Can I retire at age 56 with 991,000?

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 $991,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$81,836$81,107$80,396$79,702$79,024$77,811
2 years$40,513$39,758$39,027$38,318$37,630$36,411
3 years$26,740$25,982$25,253$24,551$23,874$22,687
4 years$19,855$19,100$18,378$17,687$17,027$15,881
5 years$15,725$14,975$14,262$13,586$12,944$11,842
6 years$12,973$12,228$11,526$10,865$10,242$9,185
7 years$11,008$10,269$9,578$8,932$8,330$7,319
8 years$9,535$8,802$8,123$7,493$6,910$5,945
9 years$8,389$7,664$6,996$6,382$5,819$4,900
10 years$7,474$6,755$6,099$5,502$4,958$4,083
11 years$6,725$6,014$5,370$4,788$4,264$3,433
12 years$6,102$5,398$4,766$4,200$3,695$2,906
13 years$5,575$4,878$4,258$3,708$3,222$2,475
14 years$5,123$4,434$3,826$3,291$2,825$2,117
15 years$4,732$4,051$3,454$2,935$2,487$1,819
16 years$4,391$3,716$3,132$2,628$2,198$1,567
17 years$4,089$3,423$2,850$2,362$1,949$1,355
18 years$3,822$3,163$2,601$2,128$1,733$1,173
19 years$3,583$2,931$2,381$1,923$1,545$1,018
20 years$3,368$2,724$2,186$1,742$1,380$886
21 years$3,174$2,537$2,010$1,581$1,235$771
22 years$2,998$2,368$1,853$1,437$1,107$672
23 years$2,837$2,215$1,711$1,309$993$587
24 years$2,690$2,075$1,582$1,194$893$513
25 years$2,555$1,948$1,465$1,090$804$448
26 years$2,430$1,830$1,359$997$724$392
27 years$2,315$1,723$1,262$912$653$344
28 years$2,209$1,623$1,173$836$589$301
29 years$2,110$1,531$1,092$767$532$264
30 years$2,017$1,446$1,017$704$480$231
31 years$1,931$1,367$948$646$434$203
32 years$1,850$1,294$885$594$393$178
33 years$1,775$1,225$826$546$356$156
34 years$1,704$1,161$772$502$322$137
35 years$1,637$1,101$721$463$292$121
36 years$1,574$1,045$675$426$264$106
37 years$1,515$993$632$392$239$93
38 years$1,458$943$592$362$217$82
39 years$1,405$897$554$334$197$72
40 years$1,355$854$519$308$179$63
41 years$1,307$812$487$284$162$55
42 years$1,262$774$457$262$147$49
43 years$1,219$737$429$242$133$43
44 years$1,177$703$402$223$121$38
45 years$1,138$670$378$206$110$33
46 years$1,101$639$355$190$100$29
47 years$1,065$610$333$176$91$26
48 years$1,031$582$313$163$82$22
49 years$999$556$295$150$75$20
50 years$968$531$277$139$68$17

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $991,000, adding $4,566 every year, while hoping to spend $58,355 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: 63/29/8 Blend
55$991,000$991,000$991,000$991,000
56$1,096,792$1,044,269$1,028,908$1,163,824
57$1,146,575$1,033,349$1,001,287$1,198,201
58$1,199,481$1,019,938$970,786$1,228,489
59$1,255,765$1,003,852$937,244$1,260,062
60$1,315,710$984,897$900,499$1,293,044
61$1,379,623$962,867$860,375$1,327,571
62$1,447,840$937,544$816,694$1,363,796
63$1,520,732$908,696$769,265$1,401,889
64$1,598,702$876,078$717,892$1,442,042
65$1,682,196$839,432$662,367$1,484,467
66$1,771,700$798,483$602,476$1,529,400
67$1,867,747$752,943$537,993$1,577,107
68$1,970,924$702,504$468,683$1,627,881
69$2,081,875$646,843$394,300$1,682,050
70$2,201,304$585,617$314,587$1,739,979
71$2,329,989$518,464$229,277$1,802,075
72$2,468,780$445,000$138,090$1,868,789
73$2,618,613$364,823$40,734$1,940,625
74$2,780,517$277,505$0$2,018,141
75$2,955,622$182,595$0$2,107,351
76$3,145,169$79,615$0$2,207,614
77$3,350,524$0$0$2,316,243
78$3,573,189$0$0$2,444,312
79$3,814,814$0$0$2,610,916
80$4,077,216$0$0$2,791,908
81$4,362,391$0$0$2,988,673
82$4,672,537$0$0$3,202,737
83$5,010,072$0$0$3,435,775
84$5,377,654$0$0$3,689,633
85$5,778,211$0$0$3,966,342
86$6,214,964$0$0$4,268,137
87$6,691,458$0$0$4,597,478
88$7,211,595$0$0$4,957,073
89$7,779,672$0$0$5,349,901
90$8,400,415$0$0$5,779,245
91$9,079,031$0$0$6,248,718
92$9,821,253$0$0$6,762,296
93$10,633,390$0$0$7,324,360
94$11,522,391$0$0$7,939,731
95$12,495,910$0$0$8,613,722
96$13,562,371$0$0$9,352,181
97$14,731,056$0$0$10,161,547
98$16,012,184$0$0$11,048,916
99$17,417,012$0$0$12,022,099
100$18,957,937$0$0$13,089,702