Can I retire at age 56 with 992,000?

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 $992,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$81,918$81,189$80,477$79,782$79,103$78,277
2 years$40,554$39,798$39,066$38,357$37,668$36,836
3 years$26,767$26,009$25,279$24,576$23,898$23,086
4 years$19,875$19,119$18,396$17,705$17,044$16,259
5 years$15,741$14,990$14,276$13,599$12,957$12,200
6 years$12,986$12,240$11,537$10,876$10,252$9,525
7 years$11,019$10,279$9,588$8,941$8,338$7,640
8 years$9,544$8,811$8,131$7,501$6,917$6,249
9 years$8,398$7,672$7,003$6,389$5,825$5,187
10 years$7,481$6,762$6,106$5,507$4,963$4,354
11 years$6,732$6,020$5,375$4,793$4,269$3,688
12 years$6,108$5,403$4,770$4,204$3,699$3,146
13 years$5,580$4,883$4,262$3,712$3,226$2,700
14 years$5,128$4,439$3,829$3,295$2,828$2,329
15 years$4,737$4,055$3,458$2,938$2,490$2,017
16 years$4,395$3,720$3,135$2,631$2,200$1,753
17 years$4,093$3,426$2,852$2,364$1,951$1,527
18 years$3,826$3,166$2,604$2,130$1,735$1,335
19 years$3,587$2,934$2,384$1,925$1,546$1,169
20 years$3,371$2,726$2,188$1,743$1,381$1,025
21 years$3,177$2,540$2,012$1,582$1,236$901
22 years$3,001$2,371$1,855$1,439$1,108$793
23 years$2,840$2,217$1,712$1,310$994$698
24 years$2,693$2,077$1,584$1,195$894$616
25 years$2,558$1,950$1,467$1,091$804$544
26 years$2,433$1,832$1,360$998$725$480
27 years$2,318$1,724$1,263$913$653$424
28 years$2,211$1,625$1,174$837$589$376
29 years$2,112$1,533$1,093$767$532$332
30 years$2,019$1,448$1,018$704$481$294
31 years$1,933$1,368$949$647$435$261
32 years$1,852$1,295$885$594$393$231
33 years$1,777$1,226$827$547$356$205
34 years$1,705$1,162$772$503$322$182
35 years$1,639$1,102$722$463$292$161
36 years$1,576$1,046$676$426$264$143
37 years$1,516$994$632$393$240$127
38 years$1,460$944$592$362$217$113
39 years$1,407$898$555$334$197$100
40 years$1,356$854$520$308$179$89
41 years$1,308$813$488$284$162$79
42 years$1,263$775$457$262$147$70
43 years$1,220$738$429$242$134$62
44 years$1,179$703$403$224$121$55
45 years$1,139$671$378$206$110$49
46 years$1,102$640$355$191$100$44
47 years$1,066$611$334$176$91$39
48 years$1,032$583$314$163$82$34
49 years$1,000$557$295$150$75$31
50 years$969$532$277$139$68$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $992,000, adding $6,572 every year, while hoping to spend $52,985 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: 80/13/7 Blend
55$992,000$992,000$992,000$992,000
56$1,099,963$1,047,387$1,032,011$1,186,608
57$1,155,784$1,042,333$1,010,208$1,239,257
58$1,215,522$1,035,256$985,898$1,289,359
59$1,279,522$1,026,001$958,943$1,342,734
60$1,348,161$1,014,402$929,194$1,399,683
61$1,421,851$1,000,286$896,501$1,460,535
62$1,501,048$983,468$860,702$1,525,653
63$1,586,249$963,752$821,629$1,595,438
64$1,678,002$940,931$779,109$1,670,332
65$1,776,907$914,785$732,958$1,750,821
66$1,883,624$885,083$682,985$1,837,443
67$1,998,879$851,577$628,990$1,930,789
68$2,123,468$814,008$570,765$2,031,510
69$2,258,268$772,100$508,091$2,140,325
70$2,404,241$725,562$440,742$2,258,029
71$2,562,445$674,087$368,478$2,385,494
72$2,734,045$617,347$291,053$2,523,685
73$2,920,320$555,000$208,205$2,673,665
74$3,122,678$486,680$119,666$2,836,605
75$3,342,668$412,005$25,152$3,013,799
76$3,581,994$330,567$0$3,206,672
77$3,842,529$241,937$0$3,422,451
78$4,126,338$145,662$0$3,659,586
79$4,435,688$41,263$0$3,918,134
80$4,773,079$0$0$4,200,228
81$5,141,260$0$0$4,518,484
82$5,543,257$0$0$4,872,442
83$5,982,402$0$0$5,259,135
84$6,462,362$0$0$5,681,797
85$6,987,175$0$0$6,143,987
86$7,561,288$0$0$6,649,623
87$8,189,594$0$0$7,203,022
88$8,877,485$0$0$7,808,933
89$9,630,897$0$0$8,472,591
90$10,456,365$0$0$9,199,756
91$11,361,089$0$0$9,996,776
92$12,352,998$0$0$10,870,639
93$13,440,823$0$0$11,829,044
94$14,634,183$0$0$12,880,468
95$15,943,671$0$0$14,034,250
96$17,380,956$0$0$15,300,677
97$18,958,892$0$0$16,691,080
98$20,691,637$0$0$18,217,942
99$22,594,789$0$0$19,895,010
100$24,685,529$0$0$21,737,433