Can I retire at age 56 with 996,000?

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 $996,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.4%
1 years$82,249$81,516$80,801$80,104$79,422$78,300
2 years$40,717$39,959$39,224$38,511$37,820$36,692
3 years$26,875$26,114$25,380$24,675$23,995$22,895
4 years$19,956$19,196$18,470$17,777$17,113$16,051
5 years$15,805$15,050$14,334$13,654$13,009$11,987
6 years$13,039$12,290$11,584$10,919$10,294$9,313
7 years$11,063$10,321$9,626$8,977$8,372$7,433
8 years$9,583$8,847$8,164$7,531$6,945$6,049
9 years$8,432$7,703$7,032$6,415$5,849$4,994
10 years$7,511$6,790$6,130$5,530$4,983$4,169
11 years$6,759$6,044$5,397$4,812$4,286$3,512
12 years$6,132$5,425$4,790$4,221$3,714$2,979
13 years$5,603$4,903$4,279$3,727$3,239$2,542
14 years$5,149$4,456$3,845$3,308$2,839$2,179
15 years$4,756$4,071$3,471$2,950$2,500$1,875
16 years$4,413$3,735$3,147$2,642$2,209$1,620
17 years$4,110$3,440$2,864$2,373$1,959$1,403
18 years$3,841$3,179$2,614$2,139$1,742$1,218
19 years$3,601$2,946$2,393$1,933$1,552$1,059
20 years$3,385$2,737$2,197$1,750$1,387$923
21 years$3,190$2,550$2,020$1,589$1,241$806
22 years$3,013$2,380$1,862$1,444$1,112$704
23 years$2,851$2,226$1,719$1,315$998$616
24 years$2,704$2,086$1,590$1,200$897$539
25 years$2,568$1,957$1,473$1,096$808$473
26 years$2,443$1,840$1,366$1,002$727$415
27 years$2,327$1,731$1,268$917$656$364
28 years$2,220$1,631$1,179$840$592$320
29 years$2,120$1,539$1,097$770$534$281
30 years$2,027$1,453$1,022$707$483$247
31 years$1,941$1,374$953$649$437$217
32 years$1,860$1,300$889$597$395$191
33 years$1,784$1,231$830$549$357$168
34 years$1,712$1,167$776$505$324$148
35 years$1,645$1,107$725$465$293$130
36 years$1,582$1,050$678$428$266$115
37 years$1,522$998$635$394$241$101
38 years$1,466$948$595$364$218$89
39 years$1,412$902$557$335$198$78
40 years$1,362$858$522$309$179$69
41 years$1,314$817$490$285$163$61
42 years$1,268$778$459$263$148$54
43 years$1,225$741$431$243$134$47
44 years$1,183$706$404$224$122$42
45 years$1,144$674$380$207$110$37
46 years$1,107$643$357$191$100$32
47 years$1,071$613$335$177$91$29
48 years$1,036$585$315$163$83$25
49 years$1,004$559$296$151$75$22
50 years$972$534$278$140$68$20

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $996,000, adding $2,887 every year, while hoping to spend $51,007 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: 56/32/12 Blend
55$996,000$996,000$996,000$996,000
56$1,100,570$1,047,782$1,032,344$1,158,706
57$1,158,557$1,044,852$1,012,656$1,195,463
58$1,220,749$1,040,069$990,600$1,229,634
59$1,287,522$1,033,289$966,041$1,265,654
60$1,359,286$1,024,357$938,840$1,303,709
61$1,436,494$1,013,111$908,852$1,344,006
62$1,519,642$999,379$875,924$1,386,774
63$1,609,275$982,978$839,897$1,432,267
64$1,705,991$963,714$800,604$1,480,771
65$1,810,448$941,382$757,870$1,532,601
66$1,923,368$915,765$711,514$1,588,106
67$2,045,547$886,632$661,344$1,647,678
68$2,177,857$853,741$607,163$1,711,747
69$2,321,258$816,834$548,763$1,780,796
70$2,476,805$775,638$485,925$1,855,356
71$2,645,660$729,865$418,424$1,936,019
72$2,829,098$679,210$346,023$2,023,443
73$3,028,526$623,350$268,474$2,118,354
74$3,245,487$561,946$185,519$2,221,560
75$3,481,681$494,636$96,889$2,333,957
76$3,738,980$421,041$2,303$2,456,535
77$4,019,442$340,757$0$2,590,395
78$4,325,332$253,361$0$2,749,384
79$4,659,143$158,404$0$2,923,356
80$5,023,622$55,411$0$3,113,550
81$5,421,788$0$0$3,321,664
82$5,856,969$0$0$3,569,333
83$6,332,826$0$0$3,861,573
84$6,853,392$0$0$4,181,358
85$7,423,105$0$0$4,531,428
86$8,046,856$0$0$4,914,797
87$8,730,027$0$0$5,334,786
88$9,478,546$0$0$5,795,053
89$10,298,943$0$0$6,299,625
90$11,198,409$0$0$6,852,937
91$12,184,863$0$0$7,459,876
92$13,267,028$0$0$8,125,823
93$14,454,513$0$0$8,856,705
94$15,757,899$0$0$9,659,052
95$17,188,845$0$0$10,540,056
96$18,760,192$0$0$11,507,638
97$20,486,087$0$0$12,570,528
98$22,382,112$0$0$13,738,340
99$24,465,434$0$0$15,021,665
100$26,754,966$0$0$16,432,173