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%16.5%
1 years$82,414$81,680$80,964$80,265$79,582$77,470
2 years$40,799$40,039$39,303$38,589$37,896$35,783
3 years$26,929$26,166$25,431$24,724$24,043$21,994
4 years$19,996$19,235$18,508$17,812$17,148$15,180
5 years$15,837$15,080$14,363$13,682$13,035$11,154
6 years$13,065$12,314$11,607$10,941$10,314$8,521
7 years$11,086$10,341$9,646$8,995$8,388$6,683
8 years$9,602$8,865$8,180$7,546$6,959$5,341
9 years$8,449$7,718$7,046$6,428$5,860$4,329
10 years$7,527$6,803$6,143$5,541$4,993$3,545
11 years$6,773$6,056$5,408$4,822$4,294$2,928
12 years$6,145$5,436$4,799$4,230$3,722$2,435
13 years$5,614$4,913$4,288$3,734$3,245$2,035
14 years$5,159$4,465$3,853$3,315$2,845$1,708
15 years$4,766$4,079$3,478$2,956$2,505$1,439
16 years$4,422$3,743$3,154$2,647$2,214$1,216
17 years$4,118$3,447$2,870$2,378$1,963$1,030
18 years$3,849$3,185$2,620$2,143$1,745$874
19 years$3,608$2,952$2,398$1,937$1,556$743
20 years$3,392$2,743$2,201$1,754$1,389$633
21 years$3,196$2,555$2,024$1,592$1,243$539
22 years$3,019$2,385$1,866$1,447$1,115$460
23 years$2,857$2,231$1,723$1,318$1,000$393
24 years$2,709$2,090$1,593$1,202$899$336
25 years$2,573$1,961$1,476$1,098$809$287
26 years$2,448$1,843$1,369$1,004$729$246
27 years$2,332$1,735$1,271$919$657$210
28 years$2,224$1,635$1,181$842$593$180
29 years$2,124$1,542$1,099$772$535$154
30 years$2,031$1,456$1,024$709$484$132
31 years$1,945$1,377$955$651$437$113
32 years$1,863$1,303$891$598$396$97
33 years$1,787$1,234$832$550$358$83
34 years$1,716$1,169$777$506$324$71
35 years$1,648$1,109$727$466$294$61
36 years$1,585$1,053$680$429$266$53
37 years$1,525$1,000$636$395$241$45
38 years$1,469$950$596$364$219$39
39 years$1,415$903$558$336$198$33
40 years$1,364$860$523$310$180$28
41 years$1,316$818$491$286$163$24
42 years$1,271$779$460$264$148$21
43 years$1,227$742$432$244$134$18
44 years$1,186$708$405$225$122$15
45 years$1,146$675$381$208$111$13
46 years$1,109$644$357$192$101$11
47 years$1,073$614$336$177$91$10
48 years$1,039$587$316$164$83$8
49 years$1,006$560$297$151$75$7
50 years$974$535$279$140$68$6

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $998,000, adding $5,338 every year, while hoping to spend $26,481 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: 36/46/18 Blend
55$998,000$998,000$998,000$998,000
56$1,105,302$1,052,408$1,036,939$1,138,867
57$1,189,867$1,075,801$1,043,501$1,187,123
58$1,282,171$1,099,452$1,049,395$1,236,309
59$1,382,974$1,123,346$1,054,571$1,288,852
60$1,493,114$1,147,467$1,058,977$1,345,067
61$1,613,515$1,171,796$1,062,555$1,405,302
62$1,745,191$1,196,312$1,065,249$1,469,937
63$1,889,263$1,220,994$1,066,997$1,539,396
64$2,046,960$1,245,815$1,067,734$1,614,142
65$2,219,640$1,270,750$1,067,393$1,694,688
66$2,408,796$1,295,769$1,065,903$1,781,600
67$2,616,073$1,320,841$1,063,191$1,875,501
68$2,843,281$1,345,932$1,059,176$1,977,078
69$3,092,417$1,371,003$1,053,780$2,087,091
70$3,365,676$1,396,015$1,046,914$2,206,375
71$3,665,480$1,420,925$1,038,490$2,335,852
72$3,994,493$1,445,685$1,028,415$2,476,541
73$4,355,653$1,470,244$1,016,588$2,629,564
74$4,752,193$1,494,550$1,002,907$2,796,158
75$5,187,677$1,518,543$987,264$2,977,688
76$5,666,029$1,542,160$969,547$3,175,662
77$6,191,572$1,565,335$949,635$3,391,739
78$6,769,071$1,587,995$927,407$3,627,751
79$7,403,773$1,610,063$902,731$3,885,719
80$8,101,458$1,631,457$875,473$4,167,872
81$8,868,496$1,652,087$845,490$4,476,667
82$9,711,903$1,671,860$812,635$4,814,815
83$10,639,411$1,690,675$776,752$5,185,305
84$11,659,537$1,708,424$737,679$5,591,435
85$12,781,665$1,724,992$695,247$6,036,840
86$14,016,135$1,740,257$649,278$6,525,532
87$15,374,339$1,754,088$599,587$7,061,931
88$16,868,830$1,766,347$545,981$7,650,916
89$18,513,438$1,776,885$488,259$8,297,863
90$20,323,401$1,785,544$426,208$9,008,703
91$22,315,511$1,792,159$359,609$9,789,976
92$24,508,268$1,796,550$288,231$10,648,893
93$26,922,058$1,798,528$211,833$11,593,406
94$29,579,345$1,797,892$130,166$12,632,283
95$32,504,878$1,794,429$42,967$13,775,190
96$35,725,932$1,787,913$0$15,032,789
97$39,272,559$1,778,102$0$16,426,452
98$43,177,872$1,764,741$0$17,968,951
99$47,478,363$1,747,561$0$19,666,369
100$52,214,238$1,726,274$0$21,534,519