Can I retire at age 56 with 947,000?

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 $947,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.9%
1 years$78,202$77,506$76,826$76,163$75,515$74,602
2 years$38,714$37,993$37,294$36,617$35,960$35,041
3 years$25,553$24,829$24,132$23,461$22,814$21,918
4 years$18,974$18,252$17,562$16,902$16,271$15,405
5 years$15,027$14,310$13,629$12,982$12,369$11,535
6 years$12,397$11,685$11,014$10,382$9,787$8,986
7 years$10,519$9,813$9,153$8,536$7,960$7,192
8 years$9,111$8,412$7,762$7,160$6,603$5,869
9 years$8,017$7,324$6,686$6,099$5,561$4,860
10 years$7,142$6,456$5,829$5,257$4,738$4,070
11 years$6,427$5,747$5,131$4,576$4,075$3,439
12 years$5,831$5,158$4,554$4,013$3,531$2,926
13 years$5,327$4,661$4,069$3,543$3,079$2,505
14 years$4,896$4,237$3,656$3,145$2,699$2,155
15 years$4,522$3,871$3,301$2,805$2,377$1,861
16 years$4,196$3,551$2,993$2,512$2,101$1,613
17 years$3,908$3,271$2,723$2,257$1,863$1,401
18 years$3,652$3,022$2,486$2,034$1,656$1,221
19 years$3,424$2,801$2,276$1,838$1,476$1,066
20 years$3,219$2,603$2,088$1,664$1,318$932
21 years$3,033$2,424$1,921$1,510$1,180$817
22 years$2,865$2,263$1,771$1,373$1,058$717
23 years$2,711$2,117$1,635$1,251$949$629
24 years$2,571$1,983$1,512$1,141$853$553
25 years$2,442$1,861$1,400$1,042$768$487
26 years$2,323$1,749$1,299$953$692$429
27 years$2,213$1,646$1,206$872$624$378
28 years$2,111$1,551$1,121$799$563$333
29 years$2,016$1,463$1,043$733$508$294
30 years$1,928$1,382$972$672$459$259
31 years$1,845$1,306$906$617$415$229
32 years$1,768$1,236$845$567$375$202
33 years$1,696$1,171$789$522$340$179
34 years$1,628$1,109$737$480$308$158
35 years$1,564$1,052$689$442$279$140
36 years$1,504$999$645$407$252$124
37 years$1,447$949$604$375$229$109
38 years$1,394$902$565$346$207$97
39 years$1,343$857$530$319$188$86
40 years$1,295$816$496$294$171$76
41 years$1,249$776$465$271$155$67
42 years$1,206$739$437$250$140$59
43 years$1,164$705$410$231$127$52
44 years$1,125$672$385$213$116$46
45 years$1,088$640$361$197$105$41
46 years$1,052$611$339$182$95$36
47 years$1,018$583$319$168$87$32
48 years$985$557$299$155$79$29
49 years$954$531$281$144$71$25
50 years$925$508$265$133$65$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $947,000, adding $6,358 every year, while hoping to spend $43,567 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: 47/31/22 Blend
55$947,000$947,000$947,000$947,000
56$1,050,152$999,961$985,283$1,092,655
57$1,110,913$1,002,604$971,935$1,125,680
58$1,176,411$1,003,917$956,679$1,156,665
59$1,247,083$1,003,788$939,407$1,189,406
60$1,323,411$1,002,098$920,002$1,224,087
61$1,405,921$998,724$898,345$1,260,914
62$1,495,195$993,530$874,309$1,300,115
63$1,591,869$986,378$847,762$1,341,945
64$1,696,645$977,116$818,568$1,386,687
65$1,810,294$965,586$786,581$1,434,656
66$1,933,664$951,619$751,652$1,486,203
67$2,067,688$935,038$713,622$1,541,716
68$2,213,390$915,654$672,327$1,601,629
69$2,371,901$893,265$627,594$1,666,421
70$2,544,461$867,662$579,245$1,736,627
71$2,732,437$838,618$527,090$1,812,838
72$2,937,332$805,897$470,934$1,895,712
73$3,160,801$769,247$410,572$1,985,977
74$3,404,666$728,404$345,790$2,084,442
75$3,670,932$683,085$276,363$2,192,003
76$3,961,804$632,993$202,059$2,309,653
77$4,279,714$577,815$122,633$2,438,494
78$4,627,334$517,218$37,831$2,579,746
79$5,007,612$450,852$0$2,734,758
80$5,423,789$378,344$0$2,917,391
81$5,879,436$299,303$0$3,127,218
82$6,378,486$213,316$0$3,357,252
83$6,925,268$119,945$0$3,609,591
84$7,524,551$18,728$0$3,886,556
85$8,181,587$0$0$4,190,708
86$8,902,162$0$0$4,555,856
87$9,692,646$0$0$4,963,549
88$10,560,057$0$0$5,411,031
89$11,512,125$0$0$5,902,304
90$12,557,364$0$0$6,441,777
91$13,705,155$0$0$7,034,304
92$14,965,828$0$0$7,685,237
93$16,350,767$0$0$8,400,468
94$17,872,510$0$0$9,186,490
95$19,544,871$0$0$10,050,455
96$21,383,067$0$0$11,000,243
97$23,403,865$0$0$12,044,536
98$25,625,736$0$0$13,192,898
99$28,069,030$0$0$14,455,867
100$30,756,168$0$0$15,845,054