Can I retire at age 56 with 973,000?

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 $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%11.9%
1 years$80,349$79,634$78,935$78,254$77,588$76,970
2 years$39,777$39,036$38,318$37,622$36,947$36,324
3 years$26,255$25,511$24,794$24,105$23,441$22,832
4 years$19,495$18,753$18,044$17,366$16,718$16,128
5 years$15,440$14,703$14,003$13,339$12,709$12,140
6 years$12,737$12,006$11,316$10,667$10,056$9,509
7 years$10,808$10,082$9,404$8,770$8,178$7,653
8 years$9,361$8,642$7,975$7,357$6,785$6,281
9 years$8,237$7,525$6,869$6,267$5,714$5,231
10 years$7,338$6,633$5,989$5,402$4,868$4,407
11 years$6,603$5,905$5,272$4,701$4,187$3,747
12 years$5,991$5,300$4,679$4,124$3,628$3,209
13 years$5,473$4,789$4,180$3,641$3,164$2,765
14 years$5,030$4,353$3,756$3,232$2,773$2,394
15 years$4,646$3,977$3,391$2,882$2,442$2,081
16 years$4,311$3,649$3,075$2,581$2,158$1,816
17 years$4,015$3,360$2,798$2,319$1,914$1,589
18 years$3,752$3,105$2,554$2,090$1,702$1,395
19 years$3,518$2,878$2,338$1,888$1,517$1,227
20 years$3,307$2,674$2,146$1,710$1,355$1,081
21 years$3,116$2,491$1,974$1,552$1,212$954
22 years$2,943$2,325$1,819$1,411$1,087$843
23 years$2,786$2,175$1,680$1,285$975$746
24 years$2,641$2,038$1,553$1,172$877$661
25 years$2,509$1,912$1,439$1,070$789$586
26 years$2,386$1,797$1,334$979$711$520
27 years$2,273$1,691$1,239$896$641$462
28 years$2,169$1,594$1,152$821$578$411
29 years$2,071$1,503$1,072$753$522$365
30 years$1,981$1,420$998$691$472$325
31 years$1,896$1,342$931$634$426$290
32 years$1,817$1,270$868$583$386$258
33 years$1,743$1,203$811$536$349$230
34 years$1,673$1,140$758$493$316$205
35 years$1,607$1,081$708$454$286$183
36 years$1,545$1,026$663$418$259$163
37 years$1,487$975$620$385$235$145
38 years$1,432$926$581$355$213$130
39 years$1,380$881$544$328$193$116
40 years$1,330$838$510$302$175$103
41 years$1,283$798$478$279$159$92
42 years$1,239$760$449$257$144$82
43 years$1,196$724$421$237$131$73
44 years$1,156$690$395$219$119$66
45 years$1,118$658$371$202$108$59
46 years$1,081$628$348$187$98$52
47 years$1,046$599$327$173$89$47
48 years$1,013$572$308$160$81$42
49 years$981$546$289$148$73$37
50 years$950$522$272$136$67$33

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $973,000, adding $3,149 every year, while hoping to spend $52,689 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: 52/21/27 Blend
55$973,000$973,000$973,000$973,000
56$1,075,494$1,023,925$1,008,844$1,123,139
57$1,129,134$1,018,037$986,579$1,150,660
58$1,186,479$1,010,094$961,803$1,174,985
59$1,247,852$999,941$934,375$1,200,396
60$1,313,606$987,411$904,150$1,227,017
61$1,384,128$972,329$870,974$1,254,989
62$1,459,845$954,508$834,687$1,284,471
63$1,541,223$933,753$795,123$1,315,641
64$1,628,774$909,853$752,106$1,348,697
65$1,723,061$882,588$705,454$1,383,862
66$1,824,703$851,724$654,976$1,421,385
67$1,934,377$817,014$600,472$1,461,547
68$2,052,830$778,194$541,734$1,504,657
69$2,180,882$734,988$478,545$1,551,065
70$2,319,432$687,103$410,677$1,601,159
71$2,469,472$634,229$337,893$1,655,371
72$2,632,090$576,038$259,944$1,714,185
73$2,808,483$512,184$176,572$1,778,138
74$2,999,968$442,300$87,506$1,847,828
75$3,207,992$366,000$0$1,923,922
76$3,434,148$282,876$0$2,009,333
77$3,680,189$192,494$0$2,129,756
78$3,948,043$94,401$0$2,260,960
79$4,239,830$0$0$2,404,052
80$4,557,886$0$0$2,563,004
81$4,904,781$0$0$2,760,250
82$5,283,341$0$0$2,975,593
83$5,696,679$0$0$3,210,815
84$6,148,223$0$0$3,467,879
85$6,641,745$0$0$3,748,945
86$7,181,397$0$0$4,056,391
87$7,771,754$0$0$4,392,835
88$8,417,849$0$0$4,761,162
89$9,125,227$0$0$5,164,546
90$9,899,993$0$0$5,606,484
91$10,748,872$0$0$6,090,827
92$11,679,267$0$0$6,621,816
93$12,699,334$0$0$7,204,123
94$13,818,054$0$0$7,842,891
95$15,045,320$0$0$8,543,789
96$16,392,029$0$0$9,313,057
97$17,870,183$0$0$10,157,571
98$19,493,003$0$0$11,084,904
99$21,275,052$0$0$12,103,401
100$23,232,374$0$0$13,222,251