Can I retire at age 55 with 1,060,000?

Use the below retirement simulation to view the chances of a successful retirement.
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 $1,060,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14.5%
1 years$87,534$86,754$85,993$85,251$84,526$82,955
2 years$43,334$42,527$41,744$40,986$40,250$38,674
3 years$28,602$27,792$27,011$26,260$25,537$24,003
4 years$21,238$20,430$19,657$18,919$18,213$16,734
5 years$16,820$16,017$15,255$14,532$13,845$12,426
6 years$13,876$13,079$12,328$11,621$10,955$9,597
7 years$11,774$10,984$10,245$9,554$8,909$7,612
8 years$10,199$9,415$8,688$8,015$7,391$6,155
9 years$8,974$8,198$7,483$6,827$6,225$5,048
10 years$7,994$7,226$6,524$5,885$5,304$4,187
11 years$7,193$6,433$5,744$5,122$4,561$3,502
12 years$6,526$5,774$5,097$4,492$3,953$2,950
13 years$5,963$5,218$4,554$3,966$3,447$2,499
14 years$5,480$4,743$4,092$3,521$3,021$2,126
15 years$5,062$4,333$3,695$3,140$2,660$1,816
16 years$4,696$3,975$3,350$2,811$2,351$1,557
17 years$4,374$3,661$3,048$2,526$2,085$1,338
18 years$4,088$3,383$2,782$2,276$1,854$1,152
19 years$3,832$3,135$2,547$2,057$1,652$994
20 years$3,603$2,913$2,338$1,863$1,476$859
21 years$3,395$2,714$2,150$1,691$1,321$744
22 years$3,206$2,533$1,982$1,537$1,184$644
23 years$3,035$2,369$1,830$1,400$1,063$559
24 years$2,877$2,220$1,692$1,277$955$485
25 years$2,733$2,083$1,567$1,166$859$422
26 years$2,600$1,958$1,454$1,066$774$367
27 years$2,477$1,843$1,350$976$698$319
28 years$2,363$1,736$1,255$894$630$278
29 years$2,256$1,638$1,168$820$569$242
30 years$2,158$1,547$1,088$753$514$211
31 years$2,065$1,462$1,014$691$465$184
32 years$1,979$1,384$946$635$420$160
33 years$1,898$1,310$883$584$380$140
34 years$1,822$1,242$825$537$344$122
35 years$1,751$1,178$772$495$312$106
36 years$1,684$1,118$722$456$283$93
37 years$1,620$1,062$676$420$256$81
38 years$1,560$1,009$633$387$232$70
39 years$1,503$960$593$357$211$62
40 years$1,449$913$556$329$191$54
41 years$1,398$869$521$304$173$47
42 years$1,350$828$489$280$157$41
43 years$1,303$789$459$259$143$36
44 years$1,259$752$430$239$130$31
45 years$1,218$717$404$221$118$27
46 years$1,178$684$380$204$107$24
47 years$1,140$653$357$188$97$21
48 years$1,103$623$335$174$88$18
49 years$1,068$595$315$161$80$16
50 years$1,035$568$296$149$73$14

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 55 starting with $1,060,000, adding $5,583 every year, while hoping to spend $49,861 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: 64/14/22 Blend
54$1,060,000$1,060,000$1,060,000$1,060,000
55$1,173,879$1,117,699$1,101,269$1,241,996
56$1,240,563$1,119,414$1,085,110$1,290,281
57$1,312,377$1,119,543$1,066,738$1,336,905
58$1,389,793$1,117,954$1,046,027$1,386,699
59$1,473,327$1,114,509$1,022,844$1,439,979
60$1,563,548$1,109,061$997,051$1,497,091
61$1,661,079$1,101,454$968,501$1,558,420
62$1,766,607$1,091,524$937,044$1,624,391
63$1,880,886$1,079,093$902,520$1,695,474
64$2,004,746$1,063,978$864,763$1,772,190
65$2,139,097$1,045,979$823,600$1,855,113
66$2,284,942$1,024,890$778,848$1,944,878
67$2,443,385$1,000,489$730,319$2,042,188
68$2,615,639$972,541$677,813$2,147,820
69$2,803,038$940,800$621,123$2,262,630
70$3,007,051$905,002$560,034$2,387,568
71$3,229,293$864,870$494,318$2,523,681
72$3,471,543$820,111$423,740$2,672,125
73$3,735,758$770,413$348,052$2,834,181
74$4,024,091$715,449$266,998$3,011,261
75$4,338,914$654,872$180,308$3,204,924
76$4,682,836$588,314$87,701$3,416,894
77$5,058,731$515,387$0$3,649,074
78$5,469,761$435,681$0$3,906,178
79$5,919,411$348,763$0$4,210,053
80$6,411,515$254,176$0$4,542,729
81$6,950,295$151,437$0$4,907,112
82$7,540,403$40,035$0$5,306,406
83$8,186,958$0$0$5,744,143
84$8,895,601$0$0$6,236,629
85$9,672,544$0$0$6,783,418
86$10,524,626$0$0$7,383,164
87$11,459,384$0$0$8,041,181
88$12,485,117$0$0$8,763,321
89$13,610,965$0$0$9,556,031
90$14,847,000$0$0$10,426,411
91$16,204,314$0$0$11,382,284
92$17,695,125$0$0$12,432,265
93$19,332,895$0$0$13,585,847
94$21,132,453$0$0$14,853,488
95$23,110,136$0$0$16,246,707
96$25,283,940$0$0$17,778,197
97$27,673,695$0$0$19,461,940
98$30,301,244$0$0$21,313,342
99$33,190,656$0$0$23,349,374
100$36,368,446$0$0$25,588,737