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%12.9%
1 years$82,084$81,352$80,639$79,943$79,263$78,305
2 years$40,635$39,879$39,145$38,434$37,744$36,780
3 years$26,821$26,061$25,330$24,625$23,947$23,006
4 years$19,915$19,158$18,433$17,741$17,079$16,170
5 years$15,773$15,020$14,305$13,627$12,983$12,108
6 years$13,012$12,265$11,561$10,897$10,273$9,432
7 years$11,041$10,300$9,607$8,959$8,355$7,549
8 years$9,564$8,829$8,147$7,516$6,931$6,161
9 years$8,415$7,687$7,017$6,402$5,837$5,101
10 years$7,496$6,776$6,118$5,518$4,973$4,272
11 years$6,745$6,032$5,386$4,803$4,277$3,609
12 years$6,120$5,414$4,780$4,213$3,707$3,072
13 years$5,591$4,893$4,271$3,719$3,232$2,629
14 years$5,139$4,447$3,837$3,301$2,833$2,262
15 years$4,747$4,063$3,464$2,944$2,495$1,953
16 years$4,404$3,728$3,141$2,636$2,205$1,693
17 years$4,102$3,433$2,858$2,369$1,955$1,471
18 years$3,833$3,172$2,609$2,135$1,738$1,282
19 years$3,594$2,940$2,389$1,929$1,549$1,119
20 years$3,378$2,732$2,192$1,747$1,384$979
21 years$3,184$2,545$2,016$1,585$1,238$857
22 years$3,007$2,375$1,858$1,442$1,110$752
23 years$2,846$2,222$1,716$1,313$996$661
24 years$2,698$2,082$1,587$1,197$896$581
25 years$2,563$1,953$1,470$1,094$806$511
26 years$2,438$1,836$1,363$1,000$726$450
27 years$2,322$1,728$1,266$915$655$397
28 years$2,215$1,628$1,177$839$591$350
29 years$2,116$1,536$1,095$769$533$309
30 years$2,023$1,451$1,020$706$482$272
31 years$1,937$1,371$951$648$436$240
32 years$1,856$1,297$887$596$394$212
33 years$1,780$1,229$828$548$357$188
34 years$1,709$1,165$774$504$323$166
35 years$1,642$1,105$724$464$292$147
36 years$1,579$1,048$677$427$265$130
37 years$1,519$996$634$394$240$115
38 years$1,463$946$593$363$218$101
39 years$1,409$900$556$335$197$90
40 years$1,359$856$521$309$179$79
41 years$1,311$815$489$285$162$70
42 years$1,266$776$458$263$147$62
43 years$1,222$739$430$243$134$55
44 years$1,181$705$404$224$121$49
45 years$1,142$672$379$207$110$43
46 years$1,104$641$356$191$100$38
47 years$1,069$612$334$177$91$34
48 years$1,034$584$314$163$83$30
49 years$1,002$558$295$151$75$27
50 years$970$533$278$139$68$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $994,000, adding $6,217 every year, while hoping to spend $45,278 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: 50/38/12 Blend
55$994,000$994,000$994,000$994,000
56$1,101,801$1,049,119$1,033,712$1,153,021
57$1,166,009$1,052,350$1,020,166$1,192,027
58$1,235,249$1,054,222$1,004,648$1,229,112
59$1,309,986$1,054,621$987,046$1,268,383
60$1,390,732$1,053,425$967,239$1,310,060
61$1,478,048$1,050,504$945,103$1,354,384
62$1,572,553$1,045,722$920,507$1,401,626
63$1,674,924$1,038,934$893,316$1,452,086
64$1,785,910$1,029,986$863,386$1,506,094
65$1,906,331$1,018,713$830,567$1,564,022
66$2,037,090$1,004,943$794,705$1,626,276
67$2,179,181$988,493$755,634$1,693,313
68$2,333,695$969,167$713,186$1,765,635
69$2,501,835$946,759$667,181$1,843,799
70$2,684,924$921,052$617,433$1,928,426
71$2,884,417$891,814$563,748$2,020,201
72$3,101,915$858,801$505,921$2,119,884
73$3,339,182$821,753$443,741$2,228,316
74$3,598,157$780,398$376,985$2,346,431
75$3,880,977$734,445$305,422$2,475,261
76$4,189,993$683,589$228,809$2,615,950
77$4,527,792$627,505$146,894$2,769,764
78$4,897,225$565,851$59,414$2,938,104
79$5,301,430$498,265$0$3,122,520
80$5,743,861$424,366$0$3,329,075
81$6,228,324$343,748$0$3,563,722
82$6,759,007$255,986$0$3,820,984
83$7,340,524$160,628$0$4,103,222
84$7,977,958$57,199$0$4,413,048
85$8,676,904$0$0$4,753,344
86$9,443,525$0$0$5,150,211
87$10,284,612$0$0$5,611,975
88$11,207,643$0$0$6,118,837
89$12,220,853$0$0$6,675,334
90$13,333,316$0$0$7,286,463
91$14,555,028$0$0$7,957,730
92$15,896,998$0$0$8,695,200
93$17,371,357$0$0$9,505,554
94$18,991,464$0$0$10,396,152
95$20,772,043$0$0$11,375,104
96$22,729,308$0$0$12,451,343
97$24,881,128$0$0$13,634,712
98$27,247,187$0$0$14,936,055
99$29,849,172$0$0$16,367,318
100$32,710,976$0$0$17,941,666