Can I retire at age 56 with 977,000?

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 $977,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$80,680$79,961$79,260$78,576$77,907$75,173
2 years$39,940$39,197$38,476$37,777$37,099$34,373
3 years$26,362$25,615$24,896$24,204$23,537$20,905
4 years$19,575$18,830$18,118$17,438$16,787$14,269
5 years$15,503$14,763$14,060$13,394$12,761$10,364
6 years$12,790$12,055$11,363$10,711$10,097$7,822
7 years$10,852$10,124$9,443$8,806$8,212$6,059
8 years$9,400$8,678$8,008$7,387$6,813$4,780
9 years$8,271$7,556$6,897$6,292$5,737$3,822
10 years$7,368$6,660$6,013$5,424$4,888$3,088
11 years$6,630$5,929$5,294$4,721$4,204$2,514
12 years$6,015$5,322$4,698$4,141$3,643$2,060
13 years$5,496$4,809$4,198$3,655$3,177$1,696
14 years$5,051$4,371$3,772$3,245$2,785$1,402
15 years$4,665$3,993$3,405$2,894$2,452$1,163
16 years$4,328$3,664$3,087$2,591$2,167$967
17 years$4,032$3,374$2,809$2,328$1,922$806
18 years$3,768$3,118$2,565$2,098$1,709$673
19 years$3,532$2,890$2,348$1,896$1,523$563
20 years$3,321$2,685$2,155$1,717$1,360$471
21 years$3,129$2,501$1,982$1,558$1,217$395
22 years$2,955$2,335$1,827$1,417$1,091$331
23 years$2,797$2,184$1,687$1,290$979$278
24 years$2,652$2,046$1,560$1,177$880$233
25 years$2,519$1,920$1,445$1,075$792$196
26 years$2,396$1,805$1,340$983$714$165
27 years$2,283$1,698$1,244$900$643$139
28 years$2,178$1,600$1,157$824$580$117
29 years$2,080$1,510$1,076$756$524$98
30 years$1,989$1,426$1,003$694$474$83
31 years$1,904$1,348$935$637$428$70
32 years$1,824$1,275$872$585$387$59
33 years$1,750$1,208$814$538$351$49
34 years$1,680$1,145$761$495$317$41
35 years$1,614$1,086$711$456$287$35
36 years$1,552$1,030$665$420$260$29
37 years$1,493$979$623$387$236$25
38 years$1,438$930$583$357$214$21
39 years$1,385$884$546$329$194$18
40 years$1,336$841$512$303$176$15
41 years$1,289$801$480$280$160$12
42 years$1,244$763$450$258$145$11
43 years$1,201$727$423$238$132$9
44 years$1,161$693$397$220$119$7
45 years$1,122$661$373$203$108$6
46 years$1,085$630$350$188$98$5
47 years$1,050$601$329$173$89$4
48 years$1,017$574$309$160$81$4
49 years$985$548$290$148$74$3
50 years$954$524$273$137$67$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $977,000, adding $4,332 every year, while hoping to spend $43,487 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: 48/44/8 Blend
55$977,000$977,000$977,000$977,000
56$1,081,122$1,029,341$1,014,198$1,130,500
57$1,145,127$1,033,509$1,001,904$1,168,977
58$1,214,203$1,036,424$987,740$1,205,797
59$1,288,821$1,037,978$971,599$1,244,759
60$1,369,499$1,038,057$953,366$1,286,077
61$1,456,807$1,036,541$932,922$1,329,987
62$1,551,370$1,033,301$910,144$1,376,749
63$1,653,876$1,028,199$884,901$1,426,653
64$1,765,083$1,021,092$857,056$1,480,023
65$1,885,822$1,011,826$826,468$1,537,216
66$2,017,008$1,000,238$792,987$1,598,628
67$2,159,649$986,155$756,458$1,664,700
68$2,314,851$969,395$716,718$1,735,920
69$2,483,834$949,764$673,596$1,812,829
70$2,667,939$927,056$626,915$1,896,027
71$2,868,641$901,054$576,489$1,986,179
72$3,087,564$871,527$522,123$2,084,023
73$3,326,497$838,234$463,616$2,190,374
74$3,587,407$800,915$400,754$2,306,138
75$3,872,461$759,297$333,318$2,432,316
76$4,184,043$713,094$261,075$2,570,018
77$4,524,779$661,999$183,784$2,720,472
78$4,897,560$605,690$101,194$2,885,039
79$5,305,569$543,827$13,042$3,065,222
80$5,752,311$476,049$0$3,262,687
81$6,241,647$401,975$0$3,486,194
82$6,777,826$321,204$0$3,732,501
83$7,365,532$233,310$0$4,002,776
84$8,009,918$137,845$0$4,299,537
85$8,716,665$34,334$0$4,625,569
86$9,492,027$0$0$4,983,951
87$10,342,893$0$0$5,415,714
88$11,276,852$0$0$5,908,000
89$12,302,262$0$0$6,448,606
90$13,428,333$0$0$7,042,400
91$14,665,206$0$0$7,694,746
92$16,024,057$0$0$8,411,553
93$17,517,195$0$0$9,199,330
94$19,158,182$0$0$10,065,250
95$20,961,958$0$0$11,017,212
96$22,944,983$0$0$12,063,922
97$25,125,390$0$0$13,214,969
98$27,523,160$0$0$14,480,920
99$30,160,304$0$0$15,873,415
100$33,061,075$0$0$17,405,281