Can I retire at age 56 with 993,000?

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 $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%14.2%
1 years$82,001$81,271$80,558$79,862$79,183$77,807
2 years$40,595$39,839$39,106$38,395$37,706$36,325
3 years$26,794$26,035$25,304$24,600$23,922$22,578
4 years$19,895$19,138$18,415$17,723$17,062$15,765
5 years$15,757$15,005$14,291$13,613$12,970$11,724
6 years$12,999$12,253$11,549$10,886$10,263$9,070
7 years$11,030$10,290$9,597$8,950$8,346$7,206
8 years$9,554$8,820$8,139$7,508$6,924$5,837
9 years$8,406$7,680$7,010$6,395$5,831$4,796
10 years$7,489$6,769$6,112$5,513$4,968$3,985
11 years$6,739$6,026$5,381$4,798$4,273$3,339
12 years$6,114$5,409$4,775$4,208$3,703$2,818
13 years$5,586$4,888$4,266$3,715$3,229$2,392
14 years$5,133$4,443$3,833$3,298$2,831$2,040
15 years$4,742$4,059$3,461$2,941$2,492$1,746
16 years$4,399$3,724$3,138$2,634$2,203$1,499
17 years$4,098$3,429$2,855$2,366$1,953$1,291
18 years$3,830$3,169$2,607$2,132$1,737$1,114
19 years$3,590$2,937$2,386$1,927$1,548$964
20 years$3,375$2,729$2,190$1,745$1,383$835
21 years$3,180$2,542$2,014$1,584$1,237$724
22 years$3,004$2,373$1,857$1,440$1,109$629
23 years$2,843$2,219$1,714$1,312$995$547
24 years$2,695$2,079$1,585$1,196$895$476
25 years$2,560$1,951$1,468$1,092$805$415
26 years$2,435$1,834$1,362$999$725$361
27 years$2,320$1,726$1,265$914$654$315
28 years$2,213$1,626$1,176$838$590$275
29 years$2,114$1,534$1,094$768$533$240
30 years$2,021$1,449$1,019$705$481$210
31 years$1,935$1,370$950$647$435$183
32 years$1,854$1,296$886$595$394$160
33 years$1,778$1,227$828$547$356$140
34 years$1,707$1,163$773$503$323$122
35 years$1,640$1,103$723$463$292$107
36 years$1,577$1,047$676$427$265$94
37 years$1,518$995$633$393$240$82
38 years$1,461$945$593$362$218$72
39 years$1,408$899$555$334$197$63
40 years$1,358$855$521$308$179$55
41 years$1,310$814$488$284$162$48
42 years$1,264$775$458$262$147$42
43 years$1,221$739$430$242$134$37
44 years$1,180$704$403$224$121$32
45 years$1,141$671$379$207$110$28
46 years$1,103$641$356$191$100$25
47 years$1,067$611$334$176$91$22
48 years$1,033$584$314$163$82$19
49 years$1,001$557$295$151$75$17
50 years$970$532$277$139$68$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $993,000, adding $6,117 every year, while hoping to spend $58,828 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: 48/27/25 Blend
55$993,000$993,000$993,000$993,000
56$1,100,596$1,047,967$1,032,575$1,145,333
57$1,150,264$1,036,725$1,004,574$1,166,049
58$1,203,027$1,022,960$973,663$1,182,212
59$1,259,137$1,006,487$939,683$1,198,591
60$1,318,874$987,109$902,466$1,215,232
61$1,382,539$964,618$861,839$1,232,194
62$1,450,466$938,792$817,619$1,249,543
63$1,523,019$909,399$769,615$1,267,355
64$1,600,598$876,190$717,628$1,285,721
65$1,683,641$838,904$661,450$1,304,744
66$1,772,626$797,265$600,862$1,324,544
67$1,868,082$750,979$535,639$1,345,259
68$1,970,585$699,736$465,542$1,367,044
69$2,080,771$643,209$390,324$1,390,079
70$2,199,335$581,051$309,725$1,414,567
71$2,327,041$512,897$223,475$1,440,738
72$2,464,730$438,360$131,292$1,468,856
73$2,613,324$357,031$32,882$1,499,216
74$2,773,836$268,478$0$1,532,153
75$2,947,379$172,246$0$1,587,287
76$3,135,179$67,852$0$1,656,411
77$3,338,579$0$0$1,731,311
78$3,559,060$0$0$1,826,050
79$3,798,249$0$0$1,950,790
80$4,057,933$0$0$2,086,316
81$4,340,083$0$0$2,233,666
82$4,646,860$0$0$2,393,984
83$4,980,648$0$0$2,568,528
84$5,344,067$0$0$2,758,681
85$5,739,998$0$0$2,965,968
86$6,171,617$0$0$3,192,063
87$6,642,413$0$0$3,438,813
88$7,156,232$0$0$3,708,248
89$7,717,303$0$0$4,002,603
90$8,330,284$0$0$4,324,340
91$9,000,303$0$0$4,676,168
92$9,733,004$0$0$5,061,072
93$10,534,603$0$0$5,482,336
94$11,411,942$0$0$5,943,577
95$12,372,559$0$0$6,448,779
96$13,424,752$0$0$7,002,329
97$14,577,660$0$0$7,609,058
98$15,841,347$0$0$8,274,286
99$17,226,898$0$0$9,003,875
100$18,746,522$0$0$9,804,279