Can I retire at age 56 with 1,000,000?

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 $1,000,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16%
1 years$82,579$81,843$81,126$80,425$79,741$77,782
2 years$40,881$40,119$39,381$38,666$37,972$36,010
3 years$26,983$26,218$25,482$24,774$24,091$22,188
4 years$20,036$19,273$18,545$17,848$17,182$15,352
5 years$15,868$15,111$14,391$13,709$13,061$11,310
6 years$13,091$12,339$11,630$10,963$10,335$8,664
7 years$11,108$10,362$9,665$9,013$8,405$6,815
8 years$9,621$8,882$8,197$7,561$6,973$5,462
9 years$8,466$7,734$7,060$6,440$5,872$4,440
10 years$7,542$6,817$6,155$5,552$5,003$3,648
11 years$6,786$6,069$5,419$4,832$4,303$3,023
12 years$6,157$5,447$4,809$4,238$3,729$2,521
13 years$5,625$4,922$4,296$3,742$3,252$2,114
14 years$5,170$4,474$3,860$3,321$2,850$1,781
15 years$4,775$4,087$3,485$2,962$2,510$1,506
16 years$4,430$3,750$3,160$2,652$2,218$1,277
17 years$4,126$3,454$2,875$2,383$1,967$1,085
18 years$3,857$3,191$2,625$2,148$1,749$924
19 years$3,615$2,958$2,403$1,940$1,559$789
20 years$3,399$2,748$2,205$1,757$1,392$674
21 years$3,203$2,560$2,029$1,595$1,246$577
22 years$3,025$2,390$1,870$1,450$1,117$494
23 years$2,863$2,235$1,726$1,321$1,002$424
24 years$2,714$2,094$1,596$1,205$901$364
25 years$2,578$1,965$1,479$1,100$811$312
26 years$2,453$1,847$1,371$1,006$730$268
27 years$2,336$1,738$1,273$921$658$230
28 years$2,229$1,638$1,184$844$594$198
29 years$2,129$1,545$1,102$774$537$170
30 years$2,036$1,459$1,026$710$485$147
31 years$1,949$1,380$957$652$438$126
32 years$1,867$1,305$893$599$396$109
33 years$1,791$1,236$833$551$359$94
34 years$1,719$1,172$779$507$325$81
35 years$1,652$1,111$728$467$294$69
36 years$1,588$1,055$681$430$267$60
37 years$1,528$1,002$637$396$242$52
38 years$1,472$952$597$365$219$44
39 years$1,418$905$559$337$199$38
40 years$1,367$861$524$310$180$33
41 years$1,319$820$492$286$163$28
42 years$1,273$781$461$264$148$24
43 years$1,230$744$433$244$135$21
44 years$1,188$709$406$225$122$18
45 years$1,149$676$381$208$111$16
46 years$1,111$645$358$192$101$14
47 years$1,075$616$336$178$91$12
48 years$1,041$588$316$164$83$10
49 years$1,008$561$297$152$75$9
50 years$976$536$279$140$69$7

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,000,000, adding $6,642 every year, while hoping to spend $54,087 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: 70/16/14 Blend
55$1,000,000$1,000,000$1,000,000$1,000,000
56$1,108,851$1,055,851$1,040,351$1,182,535
57$1,164,406$1,050,040$1,017,655$1,226,536
58$1,223,814$1,042,131$992,385$1,267,532
59$1,287,413$1,031,964$964,399$1,310,993
60$1,355,569$1,019,371$933,547$1,357,153
61$1,428,688$1,004,171$899,672$1,406,272
62$1,507,213$986,174$862,610$1,458,635
63$1,591,631$965,179$822,189$1,514,560
64$1,682,475$940,971$778,231$1,574,397
65$1,780,334$913,325$730,548$1,638,535
66$1,885,851$882,000$678,944$1,707,402
67$1,999,734$846,745$623,215$1,781,472
68$2,122,761$807,290$563,147$1,861,269
69$2,255,788$763,351$498,517$1,947,374
70$2,399,753$714,630$429,092$2,040,427
71$2,555,689$660,809$354,628$2,141,136
72$2,724,732$601,552$274,871$2,250,285
73$2,908,132$536,504$189,556$2,368,740
74$3,107,260$465,292$98,406$2,497,457
75$3,323,629$387,519$1,130$2,637,493
76$3,558,899$302,768$0$2,790,017
77$3,814,899$210,595$0$2,971,657
78$4,093,640$110,536$0$3,169,679
79$4,397,335$2,097$0$3,385,539
80$4,728,421$0$0$3,621,026
81$5,089,579$0$0$3,898,408
82$5,483,759$0$0$4,201,606
83$5,914,208$0$0$4,532,755
84$6,384,504$0$0$4,894,613
85$6,898,581$0$0$5,290,215
86$7,460,775$0$0$5,722,904
87$8,075,856$0$0$6,196,359
88$8,749,079$0$0$6,714,632
89$9,486,230$0$0$7,282,186
90$10,293,679$0$0$7,903,935
91$11,178,444$0$0$8,585,289
92$12,148,251$0$0$9,332,209
93$13,211,612$0$0$10,151,258
94$14,377,898$0$0$11,049,666
95$15,657,435$0$0$12,035,395
96$17,061,593$0$0$13,117,216
97$18,602,900$0$0$14,304,791
98$20,295,152$0$0$15,608,761
99$22,153,549$0$0$17,040,851
100$24,194,833$0$0$18,613,973