Can I retire at age 56 with 1,010,000?

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 $1,010,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.5%
1 years$83,405$82,662$81,937$81,230$80,539$80,031
2 years$41,290$40,521$39,775$39,053$38,352$37,840
3 years$27,253$26,481$25,737$25,021$24,332$23,831
4 years$20,236$19,466$18,730$18,027$17,354$16,868
5 years$16,027$15,262$14,535$13,846$13,192$12,724
6 years$13,222$12,462$11,747$11,073$10,438$9,987
7 years$11,219$10,466$9,762$9,104$8,489$8,056
8 years$9,717$8,971$8,279$7,637$7,043$6,627
9 years$8,550$7,811$7,130$6,505$5,931$5,532
10 years$7,617$6,885$6,216$5,607$5,053$4,672
11 years$6,854$6,129$5,473$4,880$4,346$3,982
12 years$6,219$5,501$4,857$4,280$3,766$3,418
13 years$5,681$4,972$4,339$3,779$3,284$2,953
14 years$5,221$4,519$3,899$3,355$2,879$2,563
15 years$4,823$4,128$3,520$2,992$2,535$2,235
16 years$4,475$3,788$3,192$2,679$2,240$1,955
17 years$4,168$3,488$2,904$2,407$1,986$1,716
18 years$3,895$3,223$2,651$2,169$1,766$1,510
19 years$3,652$2,987$2,427$1,960$1,574$1,332
20 years$3,433$2,776$2,227$1,775$1,406$1,177
21 years$3,235$2,586$2,049$1,611$1,258$1,042
22 years$3,055$2,414$1,888$1,465$1,128$924
23 years$2,891$2,257$1,743$1,334$1,013$820
24 years$2,742$2,115$1,612$1,217$910$729
25 years$2,604$1,985$1,493$1,111$819$648
26 years$2,477$1,865$1,385$1,016$738$577
27 years$2,360$1,756$1,286$930$665$514
28 years$2,251$1,654$1,196$852$600$459
29 years$2,150$1,561$1,113$781$542$409
30 years$2,056$1,474$1,036$717$490$365
31 years$1,968$1,393$966$659$443$326
32 years$1,886$1,318$901$605$400$292
33 years$1,809$1,248$842$557$362$261
34 years$1,736$1,183$786$512$328$233
35 years$1,668$1,122$735$471$297$208
36 years$1,604$1,065$688$434$269$187
37 years$1,544$1,012$644$400$244$167
38 years$1,486$962$603$369$221$149
39 years$1,432$914$565$340$201$134
40 years$1,381$870$529$314$182$120
41 years$1,332$828$496$289$165$107
42 years$1,286$789$466$267$150$96
43 years$1,242$751$437$246$136$86
44 years$1,200$716$410$228$123$77
45 years$1,160$683$385$210$112$69
46 years$1,122$652$362$194$102$62
47 years$1,086$622$340$179$92$56
48 years$1,051$594$319$166$84$50
49 years$1,018$567$300$153$76$45
50 years$986$541$282$142$69$40

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,010,000, adding $5,410 every year, while hoping to spend $20,710 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: 41/41/18 Blend
55$1,010,000$1,010,000$1,010,000$1,010,000
56$1,118,600$1,065,070$1,049,415$1,158,326
57$1,210,662$1,095,224$1,062,536$1,217,207
58$1,311,421$1,126,160$1,075,401$1,278,477
59$1,421,740$1,157,897$1,087,982$1,344,360
60$1,542,574$1,190,450$1,100,245$1,415,288
61$1,674,970$1,223,836$1,112,158$1,491,734
62$1,820,086$1,258,073$1,123,683$1,574,223
63$1,979,193$1,293,176$1,134,785$1,663,328
64$2,153,692$1,329,164$1,145,422$1,759,684
65$2,345,128$1,366,052$1,155,553$1,863,987
66$2,555,201$1,403,859$1,165,134$1,977,006
67$2,785,784$1,442,600$1,174,118$2,099,584
68$3,038,940$1,482,293$1,182,457$2,232,652
69$3,316,942$1,522,955$1,190,099$2,377,234
70$3,622,292$1,564,602$1,196,990$2,534,460
71$3,957,749$1,607,251$1,203,073$2,705,572
72$4,326,352$1,650,919$1,208,288$2,891,938
73$4,731,447$1,695,621$1,212,572$3,095,066
74$5,176,721$1,741,373$1,215,860$3,316,616
75$5,666,238$1,788,191$1,218,082$3,558,419
76$6,204,471$1,836,090$1,219,166$3,822,488
77$6,796,354$1,885,085$1,219,034$4,111,046
78$7,447,318$1,935,190$1,217,608$4,426,536
79$8,163,349$1,986,419$1,214,802$4,771,655
80$8,951,042$2,038,785$1,210,529$5,149,370
81$9,817,663$2,092,300$1,204,697$5,562,955
82$10,771,218$2,146,976$1,197,208$6,016,012
83$11,820,529$2,202,824$1,187,960$6,512,513
84$12,975,314$2,259,854$1,176,849$7,056,835
85$14,246,285$2,318,075$1,163,762$7,653,800
86$15,645,240$2,377,495$1,148,582$8,308,720
87$17,185,182$2,438,120$1,131,187$9,027,451
88$18,880,438$2,499,956$1,111,450$9,816,444
89$20,746,795$2,563,006$1,089,236$10,682,810
90$22,801,648$2,627,274$1,064,405$11,634,382
91$25,064,165$2,692,758$1,036,811$12,679,795
92$27,555,465$2,759,459$1,006,300$13,828,561
93$30,298,824$2,827,373$972,711$15,091,165
94$33,319,884$2,896,495$935,878$16,479,161
95$36,646,906$2,966,818$895,624$18,005,282
96$40,311,029$3,038,330$851,766$19,683,557
97$44,346,566$3,111,020$804,111$21,529,449
98$48,791,328$3,184,872$752,461$23,559,999
99$53,686,979$3,259,867$696,605$25,793,984
100$59,079,434$3,335,983$636,324$28,252,099