Can I retire at age 56 with 993,000?

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 $993,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.9%
1 years$82,001$81,271$80,558$79,862$79,183$77,903
2 years$40,595$39,839$39,106$38,395$37,706$36,421
3 years$26,794$26,035$25,304$24,600$23,922$22,671
4 years$19,895$19,138$18,415$17,723$17,062$15,853
5 years$15,757$15,005$14,291$13,613$12,970$11,809
6 years$12,999$12,253$11,549$10,886$10,263$9,150
7 years$11,030$10,290$9,597$8,950$8,346$7,282
8 years$9,554$8,820$8,139$7,508$6,924$5,909
9 years$8,406$7,680$7,010$6,395$5,831$4,864
10 years$7,489$6,769$6,112$5,513$4,968$4,048
11 years$6,739$6,026$5,381$4,798$4,273$3,399
12 years$6,114$5,409$4,775$4,208$3,703$2,874
13 years$5,586$4,888$4,266$3,715$3,229$2,444
14 years$5,133$4,443$3,833$3,298$2,831$2,088
15 years$4,742$4,059$3,461$2,941$2,492$1,791
16 years$4,399$3,724$3,138$2,634$2,203$1,542
17 years$4,098$3,429$2,855$2,366$1,953$1,330
18 years$3,830$3,169$2,607$2,132$1,737$1,151
19 years$3,590$2,937$2,386$1,927$1,548$997
20 years$3,375$2,729$2,190$1,745$1,383$866
21 years$3,180$2,542$2,014$1,584$1,237$753
22 years$3,004$2,373$1,857$1,440$1,109$656
23 years$2,843$2,219$1,714$1,312$995$571
24 years$2,695$2,079$1,585$1,196$895$498
25 years$2,560$1,951$1,468$1,092$805$435
26 years$2,435$1,834$1,362$999$725$380
27 years$2,320$1,726$1,265$914$654$332
28 years$2,213$1,626$1,176$838$590$291
29 years$2,114$1,534$1,094$768$533$254
30 years$2,021$1,449$1,019$705$481$223
31 years$1,935$1,370$950$647$435$195
32 years$1,854$1,296$886$595$394$171
33 years$1,778$1,227$828$547$356$150
34 years$1,707$1,163$773$503$323$131
35 years$1,640$1,103$723$463$292$115
36 years$1,577$1,047$676$427$265$101
37 years$1,518$995$633$393$240$88
38 years$1,461$945$593$362$218$78
39 years$1,408$899$555$334$197$68
40 years$1,358$855$521$308$179$60
41 years$1,310$814$488$284$162$52
42 years$1,264$775$458$262$147$46
43 years$1,221$739$430$242$134$40
44 years$1,180$704$403$224$121$35
45 years$1,141$671$379$207$110$31
46 years$1,103$641$356$191$100$27
47 years$1,067$611$334$176$91$24
48 years$1,033$584$314$163$82$21
49 years$1,001$557$295$151$75$18
50 years$970$532$277$139$68$16

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $993,000, adding $5,096 every year, while hoping to spend $25,524 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: 40/33/27 Blend
55$993,000$993,000$993,000$993,000
56$1,099,543$1,046,914$1,031,522$1,134,582
57$1,184,539$1,071,055$1,038,921$1,184,610
58$1,277,349$1,095,524$1,045,712$1,235,943
59$1,378,743$1,120,309$1,051,848$1,290,988
60$1,489,569$1,145,399$1,057,279$1,350,101
61$1,610,761$1,170,779$1,061,954$1,413,675
62$1,743,346$1,196,435$1,065,817$1,482,141
63$1,888,456$1,222,348$1,068,810$1,555,977
64$2,047,336$1,248,501$1,070,873$1,635,709
65$2,221,360$1,274,873$1,071,942$1,721,916
66$2,412,037$1,301,441$1,071,951$1,815,238
67$2,621,033$1,328,179$1,070,829$1,916,381
68$2,850,179$1,355,061$1,068,503$2,026,123
69$3,101,495$1,382,057$1,064,896$2,145,321
70$3,377,205$1,409,135$1,059,927$2,274,922
71$3,679,756$1,436,259$1,053,511$2,415,971
72$4,011,847$1,463,392$1,045,560$2,569,618
73$4,376,450$1,490,492$1,035,980$2,737,132
74$4,776,836$1,517,514$1,024,674$2,919,915
75$5,216,613$1,544,412$1,011,540$3,119,510
76$5,699,752$1,571,133$996,471$3,337,622
77$6,230,629$1,597,620$979,355$3,576,127
78$6,814,065$1,623,815$960,075$3,837,099
79$7,455,370$1,649,653$938,508$4,122,820
80$8,160,396$1,675,064$914,527$4,435,812
81$8,935,589$1,699,975$887,996$4,778,853
82$9,788,051$1,724,306$858,775$5,155,006
83$10,725,606$1,747,971$826,719$5,567,650
84$11,756,877$1,770,880$791,672$6,020,511
85$12,891,360$1,792,935$753,475$6,517,697
86$14,139,522$1,814,032$711,960$7,063,740
87$15,512,893$1,834,060$666,951$7,663,635
88$17,024,180$1,852,900$618,265$8,322,890
89$18,687,380$1,870,426$565,711$9,047,578
90$20,517,919$1,886,503$509,088$9,844,397
91$22,532,793$1,900,988$448,188$10,720,731
92$24,750,727$1,913,726$382,792$11,684,720
93$27,192,359$1,924,556$312,673$12,745,340
94$29,880,423$1,933,303$237,592$13,912,489
95$32,839,976$1,939,784$157,301$15,197,076
96$36,098,623$1,943,803$71,540$16,611,131
97$39,686,784$1,945,151$0$18,167,916
98$43,637,981$1,943,608$0$19,887,807
99$47,989,148$1,938,938$0$21,803,535
100$52,780,987$1,930,892$0$23,912,322