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%12.1%
1 years$83,405$82,662$81,937$81,230$80,539$79,831
2 years$41,290$40,521$39,775$39,053$38,352$37,638
3 years$27,253$26,481$25,737$25,021$24,332$23,635
4 years$20,236$19,466$18,730$18,027$17,354$16,679
5 years$16,027$15,262$14,535$13,846$13,192$12,541
6 years$13,222$12,462$11,747$11,073$10,438$9,812
7 years$11,219$10,466$9,762$9,104$8,489$7,888
8 years$9,717$8,971$8,279$7,637$7,043$6,467
9 years$8,550$7,811$7,130$6,505$5,931$5,380
10 years$7,617$6,885$6,216$5,607$5,053$4,527
11 years$6,854$6,129$5,473$4,880$4,346$3,844
12 years$6,219$5,501$4,857$4,280$3,766$3,288
13 years$5,681$4,972$4,339$3,779$3,284$2,829
14 years$5,221$4,519$3,899$3,355$2,879$2,446
15 years$4,823$4,128$3,520$2,992$2,535$2,124
16 years$4,475$3,788$3,192$2,679$2,240$1,851
17 years$4,168$3,488$2,904$2,407$1,986$1,618
18 years$3,895$3,223$2,651$2,169$1,766$1,417
19 years$3,652$2,987$2,427$1,960$1,574$1,245
20 years$3,433$2,776$2,227$1,775$1,406$1,095
21 years$3,235$2,586$2,049$1,611$1,258$965
22 years$3,055$2,414$1,888$1,465$1,128$852
23 years$2,891$2,257$1,743$1,334$1,013$753
24 years$2,742$2,115$1,612$1,217$910$666
25 years$2,604$1,985$1,493$1,111$819$590
26 years$2,477$1,865$1,385$1,016$738$523
27 years$2,360$1,756$1,286$930$665$463
28 years$2,251$1,654$1,196$852$600$411
29 years$2,150$1,561$1,113$781$542$365
30 years$2,056$1,474$1,036$717$490$324
31 years$1,968$1,393$966$659$443$288
32 years$1,886$1,318$901$605$400$256
33 years$1,809$1,248$842$557$362$228
34 years$1,736$1,183$786$512$328$203
35 years$1,668$1,122$735$471$297$181
36 years$1,604$1,065$688$434$269$161
37 years$1,544$1,012$644$400$244$143
38 years$1,486$962$603$369$221$128
39 years$1,432$914$565$340$201$114
40 years$1,381$870$529$314$182$101
41 years$1,332$828$496$289$165$90
42 years$1,286$789$466$267$150$80
43 years$1,242$751$437$246$136$72
44 years$1,200$716$410$228$123$64
45 years$1,160$683$385$210$112$57
46 years$1,122$652$362$194$102$51
47 years$1,086$622$340$179$92$45
48 years$1,051$594$319$166$84$40
49 years$1,018$567$300$153$76$36
50 years$986$541$282$142$69$32

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 $6,427 every year, while hoping to spend $52,515 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: 75/19/6 Blend
55$1,010,000$1,010,000$1,010,000$1,010,000
56$1,119,649$1,066,119$1,050,464$1,202,436
57$1,177,978$1,062,484$1,029,779$1,254,126
58$1,240,496$1,056,910$1,006,641$1,303,406
59$1,307,576$1,049,247$980,913$1,355,884
60$1,379,625$1,039,336$952,449$1,411,857
61$1,457,091$1,027,008$921,101$1,471,651
62$1,540,466$1,012,084$886,710$1,535,628
63$1,630,290$994,372$849,111$1,604,187
64$1,727,156$973,673$808,133$1,677,766
65$1,831,716$949,773$763,595$1,756,852
66$1,944,685$922,446$715,309$1,841,978
67$2,066,850$891,453$663,079$1,933,735
68$2,199,075$856,541$606,700$2,032,776
69$2,342,312$817,443$545,955$2,139,820
70$2,497,606$773,875$480,623$2,255,660
71$2,666,105$725,539$410,467$2,381,171
72$2,849,075$672,117$335,244$2,517,322
73$3,047,904$613,274$254,699$2,665,178
74$3,264,124$548,658$168,564$2,825,917
75$3,499,415$477,893$76,562$3,000,839
76$3,755,630$400,585$0$3,191,375
77$4,034,807$316,315$0$3,400,494
78$4,339,187$224,644$0$3,633,878
79$4,671,237$125,105$0$3,888,565
80$5,033,675$17,207$0$4,166,705
81$5,429,489$0$0$4,470,663
82$5,861,971$0$0$4,823,869
83$6,334,745$0$0$5,213,953
84$6,851,799$0$0$5,640,615
85$7,417,527$0$0$6,107,483
86$8,036,764$0$0$6,618,555
87$8,714,837$0$0$7,178,232
88$9,457,611$0$0$7,791,360
89$10,271,544$0$0$8,463,277
90$11,163,750$0$0$9,199,862
91$12,142,063$0$0$10,007,588
92$13,215,112$0$0$10,893,586
93$14,392,401$0$0$11,865,711
94$15,684,397$0$0$12,932,613
95$17,102,632$0$0$14,103,822
96$18,659,807$0$0$15,389,835
97$20,369,914$0$0$16,802,215
98$22,248,367$0$0$18,353,701
99$24,312,145$0$0$20,058,324
100$26,579,953$0$0$21,931,544