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%11.6%
1 years$79,441$78,733$78,043$77,369$76,711$76,196
2 years$39,327$38,595$37,885$37,197$36,529$36,009
3 years$25,958$25,222$24,514$23,832$23,176$22,668
4 years$19,274$18,541$17,840$17,170$16,529$16,037
5 years$15,265$14,536$13,845$13,188$12,565$12,090
6 years$12,593$11,870$11,188$10,547$9,942$9,485
7 years$10,686$9,968$9,298$8,671$8,086$7,646
8 years$9,256$8,545$7,885$7,274$6,708$6,286
9 years$8,144$7,440$6,791$6,196$5,649$5,245
10 years$7,255$6,558$5,921$5,341$4,813$4,427
11 years$6,528$5,838$5,213$4,648$4,140$3,770
12 years$5,923$5,240$4,626$4,077$3,587$3,235
13 years$5,411$4,735$4,133$3,599$3,128$2,792
14 years$4,973$4,304$3,714$3,195$2,742$2,423
15 years$4,594$3,932$3,353$2,849$2,414$2,111
16 years$4,262$3,608$3,040$2,551$2,134$1,846
17 years$3,970$3,322$2,766$2,292$1,892$1,619
18 years$3,710$3,070$2,525$2,066$1,682$1,423
19 years$3,478$2,845$2,312$1,867$1,499$1,254
20 years$3,270$2,644$2,122$1,691$1,339$1,108
21 years$3,081$2,463$1,951$1,534$1,199$980
22 years$2,910$2,299$1,799$1,395$1,074$868
23 years$2,754$2,150$1,661$1,271$964$770
24 years$2,611$2,015$1,536$1,159$867$684
25 years$2,480$1,891$1,422$1,058$780$608
26 years$2,359$1,777$1,319$968$703$541
27 years$2,248$1,672$1,225$886$633$481
28 years$2,144$1,576$1,139$812$572$429
29 years$2,048$1,486$1,060$744$516$382
30 years$1,958$1,404$987$683$466$341
31 years$1,875$1,327$920$627$422$304
32 years$1,796$1,256$859$576$381$272
33 years$1,723$1,189$802$530$345$243
34 years$1,654$1,127$749$488$312$217
35 years$1,589$1,069$700$449$283$194
36 years$1,528$1,015$655$414$256$173
37 years$1,470$964$613$381$232$155
38 years$1,416$916$574$351$211$139
39 years$1,364$871$538$324$191$124
40 years$1,315$829$504$299$173$111
41 years$1,269$789$473$276$157$99
42 years$1,225$751$444$254$143$89
43 years$1,183$716$416$235$129$80
44 years$1,143$682$391$217$118$71
45 years$1,105$651$367$200$107$64
46 years$1,069$621$345$185$97$57
47 years$1,034$592$324$171$88$51
48 years$1,001$565$304$158$80$46
49 years$969$540$286$146$73$41
50 years$939$516$269$135$66$37

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $962,000, adding $2,426 every year, while hoping to spend $36,738 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: 44/39/17 Blend
55$962,000$962,000$962,000$962,000
56$1,062,626$1,011,640$996,729$1,104,065
57$1,131,925$1,022,122$991,031$1,143,851
58$1,207,062$1,031,886$983,910$1,183,113
59$1,288,591$1,040,858$975,281$1,224,888
60$1,377,127$1,048,959$965,052$1,269,426
61$1,473,343$1,056,106$953,130$1,317,002
62$1,577,978$1,062,210$939,414$1,367,922
63$1,691,848$1,067,175$923,801$1,422,523
64$1,815,850$1,070,899$906,181$1,481,181
65$1,950,970$1,073,277$886,442$1,544,309
66$2,098,294$1,074,193$864,463$1,612,367
67$2,259,018$1,073,526$840,120$1,685,862
68$2,434,456$1,071,148$813,283$1,765,357
69$2,626,057$1,066,920$783,815$1,851,475
70$2,835,416$1,060,700$751,573$1,944,903
71$3,064,286$1,052,332$716,408$2,046,404
72$3,314,599$1,041,653$678,164$2,156,821
73$3,588,485$1,028,490$636,679$2,277,085
74$3,888,284$1,012,659$591,781$2,408,228
75$4,216,576$993,967$543,293$2,551,390
76$4,576,202$972,207$491,029$2,707,830
77$4,970,291$947,161$434,795$2,878,944
78$5,402,287$918,599$374,387$3,066,271
79$5,875,985$886,275$309,594$3,271,515
80$6,395,565$849,931$240,194$3,496,556
81$6,965,628$809,294$165,956$3,743,476
82$7,591,246$764,073$86,640$4,014,570
83$8,278,004$713,963$1,993$4,312,379
84$9,032,053$658,640$0$4,639,706
85$9,860,170$597,761$0$5,015,674
86$10,769,821$530,965$0$5,429,108
87$11,769,230$457,869$0$5,883,476
88$12,867,456$378,070$0$6,383,006
89$14,074,481$291,140$0$6,932,363
90$15,401,301$196,628$0$7,536,694
91$16,860,030$94,059$0$8,201,677
92$18,464,015$0$0$8,933,578
93$20,227,960$0$0$9,746,636
94$22,168,067$0$0$10,685,418
95$24,302,187$0$0$11,718,212
96$26,649,985$0$0$12,854,551
97$29,233,131$0$0$14,104,941
98$32,075,501$0$0$15,480,956
99$35,203,401$0$0$16,995,350
100$38,645,817$0$0$18,662,176