Can I retire at age 56 with 959,000?

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 $959,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$79,193$78,488$77,800$77,128$76,472$75,298
2 years$39,205$38,474$37,767$37,081$36,415$35,235
3 years$25,877$25,143$24,438$23,758$23,103$21,954
4 years$19,214$18,483$17,784$17,116$16,477$15,368
5 years$15,218$14,491$13,801$13,147$12,526$11,459
6 years$12,554$11,833$11,154$10,514$9,911$8,889
7 years$10,652$9,937$9,269$8,644$8,061$7,082
8 years$9,227$8,518$7,861$7,251$6,687$5,753
9 years$8,119$7,417$6,770$6,176$5,631$4,741
10 years$7,232$6,537$5,903$5,324$4,798$3,951
11 years$6,508$5,820$5,196$4,634$4,127$3,322
12 years$5,905$5,224$4,612$4,064$3,576$2,812
13 years$5,395$4,721$4,120$3,588$3,118$2,395
14 years$4,958$4,291$3,702$3,185$2,734$2,049
15 years$4,579$3,920$3,342$2,841$2,407$1,760
16 years$4,249$3,596$3,030$2,543$2,127$1,517
17 years$3,957$3,312$2,758$2,285$1,886$1,311
18 years$3,698$3,061$2,517$2,059$1,677$1,135
19 years$3,467$2,836$2,304$1,861$1,495$986
20 years$3,259$2,636$2,115$1,685$1,335$857
21 years$3,071$2,455$1,945$1,530$1,195$746
22 years$2,901$2,292$1,793$1,391$1,071$651
23 years$2,745$2,143$1,655$1,267$961$568
24 years$2,603$2,008$1,531$1,155$864$496
25 years$2,472$1,885$1,418$1,055$778$434
26 years$2,352$1,771$1,315$965$700$380
27 years$2,241$1,667$1,221$883$631$332
28 years$2,137$1,571$1,135$809$570$291
29 years$2,041$1,482$1,056$742$515$255
30 years$1,952$1,399$984$681$465$224
31 years$1,869$1,323$917$625$420$196
32 years$1,791$1,252$856$575$380$172
33 years$1,717$1,185$799$528$344$151
34 years$1,649$1,124$747$486$312$133
35 years$1,584$1,066$698$448$282$117
36 years$1,523$1,011$653$412$256$102
37 years$1,466$961$611$380$232$90
38 years$1,411$913$572$350$210$79
39 years$1,360$868$536$323$190$69
40 years$1,311$826$503$298$173$61
41 years$1,265$786$471$275$157$54
42 years$1,221$749$442$254$142$47
43 years$1,179$713$415$234$129$41
44 years$1,139$680$389$216$117$36
45 years$1,102$649$366$200$106$32
46 years$1,065$619$343$184$97$28
47 years$1,031$590$323$170$88$25
48 years$998$564$303$157$80$22
49 years$966$538$285$145$72$19
50 years$936$514$268$134$66$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $959,000, adding $2,930 every year, while hoping to spend $24,626 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: 62/12/26 Blend
55$959,000$959,000$959,000$959,000
56$1,059,840$1,009,013$994,149$1,118,042
57$1,141,742$1,032,253$1,001,251$1,181,109
58$1,231,173$1,055,806$1,007,766$1,246,991
59$1,328,874$1,079,662$1,013,647$1,318,394
60$1,435,662$1,103,809$1,018,848$1,395,862
61$1,552,437$1,128,233$1,023,316$1,479,993
62$1,680,188$1,152,919$1,027,000$1,571,448
63$1,820,007$1,177,852$1,029,844$1,670,955
64$1,973,093$1,203,011$1,031,789$1,779,317
65$2,140,768$1,228,378$1,032,774$1,897,417
66$2,324,488$1,253,931$1,032,733$2,026,229
67$2,525,856$1,279,644$1,031,600$2,166,830
68$2,746,639$1,305,492$1,029,304$2,320,402
69$2,988,780$1,331,445$1,025,770$2,488,250
70$3,254,423$1,357,473$1,020,920$2,671,814
71$3,545,925$1,383,541$1,014,673$2,872,679
72$3,865,887$1,409,612$1,006,942$3,092,593
73$4,217,171$1,435,646$997,638$3,333,484
74$4,602,930$1,461,600$986,666$3,597,474
75$5,026,638$1,487,427$973,928$3,886,906
76$5,492,122$1,513,078$959,322$4,204,359
77$6,003,597$1,538,498$942,738$4,552,679
78$6,565,708$1,563,629$924,064$4,935,000
79$7,183,571$1,588,407$903,181$5,354,780
80$7,862,824$1,612,768$879,966$5,815,828
81$8,609,676$1,636,637$854,289$6,322,343
82$9,430,969$1,659,939$826,014$6,878,955
83$10,334,242$1,682,590$795,000$7,490,764
84$11,327,800$1,704,503$761,098$8,163,395
85$12,420,795$1,725,582$724,153$8,903,047
86$13,623,308$1,745,728$684,004$9,716,553
87$14,946,449$1,764,831$640,482$10,611,443
88$16,402,457$1,782,778$593,408$11,596,019
89$18,004,819$1,799,446$542,599$12,679,430
90$19,768,395$1,814,704$487,861$13,871,762
91$21,709,560$1,828,413$428,993$15,184,129
92$23,846,354$1,840,424$365,783$16,628,783
93$26,198,657$1,850,580$298,012$18,219,229
94$28,788,375$1,858,713$225,449$19,970,349
95$31,639,643$1,864,644$147,856$21,898,548
96$34,779,059$1,868,184$64,982$24,021,908
97$38,235,928$1,869,130$0$26,360,355
98$42,042,545$1,867,269$0$28,942,363
99$46,234,493$1,862,374$0$31,805,291
100$50,850,983$1,854,202$0$34,957,853