Can I retire at age 56 with 982,000?

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 $982,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$81,093$80,370$79,666$78,978$78,306$77,747
2 years$40,145$39,397$38,673$37,970$37,289$36,725
3 years$26,497$25,747$25,024$24,328$23,657$23,107
4 years$19,675$18,926$18,211$17,527$16,873$16,339
5 years$15,583$14,839$14,132$13,462$12,826$12,311
6 years$12,855$12,117$11,421$10,766$10,149$9,653
7 years$10,908$10,176$9,491$8,851$8,254$7,778
8 years$9,448$8,722$8,049$7,425$6,847$6,391
9 years$8,313$7,594$6,933$6,325$5,767$5,329
10 years$7,406$6,694$6,044$5,452$4,913$4,495
11 years$6,664$5,959$5,321$4,745$4,226$3,826
12 years$6,046$5,349$4,722$4,162$3,662$3,281
13 years$5,524$4,834$4,219$3,674$3,193$2,830
14 years$5,077$4,394$3,791$3,262$2,799$2,454
15 years$4,689$4,014$3,423$2,909$2,465$2,136
16 years$4,351$3,683$3,103$2,604$2,178$1,867
17 years$4,052$3,392$2,824$2,340$1,931$1,636
18 years$3,787$3,134$2,578$2,109$1,717$1,438
19 years$3,550$2,904$2,360$1,906$1,531$1,266
20 years$3,338$2,699$2,166$1,726$1,367$1,117
21 years$3,145$2,514$1,992$1,566$1,223$987
22 years$2,971$2,347$1,836$1,424$1,097$874
23 years$2,811$2,195$1,695$1,297$984$775
24 years$2,666$2,056$1,568$1,183$885$687
25 years$2,532$1,930$1,452$1,080$796$611
26 years$2,408$1,814$1,347$988$717$543
27 years$2,294$1,707$1,251$904$647$483
28 years$2,189$1,608$1,163$828$583$430
29 years$2,090$1,517$1,082$760$527$383
30 years$1,999$1,433$1,008$697$476$341
31 years$1,913$1,355$939$640$430$304
32 years$1,834$1,282$877$588$389$272
33 years$1,759$1,214$818$541$352$242
34 years$1,688$1,150$765$498$319$216
35 years$1,622$1,091$715$458$289$193
36 years$1,560$1,036$669$422$262$173
37 years$1,501$984$626$389$237$154
38 years$1,445$935$586$358$215$138
39 years$1,392$889$549$331$195$123
40 years$1,343$846$515$305$177$110
41 years$1,295$805$483$281$161$98
42 years$1,250$767$453$260$146$88
43 years$1,207$731$425$240$132$79
44 years$1,167$696$399$221$120$70
45 years$1,128$664$374$204$109$63
46 years$1,091$633$352$189$99$56
47 years$1,056$605$330$174$90$50
48 years$1,022$577$311$161$82$45
49 years$990$551$292$149$74$40
50 years$959$526$274$138$67$36

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $982,000, adding $2,972 every year, while hoping to spend $26,387 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: 52/29/19 Blend
55$982,000$982,000$982,000$982,000
56$1,085,230$1,033,184$1,017,963$1,135,851
57$1,167,847$1,055,734$1,023,989$1,193,531
58$1,258,008$1,078,505$1,029,332$1,253,238
59$1,356,453$1,101,480$1,033,943$1,317,612
60$1,463,998$1,124,639$1,037,767$1,387,105
61$1,581,542$1,147,963$1,040,748$1,462,215
62$1,710,074$1,171,428$1,042,828$1,543,489
63$1,850,684$1,195,010$1,043,945$1,631,534
64$2,004,571$1,218,683$1,044,035$1,727,014
65$2,173,055$1,242,416$1,043,028$1,830,666
66$2,357,591$1,266,179$1,040,854$1,943,298
67$2,559,781$1,289,938$1,037,439$2,065,804
68$2,781,389$1,313,655$1,032,703$2,199,168
69$3,024,356$1,337,290$1,026,564$2,344,474
70$3,290,823$1,360,799$1,018,936$2,502,919
71$3,583,146$1,384,138$1,009,730$2,675,821
72$3,903,921$1,407,254$998,850$2,864,634
73$4,256,007$1,430,095$986,197$3,070,961
74$4,642,553$1,452,603$971,668$3,296,568
75$5,067,028$1,474,715$955,153$3,543,403
76$5,533,254$1,496,365$936,540$3,813,614
77$6,045,440$1,517,482$915,709$4,109,569
78$6,608,226$1,537,989$892,535$4,433,876
79$7,226,719$1,557,805$866,890$4,789,415
80$7,906,549$1,576,842$838,635$5,179,356
81$8,653,916$1,595,007$807,629$5,607,198
82$9,475,654$1,612,200$773,722$6,076,796
83$10,379,288$1,628,316$736,760$6,592,400
84$11,373,112$1,643,240$696,578$7,158,697
85$12,466,263$1,656,852$653,007$7,780,852
86$13,668,808$1,669,024$605,869$8,464,560
87$14,991,839$1,679,619$554,978$9,216,099
88$16,447,576$1,688,490$500,139$10,042,390
89$18,049,486$1,695,483$441,151$10,951,063
90$19,812,404$1,700,432$377,800$11,950,527
91$21,752,679$1,703,163$309,866$13,050,054
92$23,888,324$1,703,489$237,118$14,259,865
93$26,239,186$1,701,213$159,314$15,591,225
94$28,827,134$1,696,124$76,203$17,056,553
95$31,676,267$1,687,999$0$18,669,540
96$34,813,138$1,676,603$0$20,447,808
97$38,267,005$1,661,684$0$22,422,110
98$42,070,109$1,642,975$0$24,595,374
99$46,257,976$1,620,196$0$26,987,872
100$50,869,751$1,593,048$0$29,621,946