Can I retire at age 56 with 983,000?

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 $983,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.1%
1 years$81,175$80,452$79,747$79,058$78,386$78,023
2 years$40,186$39,437$38,712$38,009$37,327$36,960
3 years$26,524$25,773$25,049$24,353$23,682$23,323
4 years$19,695$18,946$18,229$17,545$16,890$16,542
5 years$15,599$14,854$14,147$13,476$12,839$12,503
6 years$12,868$12,129$11,433$10,777$10,159$9,835
7 years$10,919$10,186$9,501$8,860$8,262$7,951
8 years$9,458$8,731$8,057$7,433$6,854$6,555
9 years$8,322$7,602$6,940$6,331$5,772$5,485
10 years$7,413$6,701$6,050$5,457$4,918$4,643
11 years$6,671$5,965$5,327$4,750$4,230$3,967
12 years$6,052$5,354$4,727$4,166$3,666$3,414
13 years$5,530$4,839$4,223$3,678$3,196$2,957
14 years$5,082$4,398$3,795$3,265$2,802$2,574
15 years$4,694$4,018$3,426$2,912$2,467$2,250
16 years$4,355$3,686$3,106$2,607$2,180$1,974
17 years$4,056$3,395$2,827$2,342$1,933$1,737
18 years$3,791$3,137$2,580$2,111$1,719$1,533
19 years$3,554$2,907$2,362$1,907$1,532$1,356
20 years$3,341$2,702$2,168$1,728$1,369$1,201
21 years$3,148$2,517$1,994$1,568$1,225$1,067
22 years$2,974$2,349$1,838$1,426$1,098$948
23 years$2,814$2,197$1,697$1,298$985$844
24 years$2,668$2,059$1,569$1,184$886$753
25 years$2,534$1,932$1,454$1,081$797$672
26 years$2,411$1,816$1,348$989$718$600
27 years$2,297$1,709$1,252$905$647$536
28 years$2,191$1,610$1,164$829$584$480
29 years$2,093$1,519$1,083$760$527$429
30 years$2,001$1,434$1,009$698$477$385
31 years$1,915$1,356$940$641$431$345
32 years$1,835$1,283$877$589$390$309
33 years$1,760$1,215$819$542$353$277
34 years$1,690$1,152$765$498$319$249
35 years$1,624$1,092$716$459$289$223
36 years$1,561$1,037$669$423$262$200
37 years$1,502$985$627$389$238$180
38 years$1,447$936$587$359$215$162
39 years$1,394$890$550$331$195$145
40 years$1,344$847$515$305$177$130
41 years$1,297$806$483$282$161$117
42 years$1,252$768$453$260$146$105
43 years$1,209$731$425$240$132$95
44 years$1,168$697$399$221$120$85
45 years$1,129$665$375$205$109$77
46 years$1,092$634$352$189$99$69
47 years$1,057$605$331$175$90$62
48 years$1,023$578$311$161$82$56
49 years$991$552$292$149$74$50
50 years$960$527$275$138$67$45

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $983,000, adding $5,886 every year, while hoping to spend $53,365 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: 69/5/26 Blend
55$983,000$983,000$983,000$983,000
56$1,089,337$1,037,238$1,022,002$1,156,841
57$1,143,670$1,031,283$999,459$1,196,909
58$1,201,756$1,023,248$974,372$1,234,060
59$1,263,921$1,012,973$946,600$1,273,478
60$1,330,525$1,000,292$915,995$1,315,388
61$1,401,959$985,027$882,402$1,360,038
62$1,478,655$966,989$845,658$1,407,701
63$1,561,085$945,979$805,595$1,458,682
64$1,649,768$921,785$762,035$1,513,317
65$1,745,275$894,183$714,794$1,571,978
66$1,848,231$862,936$663,677$1,635,076
67$1,959,325$827,794$608,485$1,703,068
68$2,079,311$788,491$549,004$1,776,458
69$2,209,020$744,746$485,015$1,855,802
70$2,349,364$696,263$416,287$1,941,718
71$2,501,347$642,728$342,580$2,034,887
72$2,666,071$583,808$263,643$2,136,063
73$2,844,748$519,153$179,213$2,246,080
74$3,038,713$448,392$89,018$2,365,859
75$3,249,433$371,134$0$2,496,418
76$3,478,520$286,964$0$2,640,890
77$3,727,749$195,446$0$2,824,996
78$3,999,074$96,117$0$3,025,474
79$4,294,644$0$0$3,243,932
80$4,616,823$0$0$3,482,774
81$4,968,215$0$0$3,749,091
82$5,351,683$0$0$4,039,770
83$5,770,382$0$0$4,357,210
84$6,227,782$0$0$4,704,048
85$6,727,705$0$0$5,083,189
86$7,274,357$0$0$5,497,831
87$7,872,372$0$0$5,951,496
88$8,526,848$0$0$6,448,060
89$9,243,404$0$0$6,991,794
90$10,028,223$0$0$7,587,398
91$10,888,116$0$0$8,240,051
92$11,830,585$0$0$8,955,455
93$12,863,889$0$0$9,739,890
94$13,997,128$0$0$10,600,273
95$15,240,322$0$0$11,544,223
96$16,604,510$0$0$12,580,132
97$18,101,851$0$0$13,717,243
98$19,745,735$0$0$14,965,738
99$21,550,918$0$0$16,336,834
100$23,533,649$0$0$17,842,887