Can I retire at age 56 with 987,000?

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 $987,000?

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$81,506$80,780$80,071$79,380$78,705$77,021
2 years$40,349$39,598$38,870$38,163$37,478$35,791
3 years$26,632$25,878$25,151$24,452$23,778$22,138
4 years$19,775$19,023$18,304$17,616$16,959$15,380
5 years$15,662$14,914$14,204$13,531$12,892$11,378
6 years$12,921$12,178$11,479$10,821$10,201$8,754
7 years$10,963$10,227$9,539$8,896$8,296$6,917
8 years$9,496$8,767$8,090$7,463$6,882$5,570
9 years$8,356$7,633$6,968$6,357$5,796$4,549
10 years$7,444$6,728$6,075$5,480$4,938$3,757
11 years$6,698$5,990$5,348$4,769$4,247$3,128
12 years$6,077$5,376$4,746$4,183$3,680$2,623
13 years$5,552$4,858$4,241$3,693$3,209$2,212
14 years$5,102$4,416$3,810$3,278$2,813$1,873
15 years$4,713$4,034$3,440$2,924$2,477$1,592
16 years$4,373$3,701$3,119$2,618$2,189$1,358
17 years$4,073$3,409$2,838$2,352$1,941$1,161
18 years$3,806$3,150$2,591$2,120$1,726$995
19 years$3,568$2,919$2,372$1,915$1,538$854
20 years$3,355$2,713$2,177$1,735$1,374$734
21 years$3,161$2,527$2,002$1,574$1,230$632
22 years$2,986$2,359$1,845$1,431$1,102$545
23 years$2,826$2,206$1,704$1,304$989$470
24 years$2,679$2,067$1,576$1,189$889$406
25 years$2,545$1,940$1,459$1,086$800$351
26 years$2,421$1,823$1,354$993$721$303
27 years$2,306$1,716$1,257$909$650$262
28 years$2,200$1,617$1,168$833$586$227
29 years$2,101$1,525$1,087$764$530$197
30 years$2,009$1,440$1,013$701$478$170
31 years$1,923$1,362$944$644$433$148
32 years$1,843$1,288$881$591$391$128
33 years$1,768$1,220$823$544$354$111
34 years$1,697$1,156$769$500$321$96
35 years$1,630$1,097$719$461$290$83
36 years$1,568$1,041$672$424$263$72
37 years$1,508$989$629$391$238$63
38 years$1,452$940$589$360$216$54
39 years$1,400$893$552$332$196$47
40 years$1,349$850$517$306$178$41
41 years$1,302$809$485$283$161$35
42 years$1,257$771$455$261$146$31
43 years$1,214$734$427$241$133$27
44 years$1,173$700$401$222$121$23
45 years$1,134$667$376$205$109$20
46 years$1,097$637$354$190$99$17
47 years$1,061$608$332$175$90$15
48 years$1,027$580$312$162$82$13
49 years$995$554$293$150$74$11
50 years$964$529$276$138$68$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $987,000, adding $2,977 every year, while hoping to spend $37,583 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: 54/25/21 Blend
55$987,000$987,000$987,000$987,000
56$1,090,745$1,038,434$1,023,135$1,143,237
57$1,162,013$1,049,329$1,017,422$1,190,467
58$1,239,290$1,059,498$1,010,258$1,237,659
59$1,323,151$1,068,867$1,001,555$1,288,228
60$1,414,225$1,077,354$991,220$1,342,506
61$1,513,207$1,084,875$979,156$1,400,865
62$1,620,858$1,091,338$965,262$1,463,712
63$1,738,019$1,096,647$949,432$1,531,498
64$1,865,613$1,100,699$931,554$1,604,722
65$2,004,657$1,103,385$911,513$1,683,935
66$2,156,269$1,104,587$889,185$1,769,746
67$2,321,680$1,104,184$864,444$1,862,827
68$2,502,245$1,102,043$837,157$1,963,922
69$2,699,457$1,098,025$807,184$2,073,852
70$2,914,956$1,091,983$774,380$2,193,523
71$3,150,551$1,083,760$738,591$2,323,937
72$3,408,232$1,073,189$699,659$2,466,201
73$3,690,191$1,060,095$657,417$2,621,536
74$3,998,841$1,044,290$611,691$2,791,292
75$4,336,839$1,025,576$562,299$2,976,959
76$4,707,112$1,003,745$509,051$3,180,183
77$5,112,882$978,572$451,748$3,402,779
78$5,557,698$949,824$390,184$3,646,753
79$6,045,469$917,252$324,141$3,914,320
80$6,580,501$880,591$253,393$4,207,923
81$7,167,535$839,564$177,706$4,530,260
82$7,811,795$793,874$96,830$4,884,309
83$8,519,035$743,211$10,511$5,273,356
84$9,295,592$687,243$0$5,701,028
85$10,148,448$625,624$0$6,189,613
86$11,085,294$557,983$0$6,728,944
87$12,114,601$483,931$0$7,321,602
88$13,245,703$403,057$0$7,973,034
89$14,488,884$314,926$0$8,689,243
90$15,855,471$219,078$0$9,476,851
91$17,357,944$115,028$0$10,343,155
92$19,010,054$2,264$0$11,296,205
93$20,826,950$0$0$12,344,871
94$22,825,321$0$0$13,531,882
95$25,023,559$0$0$14,838,402
96$27,441,923$0$0$16,275,865
97$30,102,739$0$0$17,857,553
98$33,030,602$0$0$19,598,102
99$36,252,615$0$0$21,513,639
100$39,798,639$0$0$23,621,931