Can I retire at age 56 with 971,000?

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 $971,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.9%
1 years$80,184$79,470$78,773$78,093$77,429$75,866
2 years$39,695$38,956$38,239$37,545$36,871$35,303
3 years$26,201$25,458$24,743$24,055$23,392$21,868
4 years$19,455$18,714$18,007$17,330$16,684$15,215
5 years$15,408$14,672$13,974$13,311$12,683$11,274
6 years$12,711$11,981$11,293$10,645$10,035$8,689
7 years$10,786$10,062$9,385$8,752$8,161$6,876
8 years$9,342$8,625$7,959$7,342$6,771$5,547
9 years$8,220$7,509$6,855$6,254$5,702$4,539
10 years$7,323$6,619$5,976$5,391$4,858$3,755
11 years$6,589$5,893$5,261$4,692$4,178$3,133
12 years$5,979$5,289$4,669$4,115$3,621$2,632
13 years$5,462$4,780$4,172$3,633$3,157$2,224
14 years$5,020$4,345$3,748$3,225$2,768$1,887
15 years$4,637$3,969$3,384$2,876$2,437$1,608
16 years$4,302$3,641$3,068$2,575$2,154$1,374
17 years$4,007$3,354$2,792$2,314$1,910$1,177
18 years$3,745$3,099$2,549$2,085$1,698$1,011
19 years$3,511$2,872$2,333$1,884$1,513$870
20 years$3,300$2,669$2,141$1,707$1,352$749
21 years$3,110$2,486$1,970$1,549$1,210$647
22 years$2,937$2,320$1,815$1,408$1,084$559
23 years$2,780$2,170$1,676$1,282$973$483
24 years$2,636$2,033$1,550$1,170$875$418
25 years$2,503$1,908$1,436$1,068$787$362
26 years$2,381$1,793$1,332$977$709$314
27 years$2,269$1,688$1,237$894$639$272
28 years$2,164$1,590$1,150$819$577$236
29 years$2,067$1,500$1,070$751$521$205
30 years$1,977$1,417$996$689$471$178
31 years$1,892$1,339$929$633$426$155
32 years$1,813$1,267$867$582$385$134
33 years$1,739$1,200$809$535$348$117
34 years$1,669$1,138$756$492$315$101
35 years$1,604$1,079$707$453$286$88
36 years$1,542$1,024$661$417$259$77
37 years$1,484$973$619$385$235$67
38 years$1,429$924$580$354$213$58
39 years$1,377$879$543$327$193$50
40 years$1,328$836$509$301$175$44
41 years$1,281$796$477$278$159$38
42 years$1,236$758$448$257$144$33
43 years$1,194$722$420$237$131$29
44 years$1,154$689$394$219$119$25
45 years$1,115$657$370$202$108$22
46 years$1,079$626$348$187$98$19
47 years$1,044$598$327$172$89$17
48 years$1,010$571$307$159$81$14
49 years$979$545$289$147$73$13
50 years$948$521$271$136$67$11

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $971,000, adding $6,326 every year, while hoping to spend $20,551 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: 78/16/6 Blend
55$971,000$971,000$971,000$971,000
56$1,076,567$1,025,104$1,010,054$1,159,478
57$1,164,511$1,053,468$1,022,024$1,243,112
58$1,260,736$1,082,533$1,033,707$1,331,488
59$1,366,066$1,112,312$1,045,071$1,427,791
60$1,481,407$1,142,817$1,056,083$1,532,802
61$1,607,756$1,174,061$1,066,707$1,647,377
62$1,746,213$1,206,056$1,076,908$1,772,461
63$1,897,988$1,238,815$1,086,646$1,909,095
64$2,064,415$1,272,349$1,095,881$2,058,425
65$2,246,962$1,306,670$1,104,570$2,221,710
66$2,447,246$1,341,790$1,112,666$2,400,342
67$2,667,048$1,377,721$1,120,124$2,595,849
68$2,908,330$1,414,473$1,126,891$2,809,918
69$3,173,255$1,452,057$1,132,917$3,044,405
70$3,464,203$1,490,484$1,138,146$3,301,355
71$3,783,796$1,529,762$1,142,518$3,583,021
72$4,134,925$1,569,902$1,145,974$3,891,883
73$4,520,772$1,610,912$1,148,449$4,230,677
74$4,944,844$1,652,800$1,149,875$4,602,412
75$5,411,005$1,695,574$1,150,183$5,010,408
76$5,923,510$1,739,240$1,149,297$5,458,318
77$6,487,049$1,783,804$1,147,139$5,950,171
78$7,106,788$1,829,270$1,143,629$6,490,402
79$7,788,420$1,875,644$1,138,679$7,083,900
80$8,538,215$1,922,927$1,132,202$7,736,050
81$9,363,084$1,971,121$1,124,101$8,452,786
82$10,270,640$2,020,227$1,114,279$9,240,647
83$11,269,270$2,070,243$1,102,633$10,106,837
84$12,368,218$2,121,168$1,089,054$11,059,292
85$13,577,668$2,172,996$1,073,429$12,106,758
86$14,908,840$2,225,723$1,055,638$13,258,874
87$16,374,098$2,279,340$1,035,559$14,526,257
88$17,987,067$2,333,838$1,013,061$15,920,608
89$19,762,756$2,389,205$988,007$17,454,820
90$21,717,708$2,445,427$960,256$19,143,100
91$23,870,148$2,502,487$929,658$21,001,102
92$26,240,160$2,560,365$896,059$23,046,077
93$28,849,874$2,619,041$859,294$25,297,033
94$31,723,675$2,678,487$819,194$27,774,916
95$34,888,433$2,738,677$775,581$30,502,808
96$38,373,759$2,799,577$728,268$33,506,143
97$42,212,279$2,861,153$677,062$36,812,947
98$46,439,947$2,923,365$621,759$40,454,106
99$51,096,380$2,986,169$562,146$44,463,654
100$56,225,236$3,049,516$498,003$48,879,094