Can I retire at age 56 with 977,000?

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 $977,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$80,680$79,961$79,260$78,576$77,907$75,932
2 years$39,940$39,197$38,476$37,777$37,099$35,121
3 years$26,362$25,615$24,896$24,204$23,537$21,619
4 years$19,575$18,830$18,118$17,438$16,787$14,944
5 years$15,503$14,763$14,060$13,394$12,761$10,998
6 years$12,790$12,055$11,363$10,711$10,097$8,415
7 years$10,852$10,124$9,443$8,806$8,212$6,612
8 years$9,400$8,678$8,008$7,387$6,813$5,293
9 years$8,271$7,556$6,897$6,292$5,737$4,297
10 years$7,368$6,660$6,013$5,424$4,888$3,527
11 years$6,630$5,929$5,294$4,721$4,204$2,918
12 years$6,015$5,322$4,698$4,141$3,643$2,431
13 years$5,496$4,809$4,198$3,655$3,177$2,036
14 years$5,051$4,371$3,772$3,245$2,785$1,713
15 years$4,665$3,993$3,405$2,894$2,452$1,446
16 years$4,328$3,664$3,087$2,591$2,167$1,224
17 years$4,032$3,374$2,809$2,328$1,922$1,039
18 years$3,768$3,118$2,565$2,098$1,709$884
19 years$3,532$2,890$2,348$1,896$1,523$753
20 years$3,321$2,685$2,155$1,717$1,360$643
21 years$3,129$2,501$1,982$1,558$1,217$549
22 years$2,955$2,335$1,827$1,417$1,091$470
23 years$2,797$2,184$1,687$1,290$979$402
24 years$2,652$2,046$1,560$1,177$880$344
25 years$2,519$1,920$1,445$1,075$792$295
26 years$2,396$1,805$1,340$983$714$253
27 years$2,283$1,698$1,244$900$643$217
28 years$2,178$1,600$1,157$824$580$187
29 years$2,080$1,510$1,076$756$524$160
30 years$1,989$1,426$1,003$694$474$138
31 years$1,904$1,348$935$637$428$118
32 years$1,824$1,275$872$585$387$102
33 years$1,750$1,208$814$538$351$87
34 years$1,680$1,145$761$495$317$75
35 years$1,614$1,086$711$456$287$65
36 years$1,552$1,030$665$420$260$56
37 years$1,493$979$623$387$236$48
38 years$1,438$930$583$357$214$41
39 years$1,385$884$546$329$194$35
40 years$1,336$841$512$303$176$30
41 years$1,289$801$480$280$160$26
42 years$1,244$763$450$258$145$22
43 years$1,201$727$423$238$132$19
44 years$1,161$693$397$220$119$17
45 years$1,122$661$373$203$108$14
46 years$1,085$630$350$188$98$12
47 years$1,050$601$329$173$89$11
48 years$1,017$574$309$160$81$9
49 years$985$548$290$148$74$8
50 years$954$524$273$137$67$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $977,000, adding $2,560 every year, while hoping to spend $44,997 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: 51/34/15 Blend
55$977,000$977,000$977,000$977,000
56$1,079,295$1,027,514$1,012,370$1,129,806
57$1,141,506$1,029,985$998,408$1,167,211
58$1,208,555$1,031,070$982,470$1,202,921
59$1,280,888$1,030,652$964,443$1,240,744
60$1,358,994$1,028,609$944,207$1,280,894
61$1,443,411$1,024,811$921,638$1,323,607
62$1,534,732$1,019,120$896,605$1,369,146
63$1,633,606$1,011,388$868,973$1,417,804
64$1,740,749$1,001,462$838,599$1,469,905
65$1,856,946$989,175$805,333$1,525,809
66$1,983,064$974,353$769,021$1,585,916
67$2,120,051$956,811$729,498$1,650,669
68$2,268,954$936,353$686,594$1,720,560
69$2,430,925$912,771$640,132$1,796,134
70$2,607,228$885,846$589,926$1,877,995
71$2,799,258$855,345$535,780$1,966,813
72$3,008,546$821,020$477,493$2,063,330
73$3,236,780$782,613$414,851$2,168,370
74$3,485,817$739,846$347,634$2,282,843
75$3,757,701$692,429$275,610$2,407,758
76$4,054,681$640,053$198,538$2,544,232
77$4,379,234$582,392$116,165$2,693,503
78$4,734,088$519,101$28,228$2,856,939
79$5,122,244$449,816$0$3,036,055
80$5,547,009$374,152$0$3,243,030
81$6,012,021$291,704$0$3,474,720
82$6,521,291$202,040$0$3,728,702
83$7,079,231$104,709$0$4,007,295
84$7,690,703$0$0$4,313,060
85$8,361,062$0$0$4,649,113
86$9,096,203$0$0$5,060,703
87$9,902,621$0$0$5,512,303
88$10,787,470$0$0$6,007,931
89$11,758,629$0$0$6,552,014
90$12,824,777$0$0$7,149,429
91$13,995,477$0$0$7,805,547
92$15,281,258$0$0$8,526,286
93$16,693,724$0$0$9,318,164
94$18,245,655$0$0$10,188,363
95$19,951,132$0$0$11,144,794
96$21,825,667$0$0$12,196,174
97$23,886,350$0$0$13,352,105
98$26,152,007$0$0$14,623,166
99$28,643,384$0$0$16,021,014
100$31,383,332$0$0$17,558,490