Can I retire at age 56 with 964,000?

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 $964,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17%
1 years$79,606$78,897$78,205$77,530$76,871$74,679
2 years$39,409$38,675$37,964$37,274$36,605$34,414
3 years$26,012$25,275$24,565$23,882$23,224$21,102
4 years$19,314$18,579$17,877$17,206$16,563$14,528
5 years$15,297$14,567$13,873$13,215$12,591$10,647
6 years$12,620$11,895$11,212$10,569$9,963$8,111
7 years$10,708$9,989$9,317$8,689$8,103$6,344
8 years$9,275$8,563$7,902$7,289$6,722$5,055
9 years$8,161$7,455$6,806$6,209$5,661$4,084
10 years$7,270$6,571$5,933$5,352$4,823$3,335
11 years$6,542$5,850$5,224$4,658$4,148$2,746
12 years$5,935$5,251$4,636$4,085$3,595$2,275
13 years$5,423$4,745$4,142$3,607$3,135$1,895
14 years$4,984$4,313$3,721$3,202$2,748$1,585
15 years$4,603$3,940$3,360$2,855$2,419$1,331
16 years$4,271$3,615$3,046$2,557$2,138$1,120
17 years$3,978$3,329$2,772$2,297$1,896$946
18 years$3,718$3,076$2,530$2,070$1,686$800
19 years$3,485$2,851$2,317$1,871$1,503$677
20 years$3,276$2,650$2,126$1,694$1,342$574
21 years$3,088$2,468$1,955$1,538$1,201$488
22 years$2,916$2,304$1,802$1,398$1,077$414
23 years$2,760$2,155$1,664$1,273$966$353
24 years$2,617$2,019$1,539$1,161$869$300
25 years$2,485$1,894$1,425$1,061$782$256
26 years$2,364$1,781$1,322$970$704$218
27 years$2,252$1,676$1,228$888$635$186
28 years$2,149$1,579$1,141$813$573$158
29 years$2,052$1,490$1,062$746$517$135
30 years$1,962$1,407$989$684$467$115
31 years$1,878$1,330$922$629$422$98
32 years$1,800$1,258$860$578$382$84
33 years$1,726$1,192$803$531$346$72
34 years$1,657$1,129$751$489$313$61
35 years$1,592$1,071$702$450$284$52
36 years$1,531$1,017$657$414$257$45
37 years$1,473$966$614$382$233$38
38 years$1,419$918$575$352$211$33
39 years$1,367$873$539$324$191$28
40 years$1,318$830$505$299$174$24
41 years$1,271$790$474$276$158$20
42 years$1,227$753$444$255$143$17
43 years$1,185$717$417$235$130$15
44 years$1,145$684$392$217$118$13
45 years$1,107$652$368$201$107$11
46 years$1,071$622$345$185$97$9
47 years$1,036$593$324$171$88$8
48 years$1,003$567$305$158$80$7
49 years$972$541$287$146$73$6
50 years$941$517$269$135$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $964,000, adding $5,955 every year, while hoping to spend $22,153 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: 44/29/27 Blend
55$964,000$964,000$964,000$964,000
56$1,068,471$1,017,379$1,002,437$1,106,883
57$1,153,884$1,043,660$1,012,448$1,161,111
58$1,247,267$1,070,486$1,022,051$1,217,282
59$1,349,409$1,097,861$1,031,211$1,277,745
60$1,461,180$1,125,787$1,039,888$1,342,911
61$1,583,537$1,154,267$1,048,040$1,413,233
62$1,717,533$1,183,301$1,055,625$1,489,212
63$1,864,330$1,212,892$1,062,597$1,571,397
64$2,025,206$1,243,038$1,068,909$1,660,395
65$2,201,569$1,273,738$1,074,509$1,756,875
66$2,394,969$1,304,992$1,079,345$1,861,573
67$2,607,115$1,336,795$1,083,362$1,975,301
68$2,839,887$1,369,144$1,086,501$2,098,953
69$3,095,357$1,402,034$1,088,701$2,233,516
70$3,375,808$1,435,459$1,089,897$2,380,076
71$3,683,754$1,469,409$1,090,022$2,539,832
72$4,021,964$1,503,878$1,089,005$2,714,103
73$4,393,490$1,538,853$1,086,772$2,904,346
74$4,801,691$1,574,322$1,083,244$3,112,163
75$5,250,271$1,610,272$1,078,340$3,339,324
76$5,743,309$1,646,685$1,071,975$3,587,778
77$6,285,298$1,683,544$1,064,057$3,859,672
78$6,881,189$1,720,829$1,054,494$4,157,376
79$7,536,437$1,758,516$1,043,187$4,483,499
80$8,257,052$1,796,582$1,030,031$4,840,920
81$9,049,654$1,834,997$1,014,920$5,232,810
82$9,921,539$1,873,732$997,740$5,662,665
83$10,880,743$1,912,752$978,372$6,134,340
84$11,936,124$1,952,022$956,692$6,652,083
85$13,097,438$1,991,500$932,571$7,220,576
86$14,375,436$2,031,143$905,872$7,844,982
87$15,781,966$2,070,904$876,453$8,530,991
88$17,330,079$2,110,731$844,167$9,284,875
89$19,034,157$2,150,567$808,857$10,113,546
90$20,910,048$2,190,352$770,360$11,024,626
91$22,975,214$2,230,020$728,509$12,026,513
92$25,248,896$2,269,501$683,124$13,128,467
93$27,752,295$2,308,718$634,020$14,340,693
94$30,508,773$2,347,589$581,003$15,674,439
95$33,544,072$2,386,026$523,871$17,142,105
96$36,886,559$2,423,933$462,413$18,757,357
97$40,567,492$2,461,209$396,407$20,535,258
98$44,621,312$2,497,745$325,623$22,492,412
99$49,085,974$2,533,422$249,819$24,647,118
100$54,003,300$2,568,116$168,745$27,019,548