Can I retire at age 56 with 975,000?

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 $975,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.4%
1 years$80,515$79,797$79,098$78,415$77,748$76,023
2 years$39,859$39,116$38,397$37,699$37,023$35,294
3 years$26,309$25,563$24,845$24,154$23,489$21,810
4 years$19,535$18,791$18,081$17,402$16,752$15,136
5 years$15,472$14,733$14,032$13,366$12,735$11,186
6 years$12,764$12,030$11,340$10,689$10,077$8,597
7 years$10,830$10,103$9,423$8,788$8,195$6,785
8 years$9,381$8,660$7,992$7,372$6,799$5,458
9 years$8,254$7,540$6,883$6,279$5,725$4,452
10 years$7,353$6,646$6,001$5,413$4,878$3,672
11 years$6,617$5,917$5,283$4,711$4,196$3,054
12 years$6,003$5,311$4,689$4,132$3,636$2,557
13 years$5,485$4,799$4,189$3,648$3,170$2,153
14 years$5,040$4,362$3,764$3,238$2,779$1,821
15 years$4,656$3,985$3,398$2,888$2,447$1,546
16 years$4,320$3,656$3,081$2,586$2,163$1,317
17 years$4,023$3,367$2,804$2,323$1,918$1,124
18 years$3,760$3,112$2,559$2,094$1,705$962
19 years$3,525$2,884$2,343$1,892$1,520$824
20 years$3,314$2,680$2,150$1,714$1,357$708
21 years$3,123$2,496$1,978$1,555$1,215$608
22 years$2,949$2,330$1,823$1,414$1,089$524
23 years$2,791$2,179$1,683$1,288$977$451
24 years$2,647$2,042$1,557$1,174$879$389
25 years$2,514$1,916$1,442$1,073$791$335
26 years$2,391$1,801$1,337$981$712$290
27 years$2,278$1,695$1,242$898$642$250
28 years$2,173$1,597$1,154$822$579$216
29 years$2,076$1,507$1,074$754$523$187
30 years$1,985$1,423$1,000$692$473$162
31 years$1,900$1,345$933$636$427$140
32 years$1,820$1,273$870$584$387$121
33 years$1,746$1,205$813$537$350$105
34 years$1,676$1,142$759$494$317$91
35 years$1,610$1,083$710$455$287$78
36 years$1,549$1,028$664$419$260$68
37 years$1,490$977$622$386$236$59
38 years$1,435$928$582$356$214$51
39 years$1,383$883$545$328$194$44
40 years$1,333$840$511$303$176$38
41 years$1,286$799$479$279$159$33
42 years$1,241$761$450$258$145$29
43 years$1,199$725$422$238$131$25
44 years$1,158$691$396$220$119$21
45 years$1,120$659$372$203$108$19
46 years$1,083$629$349$187$98$16
47 years$1,048$600$328$173$89$14
48 years$1,015$573$308$160$81$12
49 years$983$547$290$148$74$10
50 years$952$523$272$137$67$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $975,000, adding $2,684 every year, while hoping to spend $44,481 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: 72/22/6 Blend
55$975,000$975,000$975,000$975,000
56$1,077,219$1,025,544$1,010,431$1,153,801
57$1,139,767$1,028,468$996,953$1,207,589
58$1,207,205$1,030,044$981,533$1,260,633
59$1,279,984$1,030,161$964,058$1,317,455
60$1,358,601$1,028,696$944,412$1,378,412
61$1,443,599$1,025,524$922,471$1,443,902
62$1,535,580$1,020,508$898,108$1,514,361
63$1,635,202$1,013,506$871,187$1,590,270
64$1,743,190$1,004,365$841,569$1,672,161
65$1,860,341$992,924$809,107$1,760,619
66$1,987,530$979,012$773,646$1,856,291
67$2,125,721$962,447$735,027$1,959,890
68$2,275,976$943,037$693,081$2,072,202
69$2,439,459$920,580$647,633$2,194,096
70$2,617,454$894,859$598,499$2,326,529
71$2,811,374$865,647$545,489$2,470,556
72$3,022,773$832,702$488,401$2,627,344
73$3,253,360$795,768$427,026$2,798,176
74$3,505,018$754,576$361,147$2,984,472
75$3,779,819$708,840$290,535$3,187,794
76$4,080,045$658,258$214,953$3,409,870
77$4,408,207$602,510$134,151$3,652,602
78$4,767,069$541,257$47,870$3,918,091
79$5,159,675$474,145$0$4,208,652
80$5,589,378$400,794$0$4,529,671
81$6,059,869$320,806$0$4,884,591
82$6,575,210$233,761$0$5,273,471
83$7,139,880$139,213$0$5,699,762
84$7,758,807$36,694$0$6,167,264
85$8,437,420$0$0$6,680,173
86$9,181,700$0$0$7,261,097
87$9,998,230$0$0$7,908,208
88$10,894,267$0$0$8,618,379
89$11,877,801$0$0$9,397,949
90$12,957,633$0$0$10,253,900
91$14,143,460$0$0$11,193,925
92$15,445,961$0$0$12,226,498
93$16,876,903$0$0$13,360,953
94$18,449,248$0$0$14,607,574
95$20,177,276$0$0$15,977,690
96$22,076,718$0$0$17,483,782
97$24,164,906$0$0$19,139,602
98$26,460,934$0$0$20,960,298
99$28,985,841$0$0$22,962,562
100$31,762,803$0$0$25,164,782