Can I retire at age 56 with 962,000?

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 $962,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.8%
1 years$79,441$78,733$78,043$77,369$76,711$75,816
2 years$39,327$38,595$37,885$37,197$36,529$35,628
3 years$25,958$25,222$24,514$23,832$23,176$22,296
4 years$19,274$18,541$17,840$17,170$16,529$15,679
5 years$15,265$14,536$13,845$13,188$12,565$11,746
6 years$12,593$11,870$11,188$10,547$9,942$9,156
7 years$10,686$9,968$9,298$8,671$8,086$7,332
8 years$9,256$8,545$7,885$7,274$6,708$5,987
9 years$8,144$7,440$6,791$6,196$5,649$4,960
10 years$7,255$6,558$5,921$5,341$4,813$4,156
11 years$6,528$5,838$5,213$4,648$4,140$3,514
12 years$5,923$5,240$4,626$4,077$3,587$2,992
13 years$5,411$4,735$4,133$3,599$3,128$2,563
14 years$4,973$4,304$3,714$3,195$2,742$2,206
15 years$4,594$3,932$3,353$2,849$2,414$1,906
16 years$4,262$3,608$3,040$2,551$2,134$1,653
17 years$3,970$3,322$2,766$2,292$1,892$1,438
18 years$3,710$3,070$2,525$2,066$1,682$1,254
19 years$3,478$2,845$2,312$1,867$1,499$1,095
20 years$3,270$2,644$2,122$1,691$1,339$959
21 years$3,081$2,463$1,951$1,534$1,199$841
22 years$2,910$2,299$1,799$1,395$1,074$738
23 years$2,754$2,150$1,661$1,271$964$649
24 years$2,611$2,015$1,536$1,159$867$571
25 years$2,480$1,891$1,422$1,058$780$503
26 years$2,359$1,777$1,319$968$703$443
27 years$2,248$1,672$1,225$886$633$391
28 years$2,144$1,576$1,139$812$572$345
29 years$2,048$1,486$1,060$744$516$304
30 years$1,958$1,404$987$683$466$269
31 years$1,875$1,327$920$627$422$238
32 years$1,796$1,256$859$576$381$210
33 years$1,723$1,189$802$530$345$186
34 years$1,654$1,127$749$488$312$164
35 years$1,589$1,069$700$449$283$145
36 years$1,528$1,015$655$414$256$129
37 years$1,470$964$613$381$232$114
38 years$1,416$916$574$351$211$101
39 years$1,364$871$538$324$191$89
40 years$1,315$829$504$299$173$79
41 years$1,269$789$473$276$157$70
42 years$1,225$751$444$254$143$62
43 years$1,183$716$416$235$129$55
44 years$1,143$682$391$217$118$49
45 years$1,105$651$367$200$107$43
46 years$1,069$621$345$185$97$38
47 years$1,034$592$324$171$88$34
48 years$1,001$565$304$158$80$30
49 years$969$540$286$146$73$27
50 years$939$516$269$135$66$24

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $962,000, adding $3,482 every year, while hoping to spend $27,970 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: 33/50/17 Blend
55$962,000$962,000$962,000$962,000
56$1,063,716$1,012,730$997,819$1,093,090
57$1,142,455$1,032,594$1,001,486$1,134,917
58$1,228,288$1,052,493$1,004,338$1,177,129
59$1,321,909$1,072,401$1,006,319$1,222,027
60$1,424,082$1,092,287$1,007,369$1,269,862
61$1,535,648$1,112,119$1,007,426$1,320,911
62$1,657,532$1,131,861$1,006,423$1,375,482
63$1,790,754$1,151,476$1,004,291$1,433,912
64$1,936,435$1,170,922$1,000,959$1,496,577
65$2,095,811$1,190,157$996,351$1,563,889
66$2,270,242$1,209,133$990,387$1,636,305
67$2,461,226$1,227,799$982,984$1,714,327
68$2,670,412$1,246,102$974,055$1,798,512
69$2,899,616$1,263,983$963,508$1,889,474
70$3,150,839$1,281,380$951,247$1,987,891
71$3,426,283$1,298,227$937,173$2,094,512
72$3,728,376$1,314,452$921,180$2,210,164
73$4,059,789$1,329,980$903,159$2,335,759
74$4,423,467$1,344,728$882,994$2,472,305
75$4,822,652$1,358,611$860,566$2,620,915
76$5,260,915$1,371,536$835,747$2,782,817
77$5,742,192$1,383,404$808,408$2,959,368
78$6,270,815$1,394,110$778,409$3,152,063
79$6,851,560$1,403,544$745,608$3,362,556
80$7,489,687$1,411,585$709,853$3,592,671
81$8,190,989$1,418,106$670,987$3,844,421
82$8,961,851$1,422,974$628,846$4,120,028
83$9,809,305$1,426,045$583,258$4,421,944
84$10,741,099$1,427,167$534,043$4,752,876
85$11,765,771$1,426,178$481,013$5,115,811
86$12,892,726$1,422,907$423,973$5,514,045
87$14,132,325$1,417,171$362,717$5,951,214
88$15,495,987$1,408,777$297,033$6,431,332
89$16,996,291$1,397,520$226,696$6,958,826
90$18,647,096$1,383,182$151,474$7,538,583
91$20,463,675$1,365,533$71,124$8,175,993
92$22,462,854$1,344,328$0$8,877,001
93$24,663,173$1,319,309$0$9,650,822
94$27,085,063$1,290,200$0$10,515,978
95$29,751,031$1,256,712$0$11,467,590
96$32,685,882$1,218,537$0$12,514,514
97$35,916,946$1,175,349$0$13,666,519
98$39,474,336$1,126,803$0$14,934,375
99$43,391,238$1,072,536$0$16,329,958
100$47,704,214$1,012,160$0$17,866,363