Can I retire at age 56 with 966,000?

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 $966,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$79,771$79,061$78,368$77,691$77,030$75,475
2 years$39,491$38,755$38,043$37,351$36,681$35,121
3 years$26,066$25,327$24,616$23,931$23,272$21,756
4 years$19,354$18,618$17,914$17,241$16,598$15,137
5 years$15,329$14,597$13,902$13,243$12,617$11,216
6 years$12,646$11,919$11,235$10,590$9,984$8,644
7 years$10,730$10,010$9,336$8,707$8,119$6,841
8 years$9,294$8,580$7,918$7,304$6,736$5,519
9 years$8,178$7,471$6,820$6,221$5,673$4,516
10 years$7,285$6,585$5,946$5,363$4,833$3,735
11 years$6,555$5,862$5,234$4,667$4,157$3,117
12 years$5,948$5,262$4,645$4,094$3,602$2,619
13 years$5,434$4,755$4,150$3,614$3,141$2,212
14 years$4,994$4,322$3,729$3,208$2,754$1,877
15 years$4,613$3,948$3,367$2,861$2,424$1,599
16 years$4,280$3,623$3,053$2,562$2,143$1,367
17 years$3,986$3,336$2,778$2,302$1,900$1,171
18 years$3,725$3,083$2,536$2,075$1,689$1,006
19 years$3,493$2,857$2,321$1,874$1,506$865
20 years$3,283$2,655$2,130$1,698$1,345$746
21 years$3,094$2,473$1,960$1,541$1,204$643
22 years$2,922$2,308$1,806$1,401$1,079$556
23 years$2,766$2,159$1,668$1,276$968$481
24 years$2,622$2,023$1,542$1,164$870$416
25 years$2,490$1,898$1,428$1,063$783$360
26 years$2,369$1,784$1,325$972$706$312
27 years$2,257$1,679$1,230$889$636$271
28 years$2,153$1,582$1,144$815$574$235
29 years$2,056$1,493$1,064$747$518$204
30 years$1,966$1,410$991$686$468$177
31 years$1,882$1,333$924$630$423$154
32 years$1,804$1,261$862$579$383$134
33 years$1,730$1,194$805$532$347$116
34 years$1,661$1,132$752$490$314$101
35 years$1,596$1,073$703$451$284$88
36 years$1,534$1,019$658$415$258$76
37 years$1,476$968$616$383$233$66
38 years$1,422$920$577$353$212$58
39 years$1,370$874$540$325$192$50
40 years$1,321$832$506$300$174$44
41 years$1,274$792$475$277$158$38
42 years$1,230$754$445$255$143$33
43 years$1,188$719$418$236$130$29
44 years$1,148$685$392$218$118$25
45 years$1,110$653$368$201$107$22
46 years$1,073$623$346$186$97$19
47 years$1,038$595$325$172$88$16
48 years$1,005$568$305$159$80$14
49 years$974$542$287$146$73$12
50 years$943$518$270$135$66$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $966,000, adding $3,892 every year, while hoping to spend $59,633 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: 40/37/23 Blend
55$966,000$966,000$966,000$966,000
56$1,068,547$1,017,349$1,002,376$1,103,881
57$1,114,089$1,003,750$972,506$1,116,073
58$1,162,279$987,486$939,637$1,123,323
59$1,213,322$968,363$903,606$1,129,973
60$1,267,445$946,177$864,241$1,136,004
61$1,324,895$920,710$821,364$1,141,398
62$1,385,942$891,733$774,787$1,146,140
63$1,450,882$859,002$724,317$1,150,220
64$1,520,039$822,260$669,748$1,153,633
65$1,593,766$781,234$610,868$1,156,378
66$1,672,453$735,637$547,454$1,158,462
67$1,756,523$685,163$479,274$1,159,898
68$1,846,442$629,490$406,084$1,160,711
69$1,942,723$568,278$327,631$1,160,932
70$2,045,924$501,167$243,650$1,160,605
71$2,156,660$427,777$153,864$1,159,790
72$2,275,606$347,705$57,986$1,158,558
73$2,403,503$260,527$0$1,156,999
74$2,541,162$165,794$0$1,166,104
75$2,689,475$63,033$0$1,191,017
76$2,849,424$0$0$1,217,730
77$3,022,085$0$0$1,266,161
78$3,208,641$0$0$1,346,316
79$3,410,392$0$0$1,433,105
80$3,628,768$0$0$1,527,153
81$3,865,339$0$0$1,629,153
82$4,121,833$0$0$1,739,863
83$4,400,150$0$0$1,860,118
84$4,702,379$0$0$1,990,837
85$5,030,818$0$0$2,133,031
86$5,387,994$0$0$2,287,811
87$5,776,689$0$0$2,456,401
88$6,199,964$0$0$2,640,146
89$6,661,185$0$0$2,840,529
90$7,164,059$0$0$3,059,181
91$7,712,664$0$0$3,297,896
92$8,311,490$0$0$3,558,650
93$8,965,478$0$0$3,843,619
94$9,680,068$0$0$4,155,197
95$10,461,251$0$0$4,496,021
96$11,315,619$0$0$4,868,995
97$12,250,434$0$0$5,277,315
98$13,273,689$0$0$5,724,501
99$14,394,188$0$0$6,214,431
100$15,621,625$0$0$6,751,374