Can I retire at age 56 with 975,000?

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 $975,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.3%
1 years$80,515$79,797$79,098$78,415$77,748$76,681
2 years$39,859$39,116$38,397$37,699$37,023$35,950
3 years$26,309$25,563$24,845$24,154$23,489$22,443
4 years$19,535$18,791$18,081$17,402$16,752$15,742
5 years$15,472$14,733$14,032$13,366$12,735$11,763
6 years$12,764$12,030$11,340$10,689$10,077$9,144
7 years$10,830$10,103$9,423$8,788$8,195$7,302
8 years$9,381$8,660$7,992$7,372$6,799$5,945
9 years$8,254$7,540$6,883$6,279$5,725$4,911
10 years$7,353$6,646$6,001$5,413$4,878$4,103
11 years$6,617$5,917$5,283$4,711$4,196$3,458
12 years$6,003$5,311$4,689$4,132$3,636$2,935
13 years$5,485$4,799$4,189$3,648$3,170$2,506
14 years$5,040$4,362$3,764$3,238$2,779$2,150
15 years$4,656$3,985$3,398$2,888$2,447$1,852
16 years$4,320$3,656$3,081$2,586$2,163$1,600
17 years$4,023$3,367$2,804$2,323$1,918$1,387
18 years$3,760$3,112$2,559$2,094$1,705$1,205
19 years$3,525$2,884$2,343$1,892$1,520$1,049
20 years$3,314$2,680$2,150$1,714$1,357$915
21 years$3,123$2,496$1,978$1,555$1,215$799
22 years$2,949$2,330$1,823$1,414$1,089$699
23 years$2,791$2,179$1,683$1,288$977$612
24 years$2,647$2,042$1,557$1,174$879$536
25 years$2,514$1,916$1,442$1,073$791$470
26 years$2,391$1,801$1,337$981$712$413
27 years$2,278$1,695$1,242$898$642$363
28 years$2,173$1,597$1,154$822$579$319
29 years$2,076$1,507$1,074$754$523$280
30 years$1,985$1,423$1,000$692$473$247
31 years$1,900$1,345$933$636$427$217
32 years$1,820$1,273$870$584$387$191
33 years$1,746$1,205$813$537$350$168
34 years$1,676$1,142$759$494$317$148
35 years$1,610$1,083$710$455$287$131
36 years$1,549$1,028$664$419$260$115
37 years$1,490$977$622$386$236$101
38 years$1,435$928$582$356$214$89
39 years$1,383$883$545$328$194$79
40 years$1,333$840$511$303$176$70
41 years$1,286$799$479$279$159$61
42 years$1,241$761$450$258$145$54
43 years$1,199$725$422$238$131$48
44 years$1,158$691$396$220$119$42
45 years$1,120$659$372$203$108$37
46 years$1,083$629$349$187$98$33
47 years$1,048$600$328$173$89$29
48 years$1,015$573$308$160$81$26
49 years$983$547$290$148$74$23
50 years$952$523$272$137$67$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $975,000, adding $3,714 every year, while hoping to spend $55,201 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: 47/26/27 Blend
55$975,000$975,000$975,000$975,000
56$1,078,281$1,026,606$1,011,493$1,120,466
57$1,129,532$1,018,176$986,645$1,142,141
58$1,184,161$1,007,483$959,114$1,159,966
59$1,242,453$994,358$928,753$1,178,239
60$1,304,723$978,621$895,405$1,197,030
61$1,371,314$960,083$858,911$1,216,422
62$1,442,603$938,541$819,099$1,236,507
63$1,519,002$913,784$775,793$1,257,391
64$1,600,966$885,585$728,807$1,279,197
65$1,688,992$853,706$677,949$1,302,063
66$1,783,625$817,893$623,017$1,326,146
67$1,885,465$777,880$563,798$1,351,626
68$1,995,170$733,384$500,072$1,378,704
69$2,113,462$684,104$431,610$1,407,609
70$2,241,136$629,726$358,169$1,438,599
71$2,379,063$569,915$279,500$1,471,965
72$2,528,204$504,316$195,339$1,508,034
73$2,689,610$432,558$105,413$1,547,174
74$2,864,442$354,244$9,435$1,589,796
75$3,053,971$268,958$0$1,636,365
76$3,259,599$176,261$0$1,714,188
77$3,482,866$75,685$0$1,801,698
78$3,725,467$0$0$1,896,917
79$3,989,264$0$0$2,010,184
80$4,276,308$0$0$2,157,091
81$4,588,854$0$0$2,317,151
82$4,929,386$0$0$2,491,649
83$5,300,636$0$0$2,681,997
84$5,705,608$0$0$2,889,751
85$6,147,614$0$0$3,116,623
86$6,630,295$0$0$3,364,497
87$7,157,662$0$0$3,635,449
88$7,734,129$0$0$3,931,764
89$8,364,557$0$0$4,255,955
90$9,054,298$0$0$4,610,793
91$9,809,243$0$0$4,999,327
92$10,635,882$0$0$5,424,917
93$11,541,361$0$0$5,891,260
94$12,533,547$0$0$6,402,429
95$13,621,109$0$0$6,962,911
96$14,813,589$0$0$7,577,646
97$16,121,501$0$0$8,252,076
98$17,556,423$0$0$8,992,196
99$19,131,109$0$0$9,804,608
100$20,859,606$0$0$10,696,585