190
85$10,670,588$960,815$109,138$7,626,581
86$11,673,264$922,171$27,070$8,299,938
87$12,775,513$878,933$0$9,040,501
88$13,987,406$830,791$0$9,866,774
89$15,320,039$777,417$0$10,781,024
90$16,785,636$718,464$0$11,786,464
91$18,397,668$653,566$0$12,892,373
92$20,170,973$582,334$0$14,108,975
93$22,121,903$504,359$0$15,447,541
94$24,268,473$419,209$0$16,920,490
95$26,630,533$326,425$0$18,541,512
96$29,229,953$225,525$0$20,325,695
97$32,090,831$115,999$0$22,289,667
98$35,239,721$0$0$24,451,755
99$38,705,880$0$0$26,832,720
100$42,521,545$0$0$29,480,548