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

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 $1,020,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%15.9%
1 years$84,231$83,480$82,748$82,034$81,336$79,370
2 years$41,698$40,922$40,169$39,439$38,732$36,762
3 years$27,523$26,743$25,992$25,269$24,573$22,662
4 years$20,436$19,659$18,916$18,205$17,526$15,688
5 years$16,186$15,413$14,679$13,983$13,323$11,564
6 years$13,353$12,586$11,863$11,182$10,542$8,863
7 years$11,330$10,569$9,858$9,194$8,573$6,975
8 years$9,814$9,060$8,361$7,712$7,112$5,594
9 years$8,635$7,888$7,201$6,569$5,990$4,550
10 years$7,692$6,953$6,278$5,663$5,103$3,741
11 years$6,922$6,190$5,527$4,928$4,389$3,101
12 years$6,280$5,556$4,905$4,323$3,804$2,589
13 years$5,738$5,021$4,382$3,816$3,317$2,172
14 years$5,273$4,564$3,938$3,388$2,907$1,831
15 years$4,871$4,169$3,555$3,021$2,560$1,549
16 years$4,519$3,825$3,223$2,705$2,262$1,314
17 years$4,209$3,523$2,933$2,431$2,006$1,118
18 years$3,934$3,255$2,677$2,190$1,784$953
19 years$3,688$3,017$2,451$1,979$1,590$814
20 years$3,467$2,803$2,249$1,793$1,420$696
21 years$3,267$2,611$2,069$1,627$1,271$596
22 years$3,085$2,438$1,907$1,479$1,139$511
23 years$2,920$2,280$1,761$1,347$1,023$438
24 years$2,769$2,136$1,628$1,229$919$377
25 years$2,630$2,005$1,508$1,122$827$324
26 years$2,502$1,884$1,399$1,026$745$278
27 years$2,383$1,773$1,299$939$672$239
28 years$2,273$1,671$1,208$860$606$206
29 years$2,171$1,576$1,124$789$547$177
30 years$2,076$1,488$1,047$724$494$153
31 years$1,988$1,407$976$665$447$132
32 years$1,905$1,331$910$611$404$113
33 years$1,827$1,261$850$562$366$98
34 years$1,754$1,195$794$517$331$84
35 years$1,685$1,133$743$476$300$73
36 years$1,620$1,076$695$438$272$63
37 years$1,559$1,022$650$404$246$54
38 years$1,501$971$609$372$223$47
39 years$1,446$923$570$343$203$40
40 years$1,395$879$535$317$184$35
41 years$1,345$836$501$292$167$30
42 years$1,299$796$470$270$151$26
43 years$1,254$759$441$249$137$22
44 years$1,212$723$414$230$125$19
45 years$1,172$690$389$212$113$17
46 years$1,133$658$365$196$103$14
47 years$1,097$628$343$181$93$12
48 years$1,061$599$323$167$85$11
49 years$1,028$572$303$155$77$9
50 years$996$547$285$143$70$8

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 $4,664 every year, while hoping to spend $44,299 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: 40/42/18 Blend
55$1,020,000$1,020,000$1,020,000$1,020,000
56$1,128,851$1,074,791$1,058,981$1,167,807
57$1,196,860$1,080,322$1,047,323$1,201,555
58$1,270,321$1,084,639$1,033,790$1,233,421
59$1,349,744$1,087,636$1,018,272$1,266,968
60$1,435,688$1,089,201$1,000,654$1,302,370
61$1,528,769$1,089,213$980,817$1,339,825
62$1,629,663$1,087,544$958,634$1,379,551
63$1,739,115$1,084,060$933,975$1,421,792
64$1,857,943$1,078,617$906,701$1,466,819
65$1,987,046$1,071,062$876,668$1,514,937
66$2,127,415$1,061,234$843,727$1,566,482
67$2,280,139$1,048,962$807,719$1,621,830
68$2,446,416$1,034,065$768,481$1,681,398
69$2,627,566$1,016,348$725,840$1,745,652
70$2,825,038$995,610$679,616$1,815,106
71$3,040,430$971,633$629,622$1,890,337
72$3,275,501$944,190$575,660$1,971,981
73$3,532,184$913,038$517,527$2,060,747
74$3,812,610$877,920$455,008$2,157,421
75$4,119,125$838,566$387,879$2,262,876
76$4,454,309$794,690$315,907$2,378,079
77$4,821,006$745,986$238,846$2,504,107
78$5,222,344$692,136$156,444$2,642,148
79$5,661,772$632,799$68,434$2,793,525
80$6,143,084$567,618$0$2,959,700
81$6,670,460$496,212$0$3,147,190
82$7,248,502$418,182$0$3,367,243
83$7,882,282$333,105$0$3,608,747
84$8,577,381$240,534$0$3,873,967
85$9,339,950$139,996$0$4,165,406
86$10,176,763$30,994$0$4,485,829
87$11,095,282$0$0$4,838,294
88$12,103,725$0$0$5,266,386
89$13,211,145$0$0$5,752,365
90$14,427,517$0$0$6,286,302
91$15,763,828$0$0$6,873,038
92$17,232,180$0$0$7,517,904
93$18,845,908$0$0$8,226,777
94$20,619,702$0$0$9,006,130
95$22,569,745$0$0$9,863,093
96$24,713,868$0$0$10,805,524
97$27,071,715$0$0$11,842,080
98$29,664,928$0$0$12,982,298
99$32,517,355$0$0$14,236,687
100$35,655,266$0$0$15,616,824