Can I retire at age 56 with 984,000?

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 $984,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.6%
1 years$81,258$80,534$79,828$79,139$78,466$77,293
2 years$40,227$39,477$38,751$38,047$37,365$36,186
3 years$26,551$25,799$25,075$24,377$23,706$22,557
4 years$19,715$18,965$18,248$17,562$16,907$15,798
5 years$15,614$14,869$14,161$13,490$12,852$11,786
6 years$12,881$12,141$11,444$10,788$10,170$9,147
7 years$10,930$10,196$9,510$8,869$8,271$7,293
8 years$9,467$8,740$8,065$7,440$6,861$5,927
9 years$8,330$7,610$6,947$6,337$5,778$4,888
10 years$7,421$6,708$6,056$5,463$4,923$4,076
11 years$6,678$5,972$5,332$4,754$4,234$3,429
12 years$6,059$5,360$4,732$4,170$3,669$2,905
13 years$5,535$4,844$4,228$3,682$3,200$2,475
14 years$5,087$4,403$3,799$3,268$2,805$2,119
15 years$4,699$4,022$3,430$2,915$2,470$1,821
16 years$4,359$3,690$3,109$2,610$2,183$1,571
17 years$4,060$3,398$2,829$2,345$1,935$1,358
18 years$3,795$3,140$2,583$2,113$1,721$1,178
19 years$3,558$2,910$2,365$1,909$1,534$1,023
20 years$3,344$2,704$2,170$1,729$1,370$890
21 years$3,152$2,519$1,996$1,569$1,226$776
22 years$2,977$2,351$1,840$1,427$1,099$677
23 years$2,817$2,199$1,699$1,300$986$591
24 years$2,671$2,061$1,571$1,185$887$517
25 years$2,537$1,934$1,455$1,083$798$452
26 years$2,413$1,817$1,349$990$719$396
27 years$2,299$1,710$1,253$906$648$347
28 years$2,193$1,612$1,165$830$585$304
29 years$2,095$1,520$1,084$761$528$267
30 years$2,003$1,436$1,010$699$477$234
31 years$1,917$1,357$941$642$431$206
32 years$1,837$1,284$878$590$390$181
33 years$1,762$1,216$820$542$353$159
34 years$1,692$1,153$766$499$320$139
35 years$1,625$1,093$716$459$290$123
36 years$1,563$1,038$670$423$262$108
37 years$1,504$986$627$390$238$95
38 years$1,448$937$587$359$216$83
39 years$1,395$891$550$331$195$73
40 years$1,345$847$516$305$177$64
41 years$1,298$807$484$282$161$57
42 years$1,253$768$454$260$146$50
43 years$1,210$732$426$240$132$44
44 years$1,169$698$400$222$120$39
45 years$1,130$665$375$205$109$34
46 years$1,093$635$352$189$99$30
47 years$1,058$606$331$175$90$26
48 years$1,024$578$311$161$82$23
49 years$992$552$292$149$74$20
50 years$961$528$275$138$67$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $984,000, adding $4,852 every year, while hoping to spend $39,572 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: 57/36/7 Blend
55$984,000$984,000$984,000$984,000
56$1,089,373$1,037,221$1,021,969$1,149,518
57$1,158,385$1,045,940$1,014,100$1,199,271
58$1,233,109$1,053,761$1,004,642$1,248,581
59$1,314,088$1,060,596$993,499$1,301,329
60$1,401,915$1,066,356$980,572$1,357,847
61$1,497,245$1,070,942$965,755$1,418,501
62$1,600,797$1,074,251$948,941$1,483,697
63$1,713,362$1,076,174$930,015$1,553,882
64$1,835,812$1,076,593$908,857$1,629,550
65$1,969,104$1,075,385$885,343$1,711,247
66$2,114,292$1,072,418$859,341$1,799,577
67$2,272,535$1,067,553$830,715$1,895,205
68$2,445,111$1,060,640$799,321$1,998,866
69$2,633,425$1,051,523$765,010$2,111,374
70$2,839,021$1,040,035$727,626$2,233,625
71$3,063,604$1,026,000$687,004$2,366,610
72$3,309,047$1,009,229$642,974$2,511,424
73$3,577,413$989,525$595,357$2,669,274
74$3,870,974$966,676$543,966$2,841,496
75$4,192,231$940,461$488,607$3,029,561
76$4,543,939$910,644$429,075$3,235,096
77$4,929,130$876,974$365,158$3,459,898
78$5,351,144$839,189$296,634$3,705,948
79$5,813,660$797,008$223,270$3,975,435
80$6,320,729$750,137$144,825$4,270,774
81$6,876,811$698,262$61,045$4,594,633
82$7,486,823$641,054$0$4,949,953
83$8,156,175$578,162$0$5,342,102
84$8,890,832$509,218$0$5,777,550
85$9,697,359$433,832$0$6,255,711
86$10,582,991$351,591$0$6,780,973
87$11,555,697$262,061$0$7,358,177
88$12,624,256$164,780$0$7,992,664
89$13,798,340$59,264$0$8,690,326
90$15,088,602$0$0$9,457,661
91$16,506,780$0$0$10,323,626
92$18,065,805$0$0$11,301,496
93$19,779,924$0$0$12,376,743
94$21,664,832$0$0$13,559,223
95$23,737,822$0$0$14,859,797
96$26,017,948$0$0$16,290,432
97$28,526,201$0$0$17,864,313
98$31,285,709$0$0$19,595,966
99$34,321,958$0$0$21,501,396
100$37,663,025$0$0$23,598,239