Can I retire at age 56 with 898,000?

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 $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%12.4%
1 years$74,156$73,495$72,851$72,222$71,608$70,889
2 years$36,711$36,027$35,365$34,722$34,099$33,375
3 years$24,231$23,544$22,883$22,247$21,634$20,928
4 years$17,992$17,307$16,653$16,028$15,429$14,746
5 years$14,250$13,569$12,924$12,311$11,729$11,070
6 years$11,756$11,080$10,444$9,845$9,281$8,648
7 years$9,975$9,305$8,679$8,094$7,548$6,940
8 years$8,640$7,976$7,361$6,790$6,262$5,680
9 years$7,602$6,945$6,340$5,784$5,273$4,717
10 years$6,772$6,122$5,527$4,985$4,493$3,962
11 years$6,094$5,450$4,866$4,339$3,864$3,358
12 years$5,529$4,891$4,318$3,806$3,349$2,867
13 years$5,051$4,420$3,858$3,360$2,920$2,462
14 years$4,642$4,018$3,467$2,983$2,560$2,125
15 years$4,288$3,670$3,130$2,660$2,254$1,841
16 years$3,978$3,368$2,838$2,382$1,992$1,601
17 years$3,706$3,101$2,582$2,140$1,766$1,396
18 years$3,463$2,866$2,357$1,928$1,570$1,221
19 years$3,247$2,656$2,158$1,743$1,400$1,070
20 years$3,052$2,468$1,980$1,578$1,250$939
21 years$2,876$2,299$1,822$1,432$1,119$826
22 years$2,716$2,146$1,679$1,302$1,003$727
23 years$2,571$2,007$1,550$1,186$900$641
24 years$2,438$1,881$1,434$1,082$809$566
25 years$2,315$1,765$1,328$988$728$500
26 years$2,202$1,659$1,231$903$656$442
27 years$2,098$1,561$1,144$827$591$391
28 years$2,001$1,471$1,063$758$534$346
29 years$1,912$1,388$989$695$482$307
30 years$1,828$1,310$921$638$435$272
31 years$1,750$1,239$859$586$394$241
32 years$1,677$1,172$802$538$356$214
33 years$1,608$1,110$748$495$322$190
34 years$1,544$1,052$699$455$292$168
35 years$1,483$998$654$419$264$149
36 years$1,426$947$612$386$239$133
37 years$1,372$900$572$356$217$118
38 years$1,322$855$536$328$197$105
39 years$1,273$813$502$302$178$93
40 years$1,228$773$471$279$162$83
41 years$1,184$736$441$257$147$73
42 years$1,143$701$414$237$133$65
43 years$1,104$668$389$219$121$58
44 years$1,067$637$365$202$110$52
45 years$1,031$607$342$187$100$46
46 years$998$579$322$173$90$41
47 years$965$553$302$159$82$36
48 years$935$528$284$147$75$32
49 years$905$504$267$136$68$29
50 years$877$481$251$126$62$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $898,000, adding $5,428 every year, while hoping to spend $50,978 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: 41/32/27 Blend
55$898,000$898,000$898,000$898,000
56$995,195$947,601$933,682$1,027,906
57$1,042,465$939,793$910,720$1,044,217
58$1,092,847$929,894$885,280$1,056,673
59$1,146,607$917,748$857,226$1,069,175
60$1,204,031$903,189$826,414$1,081,756
61$1,265,438$886,041$792,695$1,094,460
62$1,331,175$866,118$755,912$1,107,338
63$1,401,621$843,224$715,901$1,120,450
64$1,477,195$817,151$672,492$1,133,867
65$1,558,354$787,677$625,506$1,147,673
66$1,645,602$754,569$574,757$1,161,964
67$1,739,490$717,580$520,048$1,176,852
68$1,840,626$676,448$461,177$1,192,468
69$1,949,674$630,899$397,931$1,208,959
70$2,067,366$580,638$330,086$1,226,496
71$2,194,505$525,357$257,413$1,245,275
72$2,331,975$464,730$179,666$1,265,516
73$2,480,747$398,412$96,595$1,287,473
74$2,641,887$326,038$7,935$1,311,431
75$2,816,568$247,223$0$1,337,715
76$3,006,081$161,560$0$1,391,662
77$3,211,844$68,619$0$1,452,777
78$3,435,418$0$0$1,519,324
79$3,678,520$0$0$1,603,203
80$3,943,038$0$0$1,720,865
81$4,231,050$0$0$1,849,083
82$4,544,842$0$0$1,988,889
83$4,886,931$0$0$2,141,418
84$5,260,087$0$0$2,307,919
85$5,667,357$0$0$2,489,768
86$6,112,097$0$0$2,688,479
87$6,598,001$0$0$2,905,717
88$7,129,134$0$0$3,143,319
89$7,709,975$0$0$3,403,305
90$8,345,452$0$0$3,687,899
91$9,040,992$0$0$3,999,552
92$9,802,574$0$0$4,340,962
93$10,636,778$0$0$4,715,098
94$11,550,853$0$0$5,125,235
95$12,552,781$0$0$5,574,975
96$13,651,353$0$0$6,068,289
97$14,856,252$0$0$6,609,547
98$16,178,144$0$0$7,203,566
99$17,628,775$0$0$7,855,649
100$19,221,085$0$0$8,571,641