Can I retire at age 56 with 992,000?

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 $992,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.6%
1 years$81,918$81,189$80,477$79,782$79,103$78,245
2 years$40,554$39,798$39,066$38,357$37,668$36,804
3 years$26,767$26,009$25,279$24,576$23,898$23,055
4 years$19,875$19,119$18,396$17,705$17,044$16,228
5 years$15,741$14,990$14,276$13,599$12,957$12,171
6 years$12,986$12,240$11,537$10,876$10,252$9,497
7 years$11,019$10,279$9,588$8,941$8,338$7,613
8 years$9,544$8,811$8,131$7,501$6,917$6,224
9 years$8,398$7,672$7,003$6,389$5,825$5,163
10 years$7,481$6,762$6,106$5,507$4,963$4,331
11 years$6,732$6,020$5,375$4,793$4,269$3,666
12 years$6,108$5,403$4,770$4,204$3,699$3,126
13 years$5,580$4,883$4,262$3,712$3,226$2,681
14 years$5,128$4,439$3,829$3,295$2,828$2,311
15 years$4,737$4,055$3,458$2,938$2,490$2,000
16 years$4,395$3,720$3,135$2,631$2,200$1,736
17 years$4,093$3,426$2,852$2,364$1,951$1,512
18 years$3,826$3,166$2,604$2,130$1,735$1,320
19 years$3,587$2,934$2,384$1,925$1,546$1,155
20 years$3,371$2,726$2,188$1,743$1,381$1,013
21 years$3,177$2,540$2,012$1,582$1,236$889
22 years$3,001$2,371$1,855$1,439$1,108$782
23 years$2,840$2,217$1,712$1,310$994$688
24 years$2,693$2,077$1,584$1,195$894$607
25 years$2,558$1,950$1,467$1,091$804$535
26 years$2,433$1,832$1,360$998$725$472
27 years$2,318$1,724$1,263$913$653$417
28 years$2,211$1,625$1,174$837$589$369
29 years$2,112$1,533$1,093$767$532$326
30 years$2,019$1,448$1,018$704$481$289
31 years$1,933$1,368$949$647$435$255
32 years$1,852$1,295$885$594$393$226
33 years$1,777$1,226$827$547$356$200
34 years$1,705$1,162$772$503$322$178
35 years$1,639$1,102$722$463$292$157
36 years$1,576$1,046$676$426$264$139
37 years$1,516$994$632$393$240$124
38 years$1,460$944$592$362$217$110
39 years$1,407$898$555$334$197$97
40 years$1,356$854$520$308$179$86
41 years$1,308$813$488$284$162$77
42 years$1,263$775$457$262$147$68
43 years$1,220$738$429$242$134$60
44 years$1,179$703$403$224$121$54
45 years$1,139$671$378$206$110$47
46 years$1,102$640$355$191$100$42
47 years$1,066$611$334$176$91$37
48 years$1,032$583$314$163$82$33
49 years$1,000$557$295$150$75$29
50 years$969$532$277$139$68$26

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $992,000, adding $5,662 every year, while hoping to spend $26,356 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: 33/45/22 Blend
55$992,000$992,000$992,000$992,000
56$1,099,024$1,046,448$1,031,072$1,127,714
57$1,183,082$1,069,682$1,037,571$1,172,864
58$1,274,831$1,093,170$1,043,403$1,218,699
59$1,375,026$1,116,898$1,048,520$1,267,558
60$1,484,502$1,140,850$1,052,869$1,319,724
61$1,604,175$1,165,005$1,056,393$1,375,509
62$1,735,054$1,189,344$1,059,036$1,435,258
63$1,878,252$1,213,843$1,060,736$1,499,350
64$2,034,992$1,238,480$1,061,429$1,568,204
65$2,206,621$1,263,226$1,061,047$1,642,283
66$2,394,625$1,288,052$1,059,521$1,722,096
67$2,600,637$1,312,928$1,056,775$1,808,206
68$2,826,459$1,337,817$1,052,733$1,901,235
69$3,074,071$1,362,684$1,047,313$2,001,866
70$3,345,658$1,387,487$1,040,430$2,110,856
71$3,643,626$1,412,184$1,031,995$2,229,038
72$3,970,622$1,436,728$1,021,913$2,357,333
73$4,329,565$1,461,067$1,010,087$2,496,755
74$4,723,670$1,485,148$996,414$2,648,426
75$5,156,476$1,508,913$980,786$2,813,579
76$5,631,885$1,532,298$963,091$2,993,580
77$6,154,194$1,555,237$943,211$3,189,931
78$6,728,135$1,577,657$921,022$3,404,292
79$7,358,924$1,599,482$896,396$3,638,495
80$8,052,306$1,620,628$869,197$3,894,559
81$8,814,611$1,641,008$839,284$4,174,711
82$9,652,811$1,660,527$806,509$4,481,410
83$10,574,589$1,679,085$770,719$4,817,367
84$11,588,410$1,696,573$731,751$5,185,574
85$12,703,600$1,712,877$689,437$5,589,328
86$13,930,435$1,727,876$643,601$6,032,269
87$15,280,235$1,741,437$594,057$6,518,412
88$16,765,475$1,753,424$540,614$7,052,182
89$18,399,899$1,763,687$483,070$7,638,464
90$20,198,652$1,772,071$421,216$8,282,642
91$22,178,418$1,778,406$354,831$8,990,656
92$24,357,586$1,782,517$283,687$9,769,056
93$26,756,413$1,784,214$207,544$10,625,067
94$29,397,223$1,783,296$126,152$11,566,655
95$32,304,612$1,779,550$39,251$12,602,605
96$35,505,685$1,772,750$0$13,742,604
97$39,030,306$1,762,656$0$15,009,893
98$42,911,384$1,749,013$0$16,414,344
99$47,185,181$1,731,551$0$17,959,793
100$51,891,657$1,709,984$0$19,660,636