Can I retire at age 56 with 960,000?

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 $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%11.2%
1 years$79,276$78,570$77,881$77,208$76,552$76,165
2 years$39,245$38,515$37,806$37,119$36,453$36,063
3 years$25,904$25,170$24,463$23,783$23,127$22,746
4 years$19,234$18,502$17,803$17,134$16,495$16,124
5 years$15,234$14,506$13,816$13,161$12,539$12,181
6 years$12,567$11,845$11,165$10,525$9,922$9,577
7 years$10,664$9,948$9,278$8,653$8,069$7,737
8 years$9,236$8,527$7,869$7,259$6,694$6,376
9 years$8,127$7,424$6,777$6,183$5,637$5,332
10 years$7,240$6,544$5,909$5,330$4,803$4,511
11 years$6,515$5,826$5,202$4,638$4,131$3,852
12 years$5,911$5,229$4,617$4,068$3,580$3,313
13 years$5,400$4,725$4,125$3,592$3,122$2,867
14 years$4,963$4,295$3,706$3,188$2,736$2,494
15 years$4,584$3,924$3,346$2,844$2,409$2,179
16 years$4,253$3,600$3,034$2,546$2,129$1,910
17 years$3,961$3,316$2,760$2,288$1,888$1,680
18 years$3,702$3,064$2,520$2,062$1,679$1,481
19 years$3,471$2,839$2,307$1,863$1,496$1,309
20 years$3,263$2,639$2,117$1,687$1,337$1,159
21 years$3,075$2,458$1,947$1,531$1,196$1,029
22 years$2,904$2,294$1,795$1,392$1,072$914
23 years$2,748$2,146$1,657$1,268$962$813
24 years$2,606$2,010$1,533$1,156$865$724
25 years$2,475$1,887$1,420$1,056$778$646
26 years$2,354$1,773$1,317$966$701$576
27 years$2,243$1,669$1,223$884$632$515
28 years$2,140$1,572$1,136$810$570$460
29 years$2,044$1,483$1,058$743$515$412
30 years$1,954$1,401$985$682$465$368
31 years$1,871$1,324$918$626$421$330
32 years$1,792$1,253$857$575$381$295
33 years$1,719$1,187$800$529$344$265
34 years$1,650$1,125$748$487$312$237
35 years$1,586$1,067$699$448$282$213
36 years$1,525$1,013$654$413$256$191
37 years$1,467$962$612$380$232$171
38 years$1,413$914$573$350$210$154
39 years$1,361$869$537$323$191$138
40 years$1,312$827$503$298$173$124
41 years$1,266$787$472$275$157$111
42 years$1,222$750$443$254$142$100
43 years$1,180$714$415$234$129$90
44 years$1,141$681$390$216$117$81
45 years$1,103$649$366$200$106$72
46 years$1,067$619$344$185$97$65
47 years$1,032$591$323$170$88$58
48 years$999$564$304$158$80$53
49 years$967$539$285$146$72$47
50 years$937$515$268$135$66$42

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $960,000, adding $6,206 every year, while hoping to spend $53,823 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: 50/23/27 Blend
55$960,000$960,000$960,000$960,000
56$1,064,321$1,013,441$998,561$1,109,141
57$1,115,615$1,005,833$974,746$1,133,463
58$1,170,337$996,048$948,329$1,154,011
59$1,228,779$983,922$919,166$1,175,282
60$1,291,263$969,283$887,107$1,197,370
61$1,358,141$951,947$851,994$1,220,380
62$1,429,798$931,719$813,662$1,244,432
63$1,506,658$908,393$771,940$1,269,662
64$1,589,184$881,752$726,648$1,296,222
65$1,677,887$851,564$677,596$1,324,286
66$1,773,326$817,584$624,590$1,354,049
67$1,876,114$779,555$567,423$1,385,728
68$1,986,927$737,203$505,881$1,419,570
69$2,106,506$690,238$439,741$1,455,852
70$2,235,665$638,355$368,767$1,494,882
71$2,375,298$581,230$292,716$1,537,008
72$2,526,389$518,520$211,332$1,582,618
73$2,690,018$449,866$124,350$1,632,147
74$2,867,375$374,885$31,491$1,686,079
75$3,059,767$293,173$0$1,744,957
76$3,268,629$204,304$0$1,828,862
77$3,495,543$107,830$0$1,929,940
78$3,742,249$3,273$0$2,039,952
79$4,010,658$0$0$2,159,830
80$4,302,877$0$0$2,318,411
81$4,621,220$0$0$2,492,165
82$4,968,237$0$0$2,681,666
83$5,346,733$0$0$2,888,459
84$5,759,795$0$0$3,114,242
85$6,210,821$0$0$3,360,886
86$6,703,554$0$0$3,630,452
87$7,242,110$0$0$3,925,206
88$7,831,026$0$0$4,247,644
89$8,475,293$0$0$4,600,517
90$9,180,409$0$0$4,986,851
91$9,952,426$0$0$5,409,978
92$10,798,011$0$0$5,873,571
93$11,724,505$0$0$6,381,671
94$12,739,991$0$0$6,938,730
95$13,853,374$0$0$7,549,652
96$15,074,461$0$0$8,219,839
97$16,414,051$0$0$8,955,238
98$17,884,042$0$0$9,762,403
99$19,497,539$0$0$10,648,551
100$21,268,976$0$0$11,621,633