Can I retire at age 56 with 998,000?

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 $998,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13%
1 years$82,414$81,680$80,964$80,265$79,582$78,587
2 years$40,799$40,039$39,303$38,589$37,896$36,896
3 years$26,929$26,166$25,431$24,724$24,043$23,067
4 years$19,996$19,235$18,508$17,812$17,148$16,204
5 years$15,837$15,080$14,363$13,682$13,035$12,127
6 years$13,065$12,314$11,607$10,941$10,314$9,443
7 years$11,086$10,341$9,646$8,995$8,388$7,553
8 years$9,602$8,865$8,180$7,546$6,959$6,160
9 years$8,449$7,718$7,046$6,428$5,860$5,098
10 years$7,527$6,803$6,143$5,541$4,993$4,266
11 years$6,773$6,056$5,408$4,822$4,294$3,603
12 years$6,145$5,436$4,799$4,230$3,722$3,064
13 years$5,614$4,913$4,288$3,734$3,245$2,621
14 years$5,159$4,465$3,853$3,315$2,845$2,253
15 years$4,766$4,079$3,478$2,956$2,505$1,944
16 years$4,422$3,743$3,154$2,647$2,214$1,684
17 years$4,118$3,447$2,870$2,378$1,963$1,462
18 years$3,849$3,185$2,620$2,143$1,745$1,273
19 years$3,608$2,952$2,398$1,937$1,556$1,111
20 years$3,392$2,743$2,201$1,754$1,389$971
21 years$3,196$2,555$2,024$1,592$1,243$850
22 years$3,019$2,385$1,866$1,447$1,115$745
23 years$2,857$2,231$1,723$1,318$1,000$654
24 years$2,709$2,090$1,593$1,202$899$574
25 years$2,573$1,961$1,476$1,098$809$505
26 years$2,448$1,843$1,369$1,004$729$444
27 years$2,332$1,735$1,271$919$657$391
28 years$2,224$1,635$1,181$842$593$345
29 years$2,124$1,542$1,099$772$535$304
30 years$2,031$1,456$1,024$709$484$268
31 years$1,945$1,377$955$651$437$236
32 years$1,863$1,303$891$598$396$209
33 years$1,787$1,234$832$550$358$184
34 years$1,716$1,169$777$506$324$163
35 years$1,648$1,109$727$466$294$144
36 years$1,585$1,053$680$429$266$127
37 years$1,525$1,000$636$395$241$112
38 years$1,469$950$596$364$219$99
39 years$1,415$903$558$336$198$88
40 years$1,364$860$523$310$180$78
41 years$1,316$818$491$286$163$69
42 years$1,271$779$460$264$148$61
43 years$1,227$742$432$244$134$54
44 years$1,186$708$405$225$122$47
45 years$1,146$675$381$208$111$42
46 years$1,109$644$357$192$101$37
47 years$1,073$614$336$177$91$33
48 years$1,039$587$316$164$83$29
49 years$1,006$560$297$151$75$26
50 years$974$535$279$140$68$23

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $998,000, adding $6,014 every year, while hoping to spend $28,040 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: 29/43/28 Blend
55$998,000$998,000$998,000$998,000
56$1,105,999$1,053,105$1,037,636$1,128,378
57$1,188,977$1,074,873$1,042,563$1,168,304
58$1,279,479$1,096,768$1,046,715$1,208,361
59$1,378,242$1,118,766$1,050,036$1,250,865
60$1,486,079$1,140,842$1,052,469$1,296,050
61$1,603,884$1,162,969$1,053,952$1,344,170
62$1,732,642$1,185,115$1,054,420$1,395,507
63$1,873,435$1,207,250$1,053,807$1,450,375
64$2,027,457$1,229,337$1,052,042$1,509,117
65$2,196,022$1,251,339$1,049,049$1,572,115
66$2,380,576$1,273,214$1,044,752$1,639,791
67$2,582,712$1,294,919$1,039,069$1,712,610
68$2,804,185$1,316,406$1,031,913$1,791,087
69$3,046,926$1,337,624$1,023,197$1,875,789
70$3,313,063$1,358,518$1,012,824$1,967,346
71$3,604,939$1,379,029$1,000,698$2,066,452
72$3,925,136$1,399,095$986,714$2,173,872
73$4,276,497$1,418,647$970,766$2,290,454
74$4,662,153$1,437,614$952,740$2,417,134
75$5,085,553$1,455,918$932,518$2,554,944
76$5,550,498$1,473,477$909,976$2,705,027
77$6,061,174$1,490,202$884,985$2,868,642
78$6,622,191$1,505,999$857,409$3,047,182
79$7,238,629$1,520,767$827,106$3,242,185
80$7,916,084$1,534,400$793,930$3,455,346
81$8,660,722$1,546,783$757,724$3,688,541
82$9,479,334$1,557,794$718,326$3,943,838
83$10,379,405$1,567,305$675,569$4,223,522
84$11,369,178$1,575,176$629,274$4,530,113
85$12,457,736$1,581,262$579,257$4,866,397
86$13,655,088$1,585,407$525,325$5,235,443
87$14,972,260$1,587,444$467,276$5,640,645
88$16,421,400$1,587,199$404,899$6,085,743
89$18,015,895$1,584,484$337,975$6,574,868
90$19,770,493$1,579,100$266,274$7,112,577
91$21,701,444$1,570,837$189,556$7,703,899
92$23,826,655$1,559,472$107,569$8,354,385
93$26,165,855$1,544,767$20,054$9,070,155
94$28,740,783$1,526,471$0$9,857,966
95$31,575,393$1,504,318$0$10,747,181
96$34,696,079$1,478,026$0$11,731,930
97$38,131,926$1,447,295$0$12,815,374
98$41,914,979$1,411,810$0$14,007,610
99$46,080,551$1,371,233$0$15,319,773
100$50,667,555$1,325,211$0$16,764,135