Can I retire at age 56 with 914,000?

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 $914,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.5%
1 years$75,477$74,805$74,149$73,509$72,884$70,382
2 years$37,365$36,669$35,995$35,341$34,706$32,211
3 years$24,663$23,964$23,291$22,643$22,019$19,609
4 years$18,313$17,616$16,950$16,313$15,704$13,398
5 years$14,504$13,811$13,154$12,530$11,938$9,741
6 years$11,965$11,278$10,630$10,020$9,446$7,361
7 years$10,153$9,471$8,834$8,238$7,682$5,708
8 years$8,794$8,118$7,492$6,911$6,373$4,508
9 years$7,738$7,069$6,453$5,887$5,367$3,609
10 years$6,893$6,231$5,626$5,074$4,573$2,919
11 years$6,203$5,547$4,953$4,416$3,933$2,380
12 years$5,628$4,978$4,395$3,874$3,408$1,953
13 years$5,141$4,499$3,927$3,420$2,972$1,610
14 years$4,725$4,090$3,528$3,036$2,605$1,333
15 years$4,365$3,736$3,186$2,707$2,294$1,107
16 years$4,049$3,428$2,888$2,424$2,027$922
17 years$3,772$3,157$2,628$2,178$1,798$770
18 years$3,525$2,917$2,399$1,963$1,598$644
19 years$3,305$2,703$2,196$1,774$1,425$539
20 years$3,106$2,512$2,016$1,606$1,273$452
21 years$2,927$2,340$1,854$1,458$1,139$379
22 years$2,765$2,184$1,709$1,326$1,021$319
23 years$2,617$2,043$1,578$1,207$916$268
24 years$2,481$1,914$1,459$1,101$824$225
25 years$2,356$1,796$1,351$1,006$741$190
26 years$2,242$1,688$1,253$919$668$160
27 years$2,135$1,589$1,164$842$602$134
28 years$2,037$1,497$1,082$771$543$113
29 years$1,946$1,412$1,007$707$490$95
30 years$1,861$1,334$938$649$443$80
31 years$1,781$1,261$874$596$401$68
32 years$1,707$1,193$816$548$362$57
33 years$1,637$1,130$762$504$328$48
34 years$1,571$1,071$712$463$297$41
35 years$1,510$1,016$665$427$269$34
36 years$1,452$964$622$393$244$29
37 years$1,397$916$583$362$221$24
38 years$1,345$870$546$334$200$21
39 years$1,296$827$511$308$182$17
40 years$1,250$787$479$284$165$15
41 years$1,206$749$449$262$149$12
42 years$1,164$714$421$242$136$10
43 years$1,124$680$395$223$123$9
44 years$1,086$648$371$206$112$7
45 years$1,050$618$349$190$101$6
46 years$1,015$590$327$176$92$5
47 years$983$563$308$162$84$4
48 years$951$537$289$150$76$4
49 years$921$513$272$139$69$3
50 years$892$490$255$128$63$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $914,000, adding $5,828 every year, while hoping to spend $57,782 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: 49/41/10 Blend
55$914,000$914,000$914,000$914,000
56$1,013,240$964,798$950,631$1,059,885
57$1,055,110$950,593$920,997$1,078,278
58$1,099,315$933,756$888,434$1,091,683
59$1,146,032$914,096$852,783$1,104,916
60$1,195,453$891,412$813,877$1,117,976
61$1,247,789$865,492$771,542$1,130,869
62$1,303,271$836,109$725,596$1,143,604
63$1,362,151$803,025$675,850$1,156,194
64$1,424,705$765,986$622,105$1,168,658
65$1,491,232$724,727$564,153$1,181,024
66$1,562,063$678,964$501,778$1,193,325
67$1,637,559$628,399$434,753$1,205,604
68$1,718,115$572,715$362,841$1,217,915
69$1,804,163$511,579$285,797$1,230,323
70$1,896,178$444,637$203,362$1,242,905
71$1,994,681$371,517$115,267$1,255,755
72$2,100,242$291,824$21,232$1,268,981
73$2,213,485$205,143$0$1,282,713
74$2,335,099$111,033$0$1,305,543
75$2,465,837$9,031$0$1,332,171
76$2,606,525$0$0$1,360,563
77$2,758,072$0$0$1,436,715
78$2,921,476$0$0$1,523,293
79$3,097,833$0$0$1,616,814
80$3,288,346$0$0$1,717,925
81$3,494,340$0$0$1,827,339
82$3,717,269$0$0$1,945,841
83$3,958,731$0$0$2,074,291
84$4,220,485$0$0$2,213,638
85$4,504,464$0$0$2,364,923
86$4,812,794$0$0$2,529,291
87$5,147,812$0$0$2,708,005
88$5,512,092$0$0$2,902,450
89$5,908,464$0$0$3,114,153
90$6,340,041$0$0$3,344,792
91$6,810,249$0$0$3,596,216
92$7,322,860$0$0$3,870,458
93$7,882,023$0$0$4,169,757
94$8,492,305$0$0$4,496,577
95$9,158,736$0$0$4,853,629
96$9,886,849$0$0$5,243,901
97$10,682,739$0$0$5,670,679
98$11,553,113$0$0$6,137,584
99$12,505,359$0$0$6,648,600
100$13,547,609$0$0$7,208,117