Can I retire at age 56 with 958,000?

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 $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%13%
1 years$79,111$78,406$77,719$77,048$76,392$75,438
2 years$39,164$38,434$37,727$37,042$36,377$35,417
3 years$25,850$25,117$24,412$23,733$23,079$22,143
4 years$19,194$18,464$17,766$17,098$16,460$15,555
5 years$15,202$14,476$13,787$13,133$12,513$11,641
6 years$12,541$11,821$11,142$10,503$9,901$9,064
7 years$10,641$9,927$9,259$8,635$8,052$7,250
8 years$9,217$8,509$7,852$7,244$6,680$5,913
9 years$8,110$7,409$6,763$6,170$5,626$4,894
10 years$7,225$6,531$5,896$5,319$4,793$4,095
11 years$6,501$5,814$5,191$4,629$4,122$3,458
12 years$5,898$5,218$4,607$4,060$3,572$2,941
13 years$5,389$4,716$4,116$3,584$3,115$2,516
14 years$4,952$4,286$3,698$3,182$2,731$2,163
15 years$4,575$3,916$3,339$2,838$2,404$1,866
16 years$4,244$3,593$3,027$2,541$2,125$1,616
17 years$3,953$3,309$2,755$2,283$1,884$1,404
18 years$3,695$3,057$2,515$2,057$1,675$1,222
19 years$3,464$2,833$2,302$1,859$1,493$1,066
20 years$3,256$2,633$2,113$1,684$1,334$932
21 years$3,068$2,453$1,943$1,528$1,194$816
22 years$2,898$2,289$1,791$1,389$1,070$715
23 years$2,743$2,141$1,654$1,265$960$628
24 years$2,600$2,006$1,529$1,154$863$551
25 years$2,470$1,883$1,417$1,054$777$485
26 years$2,350$1,769$1,314$964$700$427
27 years$2,238$1,665$1,220$882$631$376
28 years$2,135$1,569$1,134$808$569$331
29 years$2,039$1,480$1,055$741$514$292
30 years$1,950$1,398$983$680$464$257
31 years$1,867$1,322$916$625$420$227
32 years$1,789$1,250$855$574$380$200
33 years$1,716$1,184$798$528$344$177
34 years$1,647$1,122$746$486$311$156
35 years$1,582$1,065$697$447$282$138
36 years$1,522$1,010$652$412$255$122
37 years$1,464$960$611$379$231$108
38 years$1,410$912$572$350$210$95
39 years$1,358$867$536$322$190$84
40 years$1,310$825$502$297$173$74
41 years$1,264$785$471$274$157$66
42 years$1,220$748$442$253$142$58
43 years$1,178$713$414$234$129$51
44 years$1,138$679$389$216$117$46
45 years$1,100$648$365$199$106$40
46 years$1,064$618$343$184$96$36
47 years$1,030$590$322$170$88$31
48 years$997$563$303$157$80$28
49 years$965$538$285$145$72$25
50 years$935$514$268$134$66$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $958,000, adding $2,215 every year, while hoping to spend $56,366 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: 53/18/29 Blend
55$958,000$958,000$958,000$958,000
56$1,058,001$1,007,227$992,378$1,105,385
57$1,105,944$996,608$965,649$1,127,890
58$1,156,888$983,580$936,137$1,146,477
59$1,211,080$967,964$903,686$1,165,595
60$1,268,789$949,574$868,139$1,185,320
61$1,330,311$928,208$829,327$1,205,737
62$1,395,970$903,658$787,077$1,226,942
63$1,466,120$875,698$741,205$1,249,046
64$1,541,150$844,093$691,521$1,272,174
65$1,621,486$808,592$637,826$1,296,469
66$1,707,595$768,930$579,910$1,322,090
67$1,799,989$724,828$517,557$1,349,220
68$1,899,232$675,988$450,539$1,378,062
69$2,005,940$622,098$378,618$1,408,848
70$2,120,792$562,826$301,548$1,441,836
71$2,244,531$497,823$219,068$1,477,318
72$2,377,975$426,718$130,909$1,515,621
73$2,522,022$349,121$36,788$1,557,110
74$2,677,659$264,619$0$1,602,197
75$2,845,971$172,776$0$1,671,037
76$3,028,148$73,131$0$1,757,875
77$3,225,503$0$0$1,851,988
78$3,439,474$0$0$1,961,014
79$3,671,648$0$0$2,095,110
80$3,923,765$0$0$2,240,807
81$4,197,743$0$0$2,399,223
82$4,495,691$0$0$2,571,588
83$4,819,926$0$0$2,759,255
84$5,173,003$0$0$2,963,713
85$5,557,729$0$0$3,186,601
86$5,977,195$0$0$3,429,722
87$6,434,803$0$0$3,695,060
88$6,934,296$0$0$3,984,802
89$7,479,797$0$0$4,301,352
90$8,075,843$0$0$4,647,359
91$8,727,428$0$0$5,025,737
92$9,440,051$0$0$5,439,696
93$10,219,769$0$0$5,892,772
94$11,073,249$0$0$6,388,855
95$12,007,831$0$0$6,932,232
96$13,031,603$0$0$7,527,622
97$14,153,466$0$0$8,180,224
98$15,383,228$0$0$8,895,762
99$16,731,687$0$0$9,680,541
100$18,210,740$0$0$10,541,506