Can I retire at age 56 with 967,000?

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 $967,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.2%
1 years$79,854$79,143$78,449$77,771$77,110$76,720
2 years$39,532$38,795$38,082$37,390$36,719$36,326
3 years$26,093$25,353$24,642$23,956$23,296$22,912
4 years$19,374$18,637$17,933$17,259$16,615$16,242
5 years$15,345$14,612$13,917$13,257$12,630$12,270
6 years$12,659$11,932$11,247$10,601$9,994$9,647
7 years$10,741$10,020$9,346$8,716$8,128$7,794
8 years$9,304$8,589$7,926$7,312$6,743$6,422
9 years$8,186$7,478$6,827$6,228$5,678$5,371
10 years$7,293$6,592$5,952$5,369$4,838$4,544
11 years$6,562$5,868$5,240$4,672$4,161$3,880
12 years$5,954$5,267$4,650$4,098$3,606$3,337
13 years$5,440$4,760$4,155$3,618$3,144$2,888
14 years$4,999$4,327$3,733$3,212$2,756$2,512
15 years$4,618$3,952$3,370$2,864$2,427$2,195
16 years$4,284$3,626$3,056$2,565$2,145$1,924
17 years$3,990$3,340$2,781$2,304$1,902$1,692
18 years$3,729$3,086$2,538$2,077$1,691$1,492
19 years$3,496$2,860$2,324$1,876$1,507$1,319
20 years$3,287$2,658$2,133$1,699$1,346$1,168
21 years$3,097$2,476$1,962$1,542$1,205$1,036
22 years$2,925$2,311$1,808$1,402$1,080$920
23 years$2,768$2,161$1,669$1,277$969$819
24 years$2,625$2,025$1,544$1,165$871$729
25 years$2,493$1,900$1,430$1,064$784$650
26 years$2,372$1,786$1,326$973$706$580
27 years$2,259$1,681$1,231$890$637$518
28 years$2,155$1,584$1,145$816$575$463
29 years$2,059$1,494$1,065$748$519$415
30 years$1,968$1,411$992$687$469$371
31 years$1,884$1,334$925$631$424$332
32 years$1,806$1,262$863$579$383$298
33 years$1,732$1,195$806$533$347$267
34 years$1,662$1,133$753$490$314$239
35 years$1,597$1,075$704$451$285$214
36 years$1,536$1,020$659$416$258$192
37 years$1,478$969$616$383$234$173
38 years$1,423$921$577$353$212$155
39 years$1,371$875$541$325$192$139
40 years$1,322$833$507$300$174$125
41 years$1,275$793$475$277$158$112
42 years$1,231$755$446$256$143$101
43 years$1,189$719$418$236$130$90
44 years$1,149$686$393$218$118$81
45 years$1,111$654$369$201$107$73
46 years$1,074$624$346$186$97$66
47 years$1,040$595$325$172$88$59
48 years$1,006$568$306$159$80$53
49 years$975$543$287$147$73$48
50 years$944$518$270$136$66$43

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $967,000, adding $3,186 every year, while hoping to spend $32,743 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: 57/20/23 Blend
55$967,000$967,000$967,000$967,000
56$1,068,920$1,017,669$1,002,681$1,123,032
57$1,143,112$1,032,697$1,001,432$1,175,375
58$1,223,774$1,047,363$999,045$1,228,634
59$1,311,531$1,061,616$995,445$1,285,978
60$1,407,072$1,075,400$990,557$1,347,810
61$1,511,153$1,088,655$984,301$1,414,572
62$1,624,609$1,101,317$976,593$1,486,757
63$1,748,355$1,113,318$967,345$1,564,903
64$1,883,402$1,124,585$956,466$1,649,609
65$2,030,860$1,135,041$943,859$1,741,534
66$2,191,953$1,144,603$929,423$1,841,403
67$2,368,026$1,153,182$913,052$1,950,020
68$2,560,562$1,160,686$894,637$2,068,270
69$2,771,193$1,167,013$874,061$2,197,129
70$3,001,717$1,172,059$851,204$2,337,676
71$3,254,111$1,175,709$825,939$2,491,099
72$3,530,556$1,177,844$798,133$2,658,711
73$3,833,450$1,178,336$767,648$2,841,961
74$4,165,437$1,177,050$734,339$3,042,444
75$4,529,428$1,173,841$698,056$3,261,924
76$4,928,628$1,168,557$658,639$3,502,344
77$5,366,568$1,161,037$615,923$3,765,850
78$5,847,137$1,151,107$569,736$4,054,806
79$6,374,619$1,138,585$519,897$4,371,824
80$6,953,734$1,123,279$466,216$4,719,782
81$7,589,678$1,104,984$408,498$5,101,856
82$8,288,179$1,083,482$346,537$5,521,547
83$9,055,544$1,058,543$280,117$5,982,720
84$9,898,723$1,029,925$209,013$6,489,634
85$10,825,370$997,369$132,993$7,046,989
86$11,843,920$960,602$51,811$7,659,968
87$12,963,665$919,336$0$8,334,286
88$14,194,841$873,266$0$9,084,792
89$15,548,727$822,068$0$9,924,016
90$17,037,748$765,401$0$10,846,961
91$18,675,596$702,903$0$11,862,152
92$20,477,355$634,193$0$12,978,982
93$22,459,643$558,866$0$14,207,807
94$24,640,773$476,497$0$15,560,038
95$27,040,921$386,635$0$17,048,253
96$29,682,318$288,803$0$18,686,317
97$32,589,459$182,499$0$20,489,510
98$35,789,334$67,192$0$22,474,673
99$39,311,683$0$0$24,660,369
100$43,189,273$0$0$27,079,750