Can I retire at age 56 with 960,000?

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 $960,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.4%
1 years$79,276$78,570$77,881$77,208$76,552$76,101
2 years$39,245$38,515$37,806$37,119$36,453$35,999
3 years$25,904$25,170$24,463$23,783$23,127$22,683
4 years$19,234$18,502$17,803$17,134$16,495$16,064
5 years$15,234$14,506$13,816$13,161$12,539$12,123
6 years$12,567$11,845$11,165$10,525$9,922$9,521
7 years$10,664$9,948$9,278$8,653$8,069$7,684
8 years$9,236$8,527$7,869$7,259$6,694$6,324
9 years$8,127$7,424$6,777$6,183$5,637$5,283
10 years$7,240$6,544$5,909$5,330$4,803$4,464
11 years$6,515$5,826$5,202$4,638$4,131$3,807
12 years$5,911$5,229$4,617$4,068$3,580$3,270
13 years$5,400$4,725$4,125$3,592$3,122$2,827
14 years$4,963$4,295$3,706$3,188$2,736$2,456
15 years$4,584$3,924$3,346$2,844$2,409$2,142
16 years$4,253$3,600$3,034$2,546$2,129$1,876
17 years$3,961$3,316$2,760$2,288$1,888$1,647
18 years$3,702$3,064$2,520$2,062$1,679$1,450
19 years$3,471$2,839$2,307$1,863$1,496$1,280
20 years$3,263$2,639$2,117$1,687$1,337$1,132
21 years$3,075$2,458$1,947$1,531$1,196$1,003
22 years$2,904$2,294$1,795$1,392$1,072$890
23 years$2,748$2,146$1,657$1,268$962$790
24 years$2,606$2,010$1,533$1,156$865$703
25 years$2,475$1,887$1,420$1,056$778$626
26 years$2,354$1,773$1,317$966$701$558
27 years$2,243$1,669$1,223$884$632$497
28 years$2,140$1,572$1,136$810$570$444
29 years$2,044$1,483$1,058$743$515$396
30 years$1,954$1,401$985$682$465$354
31 years$1,871$1,324$918$626$421$317
32 years$1,792$1,253$857$575$381$283
33 years$1,719$1,187$800$529$344$253
34 years$1,650$1,125$748$487$312$227
35 years$1,586$1,067$699$448$282$203
36 years$1,525$1,013$654$413$256$182
37 years$1,467$962$612$380$232$163
38 years$1,413$914$573$350$210$146
39 years$1,361$869$537$323$191$131
40 years$1,312$827$503$298$173$117
41 years$1,266$787$472$275$157$105
42 years$1,222$750$443$254$142$94
43 years$1,180$714$415$234$129$84
44 years$1,141$681$390$216$117$76
45 years$1,103$649$366$200$106$68
46 years$1,067$619$344$185$97$61
47 years$1,032$591$323$170$88$55
48 years$999$564$304$158$80$49
49 years$967$539$285$146$72$44
50 years$937$515$268$135$66$39

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $960,000, adding $4,460 every year, while hoping to spend $53,110 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: 56/37/7 Blend
55$960,000$960,000$960,000$960,000
56$1,062,520$1,011,640$996,760$1,120,104
57$1,114,389$1,004,702$973,643$1,152,490
58$1,169,768$995,644$947,972$1,181,430
59$1,228,960$984,306$919,604$1,211,648
60$1,292,295$970,518$888,392$1,243,271
61$1,360,137$954,101$854,181$1,276,442
62$1,432,883$934,865$816,809$1,311,322
63$1,510,971$912,607$776,106$1,348,090
64$1,594,880$887,115$731,895$1,386,945
65$1,685,136$858,162$683,992$1,428,113
66$1,782,317$825,509$632,203$1,471,842
67$1,887,057$788,903$576,325$1,518,411
68$2,000,054$748,075$516,149$1,568,132
69$2,122,072$702,744$451,453$1,621,352
70$2,253,954$652,609$382,007$1,678,456
71$2,396,624$597,353$307,570$1,739,875
72$2,551,098$536,642$227,893$1,806,089
73$2,718,494$470,121$142,711$1,877,632
74$2,900,041$397,418$51,752$1,955,096
75$3,097,089$318,136$0$2,039,142
76$3,311,126$231,858$0$2,133,888
77$3,543,786$138,144$0$2,241,111
78$3,796,867$36,528$0$2,357,870
79$4,072,349$0$0$2,485,195
80$4,372,408$0$0$2,654,146
81$4,699,440$0$0$2,854,574
82$5,056,083$0$0$3,073,230
83$5,445,238$0$0$3,311,906
84$5,870,100$0$0$3,572,570
85$6,334,186$0$0$3,857,392
86$6,841,366$0$0$4,168,759
87$7,395,904$0$0$4,509,300
88$8,002,490$0$0$4,881,909
89$8,666,293$0$0$5,289,772
90$9,393,002$0$0$5,736,400
91$10,188,882$0$0$6,225,657
92$11,060,831$0$0$6,761,798
93$12,016,449$0$0$7,349,511
94$13,064,104$0$0$7,993,959
95$14,213,012$0$0$8,700,825
96$15,473,324$0$0$9,476,374
97$16,856,221$0$0$10,327,504
98$18,374,020$0$0$11,261,811
99$20,040,285$0$0$12,287,666
100$21,869,961$0$0$13,414,288