Can I retire at age 56 with 897,000?

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 $897,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.1%
1 years$74,073$73,414$72,770$72,142$71,528$70,899
2 years$36,670$35,987$35,325$34,683$34,061$33,427
3 years$24,204$23,518$22,858$22,222$21,610$20,991
4 years$17,972$17,288$16,635$16,010$15,412$14,813
5 years$14,234$13,554$12,909$12,297$11,716$11,138
6 years$11,743$11,068$10,432$9,834$9,271$8,715
7 years$9,964$9,295$8,669$8,085$7,539$7,006
8 years$8,630$7,967$7,352$6,782$6,255$5,743
9 years$7,594$6,937$6,333$5,777$5,267$4,778
10 years$6,765$6,115$5,521$4,980$4,488$4,021
11 years$6,087$5,444$4,861$4,334$3,860$3,414
12 years$5,523$4,886$4,314$3,802$3,345$2,920
13 years$5,046$4,415$3,854$3,356$2,917$2,513
14 years$4,637$4,013$3,463$2,979$2,557$2,173
15 years$4,283$3,666$3,126$2,657$2,251$1,887
16 years$3,974$3,364$2,835$2,379$1,990$1,644
17 years$3,701$3,098$2,579$2,138$1,764$1,437
18 years$3,459$2,863$2,355$1,926$1,569$1,259
19 years$3,243$2,653$2,156$1,741$1,398$1,106
20 years$3,049$2,465$1,978$1,576$1,249$973
21 years$2,873$2,296$1,820$1,431$1,118$857
22 years$2,713$2,144$1,677$1,301$1,002$756
23 years$2,568$2,005$1,548$1,185$899$668
24 years$2,435$1,878$1,432$1,081$808$591
25 years$2,313$1,763$1,326$987$727$524
26 years$2,200$1,657$1,230$902$655$464
27 years$2,096$1,559$1,142$826$591$412
28 years$1,999$1,469$1,062$757$533$365
29 years$1,909$1,386$988$694$481$324
30 years$1,826$1,309$920$637$435$288
31 years$1,748$1,237$858$585$393$256
32 years$1,675$1,171$801$538$356$228
33 years$1,606$1,109$748$494$322$203
34 years$1,542$1,051$698$455$291$180
35 years$1,482$997$653$419$264$160
36 years$1,425$946$611$386$239$143
37 years$1,371$899$572$355$217$127
38 years$1,320$854$535$327$196$113
39 years$1,272$812$502$302$178$101
40 years$1,226$773$470$278$162$90
41 years$1,183$735$441$257$147$80
42 years$1,142$700$414$237$133$71
43 years$1,103$667$388$219$121$64
44 years$1,066$636$364$202$110$57
45 years$1,030$607$342$187$99$51
46 years$997$579$321$172$90$45
47 years$964$552$302$159$82$40
48 years$933$527$284$147$74$36
49 years$904$503$267$136$68$32
50 years$876$481$251$126$61$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $897,000, adding $6,380 every year, while hoping to spend $54,613 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: 59/17/24 Blend
55$897,000$897,000$897,000$897,000
56$995,075$947,534$933,630$1,047,026
57$1,038,465$935,855$906,799$1,071,451
58$1,084,450$921,774$877,239$1,091,646
59$1,133,238$905,115$844,800$1,112,495
60$1,185,054$885,692$809,327$1,134,071
61$1,240,147$863,308$770,657$1,156,462
62$1,298,787$837,755$728,619$1,179,763
63$1,361,271$808,813$683,036$1,204,085
64$1,427,924$776,248$633,720$1,229,550
65$1,499,101$739,813$580,479$1,256,299
66$1,575,192$699,246$523,108$1,284,487
67$1,656,625$654,273$461,395$1,314,291
68$1,743,868$604,599$395,119$1,345,908
69$1,837,435$549,917$324,048$1,379,561
70$1,937,891$489,900$247,941$1,415,498
71$2,045,853$424,203$166,545$1,453,997
72$2,162,002$352,461$79,596$1,495,371
73$2,287,084$274,289$0$1,539,967
74$2,421,917$189,280$0$1,591,553
75$2,567,403$97,005$0$1,669,158
76$2,724,529$0$0$1,752,937
77$2,894,382$0$0$1,844,072
78$3,078,157$0$0$1,962,368
79$3,277,166$0$0$2,090,531
80$3,492,853$0$0$2,229,500
81$3,726,804$0$0$2,380,304
82$3,980,765$0$0$2,544,076
83$4,256,656$0$0$2,722,065
84$4,556,589$0$0$2,915,641
85$4,882,885$0$0$3,126,313
86$5,238,102$0$0$3,355,742
87$5,625,051$0$0$3,605,755
88$6,046,829$0$0$3,878,362
89$6,506,840$0$0$4,175,778
90$7,008,834$0$0$4,500,437
91$7,556,938$0$0$4,855,021
92$8,155,695$0$0$5,242,483
93$8,810,105$0$0$5,666,071
94$9,525,675$0$0$6,129,365
95$10,308,466$0$0$6,636,303
96$11,165,154$0$0$7,191,223
97$12,103,088$0$0$7,798,903
98$13,130,364$0$0$8,464,603
99$14,255,893$0$0$9,194,116
100$15,489,492$0$0$9,993,822