Can I retire at age 56 with 972,000?

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 $972,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.8%
1 years$80,267$79,552$78,854$78,173$77,509$76,287
2 years$39,736$38,996$38,279$37,583$36,909$35,682
3 years$26,228$25,484$24,769$24,080$23,417$22,222
4 years$19,475$18,734$18,025$17,348$16,701$15,547
5 years$15,424$14,687$13,988$13,325$12,696$11,587
6 years$12,724$11,993$11,305$10,656$10,046$8,983
7 years$10,797$10,072$9,394$8,761$8,170$7,153
8 years$9,352$8,634$7,967$7,349$6,778$5,807
9 years$8,229$7,517$6,862$6,260$5,708$4,783
10 years$7,330$6,626$5,983$5,396$4,863$3,984
11 years$6,596$5,899$5,267$4,696$4,183$3,347
12 years$5,985$5,294$4,674$4,119$3,625$2,832
13 years$5,468$4,785$4,176$3,637$3,161$2,410
14 years$5,025$4,349$3,752$3,228$2,771$2,060
15 years$4,641$3,973$3,388$2,879$2,439$1,769
16 years$4,306$3,645$3,072$2,578$2,156$1,523
17 years$4,011$3,357$2,795$2,316$1,912$1,315
18 years$3,749$3,102$2,551$2,087$1,700$1,139
19 years$3,514$2,875$2,336$1,886$1,515$988
20 years$3,304$2,671$2,144$1,708$1,353$858
21 years$3,113$2,488$1,972$1,550$1,211$747
22 years$2,940$2,323$1,817$1,410$1,086$650
23 years$2,783$2,172$1,678$1,284$974$567
24 years$2,638$2,035$1,552$1,171$876$495
25 years$2,506$1,910$1,437$1,069$788$433
26 years$2,384$1,795$1,333$978$710$378
27 years$2,271$1,690$1,238$895$640$331
28 years$2,166$1,592$1,151$820$578$290
29 years$2,069$1,502$1,071$752$521$254
30 years$1,979$1,418$997$690$471$222
31 years$1,894$1,341$930$634$426$195
32 years$1,815$1,269$868$582$385$171
33 years$1,741$1,202$810$536$349$150
34 years$1,671$1,139$757$493$316$131
35 years$1,606$1,080$708$454$286$115
36 years$1,544$1,025$662$418$259$101
37 years$1,485$974$620$385$235$89
38 years$1,430$925$580$355$213$78
39 years$1,378$880$544$327$193$68
40 years$1,329$837$510$302$175$60
41 years$1,282$797$478$278$159$53
42 years$1,237$759$448$257$144$46
43 years$1,195$723$421$237$131$41
44 years$1,155$689$395$219$119$36
45 years$1,116$657$371$202$108$31
46 years$1,080$627$348$187$98$28
47 years$1,045$598$327$173$89$24
48 years$1,012$571$307$159$81$21
49 years$980$545$289$147$73$19
50 years$949$521$272$136$67$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $972,000, adding $3,553 every year, while hoping to spend $45,368 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: 45/37/18 Blend
55$972,000$972,000$972,000$972,000
56$1,074,809$1,023,293$1,008,227$1,117,472
57$1,136,168$1,025,163$993,731$1,149,568
58$1,202,266$1,025,604$977,230$1,179,554
59$1,273,537$1,024,499$958,607$1,211,113
60$1,350,459$1,021,721$937,742$1,244,413
61$1,433,559$1,017,139$914,509$1,279,639
62$1,523,414$1,010,610$888,777$1,316,998
63$1,620,659$1,001,986$860,407$1,356,721
64$1,725,990$991,108$829,256$1,399,066
65$1,840,177$977,808$795,171$1,444,320
66$1,964,062$961,907$757,996$1,492,804
67$2,098,572$943,217$717,566$1,544,873
68$2,244,730$921,538$673,707$1,600,925
69$2,403,657$896,658$626,241$1,661,400
70$2,576,588$868,352$574,978$1,726,788
71$2,764,883$836,384$519,723$1,797,636
72$2,970,036$800,503$460,269$1,874,549
73$3,193,694$760,441$396,402$1,958,200
74$3,437,667$715,920$327,898$2,049,338
75$3,703,950$666,640$254,523$2,148,791
76$3,994,736$612,289$176,033$2,257,481
77$4,312,441$552,533$92,172$2,376,429
78$4,659,725$487,022$2,674$2,506,769
79$5,039,515$415,384$0$2,649,757
80$5,455,035$337,228$0$2,824,616
81$5,909,836$252,139$0$3,016,766
82$6,407,825$159,680$0$3,227,462
83$6,953,308$59,389$0$3,458,658
84$7,551,024$0$0$3,712,515
85$8,206,194$0$0$4,011,463
86$8,924,568$0$0$4,365,878
87$9,712,479$0$0$4,754,719
88$10,576,901$0$0$5,181,442
89$11,525,517$0$0$5,649,856
90$12,566,790$0$0$6,164,155
91$13,710,041$0$0$6,728,961
92$14,965,540$0$0$7,349,362
93$16,344,596$0$0$8,030,967
94$17,859,673$0$0$8,779,952
95$19,524,497$0$0$9,603,124
96$21,354,192$0$0$10,507,979
97$23,365,420$0$0$11,502,777
98$25,576,535$0$0$12,596,619
99$28,007,761$0$0$13,799,530
100$30,681,378$0$0$15,122,557