Can I retire at age 56 with 988,000?

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 $988,000?

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 years$81,588$80,861$80,152$79,460$78,785$78,453
2 years$40,390$39,638$38,909$38,202$37,516$37,181
3 years$26,659$25,904$25,177$24,476$23,802$23,474
4 years$19,795$19,042$18,322$17,634$16,976$16,658
5 years$15,678$14,929$14,219$13,545$12,905$12,597
6 years$12,934$12,191$11,491$10,832$10,211$9,915
7 years$10,975$10,238$9,549$8,905$8,304$8,019
8 years$9,506$8,776$8,098$7,470$6,889$6,615
9 years$8,364$7,641$6,975$6,363$5,802$5,539
10 years$7,451$6,735$6,081$5,485$4,943$4,692
11 years$6,705$5,996$5,354$4,774$4,251$4,011
12 years$6,083$5,382$4,751$4,187$3,684$3,454
13 years$5,558$4,863$4,245$3,697$3,213$2,993
14 years$5,108$4,421$3,814$3,281$2,816$2,607
15 years$4,718$4,038$3,444$2,926$2,480$2,280
16 years$4,377$3,705$3,122$2,620$2,192$2,002
17 years$4,077$3,412$2,841$2,354$1,943$1,763
18 years$3,810$3,153$2,593$2,122$1,728$1,557
19 years$3,572$2,922$2,374$1,917$1,540$1,378
20 years$3,358$2,715$2,179$1,736$1,376$1,222
21 years$3,164$2,529$2,004$1,576$1,231$1,086
22 years$2,989$2,361$1,847$1,433$1,103$966
23 years$2,829$2,208$1,706$1,305$990$861
24 years$2,682$2,069$1,577$1,190$890$768
25 years$2,547$1,942$1,461$1,087$801$686
26 years$2,423$1,825$1,355$994$722$613
27 years$2,308$1,717$1,258$910$651$548
28 years$2,202$1,618$1,170$833$587$491
29 years$2,103$1,527$1,088$764$530$440
30 years$2,011$1,442$1,014$701$479$394
31 years$1,925$1,363$945$644$433$354
32 years$1,845$1,290$882$592$392$317
33 years$1,769$1,221$823$544$354$285
34 years$1,699$1,158$769$501$321$256
35 years$1,632$1,098$719$461$291$230
36 years$1,569$1,042$673$425$263$206
37 years$1,510$990$630$391$239$185
38 years$1,454$941$590$361$216$167
39 years$1,401$894$553$333$196$150
40 years$1,351$851$518$307$178$135
41 years$1,303$810$486$283$161$121
42 years$1,258$771$456$261$147$109
43 years$1,215$735$427$241$133$98
44 years$1,174$701$401$223$121$88
45 years$1,135$668$377$206$110$80
46 years$1,098$637$354$190$100$72
47 years$1,062$608$332$175$90$64
48 years$1,028$581$312$162$82$58
49 years$996$554$294$150$75$52
50 years$965$530$276$138$68$47

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $988,000, adding $5,216 every year, while hoping to spend $53,631 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: 59/25/16 Blend
55$988,000$988,000$988,000$988,000
56$1,094,156$1,041,792$1,026,478$1,153,928
57$1,148,697$1,035,777$1,003,802$1,188,920
58$1,207,004$1,027,670$978,569$1,220,671
59$1,269,404$1,017,311$950,637$1,254,051
60$1,336,256$1,004,532$919,856$1,289,225
61$1,407,954$989,154$886,071$1,326,375
62$1,484,931$970,988$849,120$1,365,708
63$1,567,660$949,833$808,832$1,407,450
64$1,656,663$925,476$765,029$1,451,855
65$1,752,510$897,692$717,525$1,499,206
66$1,855,830$866,243$666,127$1,549,815
67$1,967,313$830,877$610,630$1,604,032
68$2,087,716$791,327$550,823$1,662,244
69$2,217,871$747,311$486,484$1,724,883
70$2,358,695$698,530$417,382$1,792,427
71$2,511,192$644,668$343,275$1,865,408
72$2,676,470$585,393$263,910$1,944,415
73$2,855,743$520,351$179,025$2,030,104
74$3,050,350$449,169$88,343$2,123,200
75$3,261,762$371,454$0$2,224,511
76$3,491,596$286,790$0$2,336,369
77$3,741,633$194,737$0$2,474,513
78$4,013,832$94,831$0$2,624,998
79$4,310,347$0$0$2,789,096
80$4,633,550$0$0$2,971,904
81$4,986,052$0$0$3,199,811
82$5,370,725$0$0$3,448,594
83$5,790,732$0$0$3,720,309
84$6,249,554$0$0$4,017,217
85$6,751,023$0$0$4,341,810
86$7,299,359$0$0$4,696,828
87$7,899,206$0$0$5,085,291
88$8,555,679$0$0$5,510,523
89$9,274,412$0$0$5,976,184
90$10,061,606$0$0$6,486,305
91$10,924,092$0$0$7,045,327
92$11,869,392$0$0$7,658,137
93$12,905,790$0$0$8,330,120
94$14,042,412$0$0$9,067,208
95$15,289,305$0$0$9,875,933
96$16,657,541$0$0$10,763,489
97$18,159,312$0$0$11,737,802
98$19,808,048$0$0$12,807,604
99$21,618,545$0$0$13,982,510
100$23,607,100$0$0$15,273,116