Can I retire at age 56 with 958,000?

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 $958,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.1%
1 years$79,111$78,406$77,719$77,048$76,392$75,096
2 years$39,164$38,434$37,727$37,042$36,377$35,075
3 years$25,850$25,117$24,412$23,733$23,079$21,812
4 years$19,194$18,464$17,766$17,098$16,460$15,238
5 years$15,202$14,476$13,787$13,133$12,513$11,338
6 years$12,541$11,821$11,142$10,503$9,901$8,776
7 years$10,641$9,927$9,259$8,635$8,052$6,977
8 years$9,217$8,509$7,852$7,244$6,680$5,654
9 years$8,110$7,409$6,763$6,170$5,626$4,649
10 years$7,225$6,531$5,896$5,319$4,793$3,865
11 years$6,501$5,814$5,191$4,629$4,122$3,241
12 years$5,898$5,218$4,607$4,060$3,572$2,737
13 years$5,389$4,716$4,116$3,584$3,115$2,324
14 years$4,952$4,286$3,698$3,182$2,731$1,983
15 years$4,575$3,916$3,339$2,838$2,404$1,699
16 years$4,244$3,593$3,027$2,541$2,125$1,460
17 years$3,953$3,309$2,755$2,283$1,884$1,258
18 years$3,695$3,057$2,515$2,057$1,675$1,087
19 years$3,464$2,833$2,302$1,859$1,493$941
20 years$3,256$2,633$2,113$1,684$1,334$815
21 years$3,068$2,453$1,943$1,528$1,194$708
22 years$2,898$2,289$1,791$1,389$1,070$615
23 years$2,743$2,141$1,654$1,265$960$535
24 years$2,600$2,006$1,529$1,154$863$466
25 years$2,470$1,883$1,417$1,054$777$406
26 years$2,350$1,769$1,314$964$700$355
27 years$2,238$1,665$1,220$882$631$309
28 years$2,135$1,569$1,134$808$569$270
29 years$2,039$1,480$1,055$741$514$236
30 years$1,950$1,398$983$680$464$206
31 years$1,867$1,322$916$625$420$180
32 years$1,789$1,250$855$574$380$158
33 years$1,716$1,184$798$528$344$138
34 years$1,647$1,122$746$486$311$121
35 years$1,582$1,065$697$447$282$106
36 years$1,522$1,010$652$412$255$93
37 years$1,464$960$611$379$231$81
38 years$1,410$912$572$350$210$71
39 years$1,358$867$536$322$190$62
40 years$1,310$825$502$297$173$54
41 years$1,264$785$471$274$157$48
42 years$1,220$748$442$253$142$42
43 years$1,178$713$414$234$129$37
44 years$1,138$679$389$216$117$32
45 years$1,100$648$365$199$106$28
46 years$1,064$618$343$184$96$25
47 years$1,030$590$322$170$88$22
48 years$997$563$303$157$80$19
49 years$965$538$285$145$72$17
50 years$935$514$268$134$66$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $958,000, adding $5,839 every year, while hoping to spend $36,662 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: 77/7/16 Blend
55$958,000$958,000$958,000$958,000
56$1,061,739$1,010,965$996,116$1,139,355
57$1,131,028$1,021,494$990,478$1,201,923
58$1,206,156$1,031,310$983,422$1,265,333
59$1,287,680$1,040,340$974,862$1,333,868
60$1,376,212$1,048,505$964,708$1,408,025
61$1,472,425$1,055,722$952,866$1,488,355
62$1,577,061$1,061,901$939,236$1,575,465
63$1,690,935$1,066,948$923,714$1,670,021
64$1,814,944$1,070,762$906,192$1,772,759
65$1,950,075$1,073,237$886,557$1,884,492
66$2,097,415$1,074,258$864,688$2,006,112
67$2,258,160$1,073,704$840,463$2,138,605
68$2,433,624$1,071,448$813,751$2,283,058
69$2,625,258$1,067,353$784,416$2,440,666
70$2,834,656$1,061,275$752,315$2,612,749
71$3,063,573$1,053,059$717,300$2,800,762
72$3,313,943$1,042,545$679,215$3,006,307
73$3,587,894$1,029,558$637,898$3,231,150
74$3,887,770$1,013,917$593,178$3,477,240
75$4,216,151$995,428$544,878$3,746,722
76$4,575,880$973,885$492,813$4,041,962
77$4,970,086$949,072$436,789$4,365,569
78$5,402,217$920,758$376,603$4,720,417
79$5,876,068$888,700$312,044$5,109,675
80$6,395,820$852,640$242,891$5,536,835
81$6,966,080$812,306$168,914$6,005,748
82$7,591,920$767,409$89,872$6,520,657
83$8,278,927$717,643$5,515$7,086,239
84$9,033,257$662,687$0$7,707,652
85$9,861,690$602,199$0$8,405,004
86$10,771,695$535,820$0$9,172,077
87$11,771,500$463,167$0$10,014,881
88$12,870,169$383,838$0$10,941,078
89$14,077,689$297,409$0$11,959,109
90$15,405,061$203,430$0$13,078,278
91$16,864,405$101,426$0$14,308,833
92$18,469,076$0$0$15,662,069
93$20,233,784$0$0$17,151,131
94$22,174,741$0$0$18,797,541
95$24,309,803$0$0$20,608,641
96$26,658,649$0$0$22,601,126
97$29,242,959$0$0$24,793,392
98$32,086,619$0$0$27,205,709
99$35,215,951$0$0$29,860,408
100$38,659,954$0$0$32,782,098