Can I retire at age 56 with 898,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $898,000?

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$74,156$73,495$72,851$72,222$71,608$70,076
2 years$36,711$36,027$35,365$34,722$34,099$32,563
3 years$24,231$23,544$22,883$22,247$21,634$20,142
4 years$17,992$17,307$16,653$16,028$15,429$13,993
5 years$14,250$13,569$12,924$12,311$11,729$10,352
6 years$11,756$11,080$10,444$9,845$9,281$7,965
7 years$9,975$9,305$8,679$8,094$7,548$6,293
8 years$8,640$7,976$7,361$6,790$6,262$5,068
9 years$7,602$6,945$6,340$5,784$5,273$4,139
10 years$6,772$6,122$5,527$4,985$4,493$3,418
11 years$6,094$5,450$4,866$4,339$3,864$2,846
12 years$5,529$4,891$4,318$3,806$3,349$2,387
13 years$5,051$4,420$3,858$3,360$2,920$2,012
14 years$4,642$4,018$3,467$2,983$2,560$1,704
15 years$4,288$3,670$3,130$2,660$2,254$1,449
16 years$3,978$3,368$2,838$2,382$1,992$1,235
17 years$3,706$3,101$2,582$2,140$1,766$1,056
18 years$3,463$2,866$2,357$1,928$1,570$905
19 years$3,247$2,656$2,158$1,743$1,400$777
20 years$3,052$2,468$1,980$1,578$1,250$668
21 years$2,876$2,299$1,822$1,432$1,119$575
22 years$2,716$2,146$1,679$1,302$1,003$496
23 years$2,571$2,007$1,550$1,186$900$428
24 years$2,438$1,881$1,434$1,082$809$369
25 years$2,315$1,765$1,328$988$728$319
26 years$2,202$1,659$1,231$903$656$276
27 years$2,098$1,561$1,144$827$591$239
28 years$2,001$1,471$1,063$758$534$207
29 years$1,912$1,388$989$695$482$179
30 years$1,828$1,310$921$638$435$155
31 years$1,750$1,239$859$586$394$134
32 years$1,677$1,172$802$538$356$116
33 years$1,608$1,110$748$495$322$101
34 years$1,544$1,052$699$455$292$87
35 years$1,483$998$654$419$264$76
36 years$1,426$947$612$386$239$66
37 years$1,372$900$572$356$217$57
38 years$1,322$855$536$328$197$49
39 years$1,273$813$502$302$178$43
40 years$1,228$773$471$279$162$37
41 years$1,184$736$441$257$147$32
42 years$1,143$701$414$237$133$28
43 years$1,104$668$389$219$121$24
44 years$1,067$637$365$202$110$21
45 years$1,031$607$342$187$100$18
46 years$998$579$322$173$90$16
47 years$965$553$302$159$82$14
48 years$935$528$284$147$75$12
49 years$905$504$267$136$68$10
50 years$877$481$251$126$62$9

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $898,000, adding $3,754 every year, while hoping to spend $45,089 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: 31/40/29 Blend
55$898,000$898,000$898,000$898,000
56$993,468$945,874$931,955$1,015,362
57$1,046,828$944,248$915,201$1,031,047
58$1,104,119$941,030$896,375$1,043,718
59$1,165,694$936,096$875,359$1,056,479
60$1,231,943$929,313$852,032$1,069,371
61$1,303,290$920,539$826,264$1,082,441
62$1,380,204$909,623$797,922$1,095,746
63$1,463,199$896,409$766,866$1,109,354
64$1,552,839$880,726$732,950$1,123,342
65$1,649,744$862,398$696,020$1,137,802
66$1,754,597$841,234$655,915$1,152,840
67$1,868,147$817,036$612,470$1,168,578
68$1,991,219$789,592$565,508$1,185,156
69$2,124,719$758,677$514,848$1,202,736
70$2,269,643$724,054$460,298$1,221,502
71$2,427,087$685,474$401,659$1,241,662
72$2,598,258$642,670$338,722$1,263,456
73$2,784,482$595,363$271,271$1,287,155
74$2,987,219$543,255$199,079$1,313,063
75$3,208,074$486,034$121,907$1,341,528
76$3,448,816$423,368$39,509$1,372,941
77$3,711,389$354,907$0$1,407,741
78$3,997,935$280,281$0$1,461,409
79$4,310,810$199,101$0$1,533,538
80$4,652,608$110,953$0$1,612,602
81$5,026,186$15,401$0$1,699,394
82$5,434,688$0$0$1,794,794
83$5,881,576$0$0$1,938,520
84$6,370,661$0$0$2,103,373
85$6,906,142$0$0$2,284,006
86$7,492,640$0$0$2,481,994
87$8,135,247$0$0$2,699,076
88$8,839,567$0$0$2,937,163
89$9,611,776$0$0$3,198,363
90$10,458,674$0$0$3,484,996
91$11,387,749$0$0$3,799,618
92$12,407,253$0$0$4,145,045
93$13,526,271$0$0$4,524,378
94$14,754,814$0$0$4,941,034
95$16,103,907$0$0$5,398,777
96$17,585,697$0$0$5,901,753
97$19,213,564$0$0$6,454,530
98$21,002,248$0$0$7,062,140
99$22,967,989$0$0$7,730,128
100$25,128,676$0$0$8,464,601