Can I retire at age 56 with 940,000?

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 $940,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.4%
1 years$77,624$76,933$76,258$75,600$74,957$72,703
2 years$38,428$37,712$37,019$36,346$35,694$33,442
3 years$25,364$24,645$23,953$23,287$22,646$20,467
4 years$18,834$18,117$17,432$16,777$16,151$14,061
5 years$14,916$14,204$13,528$12,886$12,278$10,283
6 years$12,305$11,599$10,933$10,305$9,715$7,817
7 years$10,441$9,740$9,085$8,473$7,901$6,100
8 years$9,044$8,349$7,705$7,108$6,555$4,849
9 years$7,958$7,270$6,636$6,054$5,520$3,909
10 years$7,089$6,408$5,786$5,219$4,703$3,184
11 years$6,379$5,704$5,094$4,542$4,045$2,614
12 years$5,788$5,120$4,520$3,984$3,505$2,161
13 years$5,288$4,627$4,039$3,517$3,057$1,795
14 years$4,859$4,206$3,629$3,122$2,679$1,497
15 years$4,489$3,842$3,276$2,784$2,359$1,253
16 years$4,165$3,525$2,970$2,493$2,085$1,052
17 years$3,879$3,246$2,703$2,240$1,849$885
18 years$3,625$3,000$2,467$2,019$1,644$746
19 years$3,399$2,780$2,259$1,824$1,465$630
20 years$3,195$2,584$2,073$1,652$1,309$533
21 years$3,011$2,406$1,907$1,499$1,171$451
22 years$2,843$2,246$1,757$1,363$1,050$382
23 years$2,691$2,101$1,623$1,242$942$324
24 years$2,552$1,968$1,501$1,132$847$275
25 years$2,423$1,847$1,390$1,034$762$234
26 years$2,305$1,736$1,289$946$687$198
27 years$2,196$1,634$1,197$865$619$169
28 years$2,095$1,540$1,113$793$559$143
29 years$2,001$1,452$1,036$727$504$122
30 years$1,913$1,372$965$667$456$104
31 years$1,832$1,297$899$613$412$88
32 years$1,755$1,227$839$563$373$75
33 years$1,683$1,162$783$518$337$64
34 years$1,616$1,101$732$477$305$54
35 years$1,553$1,045$684$439$277$46
36 years$1,493$991$640$404$251$39
37 years$1,437$942$599$372$227$34
38 years$1,383$895$561$343$206$29
39 years$1,333$851$526$316$187$24
40 years$1,285$810$493$292$169$21
41 years$1,240$771$462$269$154$18
42 years$1,197$734$433$248$139$15
43 years$1,156$699$407$229$127$13
44 years$1,117$667$382$212$115$11
45 years$1,080$636$358$196$104$9
46 years$1,044$606$337$181$95$8
47 years$1,011$579$316$167$86$7
48 years$978$552$297$154$78$6
49 years$947$528$279$143$71$5
50 years$918$504$263$132$64$4

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $940,000, adding $5,224 every year, while hoping to spend $23,846 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: 65/7/28 Blend
55$940,000$940,000$940,000$940,000
56$1,041,269$991,449$976,879$1,100,926
57$1,122,106$1,014,658$984,232$1,165,095
58$1,210,390$1,038,205$991,033$1,232,093
59$1,306,854$1,062,081$997,237$1,304,804
60$1,412,307$1,086,277$1,002,798$1,383,793
61$1,527,639$1,110,782$1,007,669$1,469,684
62$1,653,831$1,135,582$1,011,798$1,563,163
63$1,791,960$1,160,664$1,015,132$1,664,985
64$1,943,216$1,186,013$1,017,615$1,775,986
65$2,108,908$1,211,611$1,019,188$1,897,084
66$2,290,475$1,237,439$1,019,790$2,029,293
67$2,489,506$1,263,476$1,019,355$2,173,728
68$2,707,748$1,289,699$1,017,816$2,331,621
69$2,947,127$1,316,082$1,015,102$2,504,329
70$3,209,762$1,342,599$1,011,136$2,693,346
71$3,497,991$1,369,219$1,005,842$2,900,322
72$3,814,385$1,395,910$999,137$3,127,072
73$4,161,778$1,422,636$990,934$3,375,599
74$4,543,294$1,449,359$981,144$3,648,112
75$4,962,369$1,476,037$969,672$3,947,042
76$5,422,793$1,502,625$956,419$4,275,071
77$5,928,740$1,529,076$941,281$4,635,157
78$6,484,808$1,555,337$924,150$5,030,557
79$7,096,061$1,581,351$904,912$5,464,862
80$7,768,082$1,607,059$883,448$5,942,032
81$8,507,017$1,632,396$859,635$6,466,429
82$9,319,641$1,657,292$833,341$7,042,864
83$10,213,417$1,681,673$804,431$7,676,638
84$11,196,569$1,705,458$772,763$8,373,593
85$12,278,156$1,728,562$738,187$9,140,171
86$13,468,160$1,750,893$700,548$9,983,469
87$14,777,579$1,772,354$659,684$10,911,313
88$16,218,533$1,792,841$615,424$11,932,325
89$17,804,374$1,812,240$567,591$13,056,011
90$19,549,815$1,830,435$516,000$14,292,847
91$21,471,067$1,847,296$460,457$15,654,380
92$23,585,992$1,862,690$400,758$17,153,338
93$25,914,273$1,876,472$336,693$18,803,745
94$28,477,597$1,888,488$268,042$20,621,064
95$31,299,863$1,898,575$194,572$22,622,332
96$34,407,404$1,906,559$116,044$24,826,331
97$37,829,234$1,912,256$32,207$27,253,757
98$41,597,327$1,915,468$0$29,927,424
99$45,746,916$1,915,987$0$32,889,580
100$50,316,822$1,913,591$0$36,162,210