Can I retire at age 56 with 989,000?

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 $989,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%18.7%
1 years$81,671$80,943$80,233$79,541$78,864$76,096
2 years$40,431$39,678$38,948$38,241$37,554$34,795
3 years$26,686$25,930$25,202$24,501$23,826$21,162
4 years$19,815$19,061$18,341$17,652$16,993$14,444
5 years$15,694$14,944$14,233$13,558$12,918$10,491
6 years$12,947$12,203$11,502$10,843$10,221$7,918
7 years$10,986$10,248$9,559$8,914$8,313$6,133
8 years$9,515$8,785$8,106$7,478$6,896$4,839
9 years$8,373$7,649$6,982$6,370$5,808$3,869
10 years$7,459$6,742$6,087$5,491$4,948$3,126
11 years$6,712$6,002$5,359$4,779$4,256$2,545
12 years$6,089$5,387$4,756$4,191$3,688$2,085
13 years$5,563$4,868$4,249$3,700$3,216$1,717
14 years$5,113$4,425$3,818$3,285$2,819$1,420
15 years$4,723$4,042$3,447$2,929$2,482$1,178
16 years$4,382$3,709$3,125$2,623$2,194$979
17 years$4,081$3,416$2,844$2,357$1,945$816
18 years$3,814$3,156$2,596$2,124$1,730$681
19 years$3,576$2,925$2,377$1,919$1,542$570
20 years$3,361$2,718$2,181$1,738$1,377$477
21 years$3,168$2,532$2,006$1,577$1,232$400
22 years$2,992$2,363$1,849$1,434$1,104$335
23 years$2,831$2,210$1,707$1,306$991$281
24 years$2,685$2,071$1,579$1,191$891$236
25 years$2,550$1,944$1,462$1,088$802$199
26 years$2,426$1,827$1,356$995$722$167
27 years$2,311$1,719$1,259$911$651$140
28 years$2,204$1,620$1,171$834$588$118
29 years$2,105$1,528$1,090$765$531$99
30 years$2,013$1,443$1,015$702$479$84
31 years$1,927$1,364$946$645$433$70
32 years$1,847$1,291$883$593$392$59
33 years$1,771$1,223$824$545$355$50
34 years$1,700$1,159$770$501$321$42
35 years$1,634$1,099$720$462$291$35
36 years$1,571$1,043$674$425$264$30
37 years$1,511$991$630$392$239$25
38 years$1,455$942$590$361$217$21
39 years$1,402$895$553$333$196$18
40 years$1,352$852$518$307$178$15
41 years$1,304$811$486$283$162$13
42 years$1,259$772$456$261$147$11
43 years$1,216$736$428$241$133$9
44 years$1,175$701$402$223$121$8
45 years$1,136$669$377$206$110$6
46 years$1,099$638$354$190$100$5
47 years$1,063$609$333$176$90$5
48 years$1,029$581$313$162$82$4
49 years$997$555$294$150$75$3
50 years$966$530$276$139$68$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $989,000, adding $6,070 every year, while hoping to spend $52,206 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: 67/10/23 Blend
55$989,000$989,000$989,000$989,000
56$1,096,139$1,043,722$1,028,393$1,162,757
57$1,152,399$1,039,318$1,007,297$1,203,822
58$1,212,647$1,032,948$983,745$1,242,181
59$1,277,235$1,024,461$957,599$1,282,910
60$1,346,550$1,013,697$928,716$1,326,244
61$1,421,015$1,000,484$896,944$1,372,441
62$1,501,095$984,644$862,128$1,421,790
63$1,587,299$965,984$824,102$1,474,607
64$1,680,188$944,302$782,694$1,531,244
65$1,780,378$919,384$737,725$1,592,091
66$1,888,546$891,002$689,008$1,657,579
67$2,005,433$858,917$636,345$1,728,185
68$2,131,856$822,873$579,532$1,804,436
69$2,268,714$782,603$518,355$1,886,916
70$2,416,993$737,820$452,589$1,976,271
71$2,577,777$688,224$382,002$2,073,216
72$2,752,261$633,497$306,349$2,178,538
73$2,941,755$573,303$225,376$2,293,113
74$3,147,704$507,285$138,816$2,417,905
75$3,371,695$435,067$46,392$2,553,981
76$3,615,476$356,253$0$2,702,522
77$3,880,968$270,423$0$2,877,650
78$4,170,287$177,134$0$3,080,970
79$4,485,760$75,917$0$3,302,753
80$4,829,950$0$0$3,544,838
81$5,205,676$0$0$3,812,963
82$5,616,043$0$0$4,114,990
83$6,064,469$0$0$4,445,087
84$6,554,715$0$0$4,806,029
85$7,090,923$0$0$5,200,876
86$7,677,655$0$0$5,632,992
87$8,319,933$0$0$6,106,086
88$9,023,286$0$0$6,624,239
89$9,793,805$0$0$7,191,947
90$10,638,197$0$0$7,814,160
91$11,563,847$0$0$8,496,331
92$12,578,892$0$0$9,244,464
93$13,692,290$0$0$10,065,175
94$14,913,910$0$0$10,965,748
95$16,254,624$0$0$11,954,208
96$17,726,404$0$0$13,039,395
97$19,342,442$0$0$14,231,045
98$21,117,265$0$0$15,539,885
99$23,066,879$0$0$16,977,731
100$25,208,918$0$0$18,557,599