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%16.6%
1 years$80,680$79,961$79,260$78,576$77,907$75,809
2 years$39,940$39,197$38,476$37,777$37,099$34,999
3 years$26,362$25,615$24,896$24,204$23,537$21,503
4 years$19,575$18,830$18,118$17,438$16,787$14,833
5 years$15,503$14,763$14,060$13,394$12,761$10,893
6 years$12,790$12,055$11,363$10,711$10,097$8,317
7 years$10,852$10,124$9,443$8,806$8,212$6,520
8 years$9,400$8,678$8,008$7,387$6,813$5,208
9 years$8,271$7,556$6,897$6,292$5,737$4,218
10 years$7,368$6,660$6,013$5,424$4,888$3,452
11 years$6,630$5,929$5,294$4,721$4,204$2,850
12 years$6,015$5,322$4,698$4,141$3,643$2,368
13 years$5,496$4,809$4,198$3,655$3,177$1,978
14 years$5,051$4,371$3,772$3,245$2,785$1,659
15 years$4,665$3,993$3,405$2,894$2,452$1,397
16 years$4,328$3,664$3,087$2,591$2,167$1,179
17 years$4,032$3,374$2,809$2,328$1,922$998
18 years$3,768$3,118$2,565$2,098$1,709$846
19 years$3,532$2,890$2,348$1,896$1,523$719
20 years$3,321$2,685$2,155$1,717$1,360$612
21 years$3,129$2,501$1,982$1,558$1,217$521
22 years$2,955$2,335$1,827$1,417$1,091$444
23 years$2,797$2,184$1,687$1,290$979$379
24 years$2,652$2,046$1,560$1,177$880$324
25 years$2,519$1,920$1,445$1,075$792$277
26 years$2,396$1,805$1,340$983$714$236
27 years$2,283$1,698$1,244$900$643$202
28 years$2,178$1,600$1,157$824$580$173
29 years$2,080$1,510$1,076$756$524$148
30 years$1,989$1,426$1,003$694$474$127
31 years$1,904$1,348$935$637$428$109
32 years$1,824$1,275$872$585$387$93
33 years$1,750$1,208$814$538$351$80
34 years$1,680$1,145$761$495$317$68
35 years$1,614$1,086$711$456$287$59
36 years$1,552$1,030$665$420$260$50
37 years$1,493$979$623$387$236$43
38 years$1,438$930$583$357$214$37
39 years$1,385$884$546$329$194$32
40 years$1,336$841$512$303$176$27
41 years$1,289$801$480$280$160$23
42 years$1,244$763$450$258$145$20
43 years$1,201$727$423$238$132$17
44 years$1,161$693$397$220$119$15
45 years$1,122$661$373$203$108$13
46 years$1,085$630$350$188$98$11
47 years$1,050$601$329$173$89$9
48 years$1,017$574$309$160$81$8
49 years$985$548$290$148$74$7
50 years$954$524$273$137$67$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $977,000, adding $5,297 every year, while hoping to spend $42,680 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: 61/19/20 Blend
55$977,000$977,000$977,000$977,000
56$1,082,118$1,030,337$1,015,193$1,142,191
57$1,147,083$1,035,412$1,003,791$1,188,496
58$1,217,243$1,039,306$990,577$1,233,816
59$1,293,085$1,041,915$975,444$1,282,306
60$1,375,141$1,043,129$958,282$1,334,279
61$1,463,996$1,042,833$938,975$1,390,082
62$1,560,295$1,040,904$917,402$1,450,100
63$1,664,746$1,037,209$893,437$1,514,754
64$1,778,129$1,031,611$866,945$1,584,515
65$1,901,299$1,023,960$837,788$1,659,900
66$2,035,199$1,014,102$805,822$1,741,482
67$2,180,865$1,001,870$770,893$1,829,892
68$2,339,440$987,087$732,844$1,925,830
69$2,512,176$969,568$691,508$2,030,069
70$2,700,457$949,116$646,712$2,143,461
71$2,905,801$925,520$598,275$2,266,951
72$3,129,882$898,560$546,007$2,401,578
73$3,374,542$868,001$489,710$2,548,494
74$3,641,808$833,596$429,177$2,708,970
75$3,933,911$795,080$364,193$2,884,408
76$4,253,308$752,178$294,533$3,076,359
77$4,602,706$704,595$219,960$3,286,535
78$4,985,082$652,020$140,228$3,516,825
79$5,403,717$594,126$55,083$3,769,316
80$5,862,223$530,565$0$4,046,312
81$6,364,577$460,970$0$4,357,991
82$6,915,160$384,953$0$4,712,566
83$7,518,797$302,106$0$5,101,432
84$8,180,800$211,996$0$5,528,072
85$8,907,023$114,165$0$5,996,331
86$9,703,912$8,132$0$6,510,444
87$10,578,568$0$0$7,075,083
88$11,538,811$0$0$7,717,689
89$12,593,258$0$0$8,425,283
90$13,751,399$0$0$9,202,544
91$15,023,690$0$0$10,056,498
92$16,421,649$0$0$10,994,888
93$17,957,963$0$0$12,026,241
94$19,646,614$0$0$13,159,954
95$21,503,000$0$0$14,406,376
96$23,544,089$0$0$15,776,914
97$25,788,574$0$0$17,284,130
98$28,257,051$0$0$18,941,868
99$30,972,211$0$0$20,765,381
100$33,959,055$0$0$22,771,472