Can I retire at age 56 with 997,000?

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 $997,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$82,331$81,598$80,882$80,184$79,502$78,672
2 years$40,758$39,999$39,263$38,550$37,858$37,022
3 years$26,902$26,140$25,406$24,699$24,019$23,203
4 years$19,976$19,216$18,489$17,795$17,130$16,341
5 years$15,821$15,065$14,348$13,668$13,022$12,261
6 years$13,052$12,302$11,596$10,930$10,304$9,573
7 years$11,075$10,331$9,636$8,986$8,380$7,679
8 years$9,592$8,856$8,172$7,538$6,952$6,281
9 years$8,440$7,710$7,039$6,421$5,855$5,213
10 years$7,519$6,796$6,136$5,535$4,988$4,376
11 years$6,766$6,050$5,402$4,817$4,290$3,706
12 years$6,139$5,431$4,794$4,225$3,718$3,162
13 years$5,608$4,908$4,284$3,730$3,242$2,714
14 years$5,154$4,461$3,849$3,311$2,842$2,341
15 years$4,761$4,075$3,475$2,953$2,502$2,027
16 years$4,417$3,739$3,151$2,644$2,211$1,761
17 years$4,114$3,443$2,867$2,376$1,961$1,535
18 years$3,845$3,182$2,617$2,141$1,744$1,341
19 years$3,605$2,949$2,396$1,935$1,554$1,174
20 years$3,388$2,740$2,199$1,752$1,388$1,030
21 years$3,193$2,552$2,022$1,590$1,242$905
22 years$3,016$2,383$1,864$1,446$1,113$797
23 years$2,854$2,228$1,721$1,317$999$702
24 years$2,706$2,088$1,592$1,201$898$619
25 years$2,570$1,959$1,474$1,097$808$546
26 years$2,445$1,841$1,367$1,003$728$483
27 years$2,329$1,733$1,270$918$657$427
28 years$2,222$1,633$1,180$841$592$377
29 years$2,122$1,541$1,098$771$535$334
30 years$2,029$1,455$1,023$708$483$296
31 years$1,943$1,375$954$650$437$262
32 years$1,862$1,301$890$597$395$232
33 years$1,785$1,232$831$549$358$206
34 years$1,714$1,168$776$505$324$183
35 years$1,647$1,108$726$465$293$162
36 years$1,583$1,052$679$429$266$144
37 years$1,524$999$636$395$241$128
38 years$1,467$949$595$364$218$113
39 years$1,414$903$558$336$198$101
40 years$1,363$859$523$310$180$89
41 years$1,315$817$490$286$163$79
42 years$1,269$778$460$264$148$70
43 years$1,226$742$431$243$134$63
44 years$1,185$707$405$225$122$56
45 years$1,145$674$380$207$111$49
46 years$1,108$643$357$192$100$44
47 years$1,072$614$335$177$91$39
48 years$1,038$586$315$164$83$35
49 years$1,005$560$296$151$75$31
50 years$973$534$279$140$68$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $997,000, adding $5,856 every year, while hoping to spend $41,304 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: 64/17/19 Blend
55$997,000$997,000$997,000$997,000
56$1,104,734$1,051,893$1,036,440$1,169,769
57$1,173,470$1,059,489$1,027,214$1,221,787
58$1,247,833$1,066,073$1,016,294$1,273,374
59$1,328,352$1,071,551$1,003,580$1,328,758
60$1,415,612$1,075,824$988,968$1,388,311
61$1,510,253$1,078,788$972,347$1,452,445
62$1,612,980$1,080,330$953,601$1,521,616
63$1,724,568$1,080,331$932,612$1,596,325
64$1,845,871$1,078,664$909,251$1,677,126
65$1,977,827$1,075,196$883,388$1,764,633
66$2,121,469$1,069,783$854,885$1,859,520
67$2,277,931$1,062,276$823,596$1,962,533
68$2,448,466$1,052,513$789,372$2,074,497
69$2,634,447$1,040,324$752,054$2,196,320
70$2,837,390$1,025,529$711,478$2,329,007
71$3,058,962$1,007,938$667,470$2,473,664
72$3,300,997$987,348$619,851$2,631,514
73$3,565,515$963,544$568,432$2,803,908
74$3,854,740$936,300$513,018$2,992,335
75$4,171,121$905,376$453,401$3,198,438
76$4,517,353$870,518$389,368$3,424,032
77$4,896,406$831,456$320,694$3,671,119
78$5,311,548$787,905$247,146$3,941,907
79$5,766,379$739,566$168,478$4,238,835
80$6,264,864$686,119$84,437$4,564,592
81$6,811,369$627,228$0$4,922,144
82$7,410,704$562,537$0$5,315,832
83$8,068,165$491,671$0$5,766,539
84$8,789,586$414,232$0$6,261,172
85$9,581,395$329,800$0$6,804,190
86$10,450,669$237,931$0$7,400,504
87$11,405,205$138,158$0$8,055,532
88$12,453,595$29,987$0$8,775,241
89$13,605,299$0$0$9,566,212
90$14,870,743$0$0$10,451,994
91$16,261,410$0$0$11,431,668
92$17,789,951$0$0$12,508,547
93$19,470,304$0$0$13,692,458
94$21,317,825$0$0$14,994,232
95$23,349,432$0$0$16,425,798
96$25,583,765$0$0$18,000,303
97$28,041,359$0$0$19,732,227
98$30,744,842$0$0$21,637,529
99$33,719,142$0$0$23,733,788
100$36,991,729$0$0$26,040,377