Can I retire at age 56 with 994,000?

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 $994,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%17.3%
1 years$82,084$81,352$80,639$79,943$79,263$76,911
2 years$40,635$39,879$39,145$38,434$37,744$35,394
3 years$26,821$26,061$25,330$24,625$23,947$21,671
4 years$19,915$19,158$18,433$17,741$17,079$14,897
5 years$15,773$15,020$14,305$13,627$12,983$10,900
6 years$13,012$12,265$11,561$10,897$10,273$8,291
7 years$11,041$10,300$9,607$8,959$8,355$6,473
8 years$9,564$8,829$8,147$7,516$6,931$5,149
9 years$8,415$7,687$7,017$6,402$5,837$4,153
10 years$7,496$6,776$6,118$5,518$4,973$3,384
11 years$6,745$6,032$5,386$4,803$4,277$2,781
12 years$6,120$5,414$4,780$4,213$3,707$2,300
13 years$5,591$4,893$4,271$3,719$3,232$1,912
14 years$5,139$4,447$3,837$3,301$2,833$1,596
15 years$4,747$4,063$3,464$2,944$2,495$1,337
16 years$4,404$3,728$3,141$2,636$2,205$1,123
17 years$4,102$3,433$2,858$2,369$1,955$946
18 years$3,833$3,172$2,609$2,135$1,738$798
19 years$3,594$2,940$2,389$1,929$1,549$674
20 years$3,378$2,732$2,192$1,747$1,384$571
21 years$3,184$2,545$2,016$1,585$1,238$483
22 years$3,007$2,375$1,858$1,442$1,110$410
23 years$2,846$2,222$1,716$1,313$996$348
24 years$2,698$2,082$1,587$1,197$896$295
25 years$2,563$1,953$1,470$1,094$806$251
26 years$2,438$1,836$1,363$1,000$726$213
27 years$2,322$1,728$1,266$915$655$181
28 years$2,215$1,628$1,177$839$591$154
29 years$2,116$1,536$1,095$769$533$131
30 years$2,023$1,451$1,020$706$482$112
31 years$1,937$1,371$951$648$436$95
32 years$1,856$1,297$887$596$394$81
33 years$1,780$1,229$828$548$357$69
34 years$1,709$1,165$774$504$323$59
35 years$1,642$1,105$724$464$292$50
36 years$1,579$1,048$677$427$265$43
37 years$1,519$996$634$394$240$36
38 years$1,463$946$593$363$218$31
39 years$1,409$900$556$335$197$26
40 years$1,359$856$521$309$179$23
41 years$1,311$815$489$285$162$19
42 years$1,266$776$458$263$147$16
43 years$1,222$739$430$243$134$14
44 years$1,181$705$404$224$121$12
45 years$1,142$672$379$207$110$10
46 years$1,104$641$356$191$100$9
47 years$1,069$612$334$177$91$7
48 years$1,034$584$314$163$83$6
49 years$1,002$558$295$151$75$5
50 years$970$533$278$139$68$5

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $994,000, adding $6,846 every year, while hoping to spend $38,748 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: 76/15/9 Blend
55$994,000$994,000$994,000$994,000
56$1,102,450$1,049,768$1,034,361$1,184,095
57$1,173,672$1,059,979$1,027,784$1,248,984
58$1,250,860$1,069,391$1,019,689$1,314,473
59$1,334,582$1,077,926$1,009,982$1,385,150
60$1,425,462$1,085,497$998,569$1,461,514
61$1,524,186$1,092,013$985,348$1,544,119
62$1,631,510$1,097,379$970,215$1,633,570
63$1,748,265$1,101,490$953,057$1,730,539
64$1,875,364$1,104,240$933,761$1,835,762
65$2,013,813$1,105,510$912,204$1,950,053
66$2,164,720$1,105,178$888,261$2,074,308
67$2,329,303$1,103,113$861,799$2,209,514
68$2,508,903$1,099,176$832,680$2,356,760
69$2,704,995$1,093,220$800,759$2,517,245
70$2,919,204$1,085,087$765,884$2,692,291
71$3,153,319$1,074,613$727,897$2,883,356
72$3,409,308$1,061,620$686,633$3,092,047
73$3,689,341$1,045,923$641,918$3,320,132
74$3,995,804$1,027,323$593,573$3,569,565
75$4,331,326$1,005,612$541,408$3,842,497
76$4,698,802$980,567$485,225$4,141,298
77$5,101,419$951,954$424,820$4,468,583
78$5,542,689$919,525$359,976$4,827,233
79$6,026,477$883,015$290,469$5,220,423
80$6,557,042$842,147$216,064$5,651,657
81$7,139,074$796,627$136,516$6,124,792
82$7,777,740$746,142$51,569$6,644,082
83$8,478,730$690,363$0$7,214,218
84$9,248,312$628,943$0$7,844,122
85$10,093,391$561,512$0$8,541,267
86$11,021,573$487,683$0$9,307,005
87$12,041,238$407,044$0$10,148,290
88$13,161,616$319,160$0$11,072,783
89$14,392,876$223,574$0$12,088,930
90$15,746,220$119,800$0$13,206,036
91$17,233,992$7,328$0$14,434,359
92$18,869,788$0$0$15,785,201
93$20,668,591$0$0$17,289,900
94$22,646,905$0$0$18,946,133
95$24,822,916$0$0$20,767,921
96$27,216,660$0$0$22,772,043
97$29,850,213$0$0$24,976,989
98$32,747,897$0$0$27,403,128
99$35,936,514$0$0$30,072,906
100$39,445,593$0$0$33,011,053