Can I retire at age 56 with 988,000?

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 $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%13.1%
1 years$81,588$80,861$80,152$79,460$78,785$77,768
2 years$40,390$39,638$38,909$38,202$37,516$36,494
3 years$26,659$25,904$25,177$24,476$23,802$22,805
4 years$19,795$19,042$18,322$17,634$16,976$16,012
5 years$15,678$14,929$14,219$13,545$12,905$11,977
6 years$12,934$12,191$11,491$10,832$10,211$9,320
7 years$10,975$10,238$9,549$8,905$8,304$7,451
8 years$9,506$8,776$8,098$7,470$6,889$6,074
9 years$8,364$7,641$6,975$6,363$5,802$5,023
10 years$7,451$6,735$6,081$5,485$4,943$4,202
11 years$6,705$5,996$5,354$4,774$4,251$3,546
12 years$6,083$5,382$4,751$4,187$3,684$3,013
13 years$5,558$4,863$4,245$3,697$3,213$2,576
14 years$5,108$4,421$3,814$3,281$2,816$2,213
15 years$4,718$4,038$3,444$2,926$2,480$1,909
16 years$4,377$3,705$3,122$2,620$2,192$1,652
17 years$4,077$3,412$2,841$2,354$1,943$1,433
18 years$3,810$3,153$2,593$2,122$1,728$1,247
19 years$3,572$2,922$2,374$1,917$1,540$1,087
20 years$3,358$2,715$2,179$1,736$1,376$950
21 years$3,164$2,529$2,004$1,576$1,231$831
22 years$2,989$2,361$1,847$1,433$1,103$728
23 years$2,829$2,208$1,706$1,305$990$638
24 years$2,682$2,069$1,577$1,190$890$560
25 years$2,547$1,942$1,461$1,087$801$492
26 years$2,423$1,825$1,355$994$722$433
27 years$2,308$1,717$1,258$910$651$381
28 years$2,202$1,618$1,170$833$587$335
29 years$2,103$1,527$1,088$764$530$295
30 years$2,011$1,442$1,014$701$479$260
31 years$1,925$1,363$945$644$433$229
32 years$1,845$1,290$882$592$392$202
33 years$1,769$1,221$823$544$354$178
34 years$1,699$1,158$769$501$321$157
35 years$1,632$1,098$719$461$291$139
36 years$1,569$1,042$673$425$263$123
37 years$1,510$990$630$391$239$108
38 years$1,454$941$590$361$216$96
39 years$1,401$894$553$333$196$84
40 years$1,351$851$518$307$178$75
41 years$1,303$810$486$283$161$66
42 years$1,258$771$456$261$147$58
43 years$1,215$735$427$241$133$51
44 years$1,174$701$401$223$121$45
45 years$1,135$668$377$206$110$40
46 years$1,098$637$354$190$100$36
47 years$1,062$608$332$175$90$31
48 years$1,028$581$312$162$82$28
49 years$996$554$294$150$75$25
50 years$965$530$276$138$68$22

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $988,000, adding $2,766 every year, while hoping to spend $28,534 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: 44/48/8 Blend
55$988,000$988,000$988,000$988,000
56$1,091,629$1,039,265$1,023,951$1,137,057
57$1,172,615$1,059,829$1,027,894$1,189,367
58$1,260,906$1,080,445$1,031,012$1,242,883
59$1,357,215$1,101,084$1,033,248$1,300,229
60$1,462,331$1,121,716$1,034,541$1,361,766
61$1,577,119$1,142,311$1,034,829$1,427,892
62$1,702,533$1,162,831$1,034,043$1,499,047
63$1,839,622$1,183,241$1,032,114$1,575,716
64$1,989,542$1,203,498$1,028,969$1,658,431
65$2,153,566$1,223,560$1,024,530$1,747,782
66$2,333,094$1,243,380$1,018,716$1,844,418
67$2,529,671$1,262,906$1,011,444$1,949,054
68$2,744,994$1,282,085$1,002,624$2,062,480
69$2,980,934$1,300,858$992,163$2,185,567
70$3,239,554$1,319,164$979,964$2,319,273
71$3,523,121$1,336,936$965,926$2,464,659
72$3,834,135$1,354,102$949,941$2,622,890
73$4,175,351$1,370,587$931,897$2,795,256
74$4,549,799$1,386,308$911,679$2,983,174
75$4,960,821$1,401,180$889,162$3,188,212
76$5,412,096$1,415,109$864,220$3,412,096
77$5,907,677$1,427,996$836,719$3,656,732
78$6,452,029$1,439,737$806,518$3,924,218
79$7,050,070$1,450,219$773,471$4,216,872
80$7,707,220$1,459,322$737,425$4,537,249
81$8,429,447$1,466,920$698,219$4,888,165
82$9,223,329$1,472,876$655,687$5,272,728
83$10,096,109$1,477,049$609,654$5,694,365
84$11,055,772$1,479,283$559,937$6,156,852
85$12,111,110$1,479,418$506,344$6,664,359
86$13,271,814$1,477,280$448,678$7,221,479
87$14,548,560$1,472,687$386,728$7,833,279
88$15,953,108$1,465,444$320,279$8,505,348
89$17,498,419$1,455,344$249,102$9,243,846
90$19,198,771$1,442,170$172,961$10,055,567
91$21,069,898$1,425,689$91,608$10,948,003
92$23,129,135$1,405,655$4,784$11,929,415
93$25,395,583$1,381,807$0$13,008,911
94$27,890,287$1,353,871$0$14,204,034
95$30,636,438$1,321,553$0$15,519,280
96$33,659,589$1,284,543$0$16,966,474
97$36,987,896$1,242,514$0$18,559,104
98$40,652,384$1,195,120$0$20,312,038
99$44,687,238$1,141,992$0$22,241,668
100$49,130,130$1,082,743$0$24,366,064