Can I retire at age 56 with 968,000?

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 $968,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.2%
1 years$79,937$79,225$78,530$77,852$77,190$75,539
2 years$39,573$38,836$38,121$37,429$36,757$35,102
3 years$26,120$25,379$24,667$23,981$23,320$21,712
4 years$19,395$18,657$17,951$17,277$16,632$15,084
5 years$15,360$14,627$13,931$13,270$12,643$11,159
6 years$12,672$11,944$11,258$10,612$10,004$8,586
7 years$10,752$10,031$9,356$8,725$8,136$6,784
8 years$9,313$8,598$7,934$7,319$6,750$5,463
9 years$8,195$7,486$6,834$6,234$5,684$4,462
10 years$7,300$6,599$5,958$5,374$4,843$3,684
11 years$6,569$5,874$5,245$4,677$4,165$3,068
12 years$5,960$5,273$4,655$4,102$3,610$2,573
13 years$5,445$4,765$4,159$3,622$3,148$2,169
14 years$5,004$4,331$3,737$3,215$2,759$1,837
15 years$4,622$3,957$3,374$2,867$2,429$1,562
16 years$4,289$3,630$3,059$2,567$2,147$1,332
17 years$3,994$3,343$2,783$2,307$1,904$1,139
18 years$3,733$3,089$2,541$2,079$1,693$976
19 years$3,500$2,863$2,326$1,878$1,509$838
20 years$3,290$2,660$2,135$1,701$1,348$720
21 years$3,100$2,478$1,964$1,544$1,206$620
22 years$2,928$2,313$1,810$1,404$1,081$534
23 years$2,771$2,164$1,671$1,278$970$461
24 years$2,628$2,027$1,545$1,166$872$398
25 years$2,496$1,902$1,431$1,065$785$344
26 years$2,374$1,788$1,327$974$707$297
27 years$2,262$1,683$1,233$891$637$257
28 years$2,157$1,586$1,146$817$575$223
29 years$2,061$1,496$1,066$749$519$193
30 years$1,970$1,413$993$687$469$167
31 years$1,886$1,335$926$631$424$145
32 years$1,807$1,264$864$580$384$125
33 years$1,734$1,197$807$533$347$109
34 years$1,664$1,134$754$491$314$94
35 years$1,599$1,076$705$452$285$82
36 years$1,537$1,021$659$416$258$71
37 years$1,479$970$617$383$234$61
38 years$1,425$922$578$353$212$53
39 years$1,373$876$541$326$192$46
40 years$1,323$834$507$301$174$40
41 years$1,277$794$476$277$158$35
42 years$1,232$756$446$256$144$30
43 years$1,190$720$419$236$130$26
44 years$1,150$686$393$218$118$23
45 years$1,112$655$369$201$107$20
46 years$1,075$624$347$186$97$17
47 years$1,041$596$326$172$89$15
48 years$1,007$569$306$159$80$13
49 years$976$543$288$147$73$11
50 years$945$519$270$136$66$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $968,000, adding $2,799 every year, while hoping to spend $44,390 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: 60/23/17 Blend
55$968,000$968,000$968,000$968,000
56$1,069,623$1,018,319$1,003,315$1,128,976
57$1,131,494$1,020,986$989,696$1,172,054
58$1,198,188$1,022,296$974,132$1,213,850
59$1,270,150$1,022,136$956,512$1,258,417
60$1,347,870$1,020,384$936,720$1,306,028
61$1,431,884$1,016,914$914,631$1,356,988
62$1,522,783$1,011,590$890,118$1,411,631
63$1,621,216$1,004,268$863,047$1,470,327
64$1,727,898$994,794$833,276$1,533,489
65$1,843,612$983,008$800,660$1,601,570
66$1,969,223$968,738$765,044$1,675,073
67$2,105,679$951,802$726,269$1,754,552
68$2,254,025$932,007$684,166$1,840,624
69$2,415,410$909,149$638,559$1,933,968
70$2,591,098$883,013$589,267$2,035,335
71$2,782,479$853,370$536,096$2,145,556
72$2,991,084$819,977$478,848$2,265,550
73$3,218,597$782,579$417,312$2,396,333
74$3,466,874$740,905$351,272$2,539,027
75$3,737,954$694,669$280,499$2,694,872
76$4,034,084$643,566$204,754$2,865,239
77$4,357,738$587,278$123,791$3,051,643
78$4,711,638$525,465$37,348$3,255,757
79$5,098,782$457,770$0$3,479,429
80$5,522,471$383,815$0$3,734,660
81$5,986,341$303,199$0$4,021,625
82$6,494,393$215,501$0$4,336,085
83$7,051,036$120,276$0$4,680,847
84$7,661,125$17,052$0$5,059,008
85$8,330,005$0$0$5,473,982
86$9,063,566$0$0$5,953,495
87$9,868,293$0$0$6,484,342
88$10,751,330$0$0$7,066,928
89$11,720,545$0$0$7,706,454
90$12,784,606$0$0$8,408,652
91$13,953,062$0$0$9,179,832
92$15,236,429$0$0$10,026,948
93$16,646,295$0$0$10,957,658
94$18,195,423$0$0$11,980,402
95$19,897,875$0$0$13,104,476
96$21,769,143$0$0$14,340,120
97$23,826,293$0$0$15,698,618
98$26,088,128$0$0$17,192,401
99$28,575,365$0$0$18,835,164
100$31,310,826$0$0$20,641,997