Can I retire at age 56 with 976,000?

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 $976,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$80,597$79,879$79,179$78,495$77,828$77,337
2 years$39,900$39,156$38,436$37,738$37,061$36,566
3 years$26,336$25,589$24,871$24,179$23,513$23,029
4 years$19,555$18,811$18,100$17,420$16,770$16,301
5 years$15,487$14,748$14,046$13,380$12,748$12,295
6 years$12,777$12,043$11,351$10,700$10,087$9,651
7 years$10,841$10,113$9,433$8,797$8,203$7,784
8 years$9,390$8,669$8,000$7,380$6,806$6,403
9 years$8,262$7,548$6,890$6,286$5,731$5,346
10 years$7,361$6,653$6,007$5,418$4,883$4,515
11 years$6,623$5,923$5,289$4,716$4,200$3,848
12 years$6,009$5,316$4,693$4,136$3,639$3,303
13 years$5,490$4,804$4,193$3,652$3,174$2,853
14 years$5,046$4,367$3,768$3,242$2,782$2,477
15 years$4,661$3,989$3,402$2,891$2,450$2,160
16 years$4,324$3,660$3,084$2,589$2,165$1,890
17 years$4,027$3,371$2,806$2,326$1,920$1,658
18 years$3,764$3,115$2,562$2,096$1,707$1,459
19 years$3,529$2,887$2,345$1,894$1,521$1,287
20 years$3,317$2,682$2,152$1,715$1,359$1,137
21 years$3,126$2,499$1,980$1,557$1,216$1,007
22 years$2,952$2,332$1,825$1,415$1,090$892
23 years$2,794$2,181$1,685$1,289$978$792
24 years$2,649$2,044$1,558$1,176$879$704
25 years$2,516$1,918$1,443$1,074$791$626
26 years$2,394$1,803$1,338$982$713$558
27 years$2,280$1,697$1,243$899$643$497
28 years$2,175$1,599$1,155$823$580$443
29 years$2,078$1,508$1,075$755$524$395
30 years$1,987$1,424$1,002$693$473$353
31 years$1,902$1,346$934$636$428$315
32 years$1,822$1,274$871$585$387$282
33 years$1,748$1,206$813$538$350$252
34 years$1,678$1,143$760$495$317$225
35 years$1,612$1,085$711$456$287$201
36 years$1,550$1,029$665$420$260$180
37 years$1,492$978$622$387$236$161
38 years$1,436$929$583$356$214$144
39 years$1,384$884$546$329$194$129
40 years$1,334$841$512$303$176$116
41 years$1,287$800$480$280$160$104
42 years$1,243$762$450$258$145$93
43 years$1,200$726$422$238$131$83
44 years$1,160$692$396$220$119$75
45 years$1,121$660$372$203$108$67
46 years$1,084$630$350$188$98$60
47 years$1,049$601$328$173$89$54
48 years$1,016$574$309$160$81$48
49 years$984$548$290$148$74$43
50 years$953$523$273$137$67$39

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $976,000, adding $3,558 every year, while hoping to spend $52,053 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: 61/20/19 Blend
55$976,000$976,000$976,000$976,000
56$1,079,222$1,027,494$1,012,366$1,139,549
57$1,133,919$1,022,457$990,896$1,175,673
58$1,192,450$1,015,429$966,963$1,208,981
59$1,255,152$1,006,257$940,428$1,244,137
60$1,322,393$994,779$911,148$1,281,326
61$1,394,578$980,824$878,972$1,320,754
62$1,472,151$964,211$843,744$1,362,652
63$1,555,599$944,746$805,298$1,407,274
64$1,645,457$922,225$763,463$1,454,903
65$1,742,313$896,434$718,058$1,505,855
66$1,846,813$867,143$668,897$1,560,478
67$1,959,665$834,111$615,782$1,619,160
68$2,081,650$797,081$558,510$1,682,332
69$2,213,622$755,782$496,864$1,750,470
70$2,356,525$709,929$430,623$1,824,103
71$2,511,393$659,218$359,551$1,903,818
72$2,679,365$603,329$283,405$1,990,265
73$2,861,691$541,923$201,931$2,084,164
74$3,059,750$474,643$114,861$2,186,315
75$3,275,054$401,111$21,919$2,297,601
76$3,509,271$320,926$0$2,419,002
77$3,764,233$233,668$0$2,567,266
78$4,041,957$138,890$0$2,733,690
79$4,344,662$36,122$0$2,915,220
80$4,674,792$0$0$3,113,391
81$5,035,035$0$0$3,346,437
82$5,428,350$0$0$3,609,627
83$5,857,996$0$0$3,897,202
84$6,327,557$0$0$4,211,570
85$6,840,984$0$0$4,555,384
86$7,402,622$0$0$4,931,566
87$8,017,259$0$0$5,343,332
88$8,690,166$0$0$5,794,223
89$9,427,146$0$0$6,288,140
90$10,234,591$0$0$6,829,378
91$11,119,541$0$0$7,422,668
92$12,089,748$0$0$8,073,219
93$13,153,751$0$0$8,786,770
94$14,320,953$0$0$9,569,640
95$15,601,714$0$0$10,428,792
96$17,007,443$0$0$11,371,893
97$18,550,709$0$0$12,407,390
98$20,245,356$0$0$13,544,589
99$22,106,635$0$0$14,793,738
100$24,151,347$0$0$16,166,130