Can I retire at age 56 with 968,000?

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 $968,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.8%
1 years$79,937$79,225$78,530$77,852$77,190$74,749
2 years$39,573$38,836$38,121$37,429$36,757$34,320
3 years$26,120$25,379$24,667$23,981$23,320$20,963
4 years$19,395$18,657$17,951$17,277$16,632$14,374
5 years$15,360$14,627$13,931$13,270$12,643$10,490
6 years$12,672$11,944$11,258$10,612$10,004$7,957
7 years$10,752$10,031$9,356$8,725$8,136$6,195
8 years$9,313$8,598$7,934$7,319$6,750$4,913
9 years$8,195$7,486$6,834$6,234$5,684$3,950
10 years$7,300$6,599$5,958$5,374$4,843$3,209
11 years$6,569$5,874$5,245$4,677$4,165$2,629
12 years$5,960$5,273$4,655$4,102$3,610$2,167
13 years$5,445$4,765$4,159$3,622$3,148$1,795
14 years$5,004$4,331$3,737$3,215$2,759$1,493
15 years$4,622$3,957$3,374$2,867$2,429$1,247
16 years$4,289$3,630$3,059$2,567$2,147$1,043
17 years$3,994$3,343$2,783$2,307$1,904$875
18 years$3,733$3,089$2,541$2,079$1,693$736
19 years$3,500$2,863$2,326$1,878$1,509$619
20 years$3,290$2,660$2,135$1,701$1,348$522
21 years$3,100$2,478$1,964$1,544$1,206$441
22 years$2,928$2,313$1,810$1,404$1,081$372
23 years$2,771$2,164$1,671$1,278$970$315
24 years$2,628$2,027$1,545$1,166$872$266
25 years$2,496$1,902$1,431$1,065$785$225
26 years$2,374$1,788$1,327$974$707$191
27 years$2,262$1,683$1,233$891$637$162
28 years$2,157$1,586$1,146$817$575$137
29 years$2,061$1,496$1,066$749$519$116
30 years$1,970$1,413$993$687$469$98
31 years$1,886$1,335$926$631$424$83
32 years$1,807$1,264$864$580$384$71
33 years$1,734$1,197$807$533$347$60
34 years$1,664$1,134$754$491$314$51
35 years$1,599$1,076$705$452$285$43
36 years$1,537$1,021$659$416$258$37
37 years$1,479$970$617$383$234$31
38 years$1,425$922$578$353$212$26
39 years$1,373$876$541$326$192$22
40 years$1,323$834$507$301$174$19
41 years$1,277$794$476$277$158$16
42 years$1,232$756$446$256$144$14
43 years$1,190$720$419$236$130$12
44 years$1,150$686$393$218$118$10
45 years$1,112$655$369$201$107$8
46 years$1,075$624$347$186$97$7
47 years$1,041$596$326$172$89$6
48 years$1,007$569$306$159$80$5
49 years$976$543$288$147$73$4
50 years$945$519$270$136$66$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $968,000, adding $6,151 every year, while hoping to spend $51,213 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: 55/32/13 Blend
55$968,000$968,000$968,000$968,000
56$1,073,081$1,021,777$1,006,773$1,128,166
57$1,128,045$1,017,354$986,009$1,161,837
58$1,186,899$1,010,997$962,834$1,192,392
59$1,249,985$1,002,559$937,112$1,224,475
60$1,317,680$991,881$908,702$1,258,242
61$1,390,396$978,796$877,456$1,293,868
62$1,468,586$963,126$843,220$1,331,548
63$1,552,747$944,685$805,833$1,371,497
64$1,643,425$923,272$765,126$1,413,957
65$1,741,220$898,677$720,923$1,459,198
66$1,846,789$870,678$673,039$1,507,519
67$1,960,858$839,037$621,282$1,559,254
68$2,084,221$803,506$565,451$1,614,774
69$2,217,753$763,819$505,335$1,674,492
70$2,362,415$719,697$440,715$1,738,868
71$2,519,263$670,844$371,361$1,808,413
72$2,689,461$616,948$297,034$1,883,693
73$2,874,285$557,678$217,484$1,965,340
74$3,075,142$492,684$132,450$2,054,052
75$3,293,579$421,598$41,659$2,150,607
76$3,531,296$344,028$0$2,255,868
77$3,790,166$259,564$0$2,378,451
78$4,072,250$167,769$0$2,518,422
79$4,379,813$68,184$0$2,671,216
80$4,715,353$0$0$2,838,182
81$5,081,614$0$0$3,034,784
82$5,481,621$0$0$3,275,805
83$5,918,702$0$0$3,539,252
84$6,396,521$0$0$3,827,343
85$6,919,111$0$0$4,142,524
86$7,490,915$0$0$4,487,483
87$8,116,825$0$0$4,865,184
88$8,802,224$0$0$5,278,891
89$9,553,045$0$0$5,732,195
90$10,375,820$0$0$6,229,055
91$11,277,740$0$0$6,773,827
92$12,266,730$0$0$7,371,313
93$13,351,514$0$0$8,026,799
94$14,541,704$0$0$8,746,108
95$15,847,886$0$0$9,535,655
96$17,281,721$0$0$10,402,506
97$18,856,054$0$0$11,354,442
98$20,585,033$0$0$12,400,039
99$22,484,248$0$0$13,548,741
100$24,570,867$0$0$14,810,954