Can I retire at age 56 with 989,000?

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 $989,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.4%
1 years$81,671$80,943$80,233$79,541$78,864$78,073
2 years$40,431$39,678$38,948$38,241$37,554$36,758
3 years$26,686$25,930$25,202$24,501$23,826$23,048
4 years$19,815$19,061$18,341$17,652$16,993$16,240
5 years$15,694$14,944$14,233$13,558$12,918$12,192
6 years$12,947$12,203$11,502$10,843$10,221$9,524
7 years$10,986$10,248$9,559$8,914$8,313$7,644
8 years$9,515$8,785$8,106$7,478$6,896$6,256
9 years$8,373$7,649$6,982$6,370$5,808$5,195
10 years$7,459$6,742$6,087$5,491$4,948$4,364
11 years$6,712$6,002$5,359$4,779$4,256$3,698
12 years$6,089$5,387$4,756$4,191$3,688$3,157
13 years$5,563$4,868$4,249$3,700$3,216$2,711
14 years$5,113$4,425$3,818$3,285$2,819$2,340
15 years$4,723$4,042$3,447$2,929$2,482$2,028
16 years$4,382$3,709$3,125$2,623$2,194$1,763
17 years$4,081$3,416$2,844$2,357$1,945$1,538
18 years$3,814$3,156$2,596$2,124$1,730$1,345
19 years$3,576$2,925$2,377$1,919$1,542$1,178
20 years$3,361$2,718$2,181$1,738$1,377$1,034
21 years$3,168$2,532$2,006$1,577$1,232$910
22 years$2,992$2,363$1,849$1,434$1,104$801
23 years$2,831$2,210$1,707$1,306$991$706
24 years$2,685$2,071$1,579$1,191$891$623
25 years$2,550$1,944$1,462$1,088$802$551
26 years$2,426$1,827$1,356$995$722$487
27 years$2,311$1,719$1,259$911$651$431
28 years$2,204$1,620$1,171$834$588$381
29 years$2,105$1,528$1,090$765$531$338
30 years$2,013$1,443$1,015$702$479$299
31 years$1,927$1,364$946$645$433$265
32 years$1,847$1,291$883$593$392$235
33 years$1,771$1,223$824$545$355$209
34 years$1,700$1,159$770$501$321$185
35 years$1,634$1,099$720$462$291$165
36 years$1,571$1,043$674$425$264$146
37 years$1,511$991$630$392$239$130
38 years$1,455$942$590$361$217$115
39 years$1,402$895$553$333$196$102
40 years$1,352$852$518$307$178$91
41 years$1,304$811$486$283$162$81
42 years$1,259$772$456$261$147$72
43 years$1,216$736$428$241$133$64
44 years$1,175$701$402$223$121$57
45 years$1,136$669$377$206$110$51
46 years$1,099$638$354$190$100$45
47 years$1,063$609$333$176$90$40
48 years$1,029$581$313$162$82$36
49 years$997$555$294$150$75$32
50 years$966$530$276$139$68$28

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $989,000, adding $5,865 every year, while hoping to spend $42,429 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: 56/36/8 Blend
55$989,000$989,000$989,000$989,000
56$1,095,928$1,043,511$1,028,181$1,154,932
57$1,162,568$1,049,499$1,017,481$1,201,398
58$1,234,584$1,054,358$1,005,001$1,246,754
59$1,312,479$1,057,988$990,635$1,295,121
60$1,396,805$1,060,284$974,275$1,346,792
61$1,488,173$1,061,131$955,807$1,402,091
62$1,587,250$1,060,410$935,110$1,461,374
63$1,694,772$1,057,993$912,059$1,525,038
64$1,811,549$1,053,744$886,523$1,593,520
65$1,938,470$1,047,521$858,364$1,667,304
66$2,076,514$1,039,170$827,440$1,746,925
67$2,226,760$1,028,530$793,600$1,832,974
68$2,390,391$1,015,430$756,687$1,926,105
69$2,568,712$999,687$716,538$2,027,041
70$2,763,159$981,110$672,980$2,136,581
71$2,975,311$959,494$625,835$2,255,608
72$3,206,907$934,624$574,915$2,385,099
73$3,459,862$906,271$520,025$2,526,132
74$3,736,283$874,193$460,961$2,679,901
75$4,038,489$838,134$397,508$2,847,721
76$4,369,035$797,823$329,445$3,031,049
77$4,730,734$752,973$256,538$3,231,494
78$5,126,681$703,281$178,544$3,450,832
79$5,560,287$648,427$95,211$3,691,025
80$6,035,308$588,071$6,272$3,954,242
81$6,555,879$521,856$0$4,242,876
82$7,126,555$449,403$0$4,567,139
83$7,752,352$370,312$0$4,923,447
84$8,438,795$284,161$0$5,314,513
85$9,191,970$190,503$0$5,743,927
86$10,018,581$88,867$0$6,215,645
87$10,926,009$0$0$6,734,036
88$11,922,390$0$0$7,312,338
89$13,016,682$0$0$7,986,224
90$14,218,756$0$0$8,726,578
91$15,539,484$0$0$9,540,111
92$16,990,845$0$0$10,434,212
93$18,586,033$0$0$11,417,022
94$20,339,588$0$0$12,497,513
95$22,267,525$0$0$13,685,566
96$24,387,491$0$0$14,992,070
97$26,718,927$0$0$16,429,021
98$29,283,252$0$0$18,009,635
99$32,104,067$0$0$19,748,474
100$35,207,373$0$0$21,661,584