Can I retire at age 56 with 1,020,000?

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%13.7%
1 years$84,231$83,480$82,748$82,034$81,336$80,088
2 years$41,698$40,922$40,169$39,439$38,732$37,477
3 years$27,523$26,743$25,992$25,269$24,573$23,351
4 years$20,436$19,659$18,916$18,205$17,526$16,346
5 years$16,186$15,413$14,679$13,983$13,323$12,188
6 years$13,353$12,586$11,863$11,182$10,542$9,454
7 years$11,330$10,569$9,858$9,194$8,573$7,533
8 years$9,814$9,060$8,361$7,712$7,112$6,119
9 years$8,635$7,888$7,201$6,569$5,990$5,043
10 years$7,692$6,953$6,278$5,663$5,103$4,203
11 years$6,922$6,190$5,527$4,928$4,389$3,533
12 years$6,280$5,556$4,905$4,323$3,804$2,991
13 years$5,738$5,021$4,382$3,816$3,317$2,547
14 years$5,273$4,564$3,938$3,388$2,907$2,179
15 years$4,871$4,169$3,555$3,021$2,560$1,872
16 years$4,519$3,825$3,223$2,705$2,262$1,613
17 years$4,209$3,523$2,933$2,431$2,006$1,394
18 years$3,934$3,255$2,677$2,190$1,784$1,208
19 years$3,688$3,017$2,451$1,979$1,590$1,048
20 years$3,467$2,803$2,249$1,793$1,420$911
21 years$3,267$2,611$2,069$1,627$1,271$794
22 years$3,085$2,438$1,907$1,479$1,139$692
23 years$2,920$2,280$1,761$1,347$1,023$604
24 years$2,769$2,136$1,628$1,229$919$528
25 years$2,630$2,005$1,508$1,122$827$461
26 years$2,502$1,884$1,399$1,026$745$404
27 years$2,383$1,773$1,299$939$672$354
28 years$2,273$1,671$1,208$860$606$310
29 years$2,171$1,576$1,124$789$547$272
30 years$2,076$1,488$1,047$724$494$238
31 years$1,988$1,407$976$665$447$209
32 years$1,905$1,331$910$611$404$183
33 years$1,827$1,261$850$562$366$161
34 years$1,754$1,195$794$517$331$141
35 years$1,685$1,133$743$476$300$124
36 years$1,620$1,076$695$438$272$109
37 years$1,559$1,022$650$404$246$96
38 years$1,501$971$609$372$223$84
39 years$1,446$923$570$343$203$74
40 years$1,395$879$535$317$184$65
41 years$1,345$836$501$292$167$57
42 years$1,299$796$470$270$151$50
43 years$1,254$759$441$249$137$44
44 years$1,212$723$414$230$125$39
45 years$1,172$690$389$212$113$34
46 years$1,133$658$365$196$103$30
47 years$1,097$628$343$181$93$26
48 years$1,061$599$323$167$85$23
49 years$1,028$572$303$155$77$20
50 years$996$547$285$143$70$18

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $1,020,000, adding $6,557 every year, while hoping to spend $56,424 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: 30/50/20 Blend
55$1,020,000$1,020,000$1,020,000$1,020,000
56$1,130,804$1,076,744$1,060,934$1,157,473
57$1,186,111$1,069,469$1,036,440$1,171,007
58$1,245,168$1,059,947$1,009,235$1,180,031
59$1,308,299$1,048,008$979,168$1,188,546
60$1,375,857$1,033,472$946,082$1,196,542
61$1,448,230$1,016,148$909,811$1,204,013
62$1,525,845$995,835$870,185$1,210,959
63$1,609,168$972,317$827,023$1,217,386
64$1,698,712$945,370$780,137$1,223,305
65$1,795,040$914,752$729,331$1,228,735
66$1,898,770$880,211$674,399$1,233,707
67$2,010,580$841,477$615,127$1,238,258
68$2,131,216$798,266$551,291$1,242,441
69$2,261,497$750,278$482,656$1,246,320
70$2,402,323$697,195$408,979$1,249,975
71$2,554,683$638,681$330,002$1,253,505
72$2,719,664$574,380$245,461$1,257,028
73$2,898,462$503,917$155,077$1,260,684
74$3,092,392$426,895$58,558$1,264,641
75$3,302,898$342,895$0$1,269,094
76$3,531,571$251,475$0$1,283,754
77$3,780,160$152,165$0$1,313,356
78$4,050,588$44,474$0$1,345,766
79$4,344,973$0$0$1,381,409
80$4,665,644$0$0$1,460,449
81$5,015,164$0$0$1,573,417
82$5,396,354$0$0$1,696,774
83$5,812,319$0$0$1,831,543
84$6,266,477$0$0$1,978,853
85$6,762,590$0$0$2,139,943
86$7,304,800$0$0$2,316,181
87$7,897,667$0$0$2,509,071
88$8,546,212$0$0$2,720,270
89$9,255,962$0$0$2,951,602
90$10,033,004$0$0$3,205,077
91$10,884,042$0$0$3,482,908
92$11,816,458$0$0$3,787,531
93$12,838,381$0$0$4,121,630
94$13,958,765$0$0$4,488,163
95$15,187,469$0$0$4,890,385
96$16,535,357$0$0$5,331,883
97$18,014,390$0$0$5,816,608
98$19,637,746$0$0$6,348,912
99$21,419,939$0$0$6,933,591
100$23,376,960$0$0$7,575,925