Can I retire at age 56 with 983,000?

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 $983,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.6%
1 years$81,175$80,452$79,747$79,058$78,386$77,859
2 years$40,186$39,437$38,712$38,009$37,327$36,795
3 years$26,524$25,773$25,049$24,353$23,682$23,162
4 years$19,695$18,946$18,229$17,545$16,890$16,387
5 years$15,599$14,854$14,147$13,476$12,839$12,354
6 years$12,868$12,129$11,433$10,777$10,159$9,692
7 years$10,919$10,186$9,501$8,860$8,262$7,813
8 years$9,458$8,731$8,057$7,433$6,854$6,423
9 years$8,322$7,602$6,940$6,331$5,772$5,359
10 years$7,413$6,701$6,050$5,457$4,918$4,523
11 years$6,671$5,965$5,327$4,750$4,230$3,853
12 years$6,052$5,354$4,727$4,166$3,666$3,306
13 years$5,530$4,839$4,223$3,678$3,196$2,853
14 years$5,082$4,398$3,795$3,265$2,802$2,476
15 years$4,694$4,018$3,426$2,912$2,467$2,157
16 years$4,355$3,686$3,106$2,607$2,180$1,886
17 years$4,056$3,395$2,827$2,342$1,933$1,654
18 years$3,791$3,137$2,580$2,111$1,719$1,454
19 years$3,554$2,907$2,362$1,907$1,532$1,282
20 years$3,341$2,702$2,168$1,728$1,369$1,132
21 years$3,148$2,517$1,994$1,568$1,225$1,001
22 years$2,974$2,349$1,838$1,426$1,098$887
23 years$2,814$2,197$1,697$1,298$985$787
24 years$2,668$2,059$1,569$1,184$886$699
25 years$2,534$1,932$1,454$1,081$797$621
26 years$2,411$1,816$1,348$989$718$552
27 years$2,297$1,709$1,252$905$647$492
28 years$2,191$1,610$1,164$829$584$438
29 years$2,093$1,519$1,083$760$527$391
30 years$2,001$1,434$1,009$698$477$349
31 years$1,915$1,356$940$641$431$311
32 years$1,835$1,283$877$589$390$278
33 years$1,760$1,215$819$542$353$248
34 years$1,690$1,152$765$498$319$222
35 years$1,624$1,092$716$459$289$198
36 years$1,561$1,037$669$423$262$177
37 years$1,502$985$627$389$238$158
38 years$1,447$936$587$359$215$142
39 years$1,394$890$550$331$195$127
40 years$1,344$847$515$305$177$113
41 years$1,297$806$483$282$161$101
42 years$1,252$768$453$260$146$91
43 years$1,209$731$425$240$132$81
44 years$1,168$697$399$221$120$73
45 years$1,129$665$375$205$109$65
46 years$1,092$634$352$189$99$58
47 years$1,057$605$331$175$90$52
48 years$1,023$578$311$161$82$47
49 years$991$552$292$149$74$42
50 years$960$527$275$138$67$38

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $983,000, adding $6,677 every year, while hoping to spend $36,575 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: 43/47/10 Blend
55$983,000$983,000$983,000$983,000
56$1,090,153$1,038,054$1,022,818$1,133,596
57$1,162,433$1,050,003$1,018,167$1,176,475
58$1,240,860$1,061,312$1,012,134$1,218,676
59$1,326,022$1,071,911$1,004,635$1,263,570
60$1,418,566$1,081,724$995,580$1,311,418
61$1,519,205$1,090,673$984,876$1,362,506
62$1,628,720$1,098,673$972,426$1,417,156
63$1,747,975$1,105,633$958,128$1,475,721
64$1,877,917$1,111,458$941,874$1,538,591
65$2,019,591$1,116,045$923,553$1,606,200
66$2,174,144$1,119,286$903,046$1,679,025
67$2,342,841$1,121,066$880,232$1,757,597
68$2,527,073$1,121,260$854,983$1,842,501
69$2,728,373$1,119,740$827,163$1,934,385
70$2,948,426$1,116,368$796,633$2,033,967
71$3,189,091$1,110,995$763,245$2,142,038
72$3,452,411$1,103,466$726,847$2,259,474
73$3,740,638$1,093,617$687,277$2,387,245
74$4,056,251$1,081,272$644,368$2,526,421
75$4,401,979$1,066,245$597,945$2,678,187
76$4,780,829$1,048,339$547,825$2,843,851
77$5,196,112$1,027,346$493,816$3,024,861
78$5,651,475$1,003,045$435,717$3,222,813
79$6,150,933$975,202$373,322$3,439,476
80$6,698,911$943,570$306,411$3,676,800
81$7,300,281$907,886$234,757$3,936,942
82$7,960,410$867,873$158,122$4,222,285
83$8,685,211$823,238$76,258$4,535,458
84$9,481,196$773,670$0$4,879,370
85$10,355,539$718,841$0$5,258,415
86$11,316,144$658,404$0$5,683,714
87$12,371,717$591,992$0$6,151,065
88$13,531,851$519,218$0$6,664,823
89$14,807,112$439,673$0$7,229,794
90$16,209,143$352,922$0$7,851,280
91$17,750,769$258,509$0$8,535,134
92$19,446,123$155,951$0$9,287,813
93$21,310,773$44,738$0$10,116,445
94$23,361,874$0$0$11,028,892
95$25,618,325$0$0$12,072,964
96$28,100,950$0$0$13,247,285
97$30,832,695$0$0$14,539,587
98$33,838,839$0$0$15,961,849
99$37,147,237$0$0$17,527,266
100$40,788,583$0$0$19,250,381