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%17.2%
1 years$82,579$81,843$81,126$80,425$79,741$77,406
2 years$40,881$40,119$39,381$38,666$37,972$35,638
3 years$26,983$26,218$25,482$24,774$24,091$21,832
4 years$20,036$19,273$18,545$17,848$17,182$15,014
5 years$15,868$15,111$14,391$13,709$13,061$10,992
6 years$13,091$12,339$11,630$10,963$10,335$8,365
7 years$11,108$10,362$9,665$9,013$8,405$6,535
8 years$9,621$8,882$8,197$7,561$6,973$5,201
9 years$8,466$7,734$7,060$6,440$5,872$4,197
10 years$7,542$6,817$6,155$5,552$5,003$3,423
11 years$6,786$6,069$5,419$4,832$4,303$2,814
12 years$6,157$5,447$4,809$4,238$3,729$2,329
13 years$5,625$4,922$4,296$3,742$3,252$1,938
14 years$5,170$4,474$3,860$3,321$2,850$1,619
15 years$4,775$4,087$3,485$2,962$2,510$1,357
16 years$4,430$3,750$3,160$2,652$2,218$1,141
17 years$4,126$3,454$2,875$2,383$1,967$961
18 years$3,857$3,191$2,625$2,148$1,749$812
19 years$3,615$2,958$2,403$1,940$1,559$686
20 years$3,399$2,748$2,205$1,757$1,392$581
21 years$3,203$2,560$2,029$1,595$1,246$493
22 years$3,025$2,390$1,870$1,450$1,117$418
23 years$2,863$2,235$1,726$1,321$1,002$355
24 years$2,714$2,094$1,596$1,205$901$302
25 years$2,578$1,965$1,479$1,100$811$257
26 years$2,453$1,847$1,371$1,006$730$218
27 years$2,336$1,738$1,273$921$658$186
28 years$2,229$1,638$1,184$844$594$158
29 years$2,129$1,545$1,102$774$537$135
30 years$2,036$1,459$1,026$710$485$115
31 years$1,949$1,380$957$652$438$98
32 years$1,867$1,305$893$599$396$83
33 years$1,791$1,236$833$551$359$71
34 years$1,719$1,172$779$507$325$61
35 years$1,652$1,111$728$467$294$52
36 years$1,588$1,055$681$430$267$44
37 years$1,528$1,002$637$396$242$38
38 years$1,472$952$597$365$219$32
39 years$1,418$905$559$337$199$27
40 years$1,367$861$524$310$180$23
41 years$1,319$820$492$286$163$20
42 years$1,273$781$461$264$148$17
43 years$1,230$744$433$244$135$14
44 years$1,188$709$406$225$122$12
45 years$1,149$676$381$208$111$11
46 years$1,111$645$358$192$101$9
47 years$1,075$616$336$178$91$8
48 years$1,041$588$316$164$83$7
49 years$1,008$561$297$152$75$6
50 years$976$536$279$140$69$5

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 $3,423 every year, while hoping to spend $55,162 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: 59/18/23 Blend
55$1,000,000$1,000,000$1,000,000$1,000,000
56$1,105,531$1,052,531$1,037,031$1,163,769
57$1,159,603$1,045,413$1,013,079$1,196,662
58$1,217,342$1,036,097$986,477$1,226,261
59$1,279,063$1,024,418$957,076$1,257,344
60$1,345,112$1,010,200$924,723$1,290,063
61$1,415,870$993,256$889,258$1,324,594
62$1,491,752$973,388$850,511$1,361,130
63$1,573,215$950,389$808,307$1,399,886
64$1,660,760$924,035$762,462$1,441,104
65$1,754,937$894,093$712,785$1,485,050
66$1,856,352$860,314$659,074$1,532,024
67$1,965,666$822,436$601,120$1,582,358
68$2,083,610$780,181$538,703$1,636,420
69$2,210,983$733,255$471,595$1,694,623
70$2,348,666$681,348$399,556$1,757,422
71$2,497,626$624,130$322,337$1,825,326
72$2,658,926$561,254$239,677$1,898,898
73$2,833,735$492,353$151,304$1,978,764
74$3,023,337$417,040$56,934$2,065,620
75$3,229,146$334,904$0$2,160,236
76$3,452,717$245,512$0$2,274,211
77$3,695,759$148,407$0$2,413,360
78$3,960,154$43,107$0$2,564,828
79$4,247,972$0$0$2,729,864
80$4,561,488$0$0$2,923,888
81$4,903,211$0$0$3,144,750
82$5,275,897$0$0$3,385,702
83$5,682,584$0$0$3,648,716
84$6,126,611$0$0$3,935,966
85$6,611,658$0$0$4,249,839
86$7,141,773$0$0$4,592,968
87$7,721,416$0$0$4,968,251
88$8,355,495$0$0$5,378,876
89$9,049,414$0$0$5,828,357
90$9,809,125$0$0$6,320,561
91$10,641,182$0$0$6,859,748
92$11,552,802$0$0$7,450,609
93$12,551,933$0$0$8,098,309
94$13,647,329$0$0$8,808,538
95$14,848,631$0$0$9,587,563
96$16,166,458$0$0$10,442,286
97$17,612,506$0$0$11,380,310
98$19,199,658$0$0$12,410,008
99$20,942,107$0$0$13,540,607
100$22,855,484$0$0$14,782,267