Can I retire at age 56 with 950,000?

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 $950,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18%
1 years$78,450$77,751$77,070$76,404$75,754$73,300
2 years$38,837$38,113$37,412$36,733$36,073$33,624
3 years$25,634$24,908$24,208$23,535$22,887$20,518
4 years$19,034$18,310$17,617$16,956$16,323$14,054
5 years$15,075$14,355$13,672$13,024$12,408$10,246
6 years$12,436$11,722$11,049$10,415$9,818$7,763
7 years$10,552$9,844$9,182$8,563$7,985$6,037
8 years$9,140$8,438$7,787$7,183$6,624$4,782
9 years$8,042$7,347$6,707$6,118$5,579$3,841
10 years$7,165$6,476$5,847$5,274$4,753$3,116
11 years$6,447$5,765$5,148$4,590$4,088$2,549
12 years$5,849$5,175$4,568$4,026$3,543$2,098
13 years$5,344$4,676$4,082$3,554$3,089$1,736
14 years$4,911$4,251$3,667$3,155$2,708$1,442
15 years$4,536$3,883$3,311$2,814$2,384$1,202
16 years$4,209$3,563$3,002$2,520$2,107$1,005
17 years$3,920$3,281$2,732$2,264$1,868$842
18 years$3,664$3,032$2,494$2,040$1,661$707
19 years$3,435$2,810$2,283$1,843$1,481$594
20 years$3,229$2,611$2,095$1,670$1,323$500
21 years$3,043$2,432$1,927$1,515$1,184$421
22 years$2,874$2,270$1,776$1,378$1,061$355
23 years$2,720$2,123$1,640$1,255$952$300
24 years$2,579$1,989$1,517$1,144$856$253
25 years$2,449$1,867$1,405$1,045$770$214
26 years$2,330$1,755$1,303$956$694$181
27 years$2,220$1,651$1,210$875$626$153
28 years$2,117$1,556$1,125$801$564$129
29 years$2,022$1,468$1,047$735$510$109
30 years$1,934$1,386$975$674$461$93
31 years$1,851$1,311$909$619$416$78
32 years$1,774$1,240$848$569$377$66
33 years$1,701$1,174$792$523$341$56
34 years$1,633$1,113$740$482$309$48
35 years$1,569$1,056$692$443$280$40
36 years$1,509$1,002$647$408$253$34
37 years$1,452$952$606$376$230$29
38 years$1,398$904$567$347$208$25
39 years$1,347$860$531$320$189$21
40 years$1,299$818$498$295$171$18
41 years$1,253$779$467$272$155$15
42 years$1,209$742$438$251$141$13
43 years$1,168$707$411$232$128$11
44 years$1,129$674$386$214$116$9
45 years$1,091$642$362$198$105$8
46 years$1,055$613$340$183$96$7
47 years$1,021$585$320$169$87$6
48 years$989$558$300$156$79$5
49 years$957$533$282$144$72$4
50 years$928$509$265$133$65$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $950,000, adding $6,868 every year, while hoping to spend $28,475 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: 59/15/26 Blend
55$950,000$950,000$950,000$950,000
56$1,053,984$1,003,634$988,909$1,108,391
57$1,131,194$1,022,515$991,741$1,165,173
58$1,215,324$1,041,367$993,712$1,223,441
59$1,307,051$1,060,158$994,766$1,286,395
60$1,407,119$1,078,854$994,839$1,354,496
61$1,516,346$1,097,419$993,867$1,428,254
62$1,635,634$1,115,814$991,783$1,508,229
63$1,765,975$1,133,995$988,514$1,595,041
64$1,908,461$1,151,917$983,986$1,689,374
65$2,064,295$1,169,532$978,120$1,791,980
66$2,234,801$1,186,787$970,835$1,903,691
67$2,421,437$1,203,626$962,044$2,025,421
68$2,625,809$1,219,989$951,658$2,158,182
69$2,849,684$1,235,811$939,581$2,303,088
70$3,095,009$1,251,023$925,715$2,461,367
71$3,363,930$1,265,553$909,956$2,634,375
72$3,658,807$1,279,321$892,195$2,823,604
73$3,982,242$1,292,245$872,321$3,030,704
74$4,337,100$1,304,234$850,212$3,257,491
75$4,726,536$1,315,193$825,747$3,505,968
76$5,154,027$1,325,022$798,793$3,778,345
77$5,623,401$1,333,612$769,217$4,077,058
78$6,138,878$1,340,848$736,875$4,404,794
79$6,705,102$1,346,609$701,619$4,764,514
80$7,327,193$1,350,763$663,294$5,159,485
81$8,010,790$1,353,174$621,737$5,593,307
82$8,762,104$1,353,693$576,780$6,069,951
83$9,587,981$1,352,166$528,244$6,593,795
84$10,495,959$1,348,427$475,944$7,169,665
85$11,494,346$1,342,299$419,688$7,802,884
86$12,592,295$1,333,597$359,272$8,499,318
87$13,799,888$1,322,122$294,487$9,265,436
88$15,128,236$1,307,665$225,112$10,108,369
89$16,589,579$1,290,004$150,916$11,035,979
90$18,197,405$1,268,903$71,660$12,056,934
91$19,966,573$1,244,112$0$13,180,789
92$21,913,456$1,215,366$0$14,421,663
93$24,056,096$1,182,387$0$15,809,032
94$26,414,371$1,144,876$0$17,335,871
95$29,010,183$1,102,521$0$19,016,373
96$31,867,666$1,054,990$0$20,866,175
97$35,013,414$1,001,930$0$22,902,513
98$38,476,728$942,971$0$25,144,378
99$42,289,897$877,718$0$27,612,702
100$46,488,498$805,758$0$30,330,549