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%
1 years$79,111$78,406$77,719$77,048$76,392$75,127
2 years$39,164$38,434$37,727$37,042$36,377$35,106
3 years$25,850$25,117$24,412$23,733$23,079$21,842
4 years$19,194$18,464$17,766$17,098$16,460$15,266
5 years$15,202$14,476$13,787$13,133$12,513$11,365
6 years$12,541$11,821$11,142$10,503$9,901$8,802
7 years$10,641$9,927$9,259$8,635$8,052$7,001
8 years$9,217$8,509$7,852$7,244$6,680$5,677
9 years$8,110$7,409$6,763$6,170$5,626$4,671
10 years$7,225$6,531$5,896$5,319$4,793$3,885
11 years$6,501$5,814$5,191$4,629$4,122$3,260
12 years$5,898$5,218$4,607$4,060$3,572$2,755
13 years$5,389$4,716$4,116$3,584$3,115$2,341
14 years$4,952$4,286$3,698$3,182$2,731$1,999
15 years$4,575$3,916$3,339$2,838$2,404$1,714
16 years$4,244$3,593$3,027$2,541$2,125$1,474
17 years$3,953$3,309$2,755$2,283$1,884$1,271
18 years$3,695$3,057$2,515$2,057$1,675$1,098
19 years$3,464$2,833$2,302$1,859$1,493$951
20 years$3,256$2,633$2,113$1,684$1,334$825
21 years$3,068$2,453$1,943$1,528$1,194$717
22 years$2,898$2,289$1,791$1,389$1,070$624
23 years$2,743$2,141$1,654$1,265$960$543
24 years$2,600$2,006$1,529$1,154$863$474
25 years$2,470$1,883$1,417$1,054$777$413
26 years$2,350$1,769$1,314$964$700$361
27 years$2,238$1,665$1,220$882$631$315
28 years$2,135$1,569$1,134$808$569$275
29 years$2,039$1,480$1,055$741$514$241
30 years$1,950$1,398$983$680$464$211
31 years$1,867$1,322$916$625$420$184
32 years$1,789$1,250$855$574$380$161
33 years$1,716$1,184$798$528$344$141
34 years$1,647$1,122$746$486$311$124
35 years$1,582$1,065$697$447$282$108
36 years$1,522$1,010$652$412$255$95
37 years$1,464$960$611$379$231$83
38 years$1,410$912$572$350$210$73
39 years$1,358$867$536$322$190$64
40 years$1,310$825$502$297$173$56
41 years$1,264$785$471$274$157$49
42 years$1,220$748$442$253$142$43
43 years$1,178$713$414$234$129$38
44 years$1,138$679$389$216$117$33
45 years$1,100$648$365$199$106$29
46 years$1,064$618$343$184$96$25
47 years$1,030$590$322$170$88$22
48 years$997$563$303$157$80$20
49 years$965$538$285$145$72$17
50 years$935$514$268$134$66$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $958,000, adding $4,401 every year, while hoping to spend $34,589 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: 44/35/21 Blend
55$958,000$958,000$958,000$958,000
56$1,060,256$1,009,482$994,633$1,100,284
57$1,131,599$1,022,144$991,150$1,141,626
58$1,209,061$1,034,267$986,392$1,182,684
59$1,293,227$1,045,789$980,279$1,226,481
60$1,384,746$1,056,641$972,727$1,273,287
61$1,484,326$1,066,754$963,650$1,323,402
62$1,592,752$1,076,049$952,957$1,377,158
63$1,710,883$1,084,446$940,552$1,434,922
64$1,839,668$1,091,858$926,334$1,497,099
65$1,980,148$1,098,193$910,200$1,564,138
66$2,133,471$1,103,352$892,040$1,636,537
67$2,300,900$1,107,232$871,739$1,714,845
68$2,483,827$1,109,721$849,177$1,799,669
69$2,683,782$1,110,702$824,229$1,891,681
70$2,902,450$1,110,049$796,763$1,991,623
71$3,141,687$1,107,628$766,642$2,100,319
72$3,403,536$1,103,300$733,722$2,218,674
73$3,690,249$1,096,913$697,853$2,347,693
74$4,004,302$1,088,309$658,879$2,488,485
75$4,348,424$1,077,320$616,635$2,642,275
76$4,725,621$1,063,766$570,949$2,810,419
77$5,139,202$1,047,458$521,644$2,994,412
78$5,592,812$1,028,196$468,531$3,195,908
79$6,090,468$1,005,766$411,415$3,416,733
80$6,636,590$979,944$350,093$3,658,906
81$7,236,052$950,490$284,350$3,924,654
82$7,894,218$917,153$213,965$4,216,438
83$8,617,000$879,665$138,704$4,536,976
84$9,410,909$837,744$58,326$4,889,270
85$10,283,119$791,090$0$5,276,633
86$11,241,531$739,388$0$5,708,874
87$12,294,852$682,302$0$6,198,227
88$13,452,672$619,480$0$6,736,131
89$14,725,557$550,548$0$7,327,570
90$16,125,150$475,110$0$7,978,045
91$17,664,275$392,750$0$8,693,620
92$19,357,063$303,027$0$9,480,985
93$21,219,082$205,475$0$10,347,517
94$23,267,487$99,602$0$11,301,352
95$25,521,178$0$0$12,351,464
96$28,000,977$0$0$13,513,568
97$30,729,830$0$0$14,834,733
98$33,733,018$0$0$16,288,854
99$37,038,397$0$0$17,889,436
100$40,676,659$0$0$19,651,360