Can I retire at age 56 with 963,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $963,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.5%
1 years$79,524$78,815$78,124$77,450$76,791$74,753
2 years$39,368$38,635$37,924$37,235$36,567$34,528
3 years$25,985$25,248$24,540$23,857$23,200$21,223
4 years$19,294$18,560$17,859$17,188$16,546$14,648
5 years$15,281$14,551$13,859$13,202$12,578$10,763
6 years$12,607$11,882$11,200$10,558$9,953$8,222
7 years$10,697$9,979$9,307$8,680$8,094$6,449
8 years$9,265$8,554$7,893$7,281$6,715$5,154
9 years$8,152$7,447$6,799$6,202$5,655$4,177
10 years$7,263$6,565$5,927$5,346$4,818$3,421
11 years$6,535$5,844$5,218$4,653$4,144$2,826
12 years$5,929$5,245$4,631$4,081$3,591$2,349
13 years$5,417$4,740$4,137$3,603$3,131$1,963
14 years$4,978$4,309$3,718$3,198$2,745$1,648
15 years$4,598$3,936$3,356$2,852$2,417$1,389
16 years$4,266$3,611$3,043$2,554$2,136$1,173
17 years$3,974$3,326$2,769$2,295$1,894$994
18 years$3,714$3,073$2,528$2,068$1,684$843
19 years$3,482$2,848$2,314$1,869$1,501$717
20 years$3,273$2,647$2,124$1,692$1,341$610
21 years$3,084$2,465$1,953$1,536$1,200$520
22 years$2,913$2,301$1,800$1,397$1,075$444
23 years$2,757$2,152$1,662$1,272$965$379
24 years$2,614$2,017$1,537$1,160$868$324
25 years$2,483$1,893$1,424$1,059$781$277
26 years$2,362$1,779$1,321$969$703$237
27 years$2,250$1,674$1,226$887$634$203
28 years$2,146$1,577$1,140$812$572$174
29 years$2,050$1,488$1,061$745$517$149
30 years$1,960$1,405$988$684$467$128
31 years$1,876$1,328$921$628$422$109
32 years$1,798$1,257$860$577$382$94
33 years$1,725$1,190$803$531$346$80
34 years$1,656$1,128$750$488$313$69
35 years$1,591$1,070$701$449$283$59
36 years$1,529$1,016$656$414$257$51
37 years$1,472$965$614$381$233$44
38 years$1,417$917$575$352$211$37
39 years$1,366$872$539$324$191$32
40 years$1,317$829$505$299$174$27
41 years$1,270$790$473$276$157$24
42 years$1,226$752$444$255$143$20
43 years$1,184$716$417$235$130$17
44 years$1,144$683$391$217$118$15
45 years$1,106$651$367$200$107$13
46 years$1,070$621$345$185$97$11
47 years$1,035$593$324$171$88$9
48 years$1,002$566$305$158$80$8
49 years$971$540$286$146$73$7
50 years$940$516$269$135$66$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $963,000, adding $6,988 every year, while hoping to spend $33,484 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: 88/6/6 Blend
55$963,000$963,000$963,000$963,000
56$1,068,434$1,017,395$1,002,469$1,161,640
57$1,141,788$1,031,621$1,000,425$1,237,601
58$1,221,501$1,045,421$997,190$1,315,678
59$1,308,188$1,058,740$992,689$1,400,412
60$1,402,522$1,071,518$986,844$1,492,449
61$1,505,247$1,083,690$979,571$1,592,499
62$1,617,180$1,095,188$970,784$1,701,346
63$1,739,219$1,105,939$960,392$1,819,851
64$1,872,354$1,115,865$948,300$1,948,963
65$2,017,675$1,124,883$934,408$2,089,728
66$2,176,380$1,132,905$918,613$2,243,295
67$2,349,790$1,139,836$900,806$2,410,933
68$2,539,357$1,145,577$880,871$2,594,038
69$2,746,681$1,150,020$858,690$2,794,147
70$2,973,524$1,153,052$834,138$3,012,953
71$3,221,826$1,154,554$807,084$3,252,322
72$3,493,722$1,154,397$777,391$3,514,309
73$3,791,564$1,152,446$744,917$3,801,177
74$4,117,943$1,148,555$709,511$4,115,420
75$4,475,712$1,142,572$671,018$4,459,786
76$4,868,011$1,134,335$629,274$4,837,302
77$5,298,302$1,123,671$584,108$5,251,300
78$5,770,396$1,110,398$535,343$5,705,457
79$6,288,491$1,094,323$482,792$6,203,818
80$6,857,212$1,075,239$426,260$6,750,844
81$7,481,652$1,052,930$365,543$7,351,448
82$8,167,422$1,027,165$300,431$8,011,045
83$8,920,704$997,701$230,700$8,735,600
84$9,748,307$964,280$156,120$9,531,687
85$10,657,733$926,628$76,449$10,406,547
86$11,657,246$884,457$0$11,368,162
87$12,755,951$837,461$0$12,425,875
88$13,963,878$785,317$0$13,594,085
89$15,292,079$727,683$0$14,878,590
90$16,752,728$664,197$0$16,291,172
91$18,359,241$594,477$0$17,844,818
92$20,126,397$518,119$0$19,553,834
93$22,070,479$434,697$0$21,433,986
94$24,209,431$343,760$0$23,502,644
95$26,563,020$244,831$0$25,778,949
96$29,153,028$137,408$0$28,283,994
97$32,003,456$20,960$0$31,041,018
98$35,140,746$0$0$34,075,632
99$38,594,039$0$0$37,422,991
100$42,395,438$0$0$41,109,312