Can I retire at age 56 with 997,000?

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 $997,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.2%
1 years$82,331$81,598$80,882$80,184$79,502$77,486
2 years$40,758$39,999$39,263$38,550$37,858$35,840
3 years$26,902$26,140$25,406$24,699$24,019$22,062
4 years$19,976$19,216$18,489$17,795$17,130$15,249
5 years$15,821$15,065$14,348$13,668$13,022$11,223
6 years$13,052$12,302$11,596$10,930$10,304$8,588
7 years$11,075$10,331$9,636$8,986$8,380$6,747
8 years$9,592$8,856$8,172$7,538$6,952$5,402
9 years$8,440$7,710$7,039$6,421$5,855$4,385
10 years$7,519$6,796$6,136$5,535$4,988$3,599
11 years$6,766$6,050$5,402$4,817$4,290$2,978
12 years$6,139$5,431$4,794$4,225$3,718$2,481
13 years$5,608$4,908$4,284$3,730$3,242$2,078
14 years$5,154$4,461$3,849$3,311$2,842$1,748
15 years$4,761$4,075$3,475$2,953$2,502$1,475
16 years$4,417$3,739$3,151$2,644$2,211$1,249
17 years$4,114$3,443$2,867$2,376$1,961$1,060
18 years$3,845$3,182$2,617$2,141$1,744$902
19 years$3,605$2,949$2,396$1,935$1,554$768
20 years$3,388$2,740$2,199$1,752$1,388$656
21 years$3,193$2,552$2,022$1,590$1,242$560
22 years$3,016$2,383$1,864$1,446$1,113$479
23 years$2,854$2,228$1,721$1,317$999$410
24 years$2,706$2,088$1,592$1,201$898$351
25 years$2,570$1,959$1,474$1,097$808$301
26 years$2,445$1,841$1,367$1,003$728$258
27 years$2,329$1,733$1,270$918$657$222
28 years$2,222$1,633$1,180$841$592$190
29 years$2,122$1,541$1,098$771$535$163
30 years$2,029$1,455$1,023$708$483$140
31 years$1,943$1,375$954$650$437$121
32 years$1,862$1,301$890$597$395$104
33 years$1,785$1,232$831$549$358$89
34 years$1,714$1,168$776$505$324$77
35 years$1,647$1,108$726$465$293$66
36 years$1,583$1,052$679$429$266$57
37 years$1,524$999$636$395$241$49
38 years$1,467$949$595$364$218$42
39 years$1,414$903$558$336$198$36
40 years$1,363$859$523$310$180$31
41 years$1,315$817$490$286$163$27
42 years$1,269$778$460$264$148$23
43 years$1,226$742$431$243$134$20
44 years$1,185$707$405$225$122$17
45 years$1,145$674$380$207$111$15
46 years$1,108$643$357$192$100$13
47 years$1,072$614$335$177$91$11
48 years$1,038$586$315$164$83$9
49 years$1,005$560$296$151$75$8
50 years$973$534$279$140$68$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $997,000, adding $5,916 every year, while hoping to spend $47,436 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: 69/10/21 Blend
55$997,000$997,000$997,000$997,000
56$1,104,796$1,051,955$1,036,502$1,174,870
57$1,167,014$1,053,030$1,020,753$1,223,531
58$1,233,988$1,052,567$1,002,887$1,270,661
59$1,306,154$1,050,441$982,782$1,321,083
60$1,383,988$1,046,520$960,313$1,375,118
61$1,468,017$1,040,662$935,345$1,433,122
62$1,558,817$1,032,716$907,742$1,495,489
63$1,657,023$1,022,525$877,357$1,562,651
64$1,763,330$1,009,920$844,039$1,635,089
65$1,878,505$994,721$807,630$1,713,332
66$2,003,390$976,741$767,964$1,797,965
67$2,138,912$955,777$724,866$1,889,634
68$2,286,090$931,618$678,158$1,989,051
69$2,446,043$904,040$627,648$2,097,005
70$2,620,004$872,803$573,139$2,214,365
71$2,809,331$837,656$514,426$2,342,091
72$3,015,514$798,333$451,291$2,481,243
73$3,240,197$754,551$383,509$2,632,992
74$3,485,185$706,013$310,845$2,798,629
75$3,752,469$652,403$233,053$2,979,581
76$4,044,238$593,387$149,877$3,177,422
77$4,362,901$528,614$61,049$3,393,889
78$4,711,111$457,710$0$3,630,900
79$5,091,789$380,283$0$3,898,134
80$5,508,152$295,917$0$4,205,454
81$5,963,738$204,172$0$4,541,812
82$6,462,448$104,584$0$4,910,123
83$7,008,574$0$0$5,313,600
84$7,606,844$0$0$5,756,151
85$8,262,464$0$0$6,253,792
86$8,981,169$0$0$6,799,372
87$9,769,274$0$0$7,397,695
88$10,633,734$0$0$8,054,047
89$11,582,211$0$0$8,774,254
90$12,623,143$0$0$9,564,730
91$13,765,827$0$0$10,432,544
92$15,020,500$0$0$11,385,479
93$16,398,443$0$0$12,432,111
94$17,912,080$0$0$13,581,887
95$19,575,099$0$0$14,845,213
96$21,402,580$0$0$16,233,555
97$23,411,135$0$0$17,759,543
98$25,619,066$0$0$19,437,093
99$28,046,535$0$0$21,281,533
100$30,715,758$0$0$23,309,755