Can I retire at age 56 with 978,000?

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 $978,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19.2%
1 years$80,762$80,043$79,341$78,656$77,987$75,101
2 years$39,981$39,237$38,515$37,815$37,137$34,261
3 years$26,389$25,642$24,922$24,229$23,561$20,787
4 years$19,595$18,849$18,137$17,455$16,804$14,152
5 years$15,519$14,778$14,075$13,407$12,774$10,252
6 years$12,803$12,067$11,375$10,722$10,108$7,717
7 years$10,863$10,134$9,452$8,815$8,220$5,960
8 years$9,410$8,687$8,016$7,395$6,820$4,688
9 years$8,279$7,563$6,904$6,299$5,743$3,737
10 years$7,376$6,667$6,019$5,430$4,893$3,010
11 years$6,637$5,935$5,299$4,725$4,208$2,443
12 years$6,022$5,327$4,703$4,145$3,647$1,995
13 years$5,501$4,814$4,202$3,659$3,180$1,637
14 years$5,056$4,376$3,775$3,248$2,788$1,349
15 years$4,670$3,997$3,409$2,897$2,455$1,115
16 years$4,333$3,668$3,091$2,594$2,169$924
17 years$4,036$3,378$2,812$2,331$1,923$767
18 years$3,772$3,121$2,567$2,100$1,710$638
19 years$3,536$2,893$2,350$1,898$1,524$531
20 years$3,324$2,688$2,157$1,719$1,362$443
21 years$3,132$2,504$1,984$1,560$1,219$370
22 years$2,958$2,337$1,828$1,418$1,092$309
23 years$2,800$2,186$1,688$1,292$980$258
24 years$2,655$2,048$1,561$1,178$881$216
25 years$2,521$1,922$1,446$1,076$793$181
26 years$2,399$1,806$1,341$984$714$151
27 years$2,285$1,700$1,245$900$644$127
28 years$2,180$1,602$1,158$825$581$106
29 years$2,082$1,511$1,077$757$525$89
30 years$1,991$1,427$1,004$694$474$75
31 years$1,906$1,349$936$638$429$63
32 years$1,826$1,277$873$586$388$52
33 years$1,751$1,209$815$539$351$44
34 years$1,681$1,146$762$496$318$37
35 years$1,615$1,087$712$456$288$31
36 years$1,553$1,032$666$420$261$26
37 years$1,495$980$623$387$236$22
38 years$1,439$931$584$357$214$18
39 years$1,387$885$547$329$194$15
40 years$1,337$842$513$304$176$13
41 years$1,290$802$481$280$160$11
42 years$1,245$764$451$259$145$9
43 years$1,203$728$423$239$132$8
44 years$1,162$694$397$220$119$6
45 years$1,123$661$373$204$108$5
46 years$1,087$631$350$188$98$4
47 years$1,051$602$329$174$89$4
48 years$1,018$575$309$160$81$3
49 years$986$549$291$148$74$3
50 years$955$524$273$137$67$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $978,000, adding $6,190 every year, while hoping to spend $41,855 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: 62/31/7 Blend
55$978,000$978,000$978,000$978,000
56$1,084,141$1,032,307$1,017,148$1,149,494
57$1,150,190$1,038,357$1,006,689$1,199,945
58$1,221,573$1,043,300$994,477$1,249,554
59$1,298,790$1,047,038$980,409$1,302,627
60$1,382,391$1,049,468$964,377$1,359,497
61$1,472,980$1,050,476$946,268$1,420,533
62$1,571,220$1,049,946$925,964$1,486,142
63$1,677,843$1,047,752$903,343$1,556,773
64$1,793,652$1,043,760$878,273$1,632,923
65$1,919,530$1,037,831$850,621$1,715,140
66$2,056,451$1,029,812$820,245$1,804,030
67$2,205,482$1,019,546$786,997$1,900,260
68$2,367,802$1,006,865$750,722$2,004,570
69$2,544,705$991,589$711,259$2,117,774
70$2,737,617$973,529$668,438$2,240,773
71$2,948,107$952,485$622,084$2,374,561
72$3,177,901$928,244$572,011$2,520,235
73$3,428,900$900,581$518,026$2,679,007
74$3,703,198$869,259$459,930$2,852,215
75$4,003,097$834,025$397,510$3,041,337
76$4,331,134$794,614$330,548$3,248,002
77$4,690,102$750,742$258,814$3,474,011
78$5,083,076$702,112$182,068$3,721,352
79$5,513,443$648,409$100,060$3,992,216
80$5,984,932$589,299$12,530$4,289,027
81$6,501,650$524,430$0$4,614,454
82$7,068,121$453,429$0$4,977,489
83$7,689,325$375,903$0$5,376,735
84$8,370,751$291,437$0$5,814,871
85$9,118,441$199,591$0$6,295,883
86$9,939,052$99,901$0$6,824,167
87$10,839,917$0$0$7,404,576
88$11,829,114$0$0$8,045,229
89$12,915,540$0$0$8,786,357
90$14,108,997$0$0$9,600,575
91$15,420,282$0$0$10,495,262
92$16,861,292$0$0$11,478,542
93$18,445,132$0$0$12,559,369
94$20,186,239$0$0$13,747,605
95$22,100,519$0$0$15,054,118
96$24,205,497$0$0$16,490,880
97$26,520,481$0$0$18,071,080
98$29,066,743$0$0$19,809,252
99$31,867,721$0$0$21,721,407
100$34,949,238$0$0$23,825,188