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%17.9%
1 years$80,597$79,879$79,179$78,495$77,828$75,336
2 years$39,900$39,156$38,436$37,738$37,061$34,574
3 years$26,336$25,589$24,871$24,179$23,513$21,108
4 years$19,555$18,811$18,100$17,420$16,770$14,466
5 years$15,487$14,748$14,046$13,380$12,748$10,551
6 years$12,777$12,043$11,351$10,700$10,087$7,999
7 years$10,841$10,113$9,433$8,797$8,203$6,224
8 years$9,390$8,669$8,000$7,380$6,806$4,933
9 years$8,262$7,548$6,890$6,286$5,731$3,964
10 years$7,361$6,653$6,007$5,418$4,883$3,219
11 years$6,623$5,923$5,289$4,716$4,200$2,635
12 years$6,009$5,316$4,693$4,136$3,639$2,170
13 years$5,490$4,804$4,193$3,652$3,174$1,797
14 years$5,046$4,367$3,768$3,242$2,782$1,494
15 years$4,661$3,989$3,402$2,891$2,450$1,246
16 years$4,324$3,660$3,084$2,589$2,165$1,042
17 years$4,027$3,371$2,806$2,326$1,920$874
18 years$3,764$3,115$2,562$2,096$1,707$734
19 years$3,529$2,887$2,345$1,894$1,521$617
20 years$3,317$2,682$2,152$1,715$1,359$520
21 years$3,126$2,499$1,980$1,557$1,216$438
22 years$2,952$2,332$1,825$1,415$1,090$370
23 years$2,794$2,181$1,685$1,289$978$313
24 years$2,649$2,044$1,558$1,176$879$264
25 years$2,516$1,918$1,443$1,074$791$223
26 years$2,394$1,803$1,338$982$713$189
27 years$2,280$1,697$1,243$899$643$160
28 years$2,175$1,599$1,155$823$580$135
29 years$2,078$1,508$1,075$755$524$115
30 years$1,987$1,424$1,002$693$473$97
31 years$1,902$1,346$934$636$428$82
32 years$1,822$1,274$871$585$387$70
33 years$1,748$1,206$813$538$350$59
34 years$1,678$1,143$760$495$317$50
35 years$1,612$1,085$711$456$287$42
36 years$1,550$1,029$665$420$260$36
37 years$1,492$978$622$387$236$31
38 years$1,436$929$583$356$214$26
39 years$1,384$884$546$329$194$22
40 years$1,334$841$512$303$176$19
41 years$1,287$800$480$280$160$16
42 years$1,243$762$450$258$145$13
43 years$1,200$726$422$238$131$11
44 years$1,160$692$396$220$119$10
45 years$1,121$660$372$203$108$8
46 years$1,084$630$350$188$98$7
47 years$1,049$601$328$173$89$6
48 years$1,016$574$309$160$81$5
49 years$984$548$290$148$74$4
50 years$953$523$273$137$67$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $976,000, adding $6,782 every year, while hoping to spend $44,025 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$976,000$976,000$976,000$976,000
56$1,082,548$1,030,820$1,015,692$1,130,340
57$1,146,125$1,034,488$1,002,875$1,167,900
58$1,214,712$1,036,860$988,154$1,203,725
59$1,288,773$1,037,826$971,417$1,241,817
60$1,368,818$1,037,270$952,550$1,282,413
61$1,455,408$1,035,067$931,431$1,325,771
62$1,549,161$1,031,085$907,934$1,372,182
63$1,650,752$1,025,186$881,927$1,421,966
64$1,760,929$1,017,220$853,272$1,475,480
65$1,880,511$1,007,031$821,823$1,533,117
66$2,010,398$994,451$787,430$1,595,317
67$2,151,584$979,304$749,934$1,662,563
68$2,305,159$961,403$709,170$1,735,395
69$2,472,323$940,549$664,965$1,814,407
70$2,654,396$916,533$617,138$1,900,261
71$2,852,833$889,132$565,501$1,993,688
72$3,069,233$858,110$509,856$2,095,497
73$3,305,356$823,219$449,997$2,206,586
74$3,563,140$784,194$385,710$2,327,946
75$3,844,718$740,757$316,769$2,460,676
76$4,152,438$692,613$242,939$2,605,991
77$4,488,886$639,450$163,977$2,765,237
78$4,856,908$580,939$79,626$2,939,899
79$5,259,638$516,730$0$3,131,624
80$5,700,527$446,456$0$3,345,223
81$6,183,376$369,728$0$3,604,390
82$6,712,369$286,133$0$3,888,467
83$7,292,115$195,238$0$4,200,000
84$7,927,691$96,585$0$4,541,795
85$8,624,687$0$0$4,916,949
86$9,389,260$0$0$5,331,259
87$10,228,192$0$0$5,810,452
88$11,148,954$0$0$6,336,488
89$12,159,775$0$0$6,914,081
90$13,269,718$0$0$7,548,424
91$14,488,770$0$0$8,245,236
92$15,827,929$0$0$9,010,819
93$17,299,314$0$0$9,852,116
94$18,916,274$0$0$10,776,775
95$20,693,515$0$0$11,793,220
96$22,647,240$0$0$12,910,736
97$24,795,298$0$0$14,139,547
98$27,157,357$0$0$15,490,923
99$29,755,084$0$0$16,977,278
100$32,612,350$0$0$18,612,288