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

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 $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%12.5%
1 years$82,579$81,843$81,126$80,425$79,741$78,909
2 years$40,881$40,119$39,381$38,666$37,972$37,133
3 years$26,983$26,218$25,482$24,774$24,091$23,273
4 years$20,036$19,273$18,545$17,848$17,182$16,390
5 years$15,868$15,111$14,391$13,709$13,061$12,298
6 years$13,091$12,339$11,630$10,963$10,335$9,602
7 years$11,108$10,362$9,665$9,013$8,405$7,702
8 years$9,621$8,882$8,197$7,561$6,973$6,299
9 years$8,466$7,734$7,060$6,440$5,872$5,228
10 years$7,542$6,817$6,155$5,552$5,003$4,389
11 years$6,786$6,069$5,419$4,832$4,303$3,718
12 years$6,157$5,447$4,809$4,238$3,729$3,172
13 years$5,625$4,922$4,296$3,742$3,252$2,722
14 years$5,170$4,474$3,860$3,321$2,850$2,348
15 years$4,775$4,087$3,485$2,962$2,510$2,033
16 years$4,430$3,750$3,160$2,652$2,218$1,767
17 years$4,126$3,454$2,875$2,383$1,967$1,540
18 years$3,857$3,191$2,625$2,148$1,749$1,345
19 years$3,615$2,958$2,403$1,940$1,559$1,178
20 years$3,399$2,748$2,205$1,757$1,392$1,033
21 years$3,203$2,560$2,029$1,595$1,246$908
22 years$3,025$2,390$1,870$1,450$1,117$799
23 years$2,863$2,235$1,726$1,321$1,002$704
24 years$2,714$2,094$1,596$1,205$901$621
25 years$2,578$1,965$1,479$1,100$811$548
26 years$2,453$1,847$1,371$1,006$730$484
27 years$2,336$1,738$1,273$921$658$428
28 years$2,229$1,638$1,184$844$594$379
29 years$2,129$1,545$1,102$774$537$335
30 years$2,036$1,459$1,026$710$485$297
31 years$1,949$1,380$957$652$438$263
32 years$1,867$1,305$893$599$396$233
33 years$1,791$1,236$833$551$359$207
34 years$1,719$1,172$779$507$325$183
35 years$1,652$1,111$728$467$294$162
36 years$1,588$1,055$681$430$267$144
37 years$1,528$1,002$637$396$242$128
38 years$1,472$952$597$365$219$114
39 years$1,418$905$559$337$199$101
40 years$1,367$861$524$310$180$90
41 years$1,319$820$492$286$163$79
42 years$1,273$781$461$264$148$71
43 years$1,230$744$433$244$135$63
44 years$1,188$709$406$225$122$56
45 years$1,149$676$381$208$111$49
46 years$1,111$645$358$192$101$44
47 years$1,075$616$336$178$91$39
48 years$1,041$588$316$164$83$35
49 years$1,008$561$297$152$75$31
50 years$976$536$279$140$69$27

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 $3,443 every year, while hoping to spend $36,383 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: 56/28/16 Blend
55$1,000,000$1,000,000$1,000,000$1,000,000
56$1,105,551$1,052,551$1,037,051$1,162,630
57$1,179,606$1,065,415$1,033,081$1,214,673
58$1,259,996$1,077,690$1,027,759$1,267,101
59$1,347,327$1,089,308$1,021,001$1,323,385
60$1,442,268$1,100,199$1,012,718$1,383,903
61$1,545,555$1,110,284$1,002,820$1,449,072
62$1,657,997$1,119,483$991,210$1,519,349
63$1,780,485$1,127,709$977,787$1,595,243
64$1,913,997$1,134,870$962,445$1,677,315
65$2,059,612$1,140,866$945,075$1,766,181
66$2,218,517$1,145,593$925,559$1,862,525
67$2,392,018$1,148,940$903,778$1,967,100
68$2,581,554$1,150,788$879,605$2,080,739
69$2,788,707$1,151,011$852,906$2,204,359
70$3,015,221$1,149,476$823,544$2,338,973
71$3,263,014$1,146,041$791,374$2,485,702
72$3,534,200$1,140,555$756,243$2,645,779
73$3,831,105$1,132,859$717,993$2,820,567
74$4,156,291$1,122,783$676,460$3,011,571
75$4,512,580$1,110,147$631,469$3,220,451
76$4,903,080$1,094,761$582,840$3,449,038
77$5,331,213$1,076,422$530,383$3,699,354
78$5,800,747$1,054,918$473,902$3,973,630
79$6,315,836$1,030,021$413,190$4,274,327
80$6,881,050$1,001,492$348,031$4,604,162
81$7,501,429$969,076$278,201$4,966,131
82$8,182,519$932,505$203,465$5,363,541
83$8,930,432$891,494$123,578$5,800,039
84$9,751,901$845,742$38,283$6,279,650
85$10,654,343$794,932$0$6,806,813
86$11,645,928$738,725$0$7,395,429
87$12,735,658$676,768$0$8,049,458
88$13,933,448$608,682$0$8,768,364
89$15,250,223$534,071$0$9,558,773
90$16,698,019$452,514$0$10,427,989
91$18,290,097$363,568$0$11,384,065
92$20,041,067$266,762$0$12,435,878
93$21,967,026$161,603$0$13,593,216
94$24,085,708$47,567$0$14,866,870
95$26,416,654$0$0$16,268,737
96$28,981,394$0$0$17,835,316
97$31,803,649$0$0$19,575,421
98$34,909,559$0$0$21,490,526
99$38,327,923$0$0$23,598,401
100$42,090,474$0$0$25,918,629