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%13.5%
1 years$79,276$78,570$77,881$77,208$76,552$75,439
2 years$39,245$38,515$37,806$37,119$36,453$35,334
3 years$25,904$25,170$24,463$23,783$23,127$22,037
4 years$19,234$18,502$17,803$17,134$16,495$15,442
5 years$15,234$14,506$13,816$13,161$12,539$11,526
6 years$12,567$11,845$11,165$10,525$9,922$8,951
7 years$10,664$9,948$9,278$8,653$8,069$7,140
8 years$9,236$8,527$7,869$7,259$6,694$5,806
9 years$8,127$7,424$6,777$6,183$5,637$4,791
10 years$7,240$6,544$5,909$5,330$4,803$3,997
11 years$6,515$5,826$5,202$4,638$4,131$3,365
12 years$5,911$5,229$4,617$4,068$3,580$2,852
13 years$5,400$4,725$4,125$3,592$3,122$2,432
14 years$4,963$4,295$3,706$3,188$2,736$2,084
15 years$4,584$3,924$3,346$2,844$2,409$1,792
16 years$4,253$3,600$3,034$2,546$2,129$1,547
17 years$3,961$3,316$2,760$2,288$1,888$1,339
18 years$3,702$3,064$2,520$2,062$1,679$1,161
19 years$3,471$2,839$2,307$1,863$1,496$1,009
20 years$3,263$2,639$2,117$1,687$1,337$879
21 years$3,075$2,458$1,947$1,531$1,196$767
22 years$2,904$2,294$1,795$1,392$1,072$669
23 years$2,748$2,146$1,657$1,268$962$585
24 years$2,606$2,010$1,533$1,156$865$512
25 years$2,475$1,887$1,420$1,056$778$448
26 years$2,354$1,773$1,317$966$701$393
27 years$2,243$1,669$1,223$884$632$345
28 years$2,140$1,572$1,136$810$570$303
29 years$2,044$1,483$1,058$743$515$266
30 years$1,954$1,401$985$682$465$233
31 years$1,871$1,324$918$626$421$205
32 years$1,792$1,253$857$575$381$180
33 years$1,719$1,187$800$529$344$158
34 years$1,650$1,125$748$487$312$139
35 years$1,586$1,067$699$448$282$123
36 years$1,525$1,013$654$413$256$108
37 years$1,467$962$612$380$232$95
38 years$1,413$914$573$350$210$83
39 years$1,361$869$537$323$191$73
40 years$1,312$827$503$298$173$65
41 years$1,266$787$472$275$157$57
42 years$1,222$750$443$254$142$50
43 years$1,180$714$415$234$129$44
44 years$1,141$681$390$216$117$39
45 years$1,103$649$366$200$106$34
46 years$1,067$619$344$185$97$30
47 years$1,032$591$323$170$88$27
48 years$999$564$304$158$80$23
49 years$967$539$285$146$72$21
50 years$937$515$268$135$66$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $960,000, adding $5,966 every year, while hoping to spend $49,146 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: 83/7/10 Blend
55$960,000$960,000$960,000$960,000
56$1,064,074$1,013,194$998,314$1,150,278
57$1,120,319$1,010,549$979,466$1,204,925
58$1,180,653$1,006,128$958,340$1,257,753
59$1,245,442$999,791$934,808$1,314,271
60$1,315,088$991,391$908,734$1,374,821
61$1,390,029$980,772$879,979$1,439,781
62$1,470,750$967,768$848,396$1,509,564
63$1,557,781$952,203$813,832$1,584,629
64$1,651,704$933,891$776,125$1,665,477
65$1,753,162$912,635$735,109$1,752,663
66$1,862,857$888,227$690,608$1,846,799
67$1,981,564$860,445$642,439$1,948,556
68$2,110,132$829,056$590,409$2,058,675
69$2,249,498$793,812$534,320$2,177,975
70$2,400,689$754,451$473,962$2,307,354
71$2,564,837$710,696$409,117$2,447,804
72$2,743,185$662,255$339,557$2,600,418
73$2,937,101$608,817$265,044$2,766,400
74$3,148,091$550,055$185,329$2,947,079
75$3,377,812$485,624$100,153$3,143,916
76$3,628,086$415,156$9,245$3,358,525
77$3,900,918$338,266$0$3,592,682
78$4,198,517$254,546$0$3,857,712
79$4,523,311$163,564$0$4,148,070
80$4,877,975$64,865$0$4,465,181
81$5,265,453$0$0$4,811,702
82$5,688,988$0$0$5,193,800
83$6,152,145$0$0$5,617,126
84$6,658,856$0$0$6,080,280
85$7,213,446$0$0$6,587,216
86$7,820,679$0$0$7,142,292
87$8,485,800$0$0$7,750,307
88$9,214,587$0$0$8,416,543
89$10,013,403$0$0$9,146,820
90$10,889,254$0$0$9,947,546
91$11,849,858$0$0$10,825,781
92$12,903,715$0$0$11,789,299
93$14,060,189$0$0$12,846,663
94$15,329,592$0$0$14,007,306
95$16,723,286$0$0$15,281,619
96$18,253,783$0$0$16,681,047
97$19,934,870$0$0$18,218,199
98$21,781,732$0$0$19,906,964
99$23,811,100$0$0$21,762,644
100$26,041,404$0$0$23,802,097