Can I retire at age 56 with 997,000?

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 $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%15.1%
1 years$82,331$81,598$80,882$80,184$79,502$77,833
2 years$40,758$39,999$39,263$38,550$37,858$36,185
3 years$26,902$26,140$25,406$24,699$24,019$22,393
4 years$19,976$19,216$18,489$17,795$17,130$15,565
5 years$15,821$15,065$14,348$13,668$13,022$11,521
6 years$13,052$12,302$11,596$10,930$10,304$8,869
7 years$11,075$10,331$9,636$8,986$8,380$7,011
8 years$9,592$8,856$8,172$7,538$6,952$5,649
9 years$8,440$7,710$7,039$6,421$5,855$4,617
10 years$7,519$6,796$6,136$5,535$4,988$3,815
11 years$6,766$6,050$5,402$4,817$4,290$3,179
12 years$6,139$5,431$4,794$4,225$3,718$2,667
13 years$5,608$4,908$4,284$3,730$3,242$2,250
14 years$5,154$4,461$3,849$3,311$2,842$1,907
15 years$4,761$4,075$3,475$2,953$2,502$1,622
16 years$4,417$3,739$3,151$2,644$2,211$1,385
17 years$4,114$3,443$2,867$2,376$1,961$1,185
18 years$3,845$3,182$2,617$2,141$1,744$1,016
19 years$3,605$2,949$2,396$1,935$1,554$873
20 years$3,388$2,740$2,199$1,752$1,388$751
21 years$3,193$2,552$2,022$1,590$1,242$647
22 years$3,016$2,383$1,864$1,446$1,113$558
23 years$2,854$2,228$1,721$1,317$999$482
24 years$2,706$2,088$1,592$1,201$898$416
25 years$2,570$1,959$1,474$1,097$808$360
26 years$2,445$1,841$1,367$1,003$728$312
27 years$2,329$1,733$1,270$918$657$270
28 years$2,222$1,633$1,180$841$592$234
29 years$2,122$1,541$1,098$771$535$202
30 years$2,029$1,455$1,023$708$483$176
31 years$1,943$1,375$954$650$437$152
32 years$1,862$1,301$890$597$395$132
33 years$1,785$1,232$831$549$358$115
34 years$1,714$1,168$776$505$324$99
35 years$1,647$1,108$726$465$293$86
36 years$1,583$1,052$679$429$266$75
37 years$1,524$999$636$395$241$65
38 years$1,467$949$595$364$218$56
39 years$1,414$903$558$336$198$49
40 years$1,363$859$523$310$180$43
41 years$1,315$817$490$286$163$37
42 years$1,269$778$460$264$148$32
43 years$1,226$742$431$243$134$28
44 years$1,185$707$405$225$122$24
45 years$1,145$674$380$207$111$21
46 years$1,108$643$357$192$100$18
47 years$1,072$614$335$177$91$16
48 years$1,038$586$315$164$83$14
49 years$1,005$560$296$151$75$12
50 years$973$534$279$140$68$10

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $997,000, adding $3,315 every year, while hoping to spend $36,762 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: 43/46/11 Blend
55$997,000$997,000$997,000$997,000
56$1,102,113$1,049,272$1,033,819$1,145,853
57$1,175,415$1,061,572$1,029,337$1,188,995
58$1,254,960$1,073,243$1,023,474$1,231,739
59$1,341,349$1,084,214$1,016,142$1,277,225
60$1,435,238$1,094,412$1,007,255$1,325,718
61$1,537,351$1,103,758$996,717$1,377,512
62$1,648,486$1,112,166$984,432$1,432,932
63$1,769,517$1,119,548$970,296$1,492,340
64$1,901,409$1,125,807$954,202$1,556,133
65$2,045,223$1,130,843$936,039$1,624,753
66$2,202,128$1,134,546$915,688$1,698,688
67$2,373,408$1,136,801$893,026$1,778,477
68$2,560,478$1,137,487$867,925$1,864,717
69$2,764,897$1,136,474$840,250$1,958,069
70$2,988,378$1,133,623$809,861$2,059,263
71$3,232,811$1,128,789$776,609$2,169,106
72$3,500,273$1,121,815$740,342$2,288,491
73$3,793,055$1,112,538$700,897$2,418,406
74$4,113,678$1,100,783$658,108$2,559,941
75$4,464,915$1,086,364$611,797$2,714,302
76$4,849,826$1,069,086$561,782$2,882,823
77$5,271,777$1,048,740$507,870$3,066,978
78$5,734,476$1,025,105$449,861$3,268,394
79$6,242,007$997,950$387,546$3,488,870
80$6,798,868$967,026$320,705$3,730,394
81$7,410,015$932,073$249,111$3,995,163
82$8,080,905$892,813$172,525$4,285,602
83$8,817,551$848,954$90,698$4,604,390
84$9,626,575$800,186$3,370$4,954,487
85$10,515,272$746,182$0$5,339,162
86$11,491,681$686,596$0$5,772,566
87$12,564,655$621,062$0$6,249,250
88$13,743,948$549,192$0$6,773,254
89$15,040,306$470,578$0$7,349,471
90$16,465,568$384,788$0$7,983,304
91$18,032,779$291,365$0$8,680,713
92$19,756,309$189,828$0$9,448,275
93$21,651,990$79,667$0$10,293,246
94$23,737,268$0$0$11,223,635
95$26,031,363$0$0$12,268,346
96$28,555,451$0$0$13,462,304
97$31,332,867$0$0$14,776,237
98$34,389,319$0$0$16,222,326
99$37,753,134$0$0$17,813,991
100$41,455,526$0$0$19,566,022