Can I retire at age 56 with 961,000?

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 $961,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.3%
1 years$79,358$78,652$77,962$77,289$76,631$74,060
2 years$39,286$38,555$37,846$37,158$36,491$33,926
3 years$25,931$25,196$24,489$23,808$23,152$20,673
4 years$19,254$18,522$17,821$17,152$16,512$14,139
5 years$15,249$14,521$13,830$13,174$12,552$10,291
6 years$12,580$11,858$11,177$10,536$9,932$7,785
7 years$10,675$9,958$9,288$8,662$8,077$6,043
8 years$9,246$8,536$7,877$7,266$6,701$4,779
9 years$8,135$7,432$6,784$6,189$5,643$3,831
10 years$7,248$6,551$5,915$5,335$4,808$3,102
11 years$6,522$5,832$5,207$4,643$4,135$2,533
12 years$5,917$5,234$4,621$4,073$3,584$2,081
13 years$5,406$4,730$4,129$3,596$3,125$1,718
14 years$4,968$4,300$3,710$3,192$2,739$1,424
15 years$4,589$3,928$3,349$2,847$2,412$1,185
16 years$4,258$3,604$3,037$2,549$2,132$988
17 years$3,966$3,319$2,763$2,290$1,890$826
18 years$3,706$3,067$2,523$2,064$1,681$692
19 years$3,474$2,842$2,309$1,865$1,498$580
20 years$3,266$2,641$2,119$1,689$1,338$487
21 years$3,078$2,460$1,949$1,533$1,197$410
22 years$2,907$2,297$1,797$1,394$1,073$345
23 years$2,751$2,148$1,659$1,269$963$290
24 years$2,609$2,012$1,534$1,158$866$244
25 years$2,478$1,889$1,421$1,057$779$206
26 years$2,357$1,775$1,318$967$702$174
27 years$2,245$1,670$1,224$885$633$147
28 years$2,142$1,574$1,138$811$571$124
29 years$2,046$1,485$1,059$743$516$104
30 years$1,956$1,402$986$682$466$88
31 years$1,873$1,326$919$627$421$74
32 years$1,794$1,254$858$576$381$63
33 years$1,721$1,188$801$530$345$53
34 years$1,652$1,126$748$487$312$45
35 years$1,587$1,068$700$449$283$38
36 years$1,526$1,014$654$413$256$32
37 years$1,469$963$613$381$232$27
38 years$1,414$915$574$351$211$23
39 years$1,363$870$537$323$191$19
40 years$1,314$828$504$298$173$16
41 years$1,268$788$472$275$157$14
42 years$1,223$750$443$254$143$12
43 years$1,182$715$416$235$129$10
44 years$1,142$681$390$217$117$8
45 years$1,104$650$366$200$107$7
46 years$1,068$620$344$185$97$6
47 years$1,033$592$323$171$88$5
48 years$1,000$565$304$158$80$4
49 years$968$539$286$146$72$4
50 years$938$515$269$135$66$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $961,000, adding $2,265 every year, while hoping to spend $29,034 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: 62/19/19 Blend
55$961,000$961,000$961,000$961,000
56$1,061,358$1,010,425$995,530$1,121,853
57$1,138,725$1,029,044$997,988$1,181,529
58$1,223,010$1,047,602$999,556$1,243,199
59$1,314,888$1,066,066$1,000,172$1,309,854
60$1,415,102$1,084,399$999,774$1,381,982
61$1,524,471$1,102,563$998,294$1,460,121
62$1,643,893$1,120,514$995,663$1,544,863
63$1,774,360$1,138,209$991,808$1,636,863
64$1,916,963$1,155,600$986,651$1,736,841
65$2,072,901$1,172,633$980,112$1,845,591
66$2,243,499$1,189,253$972,108$1,963,989
67$2,430,211$1,205,402$962,549$2,093,001
68$2,634,641$1,221,015$951,342$2,233,692
69$2,858,554$1,236,024$938,392$2,387,235
70$3,103,894$1,250,357$923,596$2,554,924
71$3,372,803$1,263,936$906,848$2,738,185
72$3,667,638$1,276,678$888,036$2,938,593
73$3,990,997$1,288,495$867,045$3,157,880
74$4,345,740$1,299,293$843,753$3,397,959
75$4,735,018$1,308,971$818,031$3,660,938
76$5,162,302$1,317,422$789,747$3,949,140
77$5,631,414$1,324,534$758,762$4,265,128
78$6,146,567$1,330,185$724,929$4,611,726
79$6,712,399$1,334,246$688,096$4,992,049
80$7,334,021$1,336,581$648,104$5,409,530
81$8,017,062$1,337,044$604,786$5,867,954
82$8,767,725$1,335,482$557,969$6,371,494
83$9,592,842$1,331,730$507,471$6,924,751
84$10,499,943$1,325,615$453,101$7,532,795
85$11,497,319$1,316,952$394,662$8,201,217
86$12,594,108$1,305,546$331,947$8,936,182
87$13,800,378$1,291,189$264,738$9,744,484
88$15,127,221$1,273,661$192,810$10,633,613
89$16,586,856$1,252,729$115,928$11,611,826
90$18,192,748$1,228,146$33,845$12,688,225
91$19,959,734$1,199,651$0$13,872,845
92$21,904,159$1,166,966$0$15,187,643
93$24,044,034$1,129,798$0$16,641,945
94$26,399,205$1,087,837$0$18,242,379
95$28,991,537$1,040,754$0$20,003,820
96$31,845,125$988,202$0$21,942,660
97$34,986,517$929,813$0$24,076,964
98$38,444,967$865,199$0$26,426,642
99$42,252,707$793,948$0$29,013,634
100$46,445,258$715,626$0$31,862,121