Can I retire at age 56 with 970,000?

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 $970,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.1%
1 years$80,102$79,388$78,692$78,013$77,349$75,114
2 years$39,654$38,916$38,200$37,506$36,833$34,599
3 years$26,174$25,432$24,718$24,030$23,368$21,205
4 years$19,435$18,695$17,988$17,313$16,666$14,591
5 years$15,392$14,657$13,960$13,298$12,670$10,687
6 years$12,698$11,969$11,282$10,634$10,025$8,138
7 years$10,775$10,051$9,375$8,743$8,153$6,361
8 years$9,333$8,616$7,951$7,334$6,764$5,066
9 years$8,212$7,502$6,848$6,247$5,696$4,090
10 years$7,315$6,612$5,970$5,385$4,853$3,338
11 years$6,583$5,887$5,256$4,687$4,174$2,746
12 years$5,972$5,283$4,665$4,111$3,617$2,274
13 years$5,456$4,775$4,168$3,629$3,154$1,893
14 years$5,015$4,340$3,745$3,222$2,765$1,583
15 years$4,632$3,965$3,381$2,873$2,434$1,328
16 years$4,297$3,638$3,065$2,573$2,152$1,117
17 years$4,003$3,350$2,789$2,311$1,908$942
18 years$3,741$3,096$2,546$2,083$1,696$796
19 years$3,507$2,869$2,331$1,882$1,512$673
20 years$3,297$2,666$2,139$1,705$1,350$571
21 years$3,107$2,483$1,968$1,547$1,209$484
22 years$2,934$2,318$1,814$1,407$1,083$411
23 years$2,777$2,168$1,674$1,281$972$350
24 years$2,633$2,031$1,549$1,168$874$297
25 years$2,501$1,906$1,434$1,067$786$253
26 years$2,379$1,792$1,330$976$708$216
27 years$2,266$1,686$1,235$893$639$184
28 years$2,162$1,589$1,148$818$576$156
29 years$2,065$1,499$1,069$750$520$133
30 years$1,975$1,415$995$689$470$114
31 years$1,890$1,338$928$632$425$97
32 years$1,811$1,266$866$581$385$83
33 years$1,737$1,199$808$535$348$71
34 years$1,668$1,136$755$492$315$60
35 years$1,602$1,078$706$453$285$51
36 years$1,541$1,023$661$417$259$44
37 years$1,482$972$618$384$234$37
38 years$1,427$923$579$354$212$32
39 years$1,375$878$542$326$193$27
40 years$1,326$835$508$301$175$23
41 years$1,279$795$477$278$159$20
42 years$1,235$757$447$256$144$17
43 years$1,193$722$420$237$131$14
44 years$1,152$688$394$219$119$12
45 years$1,114$656$370$202$108$11
46 years$1,078$626$347$186$98$9
47 years$1,043$597$326$172$89$8
48 years$1,009$570$307$159$81$7
49 years$978$544$288$147$73$6
50 years$947$520$271$136$66$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $970,000, adding $2,255 every year, while hoping to spend $26,875 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: 67/6/27 Blend
55$970,000$970,000$970,000$970,000
56$1,071,266$1,019,856$1,004,821$1,135,352
57$1,151,940$1,041,234$1,009,888$1,200,160
58$1,239,943$1,062,759$1,014,223$1,267,773
59$1,335,992$1,084,410$1,017,775$1,341,118
60$1,440,880$1,106,163$1,020,488$1,420,764
61$1,555,479$1,127,993$1,022,303$1,507,337
62$1,680,746$1,149,874$1,023,158$1,601,525
63$1,817,739$1,171,774$1,022,991$1,704,088
64$1,967,621$1,193,663$1,021,733$1,815,866
65$2,131,671$1,215,505$1,019,314$1,937,780
66$2,311,300$1,237,264$1,015,660$2,070,849
67$2,508,060$1,258,897$1,010,692$2,216,196
68$2,723,661$1,280,363$1,004,329$2,375,058
69$2,959,987$1,301,613$996,487$2,548,798
70$3,219,111$1,322,597$987,075$2,738,919
71$3,503,318$1,343,262$975,999$2,947,079
72$3,815,124$1,363,549$963,162$3,175,104
73$4,157,299$1,383,396$948,461$3,425,007
74$4,532,897$1,402,736$931,788$3,699,010
75$4,945,280$1,421,497$913,030$3,999,558
76$5,398,152$1,439,603$892,070$4,329,348
77$5,895,593$1,456,973$868,783$4,691,354
78$6,442,098$1,473,520$843,042$5,088,854
79$7,042,619$1,489,149$814,711$5,525,459
80$7,702,610$1,503,762$783,649$6,005,153
81$8,428,083$1,517,253$749,708$6,532,324
82$9,225,658$1,529,509$712,733$7,111,812
83$10,102,630$1,540,410$672,565$7,748,950
84$11,067,036$1,549,827$629,033$8,449,616
85$12,127,730$1,557,625$581,962$9,220,292
86$13,294,468$1,563,658$531,167$10,068,120
87$14,578,000$1,567,773$476,457$11,000,973
88$15,990,167$1,569,806$417,630$12,027,529
89$17,544,020$1,569,582$354,477$13,157,353
90$19,253,936$1,566,918$286,778$14,400,989
91$21,135,757$1,561,616$214,304$15,770,057
92$23,206,938$1,553,469$136,817$17,277,365
93$25,486,713$1,542,256$54,067$18,937,031
94$27,996,273$1,527,742$0$20,764,616
95$30,758,971$1,509,680$0$22,787,133
96$33,800,538$1,487,805$0$25,030,884
97$37,149,324$1,461,840$0$27,501,193
98$40,836,573$1,431,487$0$30,221,107
99$44,896,709$1,396,435$0$33,216,023
100$49,367,664$1,356,352$0$36,513,927