Can I retire at age 56 with 973,000?

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 $973,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.3%
1 years$80,349$79,634$78,935$78,254$77,588$75,590
2 years$39,777$39,036$38,318$37,622$36,947$34,947
3 years$26,255$25,511$24,794$24,105$23,441$21,502
4 years$19,495$18,753$18,044$17,366$16,718$14,855
5 years$15,440$14,703$14,003$13,339$12,709$10,926
6 years$12,737$12,006$11,316$10,667$10,056$8,356
7 years$10,808$10,082$9,404$8,770$8,178$6,562
8 years$9,361$8,642$7,975$7,357$6,785$5,250
9 years$8,237$7,525$6,869$6,267$5,714$4,260
10 years$7,338$6,633$5,989$5,402$4,868$3,494
11 years$6,603$5,905$5,272$4,701$4,187$2,889
12 years$5,991$5,300$4,679$4,124$3,628$2,405
13 years$5,473$4,789$4,180$3,641$3,164$2,013
14 years$5,030$4,353$3,756$3,232$2,773$1,692
15 years$4,646$3,977$3,391$2,882$2,442$1,427
16 years$4,311$3,649$3,075$2,581$2,158$1,208
17 years$4,015$3,360$2,798$2,319$1,914$1,024
18 years$3,752$3,105$2,554$2,090$1,702$871
19 years$3,518$2,878$2,338$1,888$1,517$741
20 years$3,307$2,674$2,146$1,710$1,355$632
21 years$3,116$2,491$1,974$1,552$1,212$540
22 years$2,943$2,325$1,819$1,411$1,087$461
23 years$2,786$2,175$1,680$1,285$975$394
24 years$2,641$2,038$1,553$1,172$877$338
25 years$2,509$1,912$1,439$1,070$789$289
26 years$2,386$1,797$1,334$979$711$248
27 years$2,273$1,691$1,239$896$641$213
28 years$2,169$1,594$1,152$821$578$182
29 years$2,071$1,503$1,072$753$522$156
30 years$1,981$1,420$998$691$472$134
31 years$1,896$1,342$931$634$426$115
32 years$1,817$1,270$868$583$386$99
33 years$1,743$1,203$811$536$349$85
34 years$1,673$1,140$758$493$316$73
35 years$1,607$1,081$708$454$286$63
36 years$1,545$1,026$663$418$259$54
37 years$1,487$975$620$385$235$46
38 years$1,432$926$581$355$213$40
39 years$1,380$881$544$328$193$34
40 years$1,330$838$510$302$175$29
41 years$1,283$798$478$279$159$25
42 years$1,239$760$449$257$144$22
43 years$1,196$724$421$237$131$19
44 years$1,156$690$395$219$119$16
45 years$1,118$658$371$202$108$14
46 years$1,081$628$348$187$98$12
47 years$1,046$599$327$173$89$10
48 years$1,013$572$308$160$81$9
49 years$981$546$289$148$73$8
50 years$950$522$272$136$67$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $973,000, adding $4,780 every year, while hoping to spend $46,707 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: 28/43/29 Blend
55$973,000$973,000$973,000$973,000
56$1,077,177$1,025,608$1,010,526$1,097,572
57$1,137,353$1,026,166$994,683$1,114,885
58$1,202,101$1,025,187$976,743$1,129,138
59$1,271,840$1,022,545$956,588$1,143,520
60$1,347,026$1,018,109$934,092$1,158,075
61$1,428,163$1,011,736$909,125$1,172,855
62$1,515,803$1,003,279$881,549$1,187,923
63$1,610,555$992,580$851,221$1,203,352
64$1,713,087$979,471$817,991$1,219,228
65$1,824,131$963,775$781,703$1,235,652
66$1,944,496$945,303$742,194$1,252,737
67$2,075,068$923,857$699,291$1,270,617
68$2,216,824$899,225$652,816$1,289,444
69$2,370,838$871,184$602,583$1,309,393
70$2,538,289$839,498$548,396$1,330,663
71$2,720,478$803,917$490,050$1,353,482
72$2,918,833$764,176$427,334$1,378,107
73$3,134,929$719,995$360,023$1,404,830
74$3,370,494$671,077$287,887$1,433,983
75$3,627,435$617,111$210,682$1,465,940
76$3,907,848$557,764$128,155$1,501,123
77$4,214,042$492,687$40,041$1,540,006
78$4,548,556$421,511$0$1,583,125
79$4,914,189$343,845$0$1,647,787
80$5,314,018$259,276$0$1,732,267
81$5,751,436$167,368$0$1,825,012
82$6,230,175$67,662$0$1,926,965
83$6,754,347$0$0$2,039,175
84$7,328,477$0$0$2,181,889
85$7,957,553$0$0$2,373,496
86$8,647,064$0$0$2,583,672
87$9,403,056$0$0$2,814,280
88$10,232,191$0$0$3,067,374
89$11,141,803$0$0$3,345,212
90$12,139,972$0$0$3,650,288
91$13,235,599$0$0$3,985,342
92$14,438,486$0$0$4,353,398
93$15,759,432$0$0$4,757,784
94$17,210,333$0$0$5,202,168
95$18,804,295$0$0$5,690,591
96$20,555,754$0$0$6,227,504
97$22,480,615$0$0$6,817,811
98$24,596,399$0$0$7,466,915
99$26,922,409$0$0$8,180,768
100$29,479,914$0$0$8,965,930