Can I retire at age 56 with 916,000?

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 $916,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.8%
1 years$75,642$74,969$74,311$73,670$73,043$71,306
2 years$37,447$36,749$36,073$35,418$34,782$33,043
3 years$24,717$24,016$23,342$22,693$22,067$20,379
4 years$18,353$17,654$16,987$16,349$15,739$14,115
5 years$14,535$13,841$13,183$12,557$11,964$10,410
6 years$11,991$11,302$10,653$10,042$9,467$7,983
7 years$10,175$9,492$8,853$8,256$7,699$6,286
8 years$8,813$8,136$7,508$6,926$6,387$5,044
9 years$7,755$7,084$6,467$5,899$5,379$4,105
10 years$6,908$6,244$5,638$5,085$4,583$3,377
11 years$6,216$5,559$4,963$4,426$3,942$2,802
12 years$5,640$4,989$4,405$3,882$3,416$2,340
13 years$5,153$4,509$3,936$3,427$2,979$1,965
14 years$4,735$4,098$3,536$3,042$2,611$1,658
15 years$4,374$3,744$3,193$2,713$2,299$1,403
16 years$4,058$3,435$2,895$2,429$2,032$1,192
17 years$3,780$3,164$2,634$2,183$1,802$1,014
18 years$3,533$2,923$2,404$1,967$1,602$865
19 years$3,312$2,709$2,201$1,777$1,428$739
20 years$3,113$2,518$2,020$1,610$1,275$633
21 years$2,934$2,345$1,858$1,461$1,141$542
22 years$2,771$2,189$1,713$1,328$1,023$465
23 years$2,622$2,047$1,581$1,210$918$400
24 years$2,486$1,918$1,462$1,103$825$343
25 years$2,362$1,800$1,354$1,008$743$295
26 years$2,247$1,692$1,256$921$669$254
27 years$2,140$1,592$1,166$843$603$219
28 years$2,042$1,500$1,084$773$544$188
29 years$1,950$1,415$1,009$709$491$162
30 years$1,865$1,337$940$650$444$140
31 years$1,785$1,264$876$597$401$121
32 years$1,710$1,196$818$549$363$104
33 years$1,640$1,132$763$505$329$90
34 years$1,575$1,073$713$464$298$77
35 years$1,513$1,018$667$428$270$67
36 years$1,455$966$624$394$244$58
37 years$1,400$918$584$363$221$50
38 years$1,348$872$547$334$201$43
39 years$1,299$829$512$308$182$37
40 years$1,252$789$480$284$165$32
41 years$1,208$751$450$262$150$28
42 years$1,166$715$422$242$136$24
43 years$1,126$681$396$224$123$21
44 years$1,088$650$372$206$112$18
45 years$1,052$619$349$191$102$15
46 years$1,018$591$328$176$92$13
47 years$985$564$308$163$84$11
48 years$953$538$290$150$76$10
49 years$923$514$272$139$69$9
50 years$894$491$256$128$63$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $916,000, adding $5,433 every year, while hoping to spend $48,933 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: 60/27/13 Blend
55$916,000$916,000$916,000$916,000
56$1,015,036$966,488$952,290$1,072,384
57$1,066,505$961,782$932,128$1,106,917
58$1,121,585$955,205$909,649$1,138,581
59$1,180,590$946,614$884,727$1,171,948
60$1,243,869$935,857$857,224$1,207,183
61$1,311,803$922,773$827,000$1,244,476
62$1,384,810$907,191$793,907$1,284,035
63$1,463,347$888,931$757,790$1,326,091
64$1,547,921$867,800$718,488$1,370,901
65$1,639,083$843,596$675,831$1,418,752
66$1,737,441$816,105$629,644$1,469,960
67$1,843,665$785,098$579,741$1,524,879
68$1,958,486$750,336$525,930$1,583,900
69$2,082,713$711,563$468,010$1,647,457
70$2,217,231$668,511$405,770$1,716,032
71$2,363,016$620,896$338,990$1,790,160
72$2,521,139$568,415$267,442$1,870,433
73$2,692,779$510,751$190,885$1,957,509
74$2,879,232$447,568$109,070$2,052,117
75$3,081,926$378,510$21,735$2,155,063
76$3,302,427$303,203$0$2,267,244
77$3,542,464$221,249$0$2,399,562
78$3,803,935$132,229$0$2,547,064
79$4,088,930$35,702$0$2,707,988
80$4,399,750$0$0$2,883,724
81$4,738,926$0$0$3,096,246
82$5,109,247$0$0$3,339,932
83$5,513,778$0$0$3,606,202
84$5,955,899$0$0$3,897,288
85$6,439,328$0$0$4,215,647
86$6,968,157$0$0$4,563,985
87$7,546,896$0$0$4,945,282
88$8,180,508$0$0$5,362,817
89$8,874,459$0$0$5,820,204
90$9,634,768$0$0$6,321,421
91$10,468,065$0$0$6,870,851
92$11,381,651$0$0$7,473,319
93$12,383,566$0$0$8,134,140
94$13,482,668$0$0$8,859,169
95$14,688,711$0$0$9,654,855
96$16,012,442$0$0$10,528,300
97$17,465,695$0$0$11,487,329
98$19,061,511$0$0$12,540,560
99$20,814,250$0$0$13,697,490
100$22,739,735$0$0$14,968,577