Can I retire at age 56 with 981,000?

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 $981,000?

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$81,010$80,288$79,584$78,897$78,226$76,553
2 years$40,104$39,357$38,633$37,931$37,251$35,573
3 years$26,470$25,720$24,998$24,303$23,633$22,004
4 years$19,655$18,907$18,192$17,509$16,855$15,286
5 years$15,567$14,823$14,118$13,449$12,813$11,309
6 years$12,842$12,104$11,409$10,755$10,139$8,701
7 years$10,897$10,165$9,481$8,842$8,245$6,875
8 years$9,438$8,714$8,041$7,418$6,840$5,536
9 years$8,305$7,587$6,926$6,318$5,761$4,522
10 years$7,398$6,687$6,038$5,446$4,908$3,734
11 years$6,657$5,953$5,316$4,740$4,221$3,109
12 years$6,040$5,343$4,718$4,157$3,658$2,607
13 years$5,518$4,829$4,215$3,670$3,190$2,198
14 years$5,071$4,389$3,787$3,258$2,796$1,862
15 years$4,684$4,010$3,419$2,906$2,462$1,583
16 years$4,346$3,679$3,100$2,602$2,176$1,350
17 years$4,048$3,388$2,821$2,338$1,929$1,154
18 years$3,783$3,131$2,575$2,107$1,716$989
19 years$3,547$2,902$2,357$1,904$1,529$849
20 years$3,334$2,696$2,163$1,724$1,366$730
21 years$3,142$2,511$1,990$1,565$1,222$628
22 years$2,968$2,344$1,834$1,423$1,096$542
23 years$2,808$2,193$1,693$1,296$983$467
24 years$2,663$2,054$1,566$1,182$884$403
25 years$2,529$1,928$1,451$1,079$795$349
26 years$2,406$1,812$1,345$987$716$301
27 years$2,292$1,705$1,249$903$646$261
28 years$2,186$1,607$1,161$828$583$226
29 years$2,088$1,516$1,081$759$526$195
30 years$1,997$1,432$1,007$696$476$169
31 years$1,912$1,353$938$640$430$147
32 years$1,832$1,280$876$588$389$127
33 years$1,757$1,213$818$541$352$110
34 years$1,687$1,149$764$497$319$95
35 years$1,620$1,090$714$458$289$83
36 years$1,558$1,035$668$422$262$72
37 years$1,499$983$625$389$237$62
38 years$1,444$934$586$358$215$54
39 years$1,391$888$549$330$195$47
40 years$1,341$845$514$305$177$41
41 years$1,294$804$482$281$160$35
42 years$1,249$766$452$259$146$31
43 years$1,206$730$424$239$132$27
44 years$1,166$696$398$221$120$23
45 years$1,127$663$374$204$109$20
46 years$1,090$633$351$189$99$17
47 years$1,055$604$330$174$90$15
48 years$1,021$577$310$161$81$13
49 years$989$551$292$149$74$11
50 years$958$526$274$138$67$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $981,000, adding $4,237 every year, while hoping to spend $50,477 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: 38/50/12 Blend
55$981,000$981,000$981,000$981,000
56$1,085,432$1,033,439$1,018,234$1,122,562
57$1,142,439$1,030,371$998,638$1,146,302
58$1,203,569$1,025,460$976,693$1,166,717
59$1,269,189$1,018,564$952,268$1,187,667
60$1,339,703$1,009,529$925,225$1,209,224
61$1,415,552$998,195$895,420$1,231,471
62$1,497,222$984,391$862,700$1,254,501
63$1,585,247$967,935$826,909$1,278,426
64$1,680,213$948,634$787,881$1,303,367
65$1,782,763$926,286$745,444$1,329,468
66$1,893,606$900,675$699,417$1,356,889
67$2,013,518$871,572$649,611$1,385,812
68$2,143,354$838,736$595,831$1,416,445
69$2,284,053$801,911$537,868$1,449,022
70$2,436,650$760,828$475,510$1,483,806
71$2,602,279$715,200$408,531$1,521,097
72$2,782,191$664,724$336,696$1,561,229
73$2,977,760$609,081$259,761$1,604,580
74$3,190,498$547,933$177,469$1,651,575
75$3,422,069$480,922$89,555$1,702,691
76$3,674,305$407,671$0$1,758,461
77$3,949,218$327,781$0$1,820,029
78$4,249,026$240,831$0$1,899,793
79$4,576,171$146,375$0$1,987,062
80$4,933,337$43,944$0$2,082,714
81$5,323,481$0$0$2,187,726
82$5,749,859$0$0$2,340,028
83$6,216,054$0$0$2,533,117
84$6,726,011$0$0$2,744,464
85$7,284,076$0$0$2,975,888
86$7,895,032$0$0$3,229,388
87$8,564,147$0$0$3,507,170
88$9,297,221$0$0$3,811,659
89$10,100,645$0$0$4,145,528
90$10,981,454$0$0$4,511,723
91$11,947,397$0$0$4,913,485
92$13,007,010$0$0$5,354,386
93$14,169,695$0$0$5,838,360
94$15,445,806$0$0$6,369,741
95$16,846,751$0$0$6,953,303
96$18,385,095$0$0$7,594,305
97$20,074,679$0$0$8,298,539
98$21,930,752$0$0$9,072,388
99$23,970,110$0$0$9,922,883
100$26,211,259$0$0$10,857,769