Can I retire at age 56 with 944,000?

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 $944,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.6%
1 years$77,955$77,260$76,583$75,922$75,276$73,847
2 years$38,591$37,873$37,176$36,501$35,846$34,411
3 years$25,472$24,750$24,055$23,386$22,742$21,347
4 years$18,914$18,194$17,506$16,849$16,220$14,875
5 years$14,980$14,264$13,586$12,941$12,330$11,040
6 years$12,358$11,648$10,979$10,349$9,756$8,522
7 years$10,486$9,782$9,124$8,509$7,934$6,756
8 years$9,082$8,385$7,738$7,138$6,582$5,459
9 years$7,992$7,301$6,664$6,080$5,543$4,475
10 years$7,119$6,435$5,810$5,241$4,723$3,709
11 years$6,406$5,729$5,115$4,561$4,062$3,100
12 years$5,812$5,142$4,540$4,001$3,520$2,610
13 years$5,310$4,647$4,056$3,532$3,070$2,209
14 years$4,880$4,224$3,644$3,135$2,691$1,879
15 years$4,508$3,858$3,290$2,796$2,369$1,604
16 years$4,182$3,540$2,983$2,504$2,094$1,373
17 years$3,895$3,260$2,714$2,250$1,857$1,179
18 years$3,641$3,013$2,478$2,027$1,651$1,015
19 years$3,413$2,792$2,268$1,832$1,471$875
20 years$3,208$2,595$2,082$1,659$1,314$756
21 years$3,023$2,417$1,915$1,506$1,176$654
22 years$2,856$2,256$1,765$1,369$1,054$566
23 years$2,703$2,110$1,630$1,247$946$491
24 years$2,562$1,977$1,507$1,137$851$426
25 years$2,434$1,855$1,396$1,039$765$370
26 years$2,315$1,744$1,295$950$689$321
27 years$2,206$1,641$1,202$869$622$279
28 years$2,104$1,546$1,118$796$561$243
29 years$2,010$1,459$1,040$730$506$211
30 years$1,922$1,378$969$670$458$184
31 years$1,839$1,302$903$616$414$160
32 years$1,763$1,232$843$566$374$139
33 years$1,691$1,167$787$520$339$121
34 years$1,623$1,106$735$479$307$106
35 years$1,559$1,049$687$441$278$92
36 years$1,499$996$643$406$252$80
37 years$1,443$946$602$374$228$70
38 years$1,389$899$564$345$207$61
39 years$1,339$855$528$318$188$53
40 years$1,291$813$495$293$170$46
41 years$1,245$774$464$270$154$41
42 years$1,202$737$435$250$140$35
43 years$1,161$702$408$230$127$31
44 years$1,122$669$383$213$115$27
45 years$1,084$638$360$196$105$23
46 years$1,049$609$338$181$95$20
47 years$1,015$581$318$168$86$18
48 years$982$555$298$155$78$16
49 years$951$530$281$143$71$14
50 years$922$506$264$132$65$12

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $944,000, adding $3,173 every year, while hoping to spend $50,365 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: 47/40/13 Blend
55$944,000$944,000$944,000$944,000
56$1,043,561$993,529$978,897$1,088,671
57$1,096,416$988,624$958,102$1,115,283
58$1,152,975$981,790$934,922$1,138,717
59$1,213,561$972,881$909,225$1,163,031
60$1,278,531$961,739$880,871$1,188,326
61$1,348,275$948,198$849,714$1,214,715
62$1,423,222$932,083$815,603$1,242,325
63$1,503,843$913,207$778,378$1,271,302
64$1,590,654$891,373$737,872$1,301,807
65$1,684,222$866,372$693,912$1,334,024
66$1,785,171$837,982$646,316$1,368,158
67$1,894,185$805,970$594,894$1,404,440
68$2,012,016$770,087$539,448$1,443,129
69$2,139,492$730,072$479,770$1,484,516
70$2,277,522$685,647$415,644$1,528,927
71$2,427,104$636,518$346,843$1,576,725
72$2,589,338$582,377$273,131$1,628,319
73$2,765,432$522,895$194,262$1,684,163
74$2,956,714$457,725$109,979$1,744,766
75$3,164,648$386,503$20,012$1,810,696
76$3,390,841$308,840$0$1,882,587
77$3,637,063$224,329$0$1,971,685
78$3,905,260$132,538$0$2,071,884
79$4,197,576$33,012$0$2,181,322
80$4,516,368$0$0$2,301,020
81$4,864,233$0$0$2,465,002
82$5,244,026$0$0$2,659,999
83$5,658,893$0$0$2,873,108
84$6,112,295$0$0$3,106,121
85$6,608,045$0$0$3,361,010
86$7,150,339$0$0$3,639,946
87$7,743,797$0$0$3,945,321
88$8,393,507$0$0$4,279,769
89$9,105,074$0$0$4,646,190
90$9,884,666$0$0$5,047,776
91$10,739,079$0$0$5,488,046
92$11,675,796$0$0$5,970,874
93$12,703,061$0$0$6,500,526
94$13,829,951$0$0$7,081,703
95$15,066,466$0$0$7,719,580
96$16,423,621$0$0$8,419,860
97$17,913,547$0$0$9,188,825
98$19,549,608$0$0$10,033,393
99$21,346,528$0$0$10,961,188
100$23,320,524$0$0$11,980,605