Can I retire at age 56 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.9%
1 years$80,102$79,388$78,692$78,013$77,349$75,175
2 years$39,654$38,916$38,200$37,506$36,833$34,659
3 years$26,174$25,432$24,718$24,030$23,368$21,262
4 years$19,435$18,695$17,988$17,313$16,666$14,645
5 years$15,392$14,657$13,960$13,298$12,670$10,738
6 years$12,698$11,969$11,282$10,634$10,025$8,186
7 years$10,775$10,051$9,375$8,743$8,153$6,406
8 years$9,333$8,616$7,951$7,334$6,764$5,107
9 years$8,212$7,502$6,848$6,247$5,696$4,129
10 years$7,315$6,612$5,970$5,385$4,853$3,374
11 years$6,583$5,887$5,256$4,687$4,174$2,779
12 years$5,972$5,283$4,665$4,111$3,617$2,305
13 years$5,456$4,775$4,168$3,629$3,154$1,921
14 years$5,015$4,340$3,745$3,222$2,765$1,608
15 years$4,632$3,965$3,381$2,873$2,434$1,351
16 years$4,297$3,638$3,065$2,573$2,152$1,138
17 years$4,003$3,350$2,789$2,311$1,908$961
18 years$3,741$3,096$2,546$2,083$1,696$813
19 years$3,507$2,869$2,331$1,882$1,512$689
20 years$3,297$2,666$2,139$1,705$1,350$585
21 years$3,107$2,483$1,968$1,547$1,209$497
22 years$2,934$2,318$1,814$1,407$1,083$423
23 years$2,777$2,168$1,674$1,281$972$360
24 years$2,633$2,031$1,549$1,168$874$307
25 years$2,501$1,906$1,434$1,067$786$261
26 years$2,379$1,792$1,330$976$708$223
27 years$2,266$1,686$1,235$893$639$190
28 years$2,162$1,589$1,148$818$576$162
29 years$2,065$1,499$1,069$750$520$139
30 years$1,975$1,415$995$689$470$118
31 years$1,890$1,338$928$632$425$101
32 years$1,811$1,266$866$581$385$86
33 years$1,737$1,199$808$535$348$74
34 years$1,668$1,136$755$492$315$63
35 years$1,602$1,078$706$453$285$54
36 years$1,541$1,023$661$417$259$46
37 years$1,482$972$618$384$234$39
38 years$1,427$923$579$354$212$34
39 years$1,375$878$542$326$193$29
40 years$1,326$835$508$301$175$25
41 years$1,279$795$477$278$159$21
42 years$1,235$757$447$256$144$18
43 years$1,193$722$420$237$131$15
44 years$1,152$688$394$219$119$13
45 years$1,114$656$370$202$108$11
46 years$1,078$626$347$186$98$10
47 years$1,043$597$326$172$89$8
48 years$1,009$570$307$159$81$7
49 years$978$544$288$147$73$6
50 years$947$520$271$136$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $970,000, adding $5,836 every year, while hoping to spend $39,081 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: 70/9/21 Blend
55$970,000$970,000$970,000$970,000
56$1,074,960$1,023,550$1,008,515$1,144,242
57$1,143,024$1,032,122$1,000,718$1,199,807
58$1,216,721$1,039,804$991,351$1,255,457
59$1,296,583$1,046,512$980,318$1,315,414
60$1,383,198$1,052,154$967,522$1,380,100
61$1,477,211$1,056,636$952,860$1,449,981
62$1,579,329$1,059,854$936,224$1,525,572
63$1,690,334$1,061,701$917,501$1,607,438
64$1,811,084$1,062,060$896,574$1,696,208
65$1,942,524$1,060,809$873,317$1,792,569
66$2,085,691$1,057,819$847,603$1,897,284
67$2,241,729$1,052,950$819,296$2,011,193
68$2,411,898$1,046,057$788,255$2,135,221
69$2,597,581$1,036,984$754,331$2,270,390
70$2,800,304$1,025,565$717,370$2,417,828
71$3,021,744$1,011,627$677,212$2,578,778
72$3,263,749$994,984$633,685$2,754,610
73$3,528,353$975,439$586,615$2,946,837
74$3,817,795$952,786$535,817$3,157,127
75$4,134,541$926,803$481,097$3,387,320
76$4,481,306$897,258$422,256$3,639,444
77$4,861,080$863,905$359,082$3,915,737
78$5,277,155$826,481$291,356$4,218,667
79$5,733,157$784,711$218,849$4,550,955
80$6,233,080$738,303$141,322$4,915,603
81$6,781,323$686,948$58,525$5,315,921
82$7,382,729$630,320$0$5,755,557
83$8,042,634$568,072$0$6,245,222
84$8,766,916$499,841$0$6,797,098
85$9,562,048$425,240$0$7,403,014
86$10,435,163$343,863$0$8,068,433
87$11,394,116$255,278$0$8,799,373
88$12,447,560$159,031$0$9,602,468
89$13,605,030$54,643$0$10,485,025
90$14,877,028$0$0$11,455,099
91$16,275,126$0$0$12,527,346
92$17,812,069$0$0$13,712,085
93$19,501,902$0$0$15,014,735
94$21,360,097$0$0$16,447,233
95$23,403,703$0$0$18,022,727
96$25,651,499$0$0$19,755,704
97$28,124,180$0$0$21,662,126
98$30,844,546$0$0$23,759,581
99$33,837,718$0$0$26,067,446
100$37,131,375$0$0$28,607,071